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Decoding Warburg Backed Avanse’s Stronghold In The Student Loan Market Ahead Of Its INR 3,500 Cr IPO

Inc42Inc42 · 1y ago
Decoding Warburg Backed Avanse’s Stronghold In The Student Loan Market Ahead Of Its INR 3,500 Cr IPO
Medial

Avanse Financial Services, a leading non-banking financial company (NBFC) in the student credits market, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company aims to raise INR 3,500 Cr through the IPO, with INR 1,000 Cr as a fresh issue and INR 2,500 Cr as an offer for sale component. Avanse focuses on education loans, particularly for foreign schools, and is expected to benefit from the growing demand for educational loans and potential interest rate cuts. The company has received investments from Kedaara Capital, Warburg Pincus, Mubadala Investment Company, and Avendus.

Decoding Atlum Credo’s $40 Mn primary and secondary round

EntrackrEntrackr · 1y ago
Decoding Atlum Credo’s $40 Mn primary and secondary round
Medial

Digital payments company Altum Credo recently announced $40 million in its Series C round led by Z3Partners and Oikocredit. Apart from primary capital, the company also offered partial exit to its backers. While the company didn’t disclose any details besides round size and investors, Entrackr has reviewed its regulatory filings to decode details such as round break up, shareholding, valuation, and secondary component in the deal. The board at Altum Credo has passed a special resolution to issue 300 equity and 1,99,99,700 Series C CCPS at an issue price of Rs 114 each to raise Rs 228 crore or $27 million as a primary capital, its regulatory filing accessed through the Registrar of Companies shows. Oikocredit and Z3 Partners (BII) invested Rs 80 crore and Rs 85 crore while British International Investment, Amicus Capital, and Avishkaar India pumped in Rs 26 crore, 12 crore, and 25 crore, respectively, in primary fundraising. According to the shareholder agreement between investors, there is also a secondary transaction where 1,03,96,040 shares have been sold worth Rs 118.5 or $14 million. Out of Rs 118.5 crore of secondary transactions, ABF (Avishkar Bharat Fund) sold Rs 79 crore worth of shares while promoters sold Rs 13.54 crore worth of shares. PS Pai and family purchased Rs 79 crore worth of shares in the secondary transactions from Avishakkar Bharat Fund and promoters. According to TheKredible’s estimates, the company has been valued at around Rs 1165 crore or $149 million post-allotment. Altum Credo provides financial accessibility for first-home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years. Following the fresh proceeds, Avishkaar remains the largest external stakeholder with 15.92% followed by Amicus Capital. Oikocredit and Z3 Partners command 7.62% and 8.09% stake of the company. Head to TheKredible for the complete shareholding pattern. While the company is yet to file its financial statements for FY24, Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. As per TheKredible, its profit shot up 99% to Rs 8.95 crore during FY23.

Exclusive: Decoding Ather’s unicorn round, Q1 FY25 numbers

EntrackrEntrackr · 10m ago
Exclusive: Decoding Ather’s unicorn round, Q1 FY25 numbers
Medial

Electric scooter manufacturer Ather Energy has entered into a coveted unicorn club with $71 million in funding from existing investor National Investment and Infrastructure Fund last month. Entrackr has gone through its regulatory filings to decode round break up, shareholding pattern, and current valuation. The board at Ather Energy has passed a special resolution to issue 1,65,28,925 Series G compulsory cumulative preference shares at an issue price of Rs 363 each to raise Rs 600 crore or $72 million, its regulatory filing accessed from RoC shows. According to the data intelligence platform TheKredible, Hero MotoCorp remains the largest external stakeholder with 38.11% after this round, followed by Caladium Investment which holds 16.3%. NIIF, Tiger Global, and Zerodha brothers are other notable investors in Ather Energy. See TheKredible for the complete shareholding. The electric two-wheeler manufacturer was valued at $1.25 billion post-allotment, as per Fintrackr’s estimates. Ather posted Rs 339 crore of revenue during the first quarter of the ongoing fiscal year with a net loss of Rs 183 crore in the same period, according to its internal document seen by Entrackr. In FY24, the firm reported a modest decline in its revenue which stood at Rs 1754 crore. Ather’s rival Ola Electric, which went public last month, posted Rs 1,644 crore in revenue during the first quarter of the ongoing fiscal year, marking its net loss down by 17% to Rs 347 crore. According to Ather, its market share in the electric two-wheeler segment was 9% in the first quarter of FY25, down from 11% in FY24. Meanwhile, Ola Electric’s market share increased to 42% in Q1 FY25, and TVS Electric secured the second position with a 19% share during the same period. Notably, Ola Electric’s market share declined in the first two months of Q2 FY25 (July and August).

Decoding Mswipe’s latest funding round, valuation and cap table

EntrackrEntrackr · 1y ago
Decoding Mswipe’s latest funding round, valuation and cap table
Medial

Digital payments company Mswipe Technologies recently announced $20 million in a new round led by existing backers. Apart from the name of investors, the company did not disclose further details. Entrackr has gone through its regulatory filings to decode details such as round break up, shareholding and current valuation. The board at Mswipe has passed a special resolution to allot 7,47,000 compulsory convertible debentures (CCD) at an issue price of Rs 2,000 each to raise Rs 149.4 crore or $18 million, its regulatory filing sourced from the Registrar of Companies shows. Alpha Wave has pumped in Rs 83 crore while B capital participated with Rs 66.4 crore in the fresh funding round. As per the filings, the company’s pre-money valuation stood at $290 million. This is a major slump in its valuation from $450 million during the last equity fundraise in 2019. Mswipe Technologies will use these funds to meet the working capital requirement and support the expansion of the business and for general corporate purposes, the filings added. Following the proceeds, Matrix Partners remains the largest external stakeholder with 21.46% while Alpha Wave and B Capital hold 10.43% and 11.4%, respectively. Its co-founder Manish Patel along with Sheetal Patel commands 14.21%of the company. Head to TheKredible for the complete shareholding pattern. In February, the Mumbai-based company received a payment aggregator (PA) license from the Reserve Bank of India (RBI) which enables Mswipe to offer full-stack payments to businesses. Mswipe provides point-of-sale devices, UPI, quick response codes and payment links. While the company is yet to file its financial statements for FY24, according to the startup data intelligence platform TheKredible, Mswipe’s revenue from operations increased 13.69% to Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Its losses contracted by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22.

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