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Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures

EntrackrEntrackr ยท 1y ago
Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
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Small and medium enterprises focused digital lending platform Lendingkart has secured Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures. This is the second major debt closure by the Ahmedabad-based firm in the past year. The board at Lendingkart has passed a board resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs 108 crore or $13 million, its regulatory filing accessed from the RoC shows. As per the filings, the Temasek-backed company has raised Rs 318 crore ($38 million) in debt to date. Lendingkart will receive the debt fund in two tranches of Rs 50 crore ($6 million) each and it will carry a coupon rate of 14% per annum. According to the startup data intelligence platform TheKredible, the company has been valued at around $690 million post-allotment. Just last month, LendingKart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. As of now, Lenskart has mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia and India Quotient. Lendingkart disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners. As per its website, it has disbursed over Rs 18,700 crore to over 300,000 businesses present in 4,100 cities. Lendingkart performed well in FY23 as its revenue from operations grew by 33.4% to Rs 858 crore. Meanwhile, the firm also posted Rs 119 crore profit in the same period. Itโ€™s yet to file annual financial results for FY24. As per a media report, the company is planning for an initial public offering (IPO) by next year. Lenskart is targeting to cross Rs 10,000 crore in assets under management before going public.

Exclusive: Oxyzo secures Rs 100 Cr debt

EntrackrEntrackr ยท 4m ago
Exclusive: Oxyzo secures Rs 100 Cr debt
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Exclusive: Oxyzo secures Rs 100 Cr debt Fintech unicorn Oxyzo has secured Rs 100 crore (approximately $12 million) in debt from AK Capital Finance, a subsidiary of merchant banker A.K. Capital Services Ltd. The boards at Oxyzo allotted 1,00,000 non-convertible debentures to AK Capital at an issue price of Rs 10,000 each to raise Rs 100 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned debentures are issued for a tenure of 24 months and carry an interest rate of 9.75% per annum, the filing added. The proceeds will be used to augment the long-term resources of the company and meet working capital requirements. Oxyzo is the lending arm of B2B e-commerce unicorn OfBusiness, providing customized credit solutions for SMEs. It offers a range of loan products, including term loans, working capital solutions, low-interest rates, and collateral-free credit options. According to data intelligence platform TheKredible, the Gurugram-based company reported operating revenue of over Rs 900 crore and a profit of Rs 290 crore for the financial year ending 2024. Oxyzoโ€™s net profit grew 11.38% to Rs 82.89 crore and sales jumped 27.43% to Rs 282.80 crore in the quarter ended December 2024 (Q3 FY25), compared to Rs 221.93 crore in December 2023. The Ruchi Kalra-led firm achieved unicorn status by raising $200 million in its first external funding round, and it became the first startup to surpass a $1 billion valuation during its Series A round. As per TheKredible, OFB group including promoters holds 74.5% while Alpha Wave is the largest external stakeholder with 7.4% followed by Tiger Global.

Country Delight raises Rs 200 Cr in debt from Alteria

EntrackrEntrackr ยท 8m ago
Country Delight raises Rs 200 Cr in debt from Alteria
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Gurugram-based dairy brand and daily essential brand Country Delight has raised Rs 200 crore in venture debt from Alteria Capital. The D2C firm received Rs 140 crore in debt across two tranches in May and August. Entrackr exclusively reported the development. It also scooped up $20 million in an equity round early this year. The debt funds will be used to support the companyโ€™s expansion, increase capacity, and drive brand marketing efforts, the company stated in a press release. โ€œAs we scale our operations and prepare for our IPO journey, it is important for us to use various capital sources to improve financial efficiency and also set us up for the next phase of growth,โ€ said Chakradhar Gade, co-founder and CEO of Country Delight. Launched by Gade and Nitin Kaushal, Country Delight provides a range of dairy products, bakery goods, poultry, and farm produce to its customers. The company sources its products directly from dairy farms and caters to 1.5 million customers in 15 cities including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune. As per startup data intelligence platform TheKredible, Country Delight is close to becoming a unicorn as it was valued at around $820 million in the last equity round. It has raised around $200 million to date. For the fiscal year FY24, Country Delight posted a revenue of Rs 1,380 crore, according to a report by The ARC. In FY23, its revenue was estimated at around Rs 900 crore against Rs 542.6 crore in FY22. The firm has yet to report FY23 and FY24 numbers officially. Recently, Stellapps secured $26 million in a Series C funding round. The company also faces competition from Akshayakalpa, Sidโ€™s Farm, Milky Mist, and, to a lesser extent, Otipy.

Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi

EntrackrEntrackr ยท 1y ago
Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi
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Infra.Market has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. The debt infusion for the Mumbai-based firm follows the $50 million equity round from the Mars Unicorn Fund โ€” a joint venture of Liquidity Group and MUFG. The board at Infra.Market has approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. Previously, the committee had approved a resolution to raise up to Rs 500 crore through debentures. The new infusion is the tranche of Rs 500 crore. Yubi has invested Rs 80 crore while Raymond Limited, IKF Home Finance, and Samunnati Financial participated with Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and also exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. To date, Infra.Market has raised around $520 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which own 16.87% and 8.46%, respectively, before this round. While the company is yet to file its annual statements for FY24, Infra.Marketโ€™s gross revenue rose 89% to Rs 11,846 crore in FY23. Tiger global-backed firmโ€™s profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Marketโ€™s competition includes OfBusiness, Moglix and Zetwerk, among others. OfBusiness recorded nearly Rs 20,000 crore in revenue and Rs 603 crore profit in FY24. Entrackr exclusively reported the firmโ€™s financial numbers on July 8. Meanwhile, Zetwerk and Moglix are yet to report last fiscal year (FY24) numbers.

Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt

EntrackrEntrackr ยท 11m ago
Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
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Ather Energy has continued to raise debt funding before its potential public listing. The Bengaluru-based company has raised Rs 60 crore (over $7 million) in debt from Stride Ventures through its trustee Vistra ITCL. This is the second debt infusion in the electric scooter manufacturer in the past two months. Stride Ventures invested Rs 200 crore via debentures in May. Entrackr had exclusively reported the fundraise which also had equity investment from co-founders. While Ather IPO timeline is yet to be known, it took a definitive step towards public listing by converting itself into a public company in June. Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake. Following a four-fold growth during FY23, Atherโ€™s revenue from operations decreased slightly to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by Hero Moto Corp. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. Ather maintained its position as the fourth largest two-wheeler EV manufacturer with 6,097 units sold in June 2024 and a market share of 7.66%, according to Vahan data. Its arch rival Ola Electric stayed on top with sales of 36,716 units, controlling a market share of 44%. The company recently said that it will set up its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will produce electric two-wheelers as well as battery packs.

CredAble raises Rs 30 Cr from SIDBI

EntrackrEntrackr ยท 1y ago
CredAble raises Rs 30 Cr from SIDBI
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Fintech startup CredAble has raised Rs 30 crore ($3.6 million) in debt funding from SIDBI. The fund will be used to scale up its operations and extend affordable financing solutions to MSMEs and women-led businesses in India, CredAble said in a press release. Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions. Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs. CredAbleโ€™s platform hosts over 125 corporate customers, over 3,50,000 small business borrowers, and more than 35 large financial institutions and banks. The company recently had dedicated Rs 200 crore to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months. In March, CredAble raised $10 million in a new round from Singapore-based Equentia Natural Resources. It has raised nearly $60 million to date. CredAbleโ€™s revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. In pursuit of growth, the losses of the company surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.

CityMall to raise Rs 55 Cr in debt; expands ESOP pool

EntrackrEntrackr ยท 4m ago
CityMall to raise Rs 55 Cr in debt; expands ESOP pool
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Grocery-focused social e-commerce platform CityMall has raised Rs 55 crore approximately $6.3 million in debt from Trifecta Venture debt fund and Alteria Capital Fund. The board of CityMall has passed a resolution to issue 400 series X NCDs to Trifecta Venture and 1,500 series X1 NCDs to Alterial Capital Fund having face values of Rs 10 lakh and 1 lakh, respectively, to raise the above sum. According to filings, the company will utilize this debt funding for the expansion and growth of the company's business. CityMall's board has expanded its ESOP pool by adding 1,03,300 new options worth Rs 47 crore, increasing the total pool to 3,73,200 options valued at Rs 171 crore. Notably, every 100 ESOP options will be converted into one equity share, a separate resolution shows. CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. The company also plans to add new categories such as beauty through this network. The firm has not raised external capital (debt or equity) for the past three years. The firm last raised $75 million in funding led by Norwest Venture Partners in March 2022, where it was valued at $320 million. According to the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. CityMallโ€™s gross revenue (GMV) increased by 23% from Rs 346 crore in FY23 to Rs 427 crore during FY24. The Angad Kikla and Naisheel Verdhan-led firm reported a loss of Rs 159 crore in the same period. DealShare, one of the early competitors of CityMall, pivoted to a hybrid model in 2023 from a community group buying model. The Tiger Global-backed company also faced a 75% decline in its revenue in FY24.

