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Ace International raises $35 Mn led by FMO

EntrackrEntrackr · 2m ago
Ace International raises $35 Mn led by FMO
Medial

Dairy tech company Ace International has raised $35 million in a funding round led by Dutch development bank FMO, with participation from ResponsAbility, Incofin, and Fiedlin Ventures. The proceeds will be used to set up a second manufacturing unit in Andhra Pradesh and strengthen its supply chain. Its current facility in Uttar Pradesh processes about 500,000 litres of milk per day. The upcoming facility will introduce new dairy nutrition processing technology to the Asian market and is expected to support the production of specialised nutrition ingredients for global food and nutrition companies. Located within a major agri-producing region and supported by existing logistics infrastructure, the Kuppam complex will engage more than 40,000 farmers, including a substantial number of women, through sourcing partnerships that are intended to strengthen rural livelihoods, the company said. Ace International manufactures and exports dairy products and ingredients. The company processes raw milk into infant-nutrition inputs, adult-nutrition inputs, ready-to-mix products, whey proteins, milk powder, ghee and butter fat, and protein-based formulations. It supplies both B2B and B2C customers. The brand exports dairy ingredients to Bangladesh and the Philippines. It plans to expand its export network to Southeast Asia, the Middle East, Africa, and the United States.

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Ace Turtle raises $5 Mn in bridge round led by Vertex Holdings

EntrackrEntrackr · 1m ago
Ace Turtle raises $5 Mn in bridge round led by Vertex Holdings
Medial

Tech-led retail firm Ace Turtle has raised $5 million in a bridge funding round led by its existing investor Vertex Holdings. The company’s co-founders Berry Singh and Nitin Chhabra also participated in the round. The new round has come after a gap of two years for the Bengaluru-based company. It has raised $48 million to date, including a $34 million round led by Vertex Ventures in May 2023 and a $4 million pre-Series B round in July 2019. The proceeds will be used to support working capital needs, expand the company’s offline retail presence, and extend runway as Ace Turtle prepares for a larger fundraising round next year. Ace Turtle operates and distributes global apparel brands in India, including Lee, Wrangler, and G-Star Raw, across online and offline channels. The firm has been expanding its physical store network while tightening costs amid slower demand in discretionary retail. The company is targeting EBITDA breakeven by December 2025 and aims to turn EBITDA positive over the next few financial years as it scales its omnichannel retail operations.

Nutrition brand Ace Blend raises $3.3 Mn led by Fireside Ventures

EntrackrEntrackr · 5m ago
Nutrition brand Ace Blend raises $3.3 Mn led by Fireside Ventures
Medial

Nutrition brand Ace Blend has raised $3.3 million in pre-Series A funding round led by consumer-focused venture capital firm Fireside Ventures. Co-founded in 2018 by Shivam Hingorani and Saif Mekhri, Ace Blend weeds out the problems of products with low efficacy and unsubstantiated claims. According to Ace Blend, it has been revamping India's supplement landscape, backed by over 25 years of global expertise from a leading R&D and product design giant in their vertical integration. "We're not here to sell hope in a bottle," said Shivam. "Our mission is to deliver real results. With Fireside's backing and the best global R&D muscle behind us, we're ready to scale and show the country what real nutrition looks like.” The Mumbai-based company focuses on developing natural health products designed to enhance daily living. Its product line includes protein powders, functional drinks, and other supplements, with a focus on using high-quality, globally sourced ingredients. According to Ace Blend, its revenue has surged from Rs 1.9 crore to a projected Rs 55 crore in just three years. Fireside Ventures has backed companies like MamaEarth, BoAT, and more than 40 brands in its portfolio across different consumer domains.

NBFC Namdev Finvest raises $37 Mn from FMO, IIX, others

EntrackrEntrackr · 12d ago
NBFC Namdev Finvest raises $37 Mn from FMO, IIX, others
Medial

Jaipur-based non-banking finance company (NBFC) Namdev Finvest has raised $37 million (approximately Rs 324 crore) through a combination of listed non-convertible debentures (NCDs) and external commercial borrowings (ECB). The round included participation from FMO, IIX, Franklin Templeton AIF India, and Symbiotics. FMO, the Dutch Entrepreneurial Development Bank, contributed $20 million (around Rs 180 crore), while Impact Investment Exchange's (IIX) Women's Livelihood Bond 7 (WLB7) invested $8 million (approximately Rs 71 crore). The company also raised $2.3 million from Franklin Templeton Alternative Investments Fund India (Franklin Templeton AIF) and $6.5 million from Symbiotics. Previously, Namdev Finvest raised $15 million in a Series B funding round in January 2024, co-led by British International Investment (BII), LC Nueva AIF, and existing investor Incofin India Progress Fund. It had earlier raised $4.7 million in September 2021 and $7.5 million in October 2022. The funds will be used to expand its MSME lending operations across rural and semi-urban markets in India, the company said in a press release. Founded in 2013 by Jitendra Tanwar, Namdev Finvest provides loans to MSMEs, vehicle owners, climate-friendly commuters, rooftop solar customers, and women entrepreneurs. The company works with public, private, and small finance banks, international financial institutions, and domestic lenders to diversify its funding sources. Namdev Finvest focuses on borrowers in Tier III and smaller cities across India. It operates in nine states. The company said it aims to improve access to credit, support employment generation, and contribute to financial inclusion. According to Namdev Finvest, the platform supports MSME lending with a focus on climate-aligned and green finance. It plans to expand its operations and support entrepreneurs across the country.

NBFC Dvara KGFS raises $14.4 Mn debt

EntrackrEntrackr · 1y ago
NBFC Dvara KGFS raises $14.4 Mn debt
Medial

Dvara Kshetriya Gramin Financials, an NBFC operating in remote rural parts of India, has raised $14.4 million through listed non-convertible debentures (NCDs) from Impact Investment Exchange (IIX). IIX provided Dvara debt capital through the $100 million Women’s Livelihood Bond 6 (WLB6. Last month, Dvara KGFS raised $27 million in debt capital from Dutch company FMO and Enabling Capital. Together, Dvara KGFS will contribute to the movement’s goal of mobilizing $10 billion to empower 100 million women, girls, and gender minorities by 2030, the company said in a press release. Dvara KGFS also said that it aims to impact 87,900 women and girls over the WLB6’s four-year tenure, leveraging the IIX Values platform for impact measurement. Led by LVLN Murty, Dvara KGFS is an NBFC which focuses on the well-being of individuals and nano and micro-businesses in rural India. It has over 400 branches across 10 states including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar among others. In February, the firm also surpassed Rs 2,000 crore in Assets Under Management (AMU). Dvara KGFS recorded 33% growth in its scale to Rs 380.5 crore in FY23 as compared to Rs 285.9 crore in FY22. As per the company’s consolidated financial statements, it also turned profitable during the year with Rs 12.6 crore profits against loss in FY22.

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