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Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue
Medial

Home healthcare solution provider Portea Medical has raised around $20 million via rights issue. The capital raise comes amid its efforts to launch an initial public offering (IPO). The board at Portea has passed a special resolution to issue 69,206,452 Series D1 compulsory convertible preference shares (CCPS) at an issue price of Rs 23.96 per share, aggregating to Rs 165.8 crore or around $20 million to the equity shareholders of the company on a rights issue basis, the company’s regulatory filings with the Registrar of Companies show. It’s worth noting that Portea received a go-ahead signal from the SEBI to float a Rs 1,000 crore IPO in April last year. The Vaibhav Tewari-led company had filed a draft red herring prospectus (DRHP) in June 2022. Decade-old Portea provides services such as mother and child care, consultation for nutrition and diet, physiotherapy, nursing, lab tests, counseling, and elder care. It also offers a lab sample collection facility and medical equipment for sale or on hire. As per Portea’s website, the company has provided services to over 1 million patients and conducts 700,000 patient visits annually. Additionally, it has established partnerships with 63 leading hospitals. Portea’s revenue from operations declined 3.3% to Rs 145 crore in FY23 from Rs 150 crore in FY22, according to startup data intelligence platform TheKredible. The shrinking scale and fixed overheads led the firm to register a Rs 53 crore loss during FY23 against Rs 40 crore loss in the previous fiscal. It is yet to file audited financial statements for FY24. Portea will be the third company which has raised funding in 2024 after filing a DRHP. Earlier this month, Ola Electric raised $50 million in debt from EvolutionX whereas MobiKwik raised debt from Blacksoil in March. MobiKwik and Ola Electric filed their DRHP in December and January, respectively.

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IPO-bound Ola Electric raises $50 Mn debt from EvolutionX

EntrackrEntrackr · 1y ago
IPO-bound Ola Electric raises $50 Mn debt from EvolutionX
Medial

Ola Electric has raised Rs 410 crore (approximately $50 million) via non-convertible debentures from EvolutionX. The board at Ola Electric has passed a resolution to issue 41,000 NCD (non-convertible debentures) at an issue price of Rs 100,000 each to raise Rs 410 crore, its regulatory filing sourced from RoC shows. This is the second debt financing for Ola Electric in the last six months. In October 2023, it received $385 million in a funding round mix of equity and debt from Temasek-led marquee investors and the State Bank of India (SBI). According to startup data intelligence platform TheKredible, the firm has raised more than $1 billion across equity and debt and was valued at $5.4 million during the last round. ET reported the development first. Ola Electric has been working on its lithium-ion cell manufacturing facility with an initial capacity of 5 gigawatt hours in phase I which will be further scaled up in phases to 100 gigawatt hours at full capacity. Besides focusing on electric scooters, the firm has also introduced its motorcycle line-up scheduled to be launched by the end of this year. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 5,500 crore ($660 million). As per the company, it will utilize the primary proceeds for the expansion of the capacity of its cell manufacturing plant, repayment or pre-payment of the indebtedness, investment into research and product development, and general corporate purposes. Ola Electric is the second IPO-bound company that raised debt financing in recent times. Last week, fintech firm MobiKwik raised Rs 50 crore ($6 million) in debt from BlackSoil Capital. Entrackr exclusively reported the development. Temasek-backed EvolutionX has backed notable companies like Udaan, Mensa Brands, PharmEasy and LendingKart.

Amazon-backed Axio raises $20 Mn via right issue

EntrackrEntrackr · 1y ago
Amazon-backed Axio raises $20 Mn via right issue
Medial

