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Nordic-based Unconventional Ventures nears €30M fund close to back diverse European teams

TechCrunchTechCrunch · 1y ago
Nordic-based Unconventional Ventures nears €30M fund close to back diverse European teams
Medial

Unconventional Ventures (UV), a Nordic venture capital fund, is addressing the diversity issues prevalent in the tech startup and VC ecosystem. The fund, initially launched as an SPV "nano-fund" in 2018 by Thea Messel and Nora Bavey, has transitioned into a full-fledged VC structure. UV focuses on investing in impact tech companies in the Nordics with diverse founding teams and founders. They have secured over half of their targeted €30 million fund, with backing from notable LPs such as Atomico and the Export and Investment Fund of Denmark. UV's portfolio includes startups like Climate X, Ocean Oasis, SciFree, and Meela Health, with a significant emphasis on diversity and climate change solutions. The fund's uniqueness lies in its exclusive focus on diverse founders and its commitment to impact-driven investments. They also see untapped potential in women's health startups within the impact investment space.

Talent marketplace FlexiBees raises pre-Series A round

EntrackrEntrackr · 11m ago
Talent marketplace FlexiBees raises pre-Series A round
Medial

Talent marketplace FlexiBees has raised its pre-Series A round led by Inflection Point Ventures for an undisclosed amount. The round also saw participation from Shan M S, COO of Namma Yatri, Reema Mahajan, founder of International Women in Dubai, and other notable investors. The proceeds will be used for expanding its technological infrastructure, refining its AI algorithms, and broadening its market presence to better meet the needs of both employers and talent. Founded by Shreya Prakash, Rashmi Rammohan, FlexiBees connects women professionals with part-time, project-based, and remote roles. It serves over 700 businesses globally, including major firms like Kimberly-Clark Professional and Tata Realty, as well as high-growth startups such as Qapita and Creditmantri. The startup claims to have a network of over 60,000 professionals and has placed over 1,400 women in flexible careers and impacted 20,000 women through returnship preparation and interview coaching. As of July 2024, FlexiBees has a team of over 30 professionals working remotely, all sourced from their own talent pool.

WinZO concludes 4th ESOP buyback

EntrackrEntrackr · 9m ago
WinZO concludes 4th ESOP buyback
Medial

Online gaming startup Winzo has announced the completion of its fourth round of employee stock options plan (ESOP) liquidation. This initiative allows eligible employees, approximately 30% of WinZO’s workforce, comprising team members with at least two years of tenure, to liquidate their vested ESOPs. In the last 12 months, the company has filed more than 25 technology patents across the world for its supercomputing technology, real-time communication innovation, and AI applications in content creation. Established in 2018, Winzo offers over 100 games across categories such as strategy, sports, casual, card, arcade, racing, action, and board games. Previously, WinZO conducted three rounds of ESOP liquidation in 2021 and 2023. With a team of 200 members, WinZO has raised $100 million in cumulative funding from leading investors, including Griffin Gaming Partners, Maker’s Fund, Courtside Ventures, and Kalaari Capital. According to data intelligence platform, TheKredible, Winzo’s revenue from operations surged to Rs 674 crore in FY23 from Rs 234 crore in FY22. Similar to every online gaming platform, Winzo spent a major chunk (46% of its total expenditure) on marketing (advertising cum promotions). This cost surged 29.6% to Rs 258 crore in FY23. Recently, Whatfix rolled out a $58 million liquidity program for its employees and investors. In the ongoing calendar year, Swiggy, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, Purplle, Dehaaat, Leverage Edu, Pocket FM and Adda247 bought back ESOPs from their employees.

