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A91 Partners closes $665 Mn Fund III

EntrackrEntrackr · 2m ago
A91 Partners closes $665 Mn Fund III
Medial

A91 Partners has announced the final close of its third fund at $665 million. With Fund III, A91 plans to continue backing growth-stage businesses and supporting founders with scale and strategic capital. “We started A91 in 2018 with the following beliefs - patient capital will play an important role in accelerating value creation in Indian businesses across sectors. We also believed in the opportunity to create a world-class Indian investment firm - for founders who are aiming to build large enduring businesses from India. All these beliefs have been strengthened over the last 6 years,” said A91 Partners in a Linkedin post. Founded in 2018 by former Peak XV partners Gautam Mago, Abhay Pandey, Kaushik Anand, and VT Bharadwaj, A91 Partners was created to support Indian entrepreneurs building long-term businesses. The firm focuses on investing across sectors such as consumer, healthcare, financial services, and technology. The firm said it remains committed to being a long-term partner to both founders and Limited Partners as it continues to grow its presence in the Indian private equity landscape. A91 Partners has also made investments in sectors like coffee, spices, and home appliances, including backing brands such as Atomberg. It led a $30 million Series B funding round in Blue Tokai Coffee Roasters. The firm’s portfolio includes companies like Digit Insurance, Inshorts, Sugar Cosmetics, Exotel, Healthkart, Paper Boat, and Plum, among others. Go Digit General Insurance, one of A91’s portfolio companies, went public last year. In a recent disclosure, the International Finance Corporation (IFC) said that it is considering an investment of up to $35 million in A91 Partners’ third fund, with the possibility of committing an additional $30 million for co-investment opportunities.

KaarTech posts Rs 359 Cr revenue in FY23; remains profitable

EntrackrEntrackr · 1y ago
KaarTech posts Rs 359 Cr revenue in FY23; remains profitable
Medial

Digital transformation consulting firm KaarTech raised $30 million in July 2023 and the sizable funding helped the company to hack 56% growth in its topline in FY23. However its profit remained stagnant in the same period due to a sharp rise in its employee benefit costs. While the external capital helped the firm to register 56% growth in its topline in FY23, its profit remained stagnant in the same period. Kaar Technologies’s revenue from operations spiked to Rs 359 crore in FY23 from Rs 230 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2006 by Maran Nagarajan, Ratnakumar N, Selvakumaran M, and George Guardian, the company specializes in SAP and S/4 HANA implementation and offers consultation, implementation, and support of SAP-based enterprise software solutions to enterprises. Income from IT services comprising software development services, support services, and maintenance were the primary sources of revenue for KaarTech. The firm’s 97% of the revenue came from exports mainly from Saudi Arabia, Qatar, Oman, UAE, and other overseas markets. Similar to other product & service oriented tech companies, its employee benefits accounted for 71% of the overall expenditure. This cost surged by 81.3% to Rs 243 crore in FY23 from Rs 134 crore in FY22. The firm’s legal professional, rent, website maintenance and development, marketing and other overheads catalyzed its overall expenditure by 65% to Rs 340 crore in FY23 from Rs 206 crore in FY22. See TheKredible for the detailed expense breakup. The 80% surge in employee benefits impacted its profit which remained constant at Rs 22 crore in FY23. Its ROCE and EBITDA margin stood at 28% and 11.5%, respectively. On a unit level, Karr Technology spent Rs 0.95 to earn a rupee of operating income in FY23. KaarTechnology has raised $35 million across rounds including its $30 million led by A91 partners in July last year. According to the startup data intelligence platform TheKredible, its co-founders Maran Nagarajan, Selva Kumaran, Chandrasekaran Venugopal, V. Chandrasekaran and Guardian George cumulatively command 78.25% of the company. FY22-FY23 FY22 FY23 EBITDA Margin 15% 11.5% Expense/₹ of Op Revenue ₹0.90 ₹0.95 ROCE 31% 28% KaarTechnology stands out for the obvious-its strength in West Asia, and the EU rather than the North America and EU combination that powers most IT firms. While the fund raise was meant to correct that imbalance with a stronger push into North America, it does leave the firm with a lot to aim for. It should also explain the sharp rise in employee costs and more, as it prepares for its US push. At its current size, it is probably still some way off from acquiring true scale that could take it all the way to a successful IPO, but chances are, the firm will get there soon.

Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others

EntrackrEntrackr · 1y ago
Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others
Medial

New-age fashion brand Rare Rabbit has raised Rs 150 crore (approximately $18 million) in primary capital led by A91 Partners. This is the maiden institutional investment for a Bengaluru-based company since its inception in 2015. The board at Rare Rabbit has passed a special resolution to issue 69,230 compulsory convertible preference shares at an issue price of Rs 21,670 each to raise Rs 150 crore, its regulatory filings accessed from the Registrar of Companies show. A91 Partners led the round with Rs 102 crore while Zerodha’s founders NKSquared injected Rs 29 crore. Gruhas Proptech, Ravi Modi Family Trust, and Vendant Modi cumulatively participated with Rs 18.92 crore during the investment. As per TheKredible’s estimates, the company has been valued at around Rs 2,350 crore or $283 million post-allotment. Following the fresh proceeds, the A91 emerging fund will hold 9.65% of the capital while NKSquared and Ravi Modi Family Trust will get 4.15% and 2.13% of the stake in the company, the filing further added. This appears to be a part of a larger round as Rare Rabbit was in talks to raise Rs 500 crore led by A91 partners. Inc42 reported the development first. Rare Rabbit is a high-end fashion brand specializing in designer clothing for men and women. The brand operates more than 100 stores across India and offers collections through its online store. Rare Rabbit demonstrated rapid growth, which is evident from its revenue that scaled 72.3% to Rs 381 crore in FY23 with a positive bottom line of Rs 32 crore in FY23. The company reportedly clocked a revenue of Rs 600 crore in FY24. Rare Rabbit competes with brands like Souled Store, which raised around $29 million and achieved a revenue of Rs 235 crore in FY23. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively. In the past couple of months, a clutch of fashion and apparel brands have raised their maiden institutional round. In May, A91 Partners led a $21 million round in TechnoSport whereas Libas raised $18 million led by ICICI Venture’s fund.

Blue Tokai raises $35 Mn in Series C led by Verlinvest

EntrackrEntrackr · 10m ago
Blue Tokai raises $35 Mn in Series C led by Verlinvest
Medial

Global investment platform Verlinvest has led a $35 million round in specialty coffee and bakery brand Blue Tokai. Existing investors Anicut Capital and A91 Partners also joined the Series C funding. This strategic partnership will enable Blue Tokai to deepen its presence in existing metro markets and expand into new tier I and tier II cities in India over the next three years, the company said in a press release. In January 2023, Blue Tokai raised $30 million in its Series B funding round led by A91 Partners. Led by co-founders Matt Chitharanjan, Namrata Asthana, and Shivam Shahi, Blue Tokai has partnered with several retail outlets, luxury hotels, restaurants, top corporates, and co-working spaces, among others. In the past 12 months, the company claims to have more than doubled its store count to 130 outlets. The funds will also be used to expand to over 350 locations in the next 30-36 months. Blue Tokai’s revenue from operations surged 72% to Rs 127.45 crore in FY23 from Rs 74 crore in FY22. According to startup data intelligence platform TheKredible, its losses also increased nearly 3.5-fold to Rs 43 crore in FY23, compared to Rs 12.3 crore in FY22. The company is yet to file its annual report for FY24. It competes with Rage Coffee, Third Wave Coffee Roasters, Slay Coffee, Sleepy Owl, and Seven Beans Co., among others. Among venture-funded startups, Third Wave Coffee was the largest brand in terms of revenue in FY23. However, the firm also experienced layoffs of more than 100 employees shortly after a $35 million fundraise in September last year. In March this year, Third Wave Coffee’s CEO Sushant Goel was replaced by Rajat Luthra from KFC. Earlier this week, GRM Overseas acquired a 44% equity stake in Rage Coffee through a combination of primary infusion and secondary buyouts.

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