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Rupeek raises $15 Mn from Elevation; readies for secondary

EntrackrEntrackr ยท 1y ago
Rupeek raises $15 Mn from Elevation; readies for secondary
Medial

Online gold loan platform Rupeek has secured Rs 125 crore (approximately $15 million) in primary funding from Elevation Capital. This is the second tranche of the new round in which 360 One Large Fund had already put in $6 million during May. The board at Rupeek has passed a special resolution to issue 5,801 compulsory convertible preference shares at an issue price of Rs 2,15,467 each to raise Rs 125 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The Bengaluru-based firm appears to close this round at around Rs 250 crore, according to sources aware of the details of the funding. While Rupeek already raised Rs 175 crore ($21 million) from Elevation and 360 One Large Fund, the remaining Rs 75 crore ($9 million) is likely to come from Ranjan Paiโ€™s investment office Claypond Capital, as per sources. โ€œSumit Maniyar along with employees and Rupeekโ€™s early backer Bertelsmann may dilute around $8-10 million worth shares to Claypond Capital,โ€ said one of the sources requesting anonymity. Queries sent to Maniyar didnโ€™t elicit any response. The Binny Bansal-backed company has raised around $165 million to date. As per the startup data intelligence platform TheKredible, PeakXV was the largest external stakeholder followed by Accel and Bertelsmann as of the last tranche. 360 One Large Value Fund holds 2.44% of the firm before this tranche. Rupeek, which provides gold loans, has been struggling to scale and faced 60% erosion in its value. The companyโ€™s peak valuation stood at $634 million in January 2022 but its worth nosedived to $250 million in the ongoing round. Entrackr was first to report Rupeekโ€™s down-round. The massive cut in valuation came on the back of Rupeekโ€™s falling scale. Its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the same period. The company is yet to file its annual statements for FY24. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold.

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Prosus raises Ixigo stake by 5% via secondary transaction

EntrackrEntrackr ยท 6d ago
Prosus raises Ixigo stake by 5% via secondary transaction
Medial

Prosus raises Ixigo stake by 5% via secondary transaction The development comes soon after Prosusโ€™s investment of Rs 1,295.56 crore (approximately $146 million) in Ixigo for a 10.1% stake on a fully diluted basis. MIH Investments One B.V., a Prosus company, has increased its stake to 15% in Le Travenues Technology Limited, the parent of travel platform Ixigo. According to a disclosure by Prosus, it acquired the stake through an off-market transaction. As per sources, Prosus has purchased 5.06% of fully diluted stake from Peak XV (3.16%) and Elevation (1.9%). Peak XV declined to comment on the story while queries sent to Elevation, Ixigo, and Prosus did not elicit a response until publication of the story. Prosus will reportedly pay another Rs 620โ€“660 crore to acquire an additional stake through a secondary deal. With this transaction, Prosusโ€™s total holding in the Gurugram-based travel tech platform is expected to rise to around 15%. The move aligns with the investorโ€™s strategy to deepen its presence in India. The investment firm aims to expand its India portfolio to about $50 billion over the next few years through a mix of investments and acquisitions. On the financial front, Ixigoโ€™s operating revenue jumped 72.5% to Rs 314 crore in Q1 FY26 from Rs 182 crore in the same quarter last year. The companyโ€™s net profit also rose 27% to Rs 19 crore in Q1 FY26, compared to Rs 15 crore in Q1 FY25.

Exclusive: Rupeek raises fresh funds at 60% valuation cut

EntrackrEntrackr ยท 1y ago
Exclusive: Rupeek raises fresh funds at 60% valuation cut
Medial

Online gold loan platform Rupeek has raised Rs 50 crore from 360 One Large Value Fund (formerly IIFL Wealth Management). Significantly, the companyโ€™s valuation nosedived by 60% in the new round. The board at Rupeek has passed a board resolution to issue 1,307 compulsory convertible preference shares at an issue price of Rs 3,82,492 each to raise Rs 50 crore, its regulatory filing shows. The company will use these funds for growth, expansion, and general corporate activities, as the companyโ€™s board decides. During FY24, the company also raised around Rs 43 crore from existing investors such as Peak XV, Bertelsmann, Accel India, and GGV Investments, the filing further shows. According to Fintrackrโ€˜s estimates, the company has been valued at around Rs 2,050 crore or $250 million post-allotment. This implies that the company raised new money at a 60% haircut in its valuation as compared to Rupeekโ€™s peak valuation of $634 million in January 2022. Recently, an ET report said that Rupeek was in talks to raise funds from Ranjan Paiโ€™ investment office Claypond Capital and Axis Bank at a valuation of $200-250 million. Rupeek provides gold loan services and claims to streamline the entire processing from underwriting to disbursal in 30 minutes. The Binny Bansal-backed company has raised around $150 million to date. As per startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder followed by Accel and Bertelsmann. Its new investor 360 One Large Value Fund holds 2.44% (post-allotment). The Bengaluru-based company is yet to report FY24 numbers but its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the fiscal year ending March 2023. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold. There should be no issues on the valuation haircut for Rupeek, considering that its peak valuation was not just at the peak of the funding cycle, but subsequent performance has also failed to justify those numbers. There are far too many founders who get hung up on a specific valuation number, before it is too late to raise fresh funding. Rupeek has clearly focused on the next steps, rather than dwell on the past too much. That it found backers at the new valuation figure also speaks about the credibility the founders retain, despite the tough times in the recent past.

Mosaic Wellness raises $20 Mn at $400 Mn valuation

EntrackrEntrackr ยท 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.

Comet raises $5 Mn in Series A round

EntrackrEntrackr ยท 1y ago
Comet raises $5 Mn in Series A round
Medial

D2C sneaker brand Comet has raised Rs 42.3 crore (approximately $5 million) in its Series A round led by Elevation Capital. This is the first round of investments for the Bengaluru-based company in 2024. The board at Comet has passed a special resolution to issue 10 equity and 50,076 Series A CCPS at an issue price of Rs 8,445 each to raise Rs 42.3 crore or $5 million, its regulatory filing accessed from the Registrar of Companies shows. Elevation Capital led the round with Rs 33.36 crore while existing investors Nexus Ventures and AngelList India participated with Rs 8.34 crore and Rs 60 lakhs respectively. The company will use these proceeds for capital expenditures, marketing, and general corporate purposes as per the business plan, the filing added. According to the startup data intelligence platform TheKredibe, Comet has been valued at around Rs 167 crore or $20 million post-allotment. The startup raised its seed capital in February last year. Following the fresh proceeds, Elevation Capital and Nexus Ventures will hold 20% each while AngelList India will command 2.22% of the capital in the company. Founded in July 2023, Comet is a homegrown, lifestyle sneaker brand for both men and women which sells its products through its website. Its current portfolio includes CometX, Aeon, and Slides. According to Comet, its TAM (total addressable market) is expected to be $22 billion while the companyโ€™s serviceable addressable market (SAM) is expected to be $1.5 billion by FY 2030. Comet competes with Wrong, HRX, Redtape, The Roadster, Campus, Sparx and other multinational footwear brands like Nike and Adidas.

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