Indian startups raise nearly $1.6 Bn in August

EntrackrEntrackr · 10m ago
Indian startups raise nearly $1.6 Bn in August
Medial

The Indian startup ecosystem seems to be bouncing back from the funding winter as venture capital investment has been steadily rising each month. August 2024 has been a standout, with several big funding rounds, important investments in growth-stage startups, many deals from tier II cities, IPOs, and major mergers and acquisitions. These factors make it unique compared to other months this year. Based on data compiled by TheKredible, homegrown startups raised nearly $1.6 billion across 112 deals in August. This total included 27 growth-stage deals worth $1.32 billion and 71 early-stage deals amounting to $267 million. Meanwhile, there were 14 undisclosed transactions mainly in early-stage deals. When compared, startups raised close to $1 billion in July. [Y-o-Y and M-o-M trend] The $1.6 billion raised in August is the second-highest funding amount of 2024, following June, and the third-highest in the past 12 months. On a year-over-year basis, August 2024 also ranked at the top for total funds raised. Also, Indian startups have raked in approximately $9.6 billion in the first eight months of 2024. If this trend persists, overall funding is likely to comfortably surpass the $11 billion achieved in 2023. For context, Indian startups received $38 billion in funding in 2021 and $25 billion in 2022. [Top 10 growth-stage deals] Among growth-stage deals, Zepto’s $340 million, DMI Finance’s $334 million, and OYO’s $175 million rounds together accounted for over 50% of the total funds raised last month. With the fresh funding, Zepto and DMI Finance attained $5 billion and $3 billion valuation milestones respectively. However, OYO saw more than 75% fall in its valuation to $2.4 billion from a peak of $10 billion. Just like in July, August saw the emergence of a new unicorn, as the Hero Moto-backed Ather Energy surpassed the $1 billion valuation mark with its latest funding round. Other notable growth-stage deals included Neo, Blue Tokai, Visit Health, Yubi, Livpure, and Syfe. Swiggy, which raised funds from Amitabh Bachchan’s Family Office, did not disclose the deal size. [Top 10 early-stage deals] EV startup Kinetic Green led the early-stage funding chart with a $25 million Series A round, followed by Even Healthcare with $20 million, FreshBus with $10.5 million, and both Beco and Investors AI, each raising $10 million. Agrizy’s $9.8 million funding was the fourth-largest in agritech for 2024, a sector that has been declining recently. Other major early-stage deals included Scimplify, a specialty chemicals firm; Kindlife, a new venture from ShopClues co-founder Radhika Ghai; automotive startup Kazam; and fintech startup Punch, all of which ranked among the top 10 early-stage investments. [Mergers and Acquisitions] In August, the number of merger and acquisition deals surged to 19, up from just 17 in July. Notably, the acquisition of Paytm’s movies and ticketing business by Zomato Limited for $244 million emerged as one of the largest M&A deals of 2024. Additionally, hospitality firm OYO acquired Checkmyguest for $27.4 million, and Fusebox Games Limited was purchased by Nazara in a $27.2 million deal. Some notable M&A deals in August included BrowserStack’s acquisition of Bird Eats Bug, Radio Mirchi’s parent ENIL’s purchase of Gaana, and VerSe’s acquisition of Valueleaf. Additionally, Emami Limited raised its stake in The Man Company from 50.4% to 100%, a development first reported by Entrackr in July. [City and segment-wise deals] In terms of city-wise funding, Bengaluru-based startups led with 38 deals totaling $265 million in August. However, startups in Delhi-NCR raised $724 million across 29 deals, more than double the amount raised by Bengaluru startups. Additionally, Mumbai-based startups surpassed Bengaluru in total funding, securing $453 million across 20 deals. Segment-wise, fintech startups led the show with 27 deals followed by e-commerce (including D2C brands), healthtech, SaaS, and proptech with 16, 8, 7, and 4 deals, respectively. Visit TheKredible for more details. Edtech was one of the least funded segments with 3 deals amounting to $5 million. It contributed only 0.3% to the total amount raised in August. [Stage-wise deals] Regarding funding stages, 35 startups raised capital in the seed round, 28 in Series A, 13 in pre-Series A, and 9 in Series B. Debt-only funding made up 2.56% of the total funding for the month. For the complete breakdown of stage-wise deals, visit TheKredible. [Layoffs, shutdowns, departures, and key hirings] Layoffs experienced a significant drop from 650 employees in July to 290 employees in August. Notably, Google and Reliance-backed Dunzo reportedly fired 150 employees, Beepkart let go of 100 staff, and ShareChat reduced its workforce by 30-40 employees. Additionally, Kenko Health, My Tirth India, and Airtel’s streaming app Wynk Music shut down their operations. Wynk’s closure is attributed to increasing competition, while Kenko Health and My Tirth India ceased operations due to funding difficulties. In August, there was an increase in both hiring and the departure of key executives. Notable exits included Manish Tiwary from Amazon India, Prashant Sinha from Metadome.ai, and Srinivasagopalan Ramamurthy from Freshworks. On the hiring front, Meesho, Swiggy Instamart, EvenFlow, Zetwerks, Perfios, and OYO brought new talent into roles such as chief executive, co-founder, and independent director, among others. [Trends] More IPOs in pipeline: In the first eight months of 2024, ten startups have gone public. In August alone, Ola Electric, Unicommerce, and FirstCry completed their IPOs. Swiggy is targeting a listing in the first week of September, while companies like Infra.Market, Bluestone, Ecom Express, OfBusiness, and OYO are also progressing on their IPO plans. Additionally, Zappfresh has filed draft IPO papers with SEBI to list on the BSE SME platform. Quick commerce in action: The quick commerce sector is intensifying in competition, highlighted by Zepto’s mega-round, Flipkart’s recent entry, and BigBasket’s complete shift to rapid delivery. Amazon is expected to enter the market early next year. The e-commerce giant was also in talks to acquire Swiggy’s quick commerce business. At present, Zomato-owned Blinkit stands as the leading player in quick commerce followed by Swiggy Instamart, Zepto, and Tata Digital-owned BigBasket. Startups from tier II cities: In addition to major metro areas and startup hubs such as Bengaluru, Delhi NCR, Mumbai, and Hyderabad, there has been a notable influx of deals from cities like Mangalore, Raipur, Dehradun, Udaipur, Surat, Jodhpur, Nashik, and Lucknow. This indicates a significant, albeit minor, shift in traditional startup funding patterns. Founders fueling growth: OYO’s $175 million funding round included a significant $100 million investment from the company’s founder, Ritesh Agarwal, showcasing another instance of a founder investing in their own startup. Similarly, Yubi secured $30 million from its founder and CEO, Gaurav Kumar, while Cambrian Bioworks received an undisclosed amount from its founder during its seed round. This practice of founder investment has previously been seen with Ather Energy, Byju’s, and BluSmart. [Conclusion] While the decline of debt funding is something to be welcomed, as it doesn’t seem to sit well with the idea of backing startups, we would add a note of caution here on the sustainability of the current recovery. While, as indicated earlier, an expected interest rate cut by the US Fed will ensure the momentum stays well into 2025, the fact remains that significant parts of public markets are well into ‘exuberance’ territory in terms of valuations. Unlike the public markets, however, the private VC markets remain much more dependent on foreign fund flows, and that could yet be a disruptor in the ecosystem, despite the rise of domestic capital. Although with the US-China issues, and now, even Brazil moving arbitrarily against Twitter, India could find itself in a sweet spot yet again for global investors. It would perhaps be fair to say that the bottom has been reached, and a bounce is well on its way for Indian startups when it comes to their funding environment.