Exclusive: InMobiโ€™s Glance set to raise Rs 200 Cr debt

EntrackrEntrackr ยท 4m ago
Exclusive: InMobiโ€™s Glance set to raise Rs 200 Cr debt
Medial

Glance, a mobile-first content platform, is raising Rs 200 crore (around $23 million) in debt from Stride Ventures. This marks its first debt financing and the first fund infusion in three years, following its $200 million Series D round from Jio Platforms in February 2022. The companyโ€™s board has passed a special resolution to issue 20,000 non-convertible debentures to Stride Ventures at an issue price of Rs 1,00,000 each to raise Rs 200 crore, according to its regulatory filing accessed from the Registrar of Companies. The Singapore-incorporated company will utilize the proceeds for growth, expansion, and general corporate activities, as per filings. Glance is a mobile-first content platform that powers Glance Lock Screen, offering content and ads directly on mobile lock screens. Its Home Screen feature lets users personalize displays with news, movies, sports, travel, and games, among others. According to startup data intelligence platform TheKredible, Glance has raised a total of $390 million in equity funding from investors, including Reliance-owned Jio Platforms, Google, and Mithril. Glance reported a nearly 90% surge in operating revenue to Rs 600 crore in FY24 while incurring a loss of Rs 929 crore. Glance became a unicorn in December 2020 after raising $145 million from Google and US-based VC Mithril. The company was reportedly in talks to secure $250 million, led by Google. In 2023, Glanceโ€™s parent company, InMobi, raised $100 million in debt financing from MARS Growth Capital, a joint venture between MUFG and Liquidity Group.

Consumer lending app RING raises Rs 100 Cr debt from Trifecta Capital

EntrackrEntrackr ยท 1y ago
Consumer lending app RING raises Rs 100 Cr debt from Trifecta Capital
Medial

Consumer lending app RING has raised Rs 100 crore in venture debt from Trifecta Capital. With this, the Mumbai-based company has marked its first fundraise in 2024. RING will utilize the debt facility for on-lending and growing its balance sheet loan book, the company said in a press release. With this funding, Trifecta is extending its partnership with founders Krishnan Vishwanathan, Ranvir Singh, and the RING team, for a second time and with a larger cheque. Previously, RING secured Rs 50 crore debt from Trifecta in early 2022. As per the data intelligence platform TheKredible, the companyโ€™s parent firm OnEMi Technologies has raised over $150 million (equity + debt) to date from the likes of Brunei Investment Agency, Vertex Ventures, Ventureast, and more. NBFC Kissht is also a part of OnEMi Technologies. Business model and legal structure of the company RING provides personal credit to salaried and self-employed individuals in tier I, tier II, and tier III cities. With its own NBFC license and access to third-party balance sheets, RING claims to have achieved an AUM of over Rs 3,000 crore for the financial year ending March 2024, and serves more than 1 crore unique borrowers, the company said in a statement. RING offers loans up to Rs 5 lakh with flexible repayment options. It enables online and offline payments, bill payments, and UPI transactions. Kissht, on the other hand, provides instant credit for purchases at digital points of sale. It partners with NBFCs to offer easy loans through a network of more than 3,000 offline merchants and over 50 online stores in 40 cities. Recent developments In February last year, the website of Kissht was blocked following a notice from the Ministry of Electronics and Information Technology (MeitY) targeting over 200 gambling and lending apps, most of which appeared to be operated from China. Later, however, a government official clarified that this block might have been done inadvertently. It could be due to an error when dealing with apps that sound similar. After witnessing a dip in FY21, Kissht RINGโ€™s parent company managed nearly two-fold growth in scale to Rs 1,020.9 crore in FY23 from Rs 513.6 crore in FY22. The companyโ€™s profits shrank 5.8% to Rs 59 crore in FY23 against Rs 62.6 crore in FY22, which can be attributed to ESOP-related expenses. Visit here for more information.

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