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Curefoods raises Rs 160 Cr in pre-IPO placement from Binny Bansal’s 3State Ventures

EntrackrEntrackr · 10d ago
Curefoods raises Rs 160 Cr in pre-IPO placement from Binny Bansal’s 3State Ventures
Medial

Curefoods raises Rs 160 Cr in pre-IPO placement from Binny Bansal’s 3State Ventures Cloud kitchen operator Curefoods has raised Rs 160 crore ($18 million) in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. According to the press release, Curefoods has allotted 1.28 crore equity shares at Rs 124 per share to 3State Ventures. The Bengaluru-based firm had filed its draft red herring prospectus (DRHP) in June to raise Rs 800 crore through a fresh issue along with an offer for sale (OFS) of 4.08 crore shares by early investors, including Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare, among others. Founder and CEO Ankit Nagori will not participate in the OFS. As per the DRHP, the company plans to use the proceeds from the fresh issue to expand its network of cloud kitchens, restaurants, kiosks, and central kitchens, repay debt, invest in its subsidiary Fan Hospitality, and cover working capital and general corporate expenses. JM Financial, IIFL Capital, and Nuvama Wealth Management are the book-running lead managers to the issue. Curefoods operates a multi-brand cloud kitchen business across categories like Indian meals, pizza, desserts, and health-focused food. Its portfolio brands include EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and Krispy Kreme. The company closed FY25 with revenue of Rs 745.8 crore, up from Rs 585.1 crore in FY24, while losses narrowed to Rs 170 crore from Rs 172.6 crore in the previous year. Backed by marquee investors including Binny Bansal, Curefoods has rapidly scaled to over 500 service locations across more than 70 cities. It also expanded overseas last year with the launch of Sharief Bhai in the UAE. The pre-IPO funding from 3State Ventures is expected to reduce the size of the fresh issue in Curefoods’ upcoming IPO.

Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO

EntrackrEntrackr · 1m ago
Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO
Medial

Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO B2B seafood supply chain startup Captain Fresh is set to raise Rs 1,700 crore (about $200 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO). The Tiger Global-backed company is reportedly eyeing a total issue size of $350-400 million, including an offer for sale (OFS). According to regulatory filings accessed by Entrackr, the company’s board approved a special resolution earlier this month to issue equity shares worth up to Rs 1,700 crore in a fresh issue. The move comes close on the heels of its transition into a public limited company, which Entrackr had exclusively reported in July. The filings further indicate that Captain Fresh is in the process of submitting its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company’s shares will be listed on both the BSE and NSE following regulatory approvals. Captain Fresh declined to comment on the story. Founded in 2020 by Utham Gowda, Captain Fresh is a multi-species, multi-geography seafood company that orchestrates transactions among various stakeholders in the seafood ecosystem. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Fresh’s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22% to Rs 229 crore in the same period.

Exclusive: Shiprocket to raise Rs 220 Cr in pre-IPO placement

EntrackrEntrackr · 1m ago
Exclusive: Shiprocket to raise Rs 220 Cr in pre-IPO placement
Medial

Shiprocket is set to raise Rs 220 crore in a pre-IPO placement as part of its upcoming public issue. The logistics and supply chain platform plans to mop up Rs 1,100 crore through a fresh issue, according to regulatory filings accessed by Entrackr. The Temasek-backed company is reportedly targeting an overall issue size of Rs 2,000–2,400 crore, which will also include an offer for sale (OFS). Its board has cleared a special resolution to issue equity shares worth up to Rs 1,100 crore, including the pre-IPO component. The move comes soon after Shiprocket’s confidential DRHP filing with SEBI and the stock exchanges. Media reports suggest the company has roped in Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as lead bankers for the issue. Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions. Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V. is the largest external stakeholder, followed by Tribe. Zomato, Temasek, LightRock, and PayPal are other notable investors in Shiprocket. During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. It competes with Unicommerce, which recently acquired Shipway, along with other players such as Shipyar, among others.

Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue

EntrackrEntrackr · 1y ago
Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue
Medial

Swiggy, the food delivery and quick commerce firm, is set to raise Rs 5,000 crore ($602 million) in a fresh issue as part of its initial public offering (IPO). The Prosus-funded company has already targeted Rs 6,664 crore through an offer for sale (OFS), with plans to seek board approval for the OFS in the first week of next month. According to an internal document accessed by Entrackr, Swiggy’s board has passed a special resolution to issue equity shares worth up to Rs 5,000 crore, subject to shareholder approval at a meeting (EGM) on October 3. Swiggy’s IPO has been anticipated since the company filed draft papers confidentially in April. Reports suggest the firm has also received shareholder approval to raise Rs 10,400 crore in total (Rs 3,750 crore via a fresh issue and Rs 6,664 crore through an OFS). However, Swiggy’s IPO size may vary, as the fresh issue mentioned in the latest resolution is 1.3X larger than the previously estimated Rs 3,750 crore. The Bengaluru-based company is expected to file its draft red herring prospectus (DRHP) with SEBI soon. Queries sent to Swiggy did not elicit a response by the time of publication. Ahead of the IPO, Swiggy secured strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites. Meanwhile, investor Baron Capital recently valued Swiggy at $14.5 billion. The food tech firm demonstrated strong financial growth with 36% year-on-year growth in revenue to Rs 11,247 crore in FY24 and cut its losses by 44% to Rs 2,350 crore in the same period. Swiggy’s food business contributed Rs 6,100 crore to its overall income, while its quick commerce arm, Instamart, generated Rs 1,100 crore in gross revenue in FY24. To compete with rivals like Zepto and Zomato’s Blinkit, Swiggy invested $700 million in quick commerce in December 2021. Last month, the Sriharha Majety-led firm also roped in a new chief executive and new chief operating officer for Instamart. Following a series of startup IPOs from Delhi NCR, Bengaluru is catching up in 2024. A few city-based companies, including Digit Insurance and Ola Electric, have already made their stock exchange debuts this year. Besides Swiggy, Bengaluru-based Ather Energy also submitted its draft IPO papers on Monday, with its largest stakeholder, Hero MotoCorp, opting not to participate in the OFS.

BankBazaar raises Rs 55 Cr, partners with Muthoot Fincorp to enter gold loan segment

EntrackrEntrackr · 5m ago
BankBazaar raises Rs 55 Cr, partners with Muthoot Fincorp to enter gold loan segment
Medial

BankBazaar raises Rs 55 Cr, partners with Muthoot Fincorp to enter gold loan segment BankBazaar has secured Rs 55 crore ($6.44 million) in fresh funding from a group of investors, including Muthoot Fincorp and existing investor Walden International. Earlier in April 2024, the Chennai-based company had raised Rs 80 crore ($9.6 million) in its ongoing Series D round via private placement. The fresh investment was made at a valuation of around Rs 1,700 crore (approximately $200 million). Muthoot Fincorp alone invested Rs 15 crore in this round. With the investment from Muthoot Fincorp, BankBazaar’s total equity funding has risen to $116 million. According to BankBazaar co-founder Adhil Shetty, this funding is a continuation of the company’s previous round from December 2023. He stated that the round remains open as the company explores further options. In FY24, the company recorded a 63% growth in its co-branded credit card business and expects to maintain a 46% annual revenue growth rate between FY22 and FY25. According to Shetty, the company is on track to reach EBITDA profitability for the full year in FY25. BankBazaar offers co-branded credit cards with Yes Bank. Along with the funding, BankBazaar has partnered with Muthoot Fincorp to enter the gold loan segment.

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