BAT VC announces $100 Mn fund to back Indo-US startups

EntrackrEntrackr · 2m ago
BAT VC announces $100 Mn fund to back Indo-US startups
Medial

Former X India head Manish Maheshwari’s venture capital (VC) firm, BAT VC, has made a foray into India with the announcement of a $100 Mn fund to back early-stage ventures in the country. According to BAT VC, its Fund II will focus on startups operating in both India and the US across sectors such as AI, fintech, and SaaS. The fund is co-founded by Manish Maheshwari, Aditya Mishra, and Ravi Metta, with Maheshwari leading the VC firm’s regional expansion in the country. The VC firm says that Fund II has already attracted interest from “top-tier” institutional limited partners (LPs), strategic investors, and family offices in both India and the US. BAT VC plans to invest in startups before product-market fit (PMF), de-risking the execution with active support and internal frameworks. It will help founders access customers, capital, and talent in both India and the US. The VC firm prioritizes startups that place AI at the center of their product and business model. BAT VC also eyes Indo-US dual-market startups, which raise more capital on average than single-geography peers, adding that SaaS companies with operations in both nations demonstrate 1.8X higher median revenue growth. Established in 2021, BAT VC is a cross-border VC firm that backs AI-first early-stage startups in sectors such as fintech and SaaS. The VC firm claims to help founders achieve PMF and scale globally. It has backed notable companies including StockGro, Uptiq AI, Nickelytics, Accern, and others. The New York-based VC firm launched its maiden fund in 2022, which claims to have clocked an internal rate of return (IRR) of 30% and a multiple on invested capital (MOIC) of 1.61X. It also claims that the portfolio startups in its inaugural fund have achieved an average revenue growth of 210% within 18 months.

