🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

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

EntrackrEntrackr · 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 company’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 RING’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 company’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.

1

Related News

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

EntrackrEntrackr · 4m ago
CityMall to raise Rs 55 Cr in debt; expands ESOP pool
Medial

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. CityMall’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: Lendingkart raises Rs 100 Cr debt from Stride Ventures

EntrackrEntrackr · 1y ago
Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
Medial

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. It’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: Consumer lending startup Fibe raises $66 Mn

EntrackrEntrackr · 1y ago
Exclusive: Consumer lending startup Fibe raises $66 Mn
Medial

Digital lending platform Fibe (formerly EarlySalary) has raised Rs 547 crore or $66 million in Series E round led by TPG’s The Rise Fund and Kabira Holdings. This is the first round of investments for the Pune-based company in the past two years. The board at Five has passed a special resolution to issue 5,46,75,600 Series E CCPS at an issue price of Rs 100 each to raise Rs 547 crore, its regulatory filing accessed from the RoC shows. The Rise Fund led the round with Rs 133 crore while Kabira Holdings put in Rs 125 crore. Eight Road Ventures, Norwest Capital, and Trifecta participated with Rs 41.6 crore, Rs 62.5 crore and Rs 55 crore, respectively. Amara Partners and Chirate also invested Rs 29.17 crore and Rs 100 crore. According to filings, the company will use these funds for expansion and growth as per the business plan duly adopted by the board. This is a developing story…

Udaan raises Rs 300 Cr debt from Lighthouse Canton and others

EntrackrEntrackr · 8m ago
Udaan raises Rs 300 Cr debt from Lighthouse Canton and others
Medial

B2B e-commerce platform Udaan has raised nearly Rs 300 crore (over $35 million) in debt funding from Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. This is the first debt round for the Bengaluru-based company in the past year. The new funds are intended to strengthen Udaan’s balance sheet and support its mission of empowering small businesses across India, the company said in a press release. In December 2023, the firm raised a $340 million Series E round led by M&G Plc, with participation from existing equity investors Lightspeed Venture Partners and DST Global. Although this round provided a financial boost to Udaan, its valuation dropped by 59.3%, settling at $1.3 billion, down from a peak valuation of $3.2 billion. According to Udaan, the company is on track to achieve profitability, reporting a 60% increase in revenue and more than a 50% rise in daily transacting buyers in 2024. Udaan also claimed a 30% reduction in absolute EBITDA burn in the current calendar year. The eight-year-old company operates a marketplace across several categories, including lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, pharma, toys, and general merchandise. It claims to have a network of over 3 million retailers across 900 cities. Udaan has been actively cutting costs over the past year, as evidenced by layoffs. In December 2023, the company let go of more than 100 employees. While Udaan has yet to disclose its FY24 numbers, its gross revenue (GMV) dropped by 43.1% to Rs 5,629 crore in FY23, down from Rs 9,900 crore in FY22. However, its losses also narrowed by 33.7%, from Rs 3,132 crore in FY22 to Rs 2,076 crore in FY23.

EV financing startup Perpetuity Capital raises Rs 7 Cr

EntrackrEntrackr · 1y ago
EV financing startup Perpetuity Capital raises Rs 7 Cr
Medial

Perpetuity Capital, a fintech platform specializing in clean-tech mobility, has raised Rs 7 crore through Non-Convertible Debentures (NCDs) from N+1 Capital and RevX Capital. Perpetuity Capital plans to utilise these funds to enhance its lending capabilities and expand its loan book, particularly focusing on the regions of East India. This strategic move is aimed at promoting the adoption of environmentally friendly mobility solutions in these states. Led by Karamveer Dhillon, Perpetuity Capital helps delivery drivers and autorickshaw drivers avail finance to purchase electric vehicles for commercial use. In October 2023, Perpetuity Capital raised Rs 5 crore in debt from Clime Finance. In the electric vehicle financing space, Perpetuity Capital competes with Vidyut, Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. Revfin raised $14 million in Series B round led by Omidyar Network in December whereas Vidyut raised $10 million in February this year.

Exclusive: Oxyzo secures Rs 100 Cr debt

EntrackrEntrackr · 4m ago
Exclusive: Oxyzo secures Rs 100 Cr debt
Medial

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. Oxyzo’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.

Download the medial app to read full posts, comements and news.