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Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi

EntrackrEntrackr · 1y ago
Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi
Medial

Infra.Market has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. The debt infusion for the Mumbai-based firm follows the $50 million equity round from the Mars Unicorn Fund — a joint venture of Liquidity Group and MUFG. The board at Infra.Market has approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. Previously, the committee had approved a resolution to raise up to Rs 500 crore through debentures. The new infusion is the tranche of Rs 500 crore. Yubi has invested Rs 80 crore while Raymond Limited, IKF Home Finance, and Samunnati Financial participated with Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and also exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. To date, Infra.Market has raised around $520 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which own 16.87% and 8.46%, respectively, before this round. While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23. Tiger global-backed firm’s profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Market’s competition includes OfBusiness, Moglix and Zetwerk, among others. OfBusiness recorded nearly Rs 20,000 crore in revenue and Rs 603 crore profit in FY24. Entrackr exclusively reported the firm’s financial numbers on July 8. Meanwhile, Zetwerk and Moglix are yet to report last fiscal year (FY24) numbers.

Exclusive: PhysicsWallah acquires minority stake in Sarrthi IAS

EntrackrEntrackr · 1m ago
Exclusive: PhysicsWallah acquires minority stake in Sarrthi IAS
Medial

Exclusive: PhysicsWallah acquires minority stake in Sarrthi IAS Edtech Unicorn PhysicsWallah has acquired a minority stake in UPSC coaching institute Sarrthi IAS, according to three sources aware of the development. “PW has picked up 40% in the company at a valuation of about Rs 250 crore. Sarrthi will continue to operate independently while leveraging on PhysicsWallah’s tech infra,” said one of the sources, requesting anonymity. Founded by Varun Jain and Dr. Shivin Chaudhry, Sarrthi IAS provides mentorship-focused courses for UPSC preparation. The platform offers GS Foundation, Mains modules, Prelims revision, and interview guidance. The deal marks a consolidation move in the UPSC prep market, where PhysicsWallah has been scaling through its vertical PWOnlyIAS. “After this deal, the combined UPSC vertical including PWOnlyIAS and Sarrthi IAS is expected to cross Rs 350 crore in revenue in FY26,” according to the source quoted above. For PhysicsWallah, the investment strengthens its positioning in the civil services test-prep segment UPSC and all state public service commission exams, and adds heft to its offline presence. PW had earlier explored larger acquisitions, including Drishti IAS, but talks did not materialise. Entrackr has reached out to PhysicsWallah and Sarrthi IAS for comments on the story. We will update the story in case they respond. The stake purchase comes as PhysicsWallah gears up for its IPO. The company received SEBI’s nod to file its Draft Red Herring Prospectus (DRHP) and is planning to raise around Rs 4,500 crore through the IPO. On the revenue front, the Alakh Pandey-led firm reported a 55% year-on-year jump to around Rs 3,000 crore in FY25, while losses narrowed by nearly 80% during the same period. Entrackr had exclusively reported these numbers last month.

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO

EntrackrEntrackr · 7d ago
Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO
Medial

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO Building materials unicorn Infra.Market has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through an initial public offering (IPO), according to sources aware of the development. The proposed issue is expected to be a mix of fresh equity shares and offer-for-sale (OFS) by existing investors, in almost equal proportion. The Bengaluru-based firm has taken advantage of SEBI’s confidential filing mechanism, introduced last year, which allows companies to keep sensitive financial and strategic details under wraps until closer to listing. Infra.Market’s move comes just weeks after it raised $83 million in a Series G round led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India. Earlier in June, the Bengaluru-based company also secured $150 million in debt funding from Mars Growth Capital. On the financial front, Infra.Market reported a 23% year-on-year jump in revenue to Rs 14,530 crore in FY24, while its profit surged 2.4X to Rs 378 crore. The FY25 numbers are yet to be disclosed. The firm operates in a competitive space with OfBusiness, Zetwerk, and Moglix. OfBusiness clocked Rs 19,296 crore in revenue in FY24, while Zetwerk and Moglix posted Rs 14,436 crore and Rs 4,964 crore, respectively. By opting for the confidential filing route introduced by SEBI last year, Infra.Market joins the likes of PhonePe, Meesho, Shadowfax, PhysicsWallah, Groww, Shiprocket, boAt, and Aequs, which have kept their draft filings under wraps until closer to listing.

