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Celebal Tech raises debt from BlackSoil

EntrackrEntrackr · 1y ago
Celebal Tech raises debt from BlackSoil
Medial

Celebal Technologies, an IT services provider backed by Norwest Venture Partners, has raised undisclosed debt from alternative credit platform BlackSoil. In 2022, Celebal Technologies had raised $32 million in its first institutional fundraising from Norwest. The fresh proceeds will be used for working capital and general corporate purposes, the company said in a press release. It will also enable Celebal Technologies to serve its over 200 client base better and deepen its market penetration worldwide. Co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specialises in data science, AI, and enterprise cloud solutions. The firm assists its extensive clientele with improving business efficiencies and providing tailored solutions primarily in data engineering, cloud innovation, supply chain analytics, and AI-driven chatbots. Jaipur-based Celebal Technologies claims to have achieved an annual growth rate (CAGR) of approximately 105% from FY21 to FY24. During this period, the number of employees grew from 300 to 2,300. Its strategic partnerships with industry giants include Microsoft and Databricks.

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Celebal Tech kicks off Series B round with 2X valuation jump

EntrackrEntrackr · 2m ago
Celebal Tech kicks off Series B round with 2X valuation jump
Medial

Celebal Technologies, an IT Service provider, is set to raise Rs 125 crore (around $14.7 million) in its Series B round led by InCred Growth Partners Fund with the participation of existing backer Norwest Venture Partners. In June last year, Celebal Tech raised Rs 80 crore in debt from BlackSoil, following its $32 million Series A funding round in November 2022. According to regulatory filings accessed from the Registrar of Companies (RoC), Celebal Technologies’ board has approved a resolution to issue 1,04,000 Series B CCPS at an issue price of Rs 12,019 each to raise the sum. InCred Growth Partners Fund will lead the round with an investment of Rs 80 crore ($9.4 million), while Norwest Venture Partners will contribute Rs 45 crore ($5.3 million) to increase its stake in the company. The filing further mentioned that the proceeds from this round will be used to expand the company’s business operations, meet working capital needs, and support general corporate purposes. Founded in 2015, Celebal Technologies is a software services firm focused on digital transformation using generative AI, machine learning, cloud integration, and app modernization. It serves clients across the USA, India, APAC, UAE, Europe, and Canada. Following the allotment of this round, the Jaipur-based company’s valuation nearly doubled to Rs 1,795 crore or $211 million, as per Entrackr’s estimates. According to startup data platform TheKredible, Norwest Venture Partners will hold the largest external stake in the company at 28.83%, while new investor InCred will hold a 4.46% stake. In the fiscal year ended March 2024, Celebal Tech reported 43% year-on-year growth in operating revenue to Rs 275 crore. However, its losses ballooned to Rs 60 crore from Rs 1.3 crore. Notably, the Norwest Ventures-backed firm was profitable in FY22, posting a Rs 21.6 crore profit.

BlackSoil NBFC raises over Rs 200 Cr debt

EntrackrEntrackr · 12m ago
BlackSoil NBFC raises over Rs 200 Cr debt
Medial

BlackSoil NBFC, the flagship arm of BlackSoil Group, has raised Rs 208 crore debt. The round witnessed participation from HNIs, UHNIs, Family Offices, banks, and NBFCs. According to BlackSoil, 60% of this funding came from new debt investors and its total debt raised to over Rs 1,570 crore as of June 30, 2024. The company had recently raised Rs 100 crore through a rights issue where all its investors participated in this round. BlackSoil is backed by investors and family offices of Allcargo Logistics, Navneet Education, Mahavir Agency and Mathew Cyriac-led Florintree Advisors. The company has expanded its lender network, including several banks and NBFCs, enhancing its borrowing capabilities. Co-founded in 2016 by Mohinder Pal Bansal & Ankur Bansal, it offers customized credit solutions to emerging corporates, financial institutions, NBFCs, and MSMEs across sectors. The group claims that it has solidified its position as a preferred lender for new-age economy businesses, employing a sector-agnostic approach and cash flow-focused underwriting methodology BlackSoil has 5 unicorns in its portfolio including Spinny, Upstox, MobiKwik and others. The most recent unicorn in their portfolio is Spinny which became a billion dollar valued company in 2021. BlackSoil maintains a diversified portfolio spanning a wide range of sectors, including fintech, agri-tech, B2B, consumer, healthcare, SaaS, and IoT. It has also expanded into emerging sectors like EV, quick commerce, hospitality, and online travel aggregators (OTA). Its noteworthy investments include ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Purplle, Curefoods, Celbal Technologies and JCB Salons. The Mumbai-based company says that it saw over 30% year-on-year growth in debt fundraise, having a network of nine banks & five NBFCs, and more than 250 HNI families.

