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WorkIndia raises Rs 97 Cr in Series B led by Aavishkaar Capital

EntrackrEntrackr · 2m ago
WorkIndia raises Rs 97 Cr in Series B led by Aavishkaar Capital
Medial

WorkIndia raises Rs 97 Cr in Series B led by Aavishkaar Capital Blue and grey-collar job portal WorkIndia has raised Rs 97 crore (about $10.8 million) in a Series B funding round led by Aavishkaar Capital. Existing investor BEENEXT Capital participated with a Rs 22 crore contribution, while Aavishkaar Capital invested Rs 75 crore in the round. This is the first funding for the company in nearly 3 years since it raised $12 million in January 2023, led by SBI Holdings, Nintendo founding family and others. The proceeds will be used to strengthen WorkIndia’s technology platform, improve its employer-candidate matching systems, and expand operations into high-demand regions. The company said it also plans to invest in product innovation to support both job seekers and businesses seeking workforce solutions. Co-founded by Kunal Patil, Nilesh Dungarwal, and Moiz Arsiwala, WorkIndia is a job platform focused on blue- and grey-collar workers, offering opportunities across 50 categories including tele-calling, field sales, delivery roles, and more. According to startup data platform TheKredible, WorkIndia has raised around $30 million to date from investors such as BEENEXT, Xiaomi, SBI Holdings, Insitor, and others. BEENEXT is the largest external shareholder, holding an 11.31% stake before this round, followed by Xiaomi at 7.3%. The co-founders collectively hold a 32.1% stake in the company. For the fiscal year ended March 2025, WorkIndia posted a 25% year-on-year increase in operating revenue to Rs 78.7 crore, while narrowing its losses by 25% to Rs 23.06 crore.

Exclusive: WorkIndia to raise $13 Mn in new funding round

EntrackrEntrackr · 3m ago
Exclusive: WorkIndia to raise $13 Mn in new funding round
Medial

Exclusive: WorkIndia to raise $13 Mn in new funding round Blue and grey-collar job portal WorkIndia is all set to raise Rs 114.35 crore (approximately $13 million) from Aavishkaar Capital, existing investor Beenext and the company’s co-founders Nilesh Dungarwal and Moiz Arsiwala. This is the first funding for the company in nearly 3 years since it raised $12 million in January 2023, led by SBI Holdings, Nintendo founding family and others. The board at WorkIndia passed a resolution to approve the issuance of 3,067 compulsory convertible preference shares and 100 equity shares at an issue price of Rs 2,27,369 each to raise Rs 72 crore, according to its filing with the Registrar of Companies (RoC). New investor Aavishkaar will join WorkIndia’s cap table with a Rs 50 crore investment, while existing backer BEENEXT will add Rs 22 crore. The company also approved a resolution to issue 1,869 partly paid-up CCPS worth Rs 42.35 crore to co-founders Nilesh Dungarwal and Moiz Arsiwala. With this, the total capital to be raised in the round stands at Rs 114.35 crore ($13 million). According to Entrackr’s estimates, the BEENEXT-backed company’s valuation is expected to surge over 35% to Rs 803 crore or $91.25 million from Rs 590 crore in its previous round. Co-founded by Kunal Patil, Nilesh Dungarwal, and Moiz Arsiwala, WorkIndia is a job platform focused on blue- and grey-collar workers, offering opportunities across 50 categories including tele-calling, field sales, delivery roles, and more. According to startup data platform TheKredible, WorkIndia has raised around $30 million to date from investors such as BEENEXT, Xiaomi, SBI Holdings, Insitor, and others. BEENEXT is the largest external shareholder, holding an 11.31% stake before this round, followed by Xiaomi at 7.3%. The co-founders collectively hold a 32.1% stake in the company. For the fiscal year ended March 2025, WorkIndia posted a 25% year-on-year increase in operating revenue to Rs 78.7 crore, while narrowing its losses by 25% to Rs 23.06 crore.

Exclusive: Newtrace to raise pre Series A funding led by HDFC Bank

EntrackrEntrackr · 16d ago
Exclusive: Newtrace to raise pre Series A funding led by HDFC Bank
Medial

