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Celcius Logistics raises Rs 40 Cr in pre-Series B round

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Celcius Logistics raises Rs 40 Cr in pre-Series B round
Medial

Celcius Logistics, a domestic aggregator providing end-to-end cold-chain solutions, has secured Rs 40 crore ($4.8 million) in a pre-series B round, led by existing investor IvyCap Ventures. Other investors include โ Mumbai Angels and Caret Capital. The current round follows the Series A funding round of Rs 100 crore ($12 million) in April 2023 led by IvyCap Ventures. The fresh proceeds will be used to expand its footprint across its transportation management system (TMS) and warehouse management system (WMS), further strengthening its cold storage solution. It also aims to expand its reach in over 500 cities in the next one year and help manufacturers sell their perishable products. Founded by Swarup Bose, Celcius Logistics connects shippers and transporters and is a one-stop solution for all cold chain requirements, ensuring last mile and hyperlocal deliveries. The platform has already transported over four lakh tons of perishable cargo for dairy, pharma, fruits, seafood as well as fresh agricultural produce. Its clients include Zomato, Spicejet, Reliance Pharma, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Dominoโ€™s, Keventers, and Godrej Agrovet among others. Currently, the platform claims to have 4,000 vehicles, 107 cold storage facilities, 27 distribution centres, and 200 hyperlocal riders across the country.

Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round

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Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round
Medial

Wealthtech startup Stable Money has raised over Rs 123 crore nearly $15 million in a new round from RTP Capital, Lightspeed India, and Matrix Partner. The Bengaluru-based company has become one of the few startups to close two rounds within a year, especially during the so called funding winter. The board at Stable Money has passed a special resolution to issue 77,135 CCPS at price of Rs 16,019 each to raise Rs 123.56 crore or $14.74 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. RTP Capital led the round with Rs 54.26 crore ($6.5 million) while Lightspeed India and Matrix Partners India pumped in Rs 34.64 crore ($4.15 million) each in this round. In August 2023, Stable Money scooped up $5 million in its first equity fundraise led by Matrix Partners and Lightspeed. Titan Capital, Mar Shot Ventures and a clutch of prominent angel investors also participated in the round. As per startup data intelligence platform TheKredible, Stable Money will be valued at around $60 million post money. This is nearly four fold jump in valuation from $16.5 million in the last round. Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is building a fixed-return investment platform to provide financial consultation services to investors. The platform will also publish financial literacy content on its online platform to create awareness among investors. A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. Recently Deserv raked in $32 million in its Series B round led by Premji Invest. In May, wealth management platform Wealthy raised $5.4 million in a new round led by Alpha Wave Incubation Fund.

Digital marketing automation startup Maino.ai raises $1.8 Mn

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Digital marketing automation startup Maino.ai raises $1.8 Mn
Medial

Digital marketing technology firm Maino.ai has raised Rs 15 crore (approximately $1.8 million) led by India Quotient Advisers LLP. Angel investors Karan Bedi, Janhavi Parikh, and other marquee investors have also joined the round. The investment will significantly expand teams in technology, product development, design, and strategy, Maino said in a press release. Founded by Abhijeet Kunwar, Rishabh Kumar, and Vikas Keshri, Maino.ai empowers digital growth marketing for new-age modern companies of all sizes. It uses AI and ML technology to build an end-to-end automated martech platform that provides a one-stop solution to an organizationโ€™s marketing needs. Maino.ai claims to have gained significant traction from brands in various sectors, such as media tech, D2C brands, hospitality, and edtech, among others. As per the company, it has effectively enhanced efficiency and scalability for its clients, underscoring the promising future of its technology in the martech space. India Quotient launched its fourth fund worth $80 million in February 2021. in Its portfolio companies include WebEngage, Dhiwise, Vyapar, Pagarbook, Fleetx, Powerplay, Brands.live, and GoComet among others.