Gensol’s crisis: stock slump, ICRA downgrade, and BluSmart link

EntrackrEntrackr · 4m ago
Gensol’s crisis: stock slump, ICRA downgrade, and BluSmart link
Medial

A downgrade by ratings agency ICRA has sent the Gensol Engineering stock on a tailspin, with the stock falling over 40% in the past four days. Gensol Engineering, an Ahmedabad-based company engaged in solar EPC and EV leasing, had been a well-regarded firm in the sector, known for its solar EPC and O&M business. They have claimed that an electric car it developed and shared a prototype of at the recent Bharat Mobility Expo received over 30,000 pre-bookings. The promoters of Gensol also happen to be founders of BluSmart. Even in its Q3 results, the firm declared that total revenues increased 30% to Rs 345 crore from Rs 266 crore a year ago. However, a drop in profit after tax to Rs 6 crore versus Rs 17 crore a year back led to pressure on the stock price. The turmoil began when ICRA downgraded Gensol’s credit rating from BBB- (Stable) to D (Junk/Default), raising concerns over the company’s debt servicing and corporate governance practices. The rating agency claimed that documents shared by Gensol regarding its debt servicing were falsified, casting doubts on the company’s liquidity position. Additionally, ICRA highlighted a rise in the promoter’s pledge, which increased from 79.8% in September 2024 to 85.5% in February 2025. ICRA also noted BluSmart’s financial struggles, including delayed payments on its Non-Convertible Debentures (NCDs). Gensol’s promoters planned an equity infusion of Rs 244 crore in FY25 through preferential share warrants, of which Rs 140 crore has been invested. The remaining Rs 100 crore funding has been delayed by about a year. In response to the crisis, Gensol announced plans to reduce its debt by Rs 665 crore, comprising Rs 315 crore from the sale of approximately 3,000 EVs and Rs 350 crore from selling US operations of a wholly-owned subsidiary, Scorpius Trackers. The company’s current debt stands at Rs 1,146 crore after repaying approximately Rs 230 crore in the current financial year. Chairman and Managing Director Anmol Singh Jaggi appeared on business news channels after the credit downgrade, reassuring stakeholders of Gensol’s growth plans and expressing confidence in restoring its credit rating within three months. Meanwhile, the company faced leadership changes with CFO Ankit Jain resigning and Jabir Aga being reappointed. The turmoil places recent project wins, such as 520 MW in two separate projects at Khavda and a total of 500 MW of BESS projects from GUVNL, in the spotlight. Failure to resolve financial troubles could lead to project cancellations. With ratings at Default, Gensol currently cannot access financial institutions and must achieve an upgrade to start tapping funding lines.

Urban Company turns profitable with Rs 7 Cr PBT in April

EntrackrEntrackr · 1y ago
Urban Company turns profitable with Rs 7 Cr PBT in April
Medial

Urban Company has turned profitable at PBT level (profit before tax) on a consolidated basis in the last month, said two sources aware of the firm’s financial numbers. The development will potentially smoothen its public listing plan which is likely to happen in the second half of next year (2025). “Urban Company’s India business has been EBITDA profitable since October-November 2022,” said one of the people cited above requesting anonymity. “But on a consolidated basis, the firm posted a little over Rs 7 crore in profit before tax (PBT) in April 2024.” As for the firm’s India unit—which is more than 90% of its business—it recorded over Rs 11 crore PBT in April. “Urban Company has also achieved breakeven in the UAE but it is incurring losses in Singapore and Saudi region as these two markets are new,” said the person mentioned above. The profitability in April indicates that Urban Company has been able to cut losses by over two-third in FY24. “The company’s losses for the last fiscal stood under Rs 100 crore,” said another person who also requested anonymity. The 10-year-old company posted a loss of Rs 308 crore against revenue of Rs 637 crore in the fiscal year ending March 2023. According to the startup data intelligence platform TheKredible, Urban Company also reduced its losses by 40.1% in FY23 as compared to FY22. Queries sent to Urban Company didn’t elicit any response. Urban Company is a home services and beauty salon marketplace with a presence across over 30 cities in India along with operations in some foreign markets. The Gurugram-based company joined the unicorn club in June 2021 with a valuation of over $2 billion but the company hasn’t raised any primary money in the past three years. In December 2021, it bought back employee stocks (ESOPs) at a valuation of $2.8 billion. While plans for an IPO are usually a red flag when a sudden improvement in financials is observed, in Urban Company’s case, the improvement has been long in coming with a series of changes the firm has been making over the years. Be it white label or own label products, service contracts to ensure predictable cash flows, focus on repeat users and better management of partner relationships, the firm has been seen to be at work. Seen as a barometer for the state of blue collar gig economy in India, the firm will continue to find itself in the cross hairs of critics in case of any misstep, but credit has to be given for a long and sustained effort to thrash out a business out of it all. The international ventures remain a question, considering the widely different conditions and laws in each market, but in India at least, the numbers will just be the icing on the cake that seems ready for a taste test in the capital markets.

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