BlackSoil NBFC raises $12 Mn equity capital from existing backers

EntrackrEntrackr · 1y ago
BlackSoil NBFC raises $12 Mn equity capital from existing backers
Medial

Alternative credit platform BlackSoil NBFC, the flagship arm of BlackSoil Group, has raised equity of Rs 100 crore ($12 million) from its existing Indian investors and family offices through a rights issue. The capital injection will improve BlackSoil NBFC’s credit profile and boost its borrowing capabilities and growth, the company said in a press release. BlackSoil is backed by investors and family offices of Allcargo Logistics, Navneet Education, Mahavir Agency, and Mathew Cyriac-led Florintree Advisors. This latest funding also marks BlackSoil NBFC’s fourth capital infusion within eight years, bringing its total equity raise to approximately Rs 250 crore ($30 million). Additionally, it has secured debt financing of over Rs 1,700 crore (more than $200 million) from HNIs, banks et al. BlackSoil provides alternative credit solutions to growth companies, financial institutions, NBFCs and MSMEs across sectors. At the group level, BlackSoil has surpassed Rs 5,000 crore (over $600 million) disbursement across 214 deals by December 2023. Its portfolio includes ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Dunzo, Purplle, Mobikwik and Cure Foods. As per BlackSoil, its AUM grew around 30% year-on-year in 2023 and it deployed Rs 1650 crore (nearly $200 million) across 63 deals and exited from over 20 deals in the last year. The firm also said that its portfolio companies collectively raised equity of $800 million in the last year while three of them including Yatra, ideaForge and Cellecor got listed on the stock exchange in 2023.

Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily

EntrackrEntrackr · 3m ago
Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily
Medial

Celebal Technologies, an IT services provider, crossed the Rs 270 crore revenue mark with a 43% year-on-year growth in the fiscal year ending March 2024. However, losses for the Norwest Ventures-backed firm surged to Rs 60 crore during the same period. Celebal Technologies’s revenue from operations increased to Rs 275 crore in FY24 from Rs 192 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specializes in data science, AI, and enterprise cloud solutions. Technology consulting remains the sole revenue driver for the Jaipur-headquartered firm. It also earned Rs 6 crore from interest and the sale of current investments, bringing its total revenue to Rs 281 crore in FY24. With a presence in the USA, APAC, UAE, Europe, and Canada, the company generated Rs 122 crore from international markets. Like other SaaS firms, employee benefits were the largest cost center for the company, accounting for 71% of total expenses. This expense surged 87% to Rs 245 crore in FY24 from Rs 131 crore in FY23. Notably, the firm has a dedicated workforce of over 2,000 professionals. Technical services, rent, travel, advertising, and legal expenses were among the key overheads that pushed Celebal Technologies’ total expenditure up by 73%—from Rs 199 crore in FY23 to Rs 344 crore in FY24. An 87% rise in employee benefits—primarily salaries and wages—outpaced revenue growth, pushing Celebal Technologies’ losses to Rs 60 crore in FY24 from Rs 1 crore in FY23. At a unit level, the company spent Rs 1.25 to earn a rupee, while its ROCE and EBITDA margins declined to -39.1% and -19.2%, respectively. By the end of FY24, its total current assets stood at Rs 139 crore, with cash and bank balances of Rs 18 crore. Celebal Technologies secured its first institutional funding of $32 million in 2022, led by Norwest Venture Partners. The company later raised debt from BlackSoil. According to startup data intelligence platform TheKredible, Norwest holds the largest external stake at 19.58%, while the two co-founders collectively own over 70% of the company’s capital.

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