PharmEasy raises fresh debt to clear Goldman Sachs loan after 90% valuation cut

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PharmEasy raises fresh debt to clear Goldman Sachs loan after 90% valuation cut
Medial

PharmEasy raises fresh debt to clear Goldman Sachs loan after 90% valuation cut Mumbai-based healthtech unicorn PharmEasy has raised Rs 1,700 crore ($193 million) in debt funding led by 360 One, with participation from Alkram Ventures, MVS Ventures, Bennett Coleman, and other investors. The debt round is the firmโ€™s third infusion in four years, highlighting its ongoing dependence on high-cost borrowing to service earlier loans. The fresh debt infusion looks to complete repayment of its Goldman Sachs loan, which it had raised in May 2022 for Rs 2,700 crore at a high interest rate to refinance the Rs 2,200 crore Kotak Mahindra Bank loan used to acquire Thyrocare in 2021. The Goldman Sachsโ€™ loan had certain financial conditions tied to the companyโ€™s spending, which were breached in June 2023, though PharmEasy has continued to make all payments on time. The 360 One-led debt round involves the allotment of 1,700 non-convertible debentures at Rs 10 lakh each, as per the filings with the Registrar of Companies. 360 One contributed Rs 1,231 crore, while Micro Labs Limited put in Rs 210 crore. MVS Ventures invested Rs 78 crore, with Bennett Coleman and Alkram Ventures contributing Rs 50 crore and Rs 42 crore, respectively. Eight other investors, including Kyrush Investments, Medley Pharmaceuticals, and Mahalaxmi Trust, covered the remaining sum. This fundraising follows a $216 million capital raise in April 2024, which came at a 90% valuation haircut to $710 million from PharmEasyโ€™s $5.6 billion peak in 2021. That round, led by MEMG with participation from Prosus, Temasek, and others, was aimed at shoring up finances amid slowing growth and high debt obligations. Founded in 2019, PharmEasy offers pharmaceutical products, diagnostics, and teleconsultations through its web and mobile platforms. The company has now completed its third circle of debt, highlighting the ongoing challenge of balancing aggressive growth ambitions with high-cost leverage. Over the past two years, the company saw the exit of all co-founders and major changes at the leadership level, with Rahul Guha, MD and CEO of Thyrocare, taking over as MD and CEO of PharmEasy. For FY25, PharmEasy reported flat revenue of Rs 5,872 crore while cutting losses by 38% to Rs 1,572 crore from Rs 2,533 crore in FY24, signaling modest operational improvements even as debt obligations remain a critical focus.

Vijya Fintech raises Rs 7 Cr in an angel round

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Vijya Fintech raises Rs 7 Cr in an angel round
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Wealth tech platform Vijya Fintech Private Limited (VFPL) has raised Rs 7 crore in an angel round bringing the total investment in the company to Rs 15 crore. The investors in the round include Lemon Tech, Lemon Emerging Ventures, Veloce Fintech, and tech experts. VFPL had raised $1 million (around Rs.8.25 crore) from multiple investors in November 2022. The funds will be strategically used in growth initiatives, ramp up go-to-market strategies, and expand market reach, the company said in a press release. Founded by Aakash Bansal, Paresh Paladiya and Rajesh Soni, VFPLโ€™s wealth management platform offers easy integration for investors, distributors, advisors, and stockbrokers, delivering insights and solutions to financial intermediaries. The company said that over 2,000 intermediaries like mutual fund distributors (MFDs), registered investment advisors (RIAs) and stock brokers have been using their platform. The firm also plans to launch MIDASX, an innovative B2B2C marketplace to transform financial interactions.

AI Dev platform Inspeq AI raises $1.1 Mn

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AI Dev platform Inspeq AI raises $1.1 Mn
Medial

Responsible AI development platform provider Inspeq AI has raised $1.1 million (about Rs 9.13 crore) in its pre-Series-A round led by Sure Valley Ventures with participation from Delta Partners. Other investors in the round include Plug and Play, and several marquee angel investors, including Gaurav Singh Kushwaha (founder and CEO of BlueStone), Prateek Dixit (founder of Pocket FM), Rick Kelly (former MD of Meta Ireland), Cyril Treacy (former VP of Salesforce), and other tech executives. The proceeds will be used to expand its product development team and extend its marketing and sales operations in India, Ireland, and the UK. Founded in 2023 in Dublin by Apoorva Kumar and Ramanujam Macharla Vijayakumar, Inspeq AI has built an enterprise-ready LLM Ops platform to help developers evaluate and improve their enterprise AI applications. The firmโ€™s platform promises to make Gen AI app development up to 4X faster. It also promises to cut down development costs by up to 70%. Its comprehensive AI Ops platform addresses the entire spectrum of AI development and production phases. The platform optimizes Gen AI deployment throughout all phases, from testing and evaluation to monitoring and performance enhancement.

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