Newtrace is set to raise Rs 28 crore (approximately $3.12 million) in a pre-Series A round from HDFC Bank and Japan-based Mitsui Sumitomo Insurance. Existing investors Aavishkaar Capital, Peak XV Partners, Speciale Invest, and Micelio Fund also participated in the new round. The board at Newtrace approved the issue of 2,541 pre-Series A CCCPS at an issue price of Rs 111,694 each to raise the funds, according to a filing with the Registrar of Companies (RoC). HDFC Bank will lead the new round with Rs 4.9 crore, followed by Peak XV, Aavishkaar Capital, and Mitsui Sumitomo Insurance, which will invest Rs 4.35 crore each. Speciale Invest, Micelio Technology Fund, and other existing investors will contribute the remaining amount. Newtrace's valuation post-money is estimated to be Rs 237 crore (approximately $26 million). The proceeds will be used for product development, expansion, infrastructure and delivery capabilities, and overall growth. Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace develops cost-efficient electrolyzer technology for green hydrogen production. Prior to this round, Newtrace raised over $6.5 million, including a $5.65 million round in May 2023 led by Peak XV and Aavishkaar Capital. Speciale Invest will hold a 12.88% stake after the allotment of the new round, followed by Peak XV (12.88%), Micelio Technology Fund (11.65%), Aavishkaar Capital (5.80%), HDFC Bank (2.11%), and Mitsui Sumitomo (1.84%). For the fiscal year ended March 2025, Newtrace reported Rs 1.8 crore in operating revenue, with losses widening 73% to Rs 15.6 crore.

Newtrace raises $6.3 Mn in pre-Series A round led by HDFC Bank, MSIVC

EntrackrEntrackr · 2d ago
Newtrace raises $6.3 Mn in pre-Series A round led by HDFC Bank, MSIVC
Medial

Newtrace raises $6.3 Mn in pre-Series A round led by HDFC Bank, MSIVC Climate tech startup Newtrace has raised $6.3 million (Rs 56.93 crore) in a pre-Series A round led by HDFC Bank and Mitsui Sumitomo Insurance Venture Capital. The round also saw participation from Peak XV Partners’ Surge, Aavishkaar Capital, Speciale Invest, Micelio Technology Fund, and angel investors Manish Prataprai Gandhi and Renu Manish Gandhi. Entrackr had exclusively reported the current development last month. Prior to this round, Newtrace has raised over $6.5 million to date, including its $5.65 million round raised in May 2023 led by Peak XV (formerly Sequoia Capital India) and Aavishkaar Capital. The proceeds will be used to scale pilot manufacturing, validate its technology with customers, and expand its engineering and manufacturing capabilities. Newtrace expects to begin initial commercial deliveries of its Voltagen electrodes within the next 12 months. Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace develops electrode and electrolyzer technologies for green hydrogen production. Its proprietary electrode technology, Voltagen, is designed for alkaline water electrolyzers and aims to improve energy efficiency, extend system lifetime, and reduce hydrogen production costs. Newtrace primarily serves electrolyzer manufacturers, green hydrogen project developers, and industrial gas companies. Its technology is designed as a drop-in replacement for existing electrodes, allowing hydrogen producers to upgrade performance without redesigning their systems. For the fiscal year ended March 2025, Newtrace reported Rs 1.8 crore in operating revenue, while its losses widened 73% to Rs 15.6 crore.

D2C brand Zouk raises $10 Mn led by Aavishkaar Capital

EntrackrEntrackr · 1y ago
D2C brand Zouk raises $10 Mn led by Aavishkaar Capital
Medial

Zouk, a direct-to-consumer bags and luggage brand, has raised $10 million in its Series B funding round, led by Aavishkaar Group. This round also saw participation from Stellaris Venture Partners, Titan Capital, Sharrp Ventures, and the JJ Family, bringing Zouk’s total funding to $14.5 million. Entrackr reported on October 7 about Zouk's new funding round. With the fresh capital, Zouk will focus on expanding its network of exclusive brand outlets, aiming for a total of 75 stores. The firm also plans to enhance its marketing efforts and supply chain while investing in talent across various verticals. Founded in 2015 by Disha Singh and Pradeep Krishnakumar, Zouk specializes in handmade products, including laptop bags, tote handbags, sling bags, and wallets, all crafted from 100% vegan leather sourced in India. With over 700,000 customers served, the startup is also venturing into the luggage segment with new backpacks and trolley bags, anticipating strong growth in this area. Sources indicate that Zouk will be valued in the range of $50 million (approximately Rs 400 crore). According to the startup data intelligence platform TheKredible, the Mumbai-based startup was valued at around $7 million during its last round. At the time of the last funding round, co-founders Disha Singh and Pradeep Krishnakumar each held a 31% stake in the company, while Stellaris was the largest external shareholder with a 19.63% stake. For the fiscal year ending in March 2023, Zouk reported a revenue of Rs 47.41 crore, up from Rs 21.82 crore in FY22. However, the company’s losses increased to Rs 10.55 crore, compared to Rs 77 lakh in the previous year. Zouk has yet to file its numbers for FY24. Lead investor Aavishkaar Capital has previously backed several startups, including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace.

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