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Saswat Finance raises $2.6 Mn led by Ankur Capital

EntrackrEntrackr · 1m ago
Saswat Finance raises $2.6 Mn led by Ankur Capital
Medial

Saswat Finance raises $2.6 Mn led by Ankur Capital Saswat Finance, a Mumbai-based fintech platform, has raised $2.6 million in its pre-Series A funding round led by Ankur Capital. Incubate Fund Asia, an existing investor, also doubled its investment in this round. The startup previously raised seed funding from investors like Seedstars VC, Sparrow VC, and Incubate Fund Asia. The proceeds will help Saswat expand its technology capabilities, introduce new financial products, and scale operations across Maharashtra, Karnataka, and Uttar Pradesh. The funding will also be used to enhance its data and analytics infrastructure and broaden its product portfolio. Founded in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance uses proprietary technology and alternative data, such as milk production and geographic trends, to enable efficient delivery of credit, insurance, and advisory services to underserved segments. “India’s rural segments — over 65% of the population — are underserved by traditional financial services. At Saswat, we blend technology and trust to bring financial services directly to their doorstep. This funding will help us deepen our reach and scale operations,” said Arun Tiwari, CEO of Saswat Finance. Saswat claims to have onboarded over 6,000 customers and disbursed more than Rs 55 crore in asset-backed loans.

Rupeeflo raises $1 Mn from Piper Serica

EntrackrEntrackr · 5m ago
Rupeeflo raises $1 Mn from Piper Serica
Medial

Rupeeflo raises $1 Mn from Piper Serica Fintech startup Rupeeflo has raised $1 million in funding in a pre-seed round led by Piper Serica Angel Fund. Fintech veterans including Ravi Shankar (co-founder of Active AI), Kishore Natarajan, and Kedar Kulkarni (co-founder of Hyperverge) also participated in the maiden round. Rupeeflo will use the funding to roll out a full-stack NRI investment platform, introduce instant UPI access, and expand its global presence. Founded in 2024 by Dharmendra Maurya, Ashish Jha, and Manav Bharambe, Rupeeflo streamlines banking and investing for NRIs in India. Starting with the U.S. and U.K., it aims to expand across global NRI hubs. With Rupeeflo, NRIs can now digitally apply for an NRE/NRO account in less than 10 minutes and have easy and paperless access to stock markets, mutual funds, and index funds without regulatory headaches. “We see this as one of the biggest untapped opportunities in fintech. In the USA alone, NRIs have over $300 billion in low-yield savings overseas because investing in India has been too complex. We are fixing the problem so that they can participate in India's future instead of just watching from the sidelines,” said Ashish Jha. Piper Serica is an asset manager investing in India’s public and private markets. It manages a SEBI-registered PMS, advises a Mauritius-based offshore fund, and runs the Piper Serica Angel Fund for early-stage startups, overseeing over Rs 1,000 crore in assets.

Spiritual startup My Tirth India shuts down ops due to lack of funds

EntrackrEntrackr · 10m ago
Spiritual startup My Tirth India shuts down ops due to lack of funds
Medial

Spiritual tech startup My Tirth India announced on Monday that it is shutting down operations due to a funding crisis. This news comes as a surprise, given that spiritual tech has emerged as one of the hottest sectors, even though the funding environment has been tight for others. In the past 15 months, over a dozen startups in the spiritual tech space have mopped up more than $40 million. My Tirth India is a pilgrimage and darshan site which used to enable tours to India’s top religious destinations by bringing temples, priests, hotels, travel agents, astrologers, ayurveda, and yoga to one platform. “..we have tried to generate as much employment as possible across cities, villages and towns encouraging people to rediscover their culture, traditions and heritage. But it’s with utter sadness that we finally have to shut down the office due to the lack of funds after the unfortunate demise of our principal shareholder and mentor,” said Indraneel Dasgupta, co-founder and CEO of My Tirth India. According to My Tirth India, it raised nearly $1 million from the late Subrata Roy who was the company’s principal shareholder and mentor. Roy was the founder and managing director of Sahara India Pariwar. Currently, singer Anup Jalota is My Tirth India’s chief mentor. Founded in 2019, the firm also launched spiritual membership programmes for travelers, and spiritual showrooms in cities like Lucknow, Varanasi, Kolkata, Noida, and spiritual products like agarbatti, dhoop, puja samagri, havan samagri, and idol, among others. According to industry reports, the Indian travel industry accounts for 10% of the country’s GDP. About 65% to 70% of the entire volume is contributed by spiritual tourism. As per data compiled by TheKredible, astro and spiritual tech startups have rmore than $40 million in the past 15 months. The notable names include Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period. SriMandir’s parent company AppsForBharat is also in talks to raise $15 million in a new round. Entrackr exclusively reported the development in May.

