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Hero Enterprise-backed Corvi LED raises $8 Mn in Series B

EntrackrEntrackr · 1y ago
Hero Enterprise-backed Corvi LED raises $8 Mn in Series B
Medial

Consumer lighting company Corvi LED has raised $8 million in a growth capital round led by Enam Investments. The fresh funding has come after a hiatus of seven years for the Mumbai-based firm. This infusion will allow Corvi LED to expand into new geographies, diversify its product portfolio, and refine its technological capabilities, the company said in a press release. Corvi LED will also strengthen its market presence in B2C and B2B segments and is set to introduce a range of new LED products that meet the modern demand. Founded in 2012 by Vimal Soni, Corvi offers a portfolio of more than 100 products spanning across 7 categories like bulbs, tubes, flat, surface and others. As per the company, it has set global benchmarks with top efficiency ratings and features such as eliminating metal bodies, drivers, and heat sinks. The company claims to hold over 100 patents and registrations and has exported to 24 countries across Europe, the Middle East, Africa and South-East Asia. In 2017, Hero Enterprise had invested $10 million for a significant stake in Corvi LED Light. For the fiscal year ending in March 2023 (FY23), Corvi reported a minor decline in operating revenue to Rs 15.5 crore from Rs 16.65 crore in FY22. During the period, its losses increased to Rs 9.74 crore from Rs 7.41 crore. The firm is yet to file its annual financial statements for FY24. In the past couple of months, a clutch of established companies announced raising strategic money after a long gap or their maiden fundraise. In May, 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise while fast fashion omnichannel ethnic wear brand Libas also raised $18 million in its first ever external financing. Last month, 18-year-old Salon chain JCB (Jean Claude Biguine) Salons India raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. Around the same time, consumer electronics startup Indkal also announced $36 million in its first venture capital funding.

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.

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