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RPSG Capital Ventures closes Fund II at Rs 550 Cr

EntrackrEntrackr ยท 1y ago
RPSG Capital Ventures closes Fund II at Rs 550 Cr
Medial

Early-stage consumer venture capital fund RPSG Capital Ventures has announced the close of its latest Fund II with Rs 550 crore. The investor base for this fund is largely domestic including family offices, high net worth individuals and industry veterans from the consumer sector. Along with other repeat investors from its previous funds, RPSG group itself has doubled their initial investment as the anchor investor. RPSG Capital Ventures has invested into 16 companies till date that includes brands such as The Souled Store, Supertails, Perfora, mCaffeine, Vedix, SkinKraft, Plix, and True Elements amongst others. โ€œWith this new Fund, weโ€™ll continue to invest into new age consumer businesses that have solid unit economics, differentiated positioning, and strong teams.โ€ said Abhishek Goenka, partner at RPSG Capital Ventures. The fund invests in Series A rounds with first cheques of Rs 10 to Rs 40 crore in the digitally native consumer ecosystem across F&B, beauty, health and wellness, entertainment, lifestyle goods and consumer enabler categories.

Awign bags $24.5 Mn in series C, Mynavi now holds 73% stake

EntrackrEntrackr ยท 1y ago
Awign bags $24.5 Mn in series C, Mynavi now holds 73% stake
Medial

Awign has raised Rs 203.5 crore or $24.5 million from Japan-based Mynavi Corporation, which will now control a 73% stake in the Bengaluru-based HR tech startup, according to the companyโ€™s filings with RoC. In May, the board at Awign passed a special resolution to issue 11,485 Series C CCPS at an issue price of Rs 1,77,206 each to raise Rs 203.5 crore or $24.5 million, its regulatory filings show. This coincided with Awignโ€™s public announcement that MyNavi will control the majority stake in the former. However, the startup had not divulged more details of the transaction at the time. Sifting through Awignโ€™s filings, Entrackr has learned that the company also passed a separate resolution to buy back 2,641 Series A CCPS representing 7% of the capital at a cumulative amount of Rs 43.1 crore. Mynavi Corporation purchased 24,018 shares from existing investors worth around Rs 393 crore to Rs 490 crore. The investors who got partial or full exit include Unitus Ventures, Pinnacle Investment, Dell Foundation, and the company co-founders. As per Fintrackrโ€™s estimates, Awign has been valued at around Rs 828 crore or $100 million (post-allotment). Entrackr has reached out to Awign to learn more about the transaction. Weโ€™ll update the story in case we hear from them. Awign will use these proceeds for general operations, meeting working capital needs, and business expansion, filing revealed. Founded by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah in 2016, Awign helps enterprises run their businesses via outcome-based execution along with discovery, deployment, and payroll. Awign continued to post solid performance in terms of financial growth in FY23. Its scale spiked over 2X to Rs 134.35 crore in the fiscal year ending March 2023. Akin to its revenue growth, the firmโ€™s losses also grew around 2X to Rs 39.6 crore in the same period. The company is yet to file annual results for FY24. As per the startup intelligence platform TheKredible, funding in the HR tech space shrank over 70% to $90 million in 2023 from $315 million in 2021. In 2022, the space received a funding infusion of $341 million.

Exclusive: Eduvanz secures bridge round at 35% lower valuation

EntrackrEntrackr ยท 4m ago
Exclusive: Eduvanz secures bridge round at 35% lower valuation
Medial

Exclusive: Eduvanz secures bridge round at 35% lower valuation Education loan provider Eduvanz has secured Rs 25.52 crore in a bridge funding round co-led by Juvo Ventures and Capria Fund, with additional participation from Peak XV and Unitus Ventures. Eduvanz's board has approved a special resolution to issue 26,405 preference shares at an issue price of Rs 9,667 each, raising Rs 25.52 crore, according to a regulatory filing accessed from the RoC. Capria Fund and Juvo Ventures contributed Rs 8.65 crore and Rs 8.57 crore, respectively, while Peak XV and Unitus Ventures invested Rs 4.28 crore and Rs 4 crore. According to the filings, the newly raised funds will be utilized for working capital, product development, and marketing initiatives. Entrackr estimates Eduvanz's post-allotment valuation at approximately Rs 551 crore, reflecting a 35% decline from its last extended Series B round, where the company was valued at Rs 850 crore. Eduvanz provides loans to students to finance their school, coaching, and test prep fees. Salaried and self-employed individuals can also seek loans from it to fund their up-skilling expenses. After the bridge round, Peak XV Partners will hold a 31.72% stake in the company, while Juvo Ventures and Capria Fund will own 4.89% and 3.14%, respectively. The new funding is coming after a gap of more than two years for Eduvanz. In December 2022, it scooped up $12.6 million in its extended Series B round from new and existing backers. Entrackr exclusively reported the development. Eduvanz competes with well-funded firms such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Auxilo.

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