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Community platform Hack2Skill raises $1 Mn in debt and equity

EntrackrEntrackr · 1y ago
Community platform Hack2Skill raises $1 Mn in debt and equity
Medial

Community platform Hack2Skill has raised $1 million in debt and equity financing round co-led by Recur Club and String Ventures. Founded in 2021 by Samkit Sharma, Hack2Skill is an operator of a hackathon platform intended for communities and corporations to manage hackathons in a better way. The platform features a suite of tools that help communities and corporations to manage hackathons, including registration, team matchmaking, event timeline, internal chat, and more, enabling companies to upskill developers by providing them with a platform to learn new skills, build projects, and earn rewards. Also Read: Recur Club plans to deploy Rs 2,000 Cr in 2024: Interview with Eklavya Gupta Hack2Skill claims to have a community of more than 2.5 million tech enthusiasts and focuses on empowering its community to find innovative solutions collaboratively by organising hackathons, workshops, and boot camps. Recur Club has disbursed over $100 million to over 500 companies, including Ustraa, Rage Coffee, Moveinsync, Keka HR, Xoxodays, and others. Last month, it invested in skincare brand Conscious Chemist.

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Neobanking startup Zolve raises $251 Mn in Series B round

EntrackrEntrackr · 4m ago
Neobanking startup Zolve raises $251 Mn in Series B round
Medial

Neobanking startup Zolve raises $251 Mn in Series B round Founded in 2021 by Raghunandan G, Zolve offers immigrants an FDIC-insured US bank account and a credit card without requiring a Social Security number in the United States. Cross-border neobanking startup Zolve has secured $251 million in an equity and debt funding round led by Creaegis, with participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, and existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global. This Series B round includes a $200 million warehouse line (debt) from Community Investment Management to fuel its growing credit portfolio across geographies. In October 2023, the company raised $100 million in a warehouse debt facility from US-based impact investor Community Investment Management (CIM). Zolve has bagged $406 million in equity and debt financing to date. This substantial investment comes as Zolve reaches the 750,000-customer mark, having facilitated the movement of over $1.2 billion. The firm claims that it became customer-level profitable in early 2024 and is on track for company-level profitability by the end of 2025. Zolve plans aggressive expansion into three key areas. Geographically, Canada is next, followed by the UK and Australia. The company will also expand its credit portfolio by launching auto loans, personal loans, and education loans. The firm aims to become a full-stack financial platform for global citizens, enabling seamless international money transfers, insurance, and investment products. This is the largest debt funding raised by an Indian-origin startup in 2025.

IPO-bound Ola Electric raises $50 Mn debt from EvolutionX

EntrackrEntrackr · 1y ago
IPO-bound Ola Electric raises $50 Mn debt from EvolutionX
Medial

Ola Electric has raised Rs 410 crore (approximately $50 million) via non-convertible debentures from EvolutionX. The board at Ola Electric has passed a resolution to issue 41,000 NCD (non-convertible debentures) at an issue price of Rs 100,000 each to raise Rs 410 crore, its regulatory filing sourced from RoC shows. This is the second debt financing for Ola Electric in the last six months. In October 2023, it received $385 million in a funding round mix of equity and debt from Temasek-led marquee investors and the State Bank of India (SBI). According to startup data intelligence platform TheKredible, the firm has raised more than $1 billion across equity and debt and was valued at $5.4 million during the last round. ET reported the development first. Ola Electric has been working on its lithium-ion cell manufacturing facility with an initial capacity of 5 gigawatt hours in phase I which will be further scaled up in phases to 100 gigawatt hours at full capacity. Besides focusing on electric scooters, the firm has also introduced its motorcycle line-up scheduled to be launched by the end of this year. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 5,500 crore ($660 million). As per the company, it will utilize the primary proceeds for the expansion of the capacity of its cell manufacturing plant, repayment or pre-payment of the indebtedness, investment into research and product development, and general corporate purposes. Ola Electric is the second IPO-bound company that raised debt financing in recent times. Last week, fintech firm MobiKwik raised Rs 50 crore ($6 million) in debt from BlackSoil Capital. Entrackr exclusively reported the development. Temasek-backed EvolutionX has backed notable companies like Udaan, Mensa Brands, PharmEasy and LendingKart.

Rebel Foods raises $13 Mn debt

EntrackrEntrackr · 1y ago
Rebel Foods raises $13 Mn debt
Medial

Cloud kitchen brand Rebel Foods has raised Rs 110 crore ($13.2 million) in debt from Alteria and InnoVen Capital. This is the fifth debt funding for the parent company of EatSure (previously Faasos) after its last equity round in 2021. The board at Rebel Foods has passed a special resolution to issue 11,000 Series G1 non-convertible debentures at an issue price of Rs 1,00,000 per debenture to raise Rs 110 crore, regulatory filings with the Registrar of Companies (RoC) show. Orbis Trusteeship (through Alteria) has invested Rs 65 crore while Vistra ITCL ( via InnoVen Capital) pumped in Rs 45 crore during the debt round. The tenure of paying Series G1 debt is up to 01 May 2027. According to filings, each debenture issued in the debt round shall be entitled to the interest of 13.90% per annum. The interest shall be payable on a monthly basis. In April last year, it raised Rs 75 crore ($9 million) in debt from Catalyst Trusteeship (Northern Arc) and Stride Ventures. In 2022, the Mumbai-based firm received Rs 230 crore across three debt fundings. Rebel Foods operates food brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, The Good Bowl, and Slay Coffee with more than 450 kitchens in over 70 cities. It has a portfolio of over 45 brands across multiple countries—India, United Arab Emirates (UAE), Saudi Arabia and the UK. The company is planning to take Oven Story Pizza offline and will open 250-300 outlets over the next two-three years. The Jaydeep Barman-led company entered the unicorn club after a $175 million Series F round led by Qatar Investment Authority in October 2021. The Peak XV-backed company raised its last equity round of $14.5 million in November 2021. Rebel Foods’s operating revenue surged to Rs Rs 1,258 crore in FY23 from Rs 856 crore in FY22. According to startup data intelligence platform TheKredible, its losses jumped to Rs 656 crore in FY23 from Rs 564 crore in the previous year. As per media reports, Rebel Foods is planning for an initial public offering (IPO) by 2025, making it the first firm from cloud kitchen space to list on the Indian stock exchange.

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