MobiKwik acquires 3.39% stake in Blostem Fintech

EntrackrEntrackr · 7m ago
MobiKwik acquires 3.39% stake in Blostem Fintech
Medial

MobiKwik acquires 3.39% stake in Blostem Fintech One MobiKwik Systems, the parent company of fintech firm MobiKwik, is acquiring 3.39% of the share capital (on a fully diluted basis) of Blostem Fintech. According to MobiKwik, it intends to invest a total of Rs 1.49 crore for a 3.39% equity stake in Blostem as part of the second tranche of the share subscription and shareholders’ agreement dated March 13, 2024. In an earlier agreement, MobiKwik committed to investing Rs 3 crore in Blostem’s equity shares in two tranches. The first tranche of Rs 1.5 crore was paid in March 2024 for a 3.40% stake in Blostem’s fully diluted paid-up capital. Co-founded in 2021 by Ravi Jain and Sandeep Garg, Blostem is a B2B banking infrastructure platform specializing in Fixed Deposit (FD) aggregation as its core offering. The company has built strategic partnerships with multiple banks and NBFCs, seamlessly integrating their financial products through robust API solutions. Blostem reported revenue of Rs 30.76 lakh for the fiscal year ending in March 2024. MobiKwik’s revenue from operations increased to Rs 269 crore in Q3 FY25 from Rs 229 crore in Q3 FY24. However, earnings declined by 7.6% in Q3 FY25 compared to Rs 291 crore in Q2 FY25. MobiKwik's registered user base has grown to 172 million, with 5 million merchants. The company’s payment GMV has also doubled year-on-year to Rs 29,400 crore.

Nazara acquires UK based Fusebox Games for $27.2 Mn

EntrackrEntrackr · 1y ago
Nazara acquires UK based Fusebox Games for $27.2 Mn
Medial

Gaming and sports media company Nazara Technologies has acquired Fusebox Games Limited, a UK-based gaming studio for Rs 228 crore ($27.2 million) in an all-cash transaction. Fusebox publishes an interactive story game ‘Love Island’ and is developing new games based on popular global TV IPs. In CY23, the company reported revenues of Rs 87.5 crore ($10.4 million) with an EBITDA of Rs 11.7 crore ($1.4 million). During CY24, Fusebox claims to have recorded a strong growth with year-to-date revenues (January- July 2024) at Rs 116.6 crore ($13.9 million) with an EBITDA of ~Rs 33.3 crore ($4 million). Fusebox primarily targets developed markets including the US, the UK, Australia, Canada, Switzerland, Sweden, Denmark, Norway, and New Zealand among others. The company has 30 employees primarily based in the UK. In March, Nazara announced that it has plans to invest $100 million towards mergers and acquisitions within the next 24 months. Since then, it has invested in Circle of Games, and acquired Kiddopia developer Paper Boat Apps. Through its subsidiaries, Nazara also acquired IP rights of Ultimate Teen Patti from Games24x7, and took over assets of Deltias Gaming. Nazara posted Rs 254.43 crore in total revenue with a profit of Rs 17.8 crore in Q1 FY25. For the fiscal year ending March 2024 (FY24), Nazara’s revenue from operations increased 4.3% to Rs 1,138 crore in FY24 from Rs 1,091 crore in FY23. The firm’s controlled cost and spike in other income helped it post a 23% growth in its profit to Rs 75 crore in FY24 from Rs 61 crore in the previous fiscal year. Earlier this year, the Nitish Mittersain-led firm raised Rs 250 crore ($30 million) from Zerodha’s co-founders-backed Kamath Associates & NKSquared, ICICI Securities, Plutus Wealth Management, and others.

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