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Exclusive: Wipro GE-backed GenWorks valuation touches Rs 550 Cr

EntrackrEntrackr · 1y ago
Exclusive: Wipro GE-backed GenWorks valuation touches Rs 550 Cr
Medial

Healthcare firm GenWorks has raised Rs 41 crore (around $5 million) in a funding round led by Evolvence Fund. Somerset Indus Healthcare Fund and key individuals from the Zawawi Group also joined the round. The board at GenWorks Health has passed a special resolution to issue 5,12,500 CCPS at an issue price of Rs 800 each to raise the above sum, its regulatory filing accessed from the Registrar of Companies shows. Evolvence Fund and Somerset Indus Healthcare Fund have injected Rs 26 crore and Rs 8.2 crore, respectively, while Kasiraman Swaminathan and Ramesh Kumar Sivaraman (Group CEO and Finance Manager of Zawawi Group) collectively invested Rs 8.2 crore. According to the startup data intelligence platform TheKredible, the Bengaluru-based company has been valued at around Rs 540-550 crore or $65 million (post-allotment). Following the fresh investment, Evolvence Fund has acquired a 1.51% stake whereas Somerset Indus Healthcare and both the key personnel of Zawawi Group hold 4.54% and 1.52%, respectively. Started as a Wipro GE invested entity, Genworks has raised over $33 million to date, including its $17 million investment round led by Wipro GE and Morgan Stanely in May 2022. Wipro Ge is a joint venture between the Indian IT major and American multinational GE Healthcare. The firm also bagged $4 million from BlackSoil in May 2023. Founded by S GaneshPrasad, GenWorks offers medical devices for Cardiology, ENT, IVD, newborn care, radiology and respiratory diagnosis, among others. As per its website, it has touched over 200 million people in India since its inception, and 6 million lives every year. The ten-year-old company has been growing at a brisk pace in the past few fiscal years. With Rs 447 crore in operating collection during FY23, it registered 20% year-on-year growth over FY22. Meanwhile, its losses also spiked 46% to Rs 44 crore in the same period. GenWorks is yet to report financial numbers for the last fiscal year (FY24).

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Exclusive: StockGro secures Rs 50 Cr debt from Trifecta

EntrackrEntrackr · 15d ago
Exclusive: StockGro secures Rs 50 Cr debt from Trifecta
Medial

url: https://entrackr.com/exclusive/exclusive-stockgro-secures-rs-50-cr-debt-from-trifecta-9780883 Content: Social investment and stock market advisory platform StockGro raised Rs 50 crore ($5.7 million) in debt funding from its existing investor Trifecta Capital. This debt funding follows the Rs 205 crore ($25 million) raised in two tranches in January 2024 from Hindustan Media Ventures and Trifecta Capital. According to filings with the Registrar of Companies (RoC), StockGro’s board approved the issuance of 500 Series B non-convertible debentures at a face value of Rs 10 lakh each, raising Rs 50 crore from Trifecta Capital. Founded in 2020 by former venture capitalist Ajay Lakhotia, the Bengaluru-based StockGro is a fintech platform that simplifies stock market investing through SEBI-registered advisors, offering investment advisory, portfolio management, and educational resources to help users navigate the market. Recently, StockGro has launched Stoxo, India’s first AI-powered stock market research engine. It offers real-time, reliable insights to help retail investors make better decisions. According to startup data intelligence platform TheKredible, the BITCRAFT Ventures-backed company raised over $50 million in both debt and equity, including its $32 million Series A round raised in January 2022. While the company is yet to file its FY25 numbers, its revenue from operations fell 34% to Rs 86.5 crore in FY24 from Rs 131 crore in FY23. During the same period, losses surged 84% to Rs 101 crore.

Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation

EntrackrEntrackr · 24d ago
Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation
Medial

Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation Child companion robot maker Miko is raising Rs 1,325 crore ($155 million) in its Series D round from AMDG-PAX Foundation, a US-based non-profit organisation. The board of RN Chidakashi Technologies Private Limited, which operates under the brand name Miko, has passed a special resolution to issue 22,465 preference shares at an issue price of Rs 5.9 lakh each to raise the sum, its regulatory filing with the Registrar of Companies (RoC) shows. According to the filing, the fresh proceeds will be utilized to meet business requirements and other general corporate purposes. Entrackr estimates the company’s post-money valuation at around $550 million, a 2.7X increase from its previous round. Queries sent to Miko on Friday did not receive any response until the story was published. Miko.ai runs on a hybrid model, selling AI-powered robots such as Miko Mini and Miko 3 priced in the Rs 15,000–25,000 range, while also pushing its premium subscription Miko Max to drive recurring revenues beyond device sales. The company claims to serve customers in over 140 countries, including the US, Europe, and the Middle East. So far, Miko has raised over $75 million (excluding this round), including a $29 million Series B round led by IvyCap Ventures. According to the filing, AMDG-PAX Foundation will hold 27.87% (post-allotment) of the firm. While Miko’s Indian entity has yet to file its FY25 annual report, its revenue from operations grew 58% to Rs 358 crore in FY24, compared to Rs 225 crore in FY23. Its losses stood at Rs 120 crore in FY24. Miko competes with PlayShifu, Avishkaar, and WitBlox, among others.

Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr

EntrackrEntrackr · 9m ago
Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr
Medial

Omnichannel jewellery retailer Bluestone appears close to filing a draft red herring prospectus (DRHP) as it has received the board’s approval for an initial public offering worth Rs 1,000 crore ($120 million) through a mix of fresh issues and offers for sale. According to company filings accessed by Entrackr, the board at Bluestone has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 1,000 crore. The equity shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The utilization of the fresh proceeds to be raised via the IPO will be disclosed in the offer documents, the filings added. Bluestone has also passed a resolution to issue 13,00,000 equity shares to Gaurav Singh Kushwaha, the founder and CEO of the company, to raise Rs 75 crore ($9 million). The fresh investment by Kushwaha is aimed at meeting the minimum capital requirement for promoter shareholders, as mandated by the Issue of Capital and Disclosure Requirements (ICDR) regulations. As of now, Kushwaha’s aggregate shareholding, eligible for computing the minimum promoter contribution requirement for the company’s proposed IPO, stands at 9.15%, according to the filings. In September, Bluestone initiated its pre-IPO round worth Rs 900 crore. According to sources, Bluestone plans to price its IPO shares between Rs 550 -600 each. Data from TheKredible indicates that the company's post-money valuation reached approximately Rs 7,750 crore (around $922 million) excluding ESOP, following its latest private funding round. During the previous fiscal year (FY24), Bluestone reported a 64% year-on-year growth in revenue, reaching Rs 1,266 crore from Rs 771 crore in FY23. Simultaneously, the company managed to reduce its losses by 15%, bringing them down to Rs 142 crore in FY24. Titan-owned CaratLane, a competitor to BlueStone, reported revenue of Rs 3,081 crore in the last fiscal year (FY24). The company remained profitable during the year; however, its profit saw a slight decline, dropping to Rs 79 crore in FY24 from Rs 82 crore in FY23.

Exclusive: Fintech startup GrowXCD to raise Rs 200 Cr in Series B

EntrackrEntrackr · 7d ago
Exclusive: Fintech startup GrowXCD to raise Rs 200 Cr in Series B
Medial

Exclusive: Fintech startup GrowXCD to raise Rs 200 Cr in Series B NBFC startups GrowXCD Finance is set to kick off Series B round with Rs 200 crore ($22.7 million) led by Swiss-based Blue Earth Capital with participation from Prosus and existing investors including Lok Capital and UC Impower. Earlier this year, GrowXCD raised Rs 50 crore in its pre-Series B round from Lok Capital and UC Impower. The board at GrowXCD passed a resolution to approve the issue of 1,56,92,344 Series B CCCPS at an issue price of Rs 127.61 each to raise Rs 200.25 crore, according to its regulatory filing accessed from Registrar of Companies (RoC). Blue Earth Capital will lead the round with Rs 105 crore ($12 million), followed by Prosus with Rs 69.4 crore ($7.9 million). Existing investor Lok Capital will invest Rs 21.3 crore ($2.4 million), while UC Impower will join with Rs 4.26 crore and Anshul Agarwal with Rs 25 lakh. A separate filing showed an addition of 10,00,000 options worth Rs 12.76 crore to the ESOP pool, taking its total size to about Rs 43 crore. According to Entrackr’s estimates, the NBFC’s valuation has nearly tripled to around Rs 630 crore ($71.5 million), compared to Rs 215 crore in the previous round. Founded in 2022 by Arjun Muralidharan and Sathish Kumar Vijayan, GrowXCD extends credit to two key segments: micro, small and medium enterprises (MSMEs) and low-income households. Its offerings include small property-backed mortgage loans and short-term unsecured business loans. According to startup data intelligence platform TheKredible, the Chennai-based firm had raised around $12 million prior to this round. Following the latest allotment, Blue Earth Capital will hold 16.7% stake, Prosus 11.04%, while existing investor Lok Capital remains the largest shareholder with 30.84%. For the fiscal year ended March 2025, GrowXCD’s revenue jumped over 7X to Rs 27 crore from Rs 3.73 crore in FY24. During the same period, its losses also widened to Rs 8.17 crore.

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