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Sachin Tendulkar and others invest $18 Mn in Rayzon Solar at $844 Mn valuation

EntrackrEntrackr · 7m ago
Sachin Tendulkar and others invest $18 Mn in Rayzon Solar at $844 Mn valuation
Medial

Solar panel manufacturer Rayzon Solar is raising Rs 150 crore (approximately $18 million) in a new round from the individual investors including Harshadkumar Patel, cricket legend Sachin Tendulkar, and Divyang Patel, among others. The board at Rayzon Solar has passed a special resolution to issue 64,10,260 equity shares at an issue price of Rs 234 to raise Rs 150 crore or $18 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Harshadkumar Patel led the round with Rs 26.8 crore, followed by Sachin Tendulkar and Divyang Patel contributing Rs 5 crore each. Around 90 other individual investors also participated in the round, contributing through smaller cheques. The proceeds will be used to support the company’s business expansion and future growth plans, including meeting its long-term and short-term funding needs, as well as for general corporate purposes. Additionally, the company has also launched a new ESOP Plan 2025, which will consist of 1,00,00,000 employee stock options, filings stated. Each ESOP option will be converted into equity shares. According to Entrackr’s estimates, the newly added ESOP plan is valued at approximately Rs 234 crore (around $27.5 million). The Surat-based company will be valued at around Rs 7,170 crore or around $844 million post-allotment. This appears to be the maiden external funding round for the IPO-bound firm, as no prior funding history could be traced before this round. Founded in 2017, Rayzon Solar operates on both B2B and B2C models, manufacturing high-efficiency solar PV modules for distributors, EPC companies, and end users. The company caters to residential, commercial, and utility-scale projects across India and international markets. This funding round appears to be a pre-IPO raise, as the company is planning to go public and is expected to file its Draft Red Herring Prospectus (DRHP) soon, according to media reports. For the fiscal year ending March 2024, Rayzon Solar reported an operating revenue of Rs 1,273 crore and a net profit of Rs 61 crore, according to its standalone financial statements filed with the RoC.

Exclusive: Unnati Agri set to acquire Gramophone in share swap deal

EntrackrEntrackr · 12d ago
Exclusive: Unnati Agri set to acquire Gramophone in share swap deal
Medial

Exclusive: Unnati Agri set to acquire Gramophone in share swap deal Agri tech platform Unnati Agri is in the final stages of acquiring its sectoral peer Gramophone in a share swap deal, according to two sources familiar with the matter. The proposed transaction, if completed, will create one of the largest agri-input companies in India. “The deal between Unnati and Gramophone would bring significant consolidation in the agri-input space, which currently has only a handful of players,” said one of the sources requesting anonymity. As per sources, the proposed share swap structure is likely to be based on the revenue contribution and business scale of both companies. For the uninitiated, agri inputs include products such as seeds, fertilizers, and pesticides that are sold to farmers or retailers to aid crop production. In contrast, agri output biz focuses on helping farmers sell their harvested produce, such as grains, fruits, and vegetables, to buyers or markets. “Gramophone is expected to hold around 30–35% stake in the combined entity, with the remaining ownership resting with Unnati,” added the source quoted above. “The deal is likely to be structured more as a merger than an acquisition, with both firms continuing to operate independently.” For Unnati, the past year was focused on brand consolidation after scaling down third-party operations. It now operates with margins of 30–35%, and improved its bottom line in FY25 even as revenue remained flat. “Unnati’s own brand-led model is now driving better margins, and its input ARR has reached around Rs 375 crore for FY26,” said another source requesting anonymity. InfoEdge-backed Gramophone had earlier focused on its output business but shut it down due to weak margins. “After exiting output, Gramophone shifted its focus to inputs, which led to a turnaround in FY25. Its own branded input products have grown significantly,” said the above source. For context, Gramophone’s gross merchandise value (GMV) fell to Rs 98 crore in FY24 from Rs 316 crore in FY23 after the company scaled down its output operations. According to sources, its growth is likely to remain flat in FY25; however, the company is currently operating at an annual recurring revenue (ARR) run rate of Rs 150 crore for FY26. Gramophone has a strong presence in Rajasthan and Madhya Pradesh, while Unnati operates in Haryana, Maharashtra, Telangana, and Uttar Pradesh. The merger would expand their footprint and combine Unnati’s B2B strength with Gramophone’s direct-to-farmer B2C network. “Their synergies align well both geographically and operationally,” said the person quoted in the beginning of the story. Post-merger, the combined entity plans to raise a larger funding round and explore joint acquisitions, according to sources. Detailed queries sent to Unnati and Gramophone on Monday did not elicit a response. The story will be updated if they respond. Founded in 2017 by former Paytm Mall chief operating officer Amit Sinha and Ashok Prasad, Unnati Agri has raised over $11 million to date from Incofin Investment Management, Orios and others. Gramophone, on the other side, has raised over $20 million to date, including its $10 million Series B led by Z3 partners.

XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X

EntrackrEntrackr · 7m ago
XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X
Medial

XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X E-commerce-focused logistics and supply chain firm XpressBees managed only modest double-digit growth in the fiscal year ending March 2024. However, the company turned EBITDA positive during the same period, despite an increase in overall expenses. XpressBees’ operating revenue increased by 12% to Rs 2,831 crore in FY24 from Rs 2,531 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). XpressBees provides B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce players including Snapdeal, Myntra, Meesho, Netmeds, and Bigbasket, among others. Revenue from logistics services remained the primary source of income for XpressBees, accounting for 97% of the company’s total revenue. However, the company’s warehousing business, though smaller in size, posted an impressive jump (60X) — soaring from Rs 0.77 crore in FY23 to Rs 48 crore in FY24, signaling a strong push toward expanding its non-courier biz. The remaining revenue came from warehouse services (Rs 48 crore) and support services (Rs 31 crore), both of which witnessed notable growth. The firm also added Rs 109 crore from non-operating activities, which pushed its overall income to Rs 2940 crore in FY24. On the expense side, courier charges remained XpressBees’ largest cost component, rising 12% to Rs 1,816 crore in FY24. Linehaul charges saw a modest 6% increase to Rs 494 crore, while employee benefit expenses rose by nearly 10% to Rs 355 crore in the said fiscal year. Depreciation costs spiked 49% to Rs 159 crore, and other operational expenses contributed an additional Rs 319 crore. Overall, XpressBees’ total expenditure increased 13% year-on-year, reaching Rs 3,143 crore in FY24 from Rs 2,785 crore in FY23. With expenses growing faster than revenue, XpressBees' net loss widened by 11%, rising to Rs 200 crore in FY24 from Rs 180 crore in FY23. However, the Pune-based firm achieved EBITDA positivity, reporting an EBITDA of Rs 5 crore for the same period. The company’s ROCE stood at -8.32%, while its EBITDA margin came in at a modest 0.17%. On a per-unit basis, XpressBees spent Rs 1.11 to earn every rupee in revenue during FY24. XpressBees recorded current assets worth Rs 1867 crore in FY24, including Rs 1331 crore in cash and bank balances. Recently, Xpressbees acquired courier firm Trackon and named Uday R. Sharma as CBO for B2B, 3PL, and cross-border operations. According to startup data intelligence platform TheKredible, XpressBees has raised a total of $625 million in funding to date, having Norwest Venture Partners and Alibaba Group as its lead investors. The company’s Co-Founder & CEO Amitava Saha owns 3.15% of the company.

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