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ChrysCapital, others in talks to take Dhan to unicorn club with $100-150 million funding

Economic Times

Economic Times · 6m ago

ChrysCapital, others in talks to take Dhan to unicorn club with $100-150 million funding

Dhan, a Mumbai-based stock market investment and trading platform, is in discussions with PE fund ChrysCapital and other investors for a funding round of $100-150 million, potentially raising its valuation to over $1 billion. Established in 2021 by Pravin Jadhav, Dhan is profitable and ranks among the top five trading platforms for new trader additions. This funding could make Dhan India's first unicorn of 2025, enabling further diversification into financial services.

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Hornbill Capital submits $200 million bid to invest in Dhan at $1.25 billion valuation

Economic Times

Economic Times · 6m ago

Hornbill Capital submits $200 million bid to invest in Dhan at $1.25 billion valuation

Hornbill Capital, backed by Orchid Asia, has placed a $200 million bid to invest in stock trading platform Dhan at a $1.25 billion valuation. This bid is the largest among contenders in Dhan's funding talks, which also include ChrysCapital. Dhan, profitable and founded in 2021, competes with Groww and Zerodha. The investment round is expected to conclude in 30-40 days, potentially making Dhan India’s first unicorn of 2025.

Dhan soon to turn unicorn with $200 million fundraise from ChrysCapital, Alpha Wave, MUFG

Economic Times

Economic Times · 3m ago

Dhan soon to turn unicorn with $200 million fundraise from ChrysCapital, Alpha Wave, MUFG

Online stock trading platform Dhan is nearing unicorn status with a $190-200 million fundraise led by ChrysCapital, alongside Alpha Wave and Mitsubishi UFJ Financial Group. The firm, profitable in FY24 with a net profit of Rs 155 crore, will use the funds to boost its valuation to $1.1 billion. The capital raise comes amid regulatory changes affecting stock brokers and aligns with increasing young investor participation in India’s capital markets. Dhan, founded in 2021, focuses on high-frequency traders.

Trading Platform Dhan’s Parent Eyes Unicorn Tag With $100 Mn Funding

Inc42 · 1y ago

Trading Platform Dhan’s Parent Eyes Unicorn Tag With $100 Mn Funding

Raise Financial Services, the company behind the stock trading platform Dhan, is in talks to raise approximately $100 million in a funding round. This would value the company at around $1.2-1.5 billion, allowing it to join the ranks of unicorns. Avendus has been enlisted to handle the transaction mandate, although discussions are still in early stages.

Eruditus In Talks To Raise $150 Mn At $2.3 Bn Valuation

Inc42 · 1y ago

Eruditus In Talks To Raise $150 Mn At $2.3 Bn Valuation

Eruditus is in discussions to secure $150 million in funding from TPG at a potential valuation of $2.3 billion. This valuation is lower than their previous valuation of $3.2 billion in August 2021. The funding is contingent on Eruditus meeting certain performance targets, and if not met, their market capitalization could decrease to $1.8 billion. Eruditus offers professional upskilling courses and recently entered the unicorn club after raising $650 million from various investors.

HealthKart’s FY23 Sales Surge 70% To Cross INR 800 Cr Mark, Loss Halves

Inc42 · 1y ago

HealthKart’s FY23 Sales Surge 70% To Cross INR 800 Cr Mark, Loss Halves

HealthKart, an online health marketplace, saw a 70% increase in sales to INR 832.4 Cr ($111.7 million) in FY23. The company also managed to reduce its net loss by half to INR 164.7 Cr ($22 million). HealthKart primarily generates revenue through its website, ecommerce platforms, and offline stores. The startup's biggest expense was procurement cost, followed by employee benefits and advertising expenses. HealthKart is now in talks to raise $100 Mn-$150 Mn from ChrysCapital in a secondary transaction. It counts Sofina Ventures, Peak XV Partners, and Intel Capital among its investors.

Unicorn Slice eyes $100 million to fuel its banking dreams

Economic Times

Economic Times · 1y ago

Unicorn Slice eyes $100 million to fuel its banking dreams

Fintech unicorn Slice is reportedly in talks for a $100 million equity funding round to support its banking ambitions. The funding would be directed towards the new entity formed by the merger of Slice and North East Small Finance Bank. Slice is looking for an external investor to lead the round, although discussions are still in the early stages and may take a few months to finalize. The funding is necessary to maintain the capital adequacy ratio of the merged bank and meet regulatory requirements.

