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Agritech Greenikk shuts down, returns partial capital to investors

EntrackrEntrackr · 9m ago
Agritech Greenikk shuts down, returns partial capital to investors
Medial

Agritech startup Greenikk on Monday said that it is shutting down operations due to funding challenges and adverse market conditions. Greenikk had raised around $1 million in total capital from the likes of 100 unicorns (9unicorns), IIM A ventures, Mastermind Capital, Smart Sparks and other angels such as Mayank Tiwari of ReshaMandi. “We picked up capital during 2022 times when low-interest capital was available and while agri tech was at its peak, we chased the wrong metrics to grow and scale up. The industry dynamics changed making it difficult to raise the next round of Series A round which was planned to be $5 Million,” said Fariq Naushad, co-founder of Greenikk. As per the company, it’s returning partial capital to investors. Naushad also highlighted the challenges of defaults in the agri sector.“Stakeholders are not paying back the loans, we extended loans worth Rs 6 crore for which we faced defaults. Huge receivables were stuck from certain clients as they resisted paying after reaching a significant amount. We spend almost 6 months on the ground to collect 80% of the receivables,” said Naushad. Defaults and collections have become a significant challenge in the agri-tech sector. ReshaMandi, once a prominent player in the space, faced difficulties in collecting receivables, which ultimately led to its downfall. The company struggled with high defaults and mounting liabilities, which forced it to shut down. According to Greenikk, it will provide 2 month severance and job offers via reference to almost 25 employees while the founders (Naushad and Previn Jacob Varghese) are looking at exploring their next phase of entrepreneurial life. Check Greenikk’s shareholding and financials at TheKredible. After a significant fundraising boom in 2021 and 2022, agritech startups are now facing challenges in attracting venture capital for larger funding rounds. Data compiled by TheKredible reveals that agritech startups raised around $150 million across more than 30 deals in 2024 so far. Notably, there were no deals in the agritech space in September. For comparison, these startups secured $636 million in 2021, which increased to $772 million in 2022. However, the sector saw a sharp decline in 2023, with funding dropping to just $178 million.

Bhavish Aggarwal-backed O'Be Cocktails shuts operations

EntrackrEntrackr · 3m ago
Bhavish Aggarwal-backed O'Be Cocktails shuts operations
Medial

Bhavish Aggarwal-backed O'Be Cocktails shuts operations Bengaluru-based O'Be Cocktails used to claim that its cocktails were perfected through over a hundred iterations to deliver a consistent blend for consumers. Alcoholic beverages startup O'Be Cocktails has shut down its operations after operating for more than five years. “It was one of the most difficult decisions for myself to shut down the brand; however, in the long run, we couldn’t justify the direction. After extensive retrospection and analysis, it all came down to one key realization: Alcobev is not a consumer-backed but a commoditized industry, which does not align with our vision of creating a premium and convenient cocktail experience for our consumers,” said Nitesh Prakash, founder and chief executive of O'Be Cocktails in a Linkedin post. “Over the past year, we have made every possible effort to find a suitable buyer for O’ Be ensuring the flow of cocktails doesn't stop, but we believe we have now exhausted all remaining possibilities for a sale,” added Prakash. O'Be raised Rs 3.5 crore in an angel round led by First Cheque, Letsventure, Ola’s Bhavish Aggarwal, Tracxn founder Abhishek Goyal, and Sprout Investments in August 2021. The Bengaluru-based startup also raised an undisclosed pre-Series A round led by Inflection Point Ventures in November 2023. O'Be Cocktails used to offer a variety of drinks available in Goa and Bengaluru. The brand used to claim that its cocktails were perfected through over a hundred iterations to deliver a consistent blend for consumers. O'Be Cocktails was operational in Bhutan and nine states of India. The company also said that it was supported by a network of 22 private distributors and 2 government contracts, making its products accessible in over 1,700 premium wine outlets.

9Unicorns launches Fund II with target of $200 Mn, rebrands itself to 100Unicorns

EntrackrEntrackr · 1y ago
9Unicorns launches Fund II with target of $200 Mn, rebrands itself to 100Unicorns
Medial

Early-stage accelerator fund 9Unicorns has announced the launch of its second fund following a rebranding exercise. As a result of this rebranding, 9Unicorns will now be known as 100Unicorns. 100Unicorns, a part of multistage investing firm Venture Catalysts Group, has launched its second accelerator fund called 100Unicorns Fund II with a target size of $200 million including a green-shoe option of $100 million. In its first fund, 100Unicorns Fund I (formerly 9Unicorns) had invested in several startups including Videoverse, Trunativ, ZyppElectric, Renee Cosmetics, and IGP. It provides funding ranging from $300,000 to $1 million per startup in the first round, along with product, business and fundraising support. This is followed by $500,000 to $2 million in subsequent rounds with co-investors. 100Unicorns said that it has played a crucial role in the startup ecosystem with initiatives such as DDay and ProStar serving as catalysts for over 80 startups that have collectively secured around $400 million in funding. With the new fund, the fund aims to nurture a pool of 200 outlier startups and propel them to join the billion-dollar club over the next decade.

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