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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.

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Exclusive: StockGro secures Rs 50 Cr debt from Trifecta

EntrackrEntrackr · 3m ago
Exclusive: StockGro secures Rs 50 Cr debt from Trifecta
Medial

url: https://entrackr.com/exclusive/exclusive-stockgro-secures-rs-50-cr-debt-from-trifecta-9780883 Content: Social investment and stock market advisory platform StockGro raised Rs 50 crore ($5.7 million) in debt funding from its existing investor Trifecta Capital. This debt funding follows the Rs 205 crore ($25 million) raised in two tranches in January 2024 from Hindustan Media Ventures and Trifecta Capital. According to filings with the Registrar of Companies (RoC), StockGro’s board approved the issuance of 500 Series B non-convertible debentures at a face value of Rs 10 lakh each, raising Rs 50 crore from Trifecta Capital. Founded in 2020 by former venture capitalist Ajay Lakhotia, the Bengaluru-based StockGro is a fintech platform that simplifies stock market investing through SEBI-registered advisors, offering investment advisory, portfolio management, and educational resources to help users navigate the market. Recently, StockGro has launched Stoxo, India’s first AI-powered stock market research engine. It offers real-time, reliable insights to help retail investors make better decisions. According to startup data intelligence platform TheKredible, the BITCRAFT Ventures-backed company raised over $50 million in both debt and equity, including its $32 million Series A round raised in January 2022. While the company is yet to file its FY25 numbers, its revenue from operations fell 34% to Rs 86.5 crore in FY24 from Rs 131 crore in FY23. During the same period, losses surged 84% to Rs 101 crore.

Exclusive: Moneyview secures Rs 100 Cr debt, appoints independent directors

EntrackrEntrackr · 10d ago
Exclusive: Moneyview secures Rs 100 Cr debt, appoints independent directors
Medial

Exclusive: Moneyview secures Rs 100 Cr debt, appoints independent directors Consumer lending platform Moneyview has raised Rs 100 crore (about $11.4 million) in debt from RevX Capital and Motilal Oswal. The infusion comes at a time when the company has been gearing up for a potential public listing. According to the company’s filing with the Registrar of Companies (RoC), Moneyview’s board has issued 100 non-convertible debentures (NCDs) at a face value of Rs 1 crore each to raise Rs 100 crore. RevX Capital led the round with Rs 45 crore, followed by Motilal Oswal with Rs 40 crore, while Arthos Corporate and ElectroMech India contributed Rs 11 crore and Rs 4 crore, respectively. The Tiger Global–backed company is likely to raise more debt in multiple tranches of up to Rs 750 crore, according to the filing. According to a separate filing by the company in September, Moneyview has appointed Alpana Parida, Sameer Kumar Baiswala, and Anil Berera as non-executive independent directors of the company. Founded in 2014, Moneyview offers personalized products such as instant loans, cards, BNPL, and financial management tools, partnering with over 15 lenders. It also plans to expand into digital bank accounts, insurance, and wealth management services. The company claims to have over 65 million users and more than 5 crore app downloads. According to startup data platform TheKredible, the Bengaluru-based firm has raised over $240 million across multiple rounds from investors including Accel, Tiger Global, and Ribbit Capital. The company entered the unicorn club in September last year after raising $4.6 million from Accel and Nexus Venture Partners. On the financial side, Moneyview maintained its strong growth momentum and posted a 74% YoY increase in its revenue in FY25. Profits for the fintech unicorn grew 40% to Rs 240 crore during the year. As per media reports, Moneyview is eyeing to raise over $400 million (around Rs 3,400 crore) through its initial public offering (IPO) and has reportedly appointed Axis Capital, Kotak Mahindra, and others as its banking partners.

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

EntrackrEntrackr · 9m 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.

Ultrahuman raises Rs 100 Cr in debt from Alteria Capital

EntrackrEntrackr · 16d ago
Ultrahuman raises Rs 100 Cr in debt from Alteria Capital
Medial

Ultrahuman raises Rs 100 Cr in debt from Alteria Capital Ultrahuman has raised Rs 100 crore ($11.2 million) in venture debt from Alteria Capital, the company said in a statement. The Bengaluru-based wearable and health-tech firm will use the capital to expand its product stack, strengthen software-led revenue, and support its sports and research partnerships. Ultrahuman has raised over $71.2 million to date, including a $35 million Series B round led by Zomato founder and CEO Deepinder Goyal alongside existing backers. Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures, while co-founders Mohit Kumar and Vatsal Singhal jointly own 28.9% of the company. Ultrahuman generated Rs 565 crore in operating revenue in FY25, with the US contributing close to 60% of the total. The company reported a net profit of Rs 73 crore during the fiscal, compared to a loss of Rs 38 crore in FY24, supported by scale in the US market. In a recent interaction with Entrackr, Ultrahuman founder Mohit Kumar said the firm expects to more than double its revenue to around Rs 1,100 crore in FY26, based on its current annualised run rate (ARR). The fundraise comes at a time when Ultrahuman is dealing with a legal and regulatory challenge in the United States, its largest market. In May, Oura said Ultrahuman copied its smart ring design and patents, which led to a US order blocking Ultrahuman rings from entering the country. Ultrahuman has filed its own case in Delhi, saying Oura copied its sensor technology and health features. The company is also seeking confirmation on whether devices manufactured at its Texas facility would fall outside the scope of the import ban, which could determine the pace at which supply resumes.

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…

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