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Alpha Wave-backed 1K Kirana’s valuation nosedives 60% in internal round

EntrackrEntrackr · 1y ago
Alpha Wave-backed 1K Kirana’s valuation nosedives 60% in internal round
Medial

Kiranatech platform 1K (formerly 1K Kirana Bazaar) secured Rs 32 crore or $4 million in its extended Series B round (bridge round) from existing investors in July last year at a 60% haircut in valuation. The sharp fall in valuation appears to be driven by the company’s sluggish growth, inability to raise any large follow-on investment and absence of a solid business model. It’s worth noting that 1K laid off 40% of its workforce (over 400 employees) in April 2023. The board at 1K Kirana Bazaar passed a special resolution to issue 3,676 Series B1 CCPS at an issue price of Rs 87,141 each to raise to Rs 32 crore, its regulatory filing accessed from the Registrar of Companies shows. Alpha Wave Ventures led the bridge round with Rs 16 crore while Info Edge and Kae Capital put in Rs 8 crore each. According to the filings, the company will use these funds for capital expenditure, marketing, and general corporate purposes. As per sources, 1K Kirana was talking to several investors for a Series C round until the first half of 2023 but the talks didn’t go through. Media reports also outlined that Alpha Wave wasn’t willing to put any further money in the company and 1K explored M&A opportunities with DealShare. Queries sent to 1K Kirana did not elicit an immediate response. As per TheKredible’s estimates, 1K Kirana Bazaar was valued at $42 million (post-money) reflecting a significant 61.8% decrease in valuation compared to the previous round where it was valued at $110 million. Significantly, 1K’s valuation soared 5.4X to $110 million as compared to $20 million during its Series A round in April 2021. Following the fresh proceeds, Info Edge remains the largest external stakeholder followed by Kae Capital and Alpha Wave Ventures. See TheKredible for the detailed cap table and financials. Six-year-old 1K Kirana Bazaar is a consumer-focused retail brand that partners with neighborhood kirana stores in smaller towns enabling them to compete with both online and offline (organized) retail. As per its website, the company has a network of over 100 stores across India. The Gurugram-based company has raised around $37 million to date, including a $25 million series B round led by Alpha Wave. It’s yet to file its financial statements for FY24, the firm’s gross revenue surged 2.6X to Rs 224 crore during the fiscal year ended March 2023. Its losses shot up 2.95x to Rs 182.5 crore in the same period.

Info Edge launches Rs 250 Cr growth-stage investment fund

EntrackrEntrackr · 13d ago
Info Edge launches Rs 250 Cr growth-stage investment fund
Medial

Info Edge has launched a new growth-stage investment fund with a capital commitment of Rs 250 crore, marking its first dedicated vehicle for later-stage companies. The new vehicle, called B8 Fund-I, may also raise capital from external sponsors, taking the total corpus beyond the initial Rs 250 crore. Info Edge already operates four early-stage investment platforms. These include Info Edge Ventures, which has raised Rs 2,300 crore across three funds; Capital 2B with a Rs 280-crore corpus; Redstart Labs, focused on AI-led startups; and direct investments from its balance sheet. Through its venture vehicles, Info Edge has backed several startups at early stages, including Gnani AI, Ixigo, Shiprocket, Zingbus, and Truemeds. Through its balance sheet, the company has invested in firms such as Zomato and Policybazaar in their early years. The new Rs 250-crore fund will focus on backing growth-stage, tech-enabled companies in India or those primarily focused on India, the company said in a regulatory filing. Registered with Sebi as a Category II alternative investment fund, the vehicle will have a tenure of eight years from its first closing. In May last year, Info Edge said its shareholders had approved a plan to invest up to Rs 1,000 crore in Info Edge Ventures' third fund as part of its strategy to institutionalize its startup investing platform. The Info Edge Ventures funds are managed in a 50:50 partnership with Singapore’s sovereign wealth fund Temasek. For the quarter ended December 31, Info Edge’s operating revenue rose to Rs 819 crore, while net profit increased 10% year-on-year to Rs 317 crore from Rs 288 crore.

Info Edge pegs Zomato, PB Fintech holdings at $3.7 billion

EntrackrEntrackr · 10m ago
Info Edge pegs Zomato, PB Fintech holdings at $3.7 billion
Medial

Info Edge (India) Ltd has pegged the combined value of its holdings in two of India’s top tech internet firms—Zomato and PB Fintech (which operates Policybazaar and Paisabazaar)—at Rs 31,500 crore (approximately $3.7 billion) as of March 31, 2025, according to its latest disclosures. The Gurugram-based internet conglomerate holds a 12.38% stake in Zomato and 19% in PB Fintech—key pillars of Info Edge’s listed tech portfolio that continue to add significant value to its balance sheet. According to an analyst report from Info Edge, its investment activities account for approximately 30–40% of the company’s overall value. The firm made its initial investments in Policybazaar in 2008 and Zomato in 2010, when the firms were valued at Rs 21 crore and Rs 9.4 crore, respectively, as per shareholder records. So far, Info Edge has backed 111 startups using a mix of its own capital and funds through its Alternative Investment Fund (AIF) arm. It has invested Rs 3,959 crore across these companies, while the fair market value of its portfolio stands at Rs 36,855 crore ($4.33 billion), implying an estimated gross internal rate of return (IRR) of 36%. While Info Edge has not indicated any immediate plans to exit or monetize these key holdings, the disclosures reaffirm how startup equity continues to be a critical pillar in its long-term value creation strategy.

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