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Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others

EntrackrEntrackr · 1y ago
Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others
Medial

Rooftop solar startup SolarSquare has raised $4.2 million from existing investors Zerodha’s Rainmatter Capital, Abhijeet Pai and Nikhil Kamath’s Gruhas Proptech, Lowercrabon Capital, Climate Angels and Good Capital. The board at SolarSquare has passed a special resolution to allot 7,589 Series B compulsory convertible debentures at an issue price of Rs 46,710 to raise Rs 35.44 crore, its regulatory filing shows. Lowercarbon and Good Capital invested Rs 20.74 crore and 3.32 crore while Gruhas Proptech and Rainmatter separately pumped in Rs 6.22 crore and Rs 3.98 crore, respectively. The funding will be used for the expansion, working capital requirements, and general corporate purposes, according to the filings. Every debenture issue during the round will be converted into a preference share at the next qualified funding round and the investors are considering the same to take place at a valuation of $75 million, the filings further added. As per TheKredible estimates, the company has been valued at around Rs 394 crore or $48 million post-allotment. The company is likely to raise more funds in this round and the valuation may vary after the final tranche. SolarSquare has raised over $20 million to date including its Rs 100 crore ($12 million) Series A round led by Elevation Capital and Lowercarbon in November 2022. According to the startup data intelligence platform TheKredible, Lowercrabon is the largest external stakeholder with 20.29% followed by Elevation Capital which holds 14.99%. Rainmatter and Gruhas Proptech own 3.84% and 2.50% respectively in SolarSquare. Head to TheKredible for the complete shareholding pattern. Founded by Neeraj Jain and Nikhil Nahar, SolarSquare designs, installs, and finances rooftop solar systems for homes. It also provides rooftop solar solutions for housing societies and commercial establishments. The company is yet to file its financial statements for FY24 but its revenue from operations grew 35.4% to Rs 107 crore in FY23. It posted Rs 35 crore loss in the same period. SolarSquare competes with Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. In February, the company acquired PV Diagnostics, a company with expertise in the utility scale solar power sector. Update: The story and headline have been updated to reflect Zerodha Technology as Zerodha’s Rainmatter Capital.

Zerodha funds Prayoga Institute's new research block focused on sustainability

Economic TimesEconomic Times · 1y ago
Zerodha funds Prayoga Institute's new research block focused on sustainability
Medial

Prayoga Institute of Education Research, a nonprofit in Bengaluru, has received funding from online brokerage firm Zerodha to establish five advanced labs focusing on sustainability research. The labs, dedicated to life sciences, physical sciences, chemical sciences, earth sciences, and sophisticated instrumentation, will be available for high school students free of charge. Zerodha's chief technology officer, Kailash Nadh, inaugurated the facility and highlighted the importance of fostering an ecosystem of rigorous research and innovation. Prayoga aims to provide research opportunities for students from an early age and contribute to their teaching and learning capabilities.

Men’s sexual health brand Bold Care raises $5 Mn

EntrackrEntrackr · 5m ago
Men’s sexual health brand Bold Care raises $5 Mn
Medial

Men’s sexual health and wellness brand Bold Care has raised $5 million in a funding round co-led by Nithin Kamath’s Rainmatter, CaratLane co-founder Mithun and Siddhartha Sacheti, the Dhanani family, AVT Group, along with participation from Gruhas Collective Consumer Fund and NB Ventures. Entrackr exclusively reported on the deal in December. The proceeds will be used to strengthen research and development (R&D), scale the brand’s digital presence, and develop sexual health solutions for both men and women, Bold Care said in a press release. Co-founded in 2020 by Rajat Jadhav, Rahul Krishnan, Harsh Singh, Mohit Yadav, and actor Ranveer Singh, Bold Care provides solutions for issues such as premature ejaculation (PE) and erectile dysfunction (ED). It also offers condoms and lubricants and claims to have fulfilled over 30 lakh (3 million) orders so far. Bold Care has recently expanded into the women’s wellness sector with the launch of Bloom, offering solutions for women’s health concerns, including sexual health, personal hygiene, menopause, menstrual care, and pregnancy. The Mumbai-based startup currently sells its products through its own website, as well as on e-commerce platforms like Amazon, Flipkart, Myntra, and Meesho. It is also available on quick commerce platforms. According to market research, sexual health issues affect approximately 90-95 million men in India. For the fiscal year ending March 2024 (FY24), Bold Care’s revenue from operations increased by 6.67% to Rs 32.9 crore from Rs 30.90 crore in FY23. However, the company also reported a 21.46% increase in losses to Rs 19.3 crore in the last fiscal year. Bold Care competes with other D2C sexual and wellness brands, including Man Matters, Kindly, Sukham, Kapiva, and Sassiest, among others.

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