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Arthan Finance raises Rs 50 Cr in Series B round

EntrackrEntrackr · 1y ago
Arthan Finance raises Rs 50 Cr in Series B round
Medial

Non-banking financial company (NBFC) Arthan Finance has raised Rs 50 crore ($6 million) from investors such as Incofin India Progress Fund and the Michael and Susan Dell Foundation. Till date, Arthan Finance has raised Rs 83 crore ($10 million). Previous funding rounds saw participation from the founders, angel investors, and the Michael & Susan Dell Foundation. The proceeds will be used to boost the firm’s expansion and technological progress. This will also help Arthan Finance grow its Assets Under Management (AUM), expand its geographic footprint, and invest in advanced AI and ML-based underwriting systems, the company said in a press release. Founded by Kunal Mehta, Arthan Finance is a new age lending tech NBFC specializing in loans for self-employed nano and micro entrepreneurs. The firm currently operates in Maharashtra, Odisha, Andhra Pradesh, and Telangana, providing growth capital to self-employed nano and micro enterprises in tier II, III, and IV cities. The company claims to have disbursed over Rs 500 crore to more than 20,000 borrowers, with loan amounts ranging from Rs 2,000 to Rs 20 lakhs.

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MS Dhoni-backed Garuda Aerospace raises Rs 100 Cr in Series B round

EntrackrEntrackr · 3m ago
MS Dhoni-backed Garuda Aerospace raises Rs 100 Cr in Series B round
Medial

MS Dhoni-backed Garuda Aerospace raises Rs 100 Cr in Series B round Drone technology startup Garuda Aerospace has raised Rs 100 crore ($11.6 million) in its Series B funding round led by Venture Catalysts (VCAT) at a post-money valuation of $250 million. Previously, the firm had raised $22 million in its Series A round led by Venture Capital firm SphitiCap in February 2023. The fresh proceeds will be used to scale up drone manufacturing, enhance production capabilities, and complete an R&D and testing center focused on defense drone technology. Founded in 2015 by Agnishwar Jayaprakash, Garuda has grown to a team of over 200 members and manufactures 30 drone types while offering 50 services. Garuda currently holds over 20 patents and operates a fleet of over 400 drones with 500 trained pilots across 84 cities. It serves clients including government agencies and major corporations such as TATA, Reliance, and Adani. It has also partnered with global companies like Lockheed Martin and Elbit Systems. As per TheKredible, Garuda Aerospace’s revenue from operations grew by 2.3X to Rs 110 crore in FY24 from Rs 47 crore in FY23. Its net profit reached Rs 16 crore in FY24, a 2.7X increase from Rs 6 crore in the previous year. Garuda competes with the likes of ideaForge, Aarav Unmanned Systems, Throttle Aerospace Systems, General Aeronautics, and Omnipresent Robot Tech in the drone manufacturing and drone-as-a-service (DaaS) segment across defense, agriculture, and industrial applications.

Atlan raises $6.5 million from WaterBridge Ventures

EntrackrEntrackr · 1y ago
Atlan raises $6.5 million from WaterBridge Ventures
Medial

Data collaboration software provider Atlan has raised $6.5 million from WaterBridge Ventures. The fundraise is part of the extended Series B round, during which it raised $50 million, led by Salesforce Ventures in March 2022. The board at Atlan has passed a special resolution to issue 24,092 Series B preference shares to raise $6.5 million, its regulatory filing filed with the group company in Singapore shows. As per TheKredible estimates, the latest capital injection has been done at a flat valuation, which is $450 million. Atlan allows large enterprise teams to collaborate smoothly on data projects, and create a single source for all their data assets with deep integrations with tools like Slack, and data warehouses like Snowflake, Redshift, and others. The company recently launched tag management to solve the challenges faced by the data teams. With this, Atlan becomes one of the first Snowflake data governance partners to enable bi-directional tag movement. Atlan has a team of over 300 employees spread across 12 countries, including the United States, India, UK, Canada, Nigeria, Singapore, and the Philippines. Atlan was part of the third cohort of Sequoia Capital India’s accelerator program Surge. It raised around $50 million Series B round in March 2023 and $16 million worth Series A round led by Insight Partners in May 2021. After its Series B round, Prrukalpa Sankar and Varun Banka retained 23.63% stake each in the company. Insight Partners, which had led the Series A round, was the largest holding in the company among investors with a 15.4% stake. Head to TheKredible for Atlan’s complete captable. The Series B round helped Atlan to grow at a rapid clip in the fiscal year ending March 2023. Its Indian entity reported a 3X jump in operating scale which stood at Rs 94 crore in FY23. The company also showed Rs 7.7 crore profit during the last fiscal year.

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