Healthtech Unicorn Innovaccer In Talks To Raise $250 Mn From Kaiser Permanente

Inc42 · 1y ago

Healthtech Unicorn Innovaccer In Talks To Raise $250 Mn From Kaiser Permanente

Healthtech unicorn Innovaccer is reportedly in talks with US-based health and insurance major Kaiser Permanente to raise a funding round of $200 million to $250 million. Innovaccer last raised $150 million in December 2021 at a valuation of $3.2 billion. If the latest funding talks materialize, the valuation could be lower, ranging between $2.5 billion and $3 billion. The fresh capital will be raised through a mix of primary and secondary funding. Innovaccer, founded in 2014, provides healthcare data analysis to healthcare providers, hospitals, insurance companies, and other organizations.

Chrys Cap, Kedaara prepare their biggest funds ever

Livemint

Livemint · 1y ago

Chrys Cap, Kedaara prepare their biggest funds ever

Homegrown private equity firms ChrysCapital and Kedaara Capital are raising billion-dollar-plus funds in 2024 to compete with Asian and global rivals. ChrysCapital aims to raise $2-2.2 billion for its tenth fund, while Kedaara is targeting $1-1.5 billion for its fourth fund. These larger funds are needed to accommodate the growing investment sizes in Indian startups. ChrysCapital may increase its investment ticket size from $100 million, and Kedaara may cut larger cheques of $150 million from the new fund. Global funds are also increasing their allocations to India, presenting more opportunities for investment.

Bhavish Aggarwal’s Krutrim in talks to raise $300 Mn

Entrackr

Entrackr · 4m ago

Bhavish Aggarwal’s Krutrim in talks to raise $300 Mn

Bengaluru-based Krutrim AI Labs is working to build a complete AI ecosystem for India, with plans to take on global players like OpenAI, Google, and Anthropic. Krutrim SI Design, the AI venture of Ola founder Bhavish Aggarwal, is reportedly in talks to raise $300 million in a new funding round. This would be the first funding for the Bengaluru-based startup since it entered the unicorn club in January last year. Mint noted that Krutrim initially aimed to raise $500 million but later scaled down the round due to limited interest from investors. The report also mentioned that Goldman Sachs, JP Morgan, and SBI Capital Markets are the bankers managing the funding round. Krutrim has raised approximately $75 million and joined the unicorn club in January 2024. Its investors include Z47 (formerly Matrix), the Sarin Family, and others. In December last year, Aggarwal pledged his Ola Electric shares to secure debt funding through debenture issuance for Krutrim. "Ola does not comment on speculation," a company spokesperson was quoted as saying. Earlier this year, Aggarwal announced the launch of Krutrim AI Labs, aimed at developing artificial intelligence specifically for India. As part of the initiative, he committed an initial investment of Rs 2,000 crore, with plans to scale it up to Rs 10,000 crore by next year. Krutrim AI Labs is working to build a complete AI ecosystem for India, with plans to take on global players like OpenAI, Google, and Anthropic. The company is developing several AI models, including Krutrim-2 (a next-gen language model), Chitrarth 1 (for images and text), Dhwani 1 (for speech), and Vyakhyarth 1 (focused on Indian languages). As part of its plan, Krutrim is also building India’s largest AI supercomputer using NVIDIA’s GB200 chips to boost the country’s AI and cloud infrastructure.

Fintech unicorn OneCard spent Rs 1,000 Cr to earn Rs 500 Cr in FY23

Entrackr

Entrackr · 1y ago

Fintech unicorn OneCard spent Rs 1,000 Cr to earn Rs 500 Cr in FY23

Mobile-first credit card startup OneCard has entered the unicorn club after securing $100 million in funding led by Temasek. The funding helped the company achieve a revenue growth of 6.4x to Rs 541 crore in FY23. OneCard provides co-branded credit cards in partnership with banks and offers value-added services such as credit score tracking. The company incurred expenses of Rs 1,000 crore, resulting in losses of Rs 406 crore. OneCard has raised $425 million to date and is valued at $1.3 billion. It is also planning to raise an additional $100 million in funding.

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