Online lending platform Axio (formerly Capital Float) has raised Rs 167 crore (around $20 million) from existing investors via right issue. The board at Axio has passed a special resolution to issue 11,25,000 preference shares at an issue price of Rs 1,486 each to raise Rs 167 crore or $20 million, its regulatory filing accessed from the Registrar of Companies (RoC)shows. The rights issue will be offered to existing shareholders at a ratio of 0.51 shares for every 1 share they currently hold, the filing further added. While the firm didn’t disclose investors’ names, Amazon is likely to have participated with substantial contribution. Amazon was also in talks for complete acquisition of Axio. Entrackr exclusively reported this in July. Amazon is an investor in Axio which participated in the firm’s Rs 144 crore extended Series C round in 2018. Amazon used to own around 8% of the Bengaluru-based lending platform before the fresh round. According to the startup data intelligence platform TheKredible, Light Rock was the largest external shareholder with 19.42% before this round, followed by Elevation which owned 13.84%. Peak XV, Creation, Amazon, and Ribbit and QED Innovations are its other backers. In a recent statement to the media, Axio’s co-founder Sashank Rishyasringa said that the firm saw 50% jump in its revenue and 95% reduction in its losses in the last fiscal year (FY24). While Axio is yet to disclose the exact numbers of FY24, the Bengaluru-based company reported 2X growth in its revenue to Rs 220 crore in FY23 as compared to Rs 110 crore in FY22. The Lightrock-backed firm’s losses grew marginally to Rs 137 crore in the fiscal year ending March 2023.

Mosaic Wellness raises $20 Mn at $400 Mn valuation

EntrackrEntrackr · 6m 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.

Exclusive: upGrad raises $35 Mn debt from EvolutionX

EntrackrEntrackr · 1y ago
Exclusive: upGrad raises $35 Mn debt from EvolutionX
Medial

Edtech unicorn upGrad has raised Rs 287.5 crore (approximately $35 million) from EvolutionX. This is the first debt funding for the Mumbai-based company this year. The board at upGrad has passed a special resolution to issue 28,75,000 debentures at an issue price of Rs 1,000 each to raise Rs 287.5 crore or $35 million, its regulatory filing accessed from the Registrar of Companies shows. The company will use these funds for growth, operating expenses, and general corporate purposes, according to the filings. upGrad has raised over $650 million to date including $36.5 million via right issue from Teamsek, founder Ronnie Screwala, and other in March last year. The Temasek-backed company was reportedly in talks to raise $100 million to close the acquisition of online education firm Udacity. According to the startup data intelligence platform TheKredible, Temasek is the largest external stakeholder with 20.7% while Upgrad’s co-founder and chairperson Ronnie Screwvala holds a major 22.4% of the company. upGrad forayed into the offline higher education space in 2022 and invested $30 million to set up ten global campuses across India, the US, and other regions. upGrad experienced notable growth as its operational revenue increased by 72% to Rs 1,194 crore in FY23, up from Rs 692 crore in FY22. However, alongside this growth, the company’s losses also rose by 82% to Rs 1,114 crore in FY23. The company is yet to file its annual results for FY24.

Exclusive: Ather Energy raises $34.5 Mn; co-founders invest over $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Ather Energy raises $34.5 Mn; co-founders invest over $10 Mn
Medial

Electric scooter maker Ather Energy has raised Rs 286 crore or $34.5 million through debt and equity. This is the first round of investment for the Bengaluru-based company this year. Stride Ventures invested Rs 200 crore via debentures while co-founders of the company Tarun Sanjay Mehta and Swapnil Babanlal Jain pumped in Rs 43.28 crore each via Series F preference shares, its regulatory filings accessed from the Registrar of Companies show. Ather Energy raised its second-largest funding worth Rs 900 crore ($108 million) from existing investors Hero MotoCorp and GIC through right issue in December last year. In the same month, Hero MotoCorp also acquired an additional 3% stake in Ather for Rs 140 crore (approximately $16.8 million). Recently, a media report said that Ather is in talks to raise $95 million in a pre IPO round. Another report added that Ather’s existing backer Sachin Bansal has sold a significant portion of his stake in the company to Zerodha’s co-founder Nikhil Kamath. As per TheKredible, Ather was valued at $750 million during the Series E round in May 2022. However, it has not disclosed its valuation since then. It’s likely to get unicorn status in the upcoming round. Ather has raised around $450 million to date. According to the startup data intelligence platform TheKredible, Hero MotoCorp is the largest external stakeholder followed by Sachin Bansal, Caladium Investment, and Tiger Global. Ather’s revenue from operations surged 4.36X to Rs 1,784 crore in FY23 while its losses spiked 2.5X to Rs 864.5 crore in the same period. The company is yet to file its financial results for FY24. Electric two-wheelers saw a 50% drop in overall sales in April when compared to March. Ather Energy, which sold 17,000 units in March, saw 4,000 units sold in April. Ola Electric sold over 33,000 units, contributing about 50% to the overall sales in the last month.

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