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Bhavish Aggarwalโ€™s Krutrim in talks to raise $300 Mn

EntrackrEntrackr ยท 2m ago
Bhavish Aggarwalโ€™s Krutrim in talks to raise $300 Mn
Medial

Bengaluru-based Krutrim AI Labs is working to build a complete AI ecosystem for India, with plans to take on global players like OpenAI, Google, and Anthropic. Krutrim SI Design, the AI venture of Ola founder Bhavish Aggarwal, is reportedly in talks to raise $300 million in a new funding round. This would be the first funding for the Bengaluru-based startup since it entered the unicorn club in January last year. Mint noted that Krutrim initially aimed to raise $500 million but later scaled down the round due to limited interest from investors. The report also mentioned that Goldman Sachs, JP Morgan, and SBI Capital Markets are the bankers managing the funding round. Krutrim has raised approximately $75 million and joined the unicorn club in January 2024. Its investors include Z47 (formerly Matrix), the Sarin Family, and others. In December last year, Aggarwal pledged his Ola Electric shares to secure debt funding through debenture issuance for Krutrim. "Ola does not comment on speculation," a company spokesperson was quoted as saying. Earlier this year, Aggarwal announced the launch of Krutrim AI Labs, aimed at developing artificial intelligence specifically for India. As part of the initiative, he committed an initial investment of Rs 2,000 crore, with plans to scale it up to Rs 10,000 crore by next year. Krutrim AI Labs is working to build a complete AI ecosystem for India, with plans to take on global players like OpenAI, Google, and Anthropic. The company is developing several AI models, including Krutrim-2 (a next-gen language model), Chitrarth 1 (for images and text), Dhwani 1 (for speech), and Vyakhyarth 1 (focused on Indian languages). As part of its plan, Krutrim is also building Indiaโ€™s largest AI supercomputer using NVIDIAโ€™s GB200 chips to boost the countryโ€™s AI and cloud infrastructure.

Stanza Living raises $13 Mn led by Alpha Wave

EntrackrEntrackr ยท 1y ago
Stanza Living raises $13 Mn led by Alpha Wave
Medial

Managed accommodation provider Stanza Living has raised Rs 110 crore ($13 million) in what appears to be a bridge round led by Alpha Wave. The equity round is coming after a gap of more than three years for the Delhi-based startup. The board at Stanza Living has passed a special resolution to issue 1,207 preference shares at a price of Rs 911440.17 each to raise Rs 110 crore, its regulatory filing accessed from the Registrar of Companies shows. Alpha Wave has pumped in Rs 83 Crore while Matrix Partners, Accel India and Peak XV invested Rs 27 crore cumulatively. As per startup data intelligence platform TheKredible, Stanza Living was valued at around Rs 3,900 crore ($470 million). This is a marginal jump in valuation from Rs 3,525 crore ($424 million) in the last equity round. The firm was reportedly in talks to raise funding to the tune of $25 million. Stanza Living had raised $57 million in a debt round led by Kotak Mahindra Bank and RBL Bank in March 2022 and $100 million in an equity round in April 2021. So far, it has scooped up over $230 million across equity and debt rounds. Stanza Living is a managed accommodation platform which provides co-living solutions for working professionals and students. The firm claims to have an inventory of more than 75,000 beds in 450 plus residences with a presence across 24 cities. Stanza Livingโ€™s revenue from operations surged to Rs 442 crore in FY23 from Rs 115 crore in FY22. As per TheKredible, its losses increased by 18.71% to Rs 495 crore in FY23 as compared to Rs 417 crore in FY22. The firm is yet to file its audited financial statements for FY24. Stanza Living competes with Colive, Your Space, Settl, Union Living and Coho. Last year, Tiger Global-backed home rental startup NestAway was acquired by Aurum PropTech (formerly Majesco Ltd) in a 90% haircut in valuation to $11 million.

Mosaic Wellness raises $20 Mn at $400 Mn valuation

EntrackrEntrackr ยท 3m ago
Mosaic Wellness raises $20 Mn at $400 Mn valuation
Medial

Exclusive: Mosaic Wellness raises $20 Mn at $400 Mn valuation Mosaic Wellness, the parent firm of Man Matters, Boywise, and Little Joys, has raised Rs 175 crore (approximately $20 million) from Think Investment in a new round. The board at Mosaic Wellness has passed a special resolution to issue 16,279 compulsory convertible preference shares at an issue price of Rs 1,07,500 each to raise Rs 175 crore or $20 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The filings further noted that the company plans to utilize the fresh capital for growth, expansion, and general corporate purposes. According to Entrackr estimates, the company has been valued at around $400 million post-allotment. Following the fresh proceeds, Think Investment will hold 5.04% of the company. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. Mosaic Wellness has raised over $65 million to date, including its $24 million Series A led by Peak XV along with existing investors Elevation Capital and Matrix Partners India in 2021. As per the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder, followed by Peak XV and Matrix Partners. The company has recorded a 61.7% year-on-year growth to Rs 333 crore during the fiscal year ended March 2024, compared to Rs 206 crore in FY23. Moreover, the firm managed to control its losses by 37.1% to Rs 39 crore in the same period.

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