Jaipuria Group acquires eyewear brand ClearDekho

EntrackrEntrackr · 2m ago
Jaipuria Group acquires eyewear brand ClearDekho
Medial

Eyewear brand ClearDekho has been acquired by the Jaipuria Group. The acquisition marks ClearDekho's expansion as a national eyewear brand and indicates its focus on providing eyewear to a wider population in India. According to a press release, the Jaipuria Group will acquire full ownership of ClearDekho by taking a 100% stake, with all existing shareholders set to exit within two years. While ClearDekho will continue to operate as an independent brand, the business will now be fully managed by the Jaipuria Group. As the business matures, it may be integrated into the group’s parent entity. However, the company did not disclose the deal size. Founded in 2017 by Shivi Singh, ClearDekho focuses on providing affordable eyewear solutions. It operates as an online and offline retail chain, with a mix of branded online sales and franchise-owned, company-operated (FOCO) stores. It aims to address a gap in the market by offering affordable eyeglasses to low-income consumers in smaller towns and cities across India. The brand offers a variety of eyewear products, including prescription eyeglasses, sunglasses, reading glasses, and contact lenses. ClearDekho aims to scale its operations with a target of achieving Rs 300 crore in topline revenue within the next three years. The long-term objective is to capture at least 10% of India’s eyewear market share within five to seven years. It reported Rs 12.8 crore in revenue in FY24 with Rs 7.13 crore losses. ClearDekho claims to have over 100 stores across more than 50 cities, with a gross margin of over 65%, and has achieved 3x growth in the last three years. The brand says its tech-enabled, omnichannel approach and hyperlocal presence have helped bridge the accessibility gap in the optical retail segment.

Exclusive: Flipkart to take on Zepto, Blinkit with quick commerce foray

EntrackrEntrackr · 1y ago
Exclusive: Flipkart to take on Zepto, Blinkit with quick commerce foray
Medial

The quick commerce sector is all set to heat up once again as India’s e-commerce giant is now eyeing the segment. Flipkart has started ramping up infrastructure for its quick commerce play, three sources aware of the details of the plan told Entrackr. “Flipkart will launch 10-15 minutes delivery in at least a dozen cities in the next six to eight weeks,” said one of the sources requesting anonymity. “It’s building up a chain of dark stores across several cities including Bengaluru, Delhi (NCR) and Hyderabad among others.” Flipkart’s foray into quick commerce comes at a time when experts anticipate that quick commerce would end up eating into the e-commerce pie sooner than later in India. The total addressable market for quick commerce in India is nearly worth $45 billion, according to a 2022 Redseer report. More importantly, quick commerce has proven to be surprisingly resilient in the last couple of years, with both Zepto and Zomato’s Blinkit doing more than enough to convince investors that the concept has a future in India. While Zepto was rewarded with a unicorn round, Blinkit’s (formerly Grofers) turnaround and Swiggy Instamart’s growth have been bright spots in terms of scaling up with improving margins for their owners. “If you look at Flipkart’s recent launches, it hints at the firm’s foray into quick commerce. It launched same-day delivery in 20 cities a couple of weeks ago… the company began delivering flowers and cakes around the Valentine season (February 2024),” an analyst covering the e-commerce and quick commerce segments, requesting anonymity, told Entrackr. Sources indicate that Flipkart will have a wider catalog than incumbents such as Zepto and Blinkit. “The company will have a sharp focus on FMCG, grocery and daily essentials but it would also push categories such as electronics, fashion,” added the person quoted above. It’s worth mentioning that the current quick commerce players have also been steadily expanding and diversifying their offerings. Responding to queries sent by Entrackr, a Flipkart spokesperson said they are working towards delivering a wide range of products with speed. “Over the past few months, we have made several investments to enhance our delivery capabilities, including adding same-day delivery in 20 cities. This covers mobiles, essential items, electronics, home appliances, fashion, books and lifestyle products,” said the spokesperson. “We are committed to meeting evolving customer expectations and delivering excellence in value, selection and speed, with more initiatives expected on this front in the coming months.” Over the past three years, quick commerce gained quick ground in top 15 Indian cities and top three players in the segment—Blinkit, Swiggy Instamart and Zepto—managed to gain sizable scale. Sources outlined that BlinkIt does around 6 lakh orders a day while Swiggy InstaMart and Zepto’s daily volume hover around 5 lakh and 3 lakh, respectively. According to Entrackr sources and data available in the public domain, Blinkit has an average revenue run rate of Rs 12,000 crore in the ongoing fiscal year whereas Swiggy Instamart ARR (read as GMV) stands at around Rs 8,000-8,500 crore. Zepto’s gross merchandise value has neared Rs 7,000 crore. Fresh from its last funding round, Zepto has been noticeably feistier — with a larger catalog and stronger marketing push. Meanwhile, Reliance and Google-backed Dunzo lost its mojo. The firm failed to raise a new round in the past two years and reported only Rs 226 crore in revenue in FY23 with losses of Rs 1,801 crore. As per reports, Flipkart engaged in discussion regarding a potential acquisition of the Kabeer Biswas-led firm. While all that might sound good, the fact that no one disagrees is that the market is not big enough for so many players, making this a matter of staying in power for most. Or perhaps, even newer operating models that might ensure sustainable growth. The broad direction so far, of an ever widening catalog and higher value transactions like electronics items etc, indicates the bleeding will not stop anytime soon.

