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Debt relief platform FREED raises $7.5 Mn in Series A

EntrackrEntrackr · 1y ago
Debt relief platform FREED raises $7.5 Mn in Series A
Medial

Debt relief platform FREED has raised Rs 60 crore ($7.5 million) in its Series A round led by Sorin Investments and Multiply Ventures, with participation from Piper Serica and other institutional funds. In May 2022, FREED raised $2.8 million in a pre-Series A round led by Inflection Point Ventures. With this latest investment, FREED aims to accelerate its growth trajectory, deepen its impact, and continue pioneering advancements in the debt relief landscape. Founded in August 2020 by Ritesh Srivastava, FREED assists individuals in navigating their debt challenges effectively. The company claims to have enrolled over 1,200 crore in stressed retail debt on its platform across more than 25,000 customers pan India. Besides FREED, Loan Settlement, Single Debt, and CreditQ, among others also compete in this segment. Sorin Investments, a venture capital firm set up by KKR’s Sanjay Nayar and Caravel Group’s Angad Banga, raised $100 million from multiple family offices for its debut fund in July 2022. Its portfolio includes Uniqus and Venwiz.

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DrinkPrime raises $3 Mn from SIDBI Ventures

EntrackrEntrackr · 1y ago
DrinkPrime raises $3 Mn from SIDBI Ventures
Medial

DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup, has raised $3 million from SIDBI Venture Capital Ltd. (SVCL), an investment management company and a wholly owned subsidiary of SIDBI. The Bengaluru-based startup had raised Rs 60 crore ($7.5 million) in a mix of equity and debt round led by Omidyar Network India, others in July 2022. Prior to that, it raised around Rs 21 crore in its pre-series A round led by Peak XV’s Surge in August 2021. Founded in 2016 by Vijender Reddy and Manas Ranjan Hota, DrinkPrime works towards enabling access to clean drinking water with Internet-of-Things (IoT)-enabled customised water purifiers on subscription to users. DrinkPrime currently provides clean drinking water access to over 2 lakh families across seven cities in India. With further expansion plans, DrinkPrime is also gearing up for its Series B fundraise. According to startup data intelligence platform, TheKredible, DrinkPrime reported an operating revenue of Rs 28.94 crore with a loss of Rs 27 crore in FY23. In the subscription model, DrinkPrime competes with Livpure, Acquaguard and ZunPure.

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.

Student housing startup Your-Space raises $8.2 Mn debt

EntrackrEntrackr · 5m ago
Student housing startup Your-Space raises $8.2 Mn debt
Medial

Exclusive: Student housing startup Your-Space raises $8.2 Mn debt Student housing startup Your-Space has raised Rs 70 crore (approximately $8.2 million) in debt led by existing investor Shantanu Rastogi, Managing Director of General Atlantic. The round also includes participation from other existing investors, including Castle Investments and Ajax Capital. The board at Your-Space has passed a special resolution to issue 10,14,493 compulsory convertible debentures (CCDs) at an issue price of Rs 690 each to raise Rs 70 crore, according to its January regulatory filing accessed from the RoC. Shantanu Rastogi led the round with an investment of Rs 25 crore, followed by new investor Ashish Kacholia, who will contribute Rs 10 crore. Other notable investments include Rs 7.5 crore each from Satyadharma Investments and Castle Investments, while Ajay Gupta’s family office, Ajax Capital, and Holy Basil Consultancy will invest Rs 5 crore each. The company has already received approximately Rs 51 crore out of Rs 70 crore while the rest of the amount will follow soon. The fresh proceeds will be used for working capital requirements, creditor payments, and other general business operations, the filings added. Notably, the conversion of debentures into equity shares will be done at the valuation of Rs 185 crore against the above-mentioned sum at a later date, the filings further added. Your-Space is a student housing company offering affordable PGs, hostels, and co-living spaces for both girls and boys. With over 60 smart spaces, the company integrates tech-enabled safety features, including facial recognition, biometrics, and digital locks. According to startup data intelligence platform TheKredible, the company has raised around $17.6 million in funding including both debt and equity including a $10 million Series A round raised in January 2022 led by Shantanu Rastogi. The Delhi-based company reported over 20% year-on-year growth in operating revenue to Rs 142.7 crore in FY24, compared to Rs 117.2 crore in FY23. The Delhi-based company also posted a loss of Rs 30.7 crore during the same period.

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