Decoding the financial health of leading cloud kitchen startups

EntrackrEntrackr · 1y ago
Decoding the financial health of leading cloud kitchen startups
Medial

The restaurant industry is witnessing a transformation with the rise of delivery-only models known as ‘cloud kitchens’, ‘virtual kitchens’, or ‘ghost kitchens’. These innovative concepts are reshaping how food is prepared, delivered, and consumed, challenging traditional restaurant models. According to a Redseer report, the estimated size of the cloud kitchen market would touch $3 billion by 2024, from $400 million in 2019. Moreover, top startups operating in the segment mopped up around $600 million in funding in the past three years and close to $1 billion since their inception, according to the startup intelligence platform TheKredible. Among India’s top cloud kitchen startups, Rebel Foods stands out as the poster boy with a topline of around Rs 1,200 crore in FY23. The list further includes Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, Dil Foods, and HOI Foods. [Top funded cloud kitchen startups] Rebel Foods, which operates brands like Faasos (now EatSure), Oven Story, Lunch Box, The Good Bowl, Behrouz, Sweet Truth, and Firangi Bake, also emerged as the sole unicorn from the cloud kitchen space. The Peak XV Partners-backed company alone raised over $535 million to date whereas Curefoods scooped up around $170 million from the likes of Binny Bansal’s Three State Ventures, IronPillar, Chiratae, and Accel. In December 2023, Kitchens@ raised $65 million from London-based private equity firm Finnest. It’s worth highlighting that the firm also acquired Swiggy’s cloud kitchen’s business ‘Access Kitchens’ in a share swap deal in March last year. To recall, Swiggy entered the cloud kitchen business back in 2017. EatClub raised around $75 million across rounds including a $40 million round led by Tiger Global in December 2021. In 2022, it was also in the news for a secondary round worth $30 million. The firm operates several popular cloud kitchen brands such as Box8 and Mojo Pizza. Biryani By Kilo recently raised $9 million in an ongoing round, pushing the company’s total fundraise to $55 million to date. [Top revenue-generating cloud kitchen startups in India] Rebel Foods’ revenue from operations grew 39.2% to Rs 1,195 crore in FY23 from Rs 858.6 crore in FY22. Curefoods and EatClub follow closely, with revenues exceeding Rs 300 crore each. Biryani By Kilo also claims a revenue of around Rs 300 crore in FY23. However, beyond these frontrunners, no other brands have crossed the Rs 100 crore revenue mark as of March 2023. FreshMenu, Biryani Blues, and Kitchens@ recorded 7.5%, 53.7%, and 64.8% growth in revenue to Rs 70.21 crore, Rs 68.54 crore, and Rs 61.6 crore, respectively during FY23. While Dil Foods and HOI Foods posted Rs 7.08 crore and Rs 2.85 crore operating revenue during the year. [Spending by the cloud kitchen brands in FY23] Rebel Foods spent 31.6% of its total expenditure on the cost of materials amounting to Rs 577.54 crore while 22.2% or Rs 405.46 crore on the employee benefit cost. The overall cost of the company surged 27.9% to Rs 1,827 crore during FY23 from Rs 1429 crore in FY22. Curefoods, EatClub, FreshMenu, and Biryani Blues also spent the most on the cost of materials accounting for Rs 171.7 crore, Rs 126.17 crore, Rs 27.48 crore, and Rs 25.88 crore respectively. Whereas, employee benefit costs of these brands stood at Rs 103.5 crore, Rs 99.5 crore, Rs 17.31 crore, and Rs 14.2 crore. Kitchens@, Dil Foods, and HOI Foods spent the most on employee benefits followed by the cost of materials. In line with revenue, Rebel Foods is also on top in terms of losses. Though, the rise in losses is lower than revenue growth. The company’s losses went up nearly 23% to Rs 656.5 crore during FY23. Curefoods’ bottom line jumped 4.7X to Rs 342.7 crore while EatClub’s losses rose 53.8% to Rs 69 crore during the period. Kitchens@ (Rs 27.3 crore), Biryani Blues (Rs 15.42 crore), FreshMenu (Rs 10.15 crore), HOI Foods (Rs 1.23 crore), and Dil Foods (Rs 0.9 crore) are next in line in terms of losses. [A look at unit economics of top cloud kitchen brands] On a unit level, Rebel Foods, Curefoods, and EatClub spent Rs 1.53, 1.97, and 1.25 to earn a rupee of operating revenue in FY23. Despite their impressive revenue growth, profitability remains a challenge for many cloud kitchen startups. [Conclusion] When we compare the numbers of these players with the large listed players, we see a clear difference in critical cost heads like cost of material, employee costs. Those are areas that will need a continuous improvement in metrics, for these firms to make a serious push for profitability. While some like Freshmenu are in a clear battle to survive until the market turns into a less hostile environment, almost none of these firms can afford to burn through funds as they did in the pre-pandemic years. Even as customers seem to be reconciling to the sharp increase in sticker prices on the menu, pressure on margins from delivery, fast turning into duopoly, will ensure there is little respite in the immediate future. It will take some significant structural changes in the market, in terms of opportunity as well as growth drivers, for these firms to truly sizzle.

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