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Decentralised Crypto Exchange Brine Fi Bags $16.5 Mn Funding, Valued At $100 Mn
Inc42
·
1y ago
Medial
Decentralized crypto exchange (DEX) Brine Fi has raised $16.5 million in a Series A funding round led by Pantera Capital, valuing the startup at $100 million. Brine Fi, founded in 2021, targets institutions and high-frequency traders. The platform uses StarkWare's zkP technology to enable privacy in crypto trading while claiming to provide fast, non-custodial order execution. This funding comes as investors turn to DEXs following concerns about centralized crypto exchanges, and Brine Fi aims to address issues like user interface, frontrunning, and limited support in the DEX market.
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Related News
WazirX Plans To Resume Trading, Launch New Decentralised Exchange
Inc42
·
9m ago
Medial
WazirX, a cryptocurrency trading platform, is planning to resume trading by implementing a Singapore scheme of arrangement. The scheme aims to provide liquidity and additional recoveries to WazirX users through rebalancing and tokenisation. Additionally, Zettai Pte Ltd, the company behind WazirX's crypto assets, will be launching a decentralised exchange (DEX) as a means to initiate recoveries.
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Purplle Snags $100 Mn From ADIA, Others With Eye On More Offline Stores
Inc42
·
1y ago
Medial
Abu Dhabi's sovereign fund ADIA has led a funding round for beauty ecommerce marketplace Purplle, contributing $100 million. The investment from ADIA, alongside participation from new investor Creaegis, valued Purplle at $1.2-1.3 billion, a 15% increase from its previous funding round in 2020. Purplle, founded in 2012, sells beauty products and appliances, and this new funding will support its growth and expansion in the Indian market.
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Exclusive: Whatfix bags $100 Mn in primary and secondary capital
Entrackr
·
10m ago
Medial
SaaS-based digital adoption solution provider Whatfix has scooped nearly $100 million in primary and secondary funding led by Sweet Nectar Investments (Warburg Pincus) and SoftBank. With this, the Bengaluru-based company has marked its first funding round in the last three years. The board at Whatfix has passed a special resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share to raise Rs 296.74 crore in primary capital, the company’s regulatory filings with the Registrar of Companies show. Additionally, the transaction also includes secondary funding worth nearly Rs 530 crore, the filings reveal. Whatfix aims to use the primary proceeds to expand and grow the business. Sweet Nectar Investments (Warburg Pincus) led the round with Rs 615 crore (Rs 271.7 crore primary and Rs 343.2 crore secondary) while the company’s existing backer SoftBank poured in Rs 210.5 crore (Rs 25 crore primary and Rs 185.5 crore secondary) funding. The secondary funding has been extracted from taking the same issue price under consideration. However, the transaction could also have taken place at a discount rate which reduces the overall amount raised. As per the startup intelligence platform TheKredible, Whatfix has been valued at around Rs 6,871 crore or $820-830 million (post-money). It has raised over $140 million before the fresh funding round. In June, the Economic Times reported that Whatfix is in talks to raise a new round which will see partial exits of early investors Helion Venture Partners and Eight Roads Ventures. Post allotment of the round, SoftBank increased its stake to 15.51% while Warburg Pincus’ Sweet Nectar Investments acquired 8.94% shares in the company (including the secondary transaction). Queries sent to Whatfix did not elicit an immediate response. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools can be used by large companies and organizations, and integrated into their own apps to help guide the workforce in using them more efficiently. Whatfix recorded a 65.7% growth in revenue from operations to Rs 285 crore while its losses also went up 31.2% to Rs 328 crore in FY23. Importantly, Whatfix generated the entire revenue from global markets: America, Europe, Asia Pacific, and the Middle East region. About 61% of the revenue emerged from the US followed by Europe. The company is yet to reveal its FY24 numbers.
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Coinbase circles CoinDCX after $44 mn crypto heist
Livemint
·
11d ago
Medial
Coinbase is reportedly in advanced talks to acquire India's CoinDCX, following a $44 million hack affecting the local crypto exchange. The potential deal could value CoinDCX, one of India's largest crypto exchanges, at below $900 million, a significant drop from its peak valuation of $2.2 billion three years ago. This acquisition would allow Coinbase to further its presence in India, where it already holds stakes in CoinDCX and competitor CoinSwitch.
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Nutrabay Bags $5 Mn To Tap On Supplement Offerings
Inc42
·
11m ago
Medial
Nutrabay, a supplement retailer founded in 2017, has secured fresh funding for its omni-channel expansion and product innovation. The company offers a variety of supplements from over 100 brands, including its private label products. In FY24, Nutrabay reported a significant 80% yearly growth compared to FY23.
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Lilac Solutions Raises $145M in Series C Funding
Finsmes
·
1y ago
Medial
Lilac Solutions, a lithium extraction technology company, has secured $145 million in Series C funding. The round was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures, with participation from various other investors. Lilac Solutions aims to scale global lithium production to support the electric vehicle industry and energy transition. The company's patented ion exchange technology allows for efficient and cost-effective lithium extraction from brine resources. The funding will be used to expand operations, increase manufacturing capacity, and deploy the company's technology in projects worldwide.
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Pocket FM Bags $100 Mn Funding From Lightspeed
Inc42
·
1y ago
Medial
Audio tech platform Pocket FM has reportedly raised $100 million in funding from venture capital firm Lightspeed Venture Partners. The startup is also said to be in talks with the Abu Dhabi Investment Authority (ADIA) for additional funding, as it plans to expand its presence in the US. Pocket FM offers a range of audio book content in multiple languages and genres, operating on a freemium model where users can purchase coins to access premium episodes. The company has seen significant growth, with a six to seven-fold increase in annualized revenue run rate (ARR) to $160 million in 2023.
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Investors count on blockbuster 2024 ahead of bitcoin halving
Economic Times
·
1y ago
Medial
Cryptocurrency investors are anticipating a significant year for crypto trading in 2024, with the listing of crypto exchange-traded funds (ETFs) and the upcoming Bitcoin halving day expected to drive a prolonged bull run. Indian investors are predicted to double their crypto holdings, currently valued at nearly $4 billion, as Bitcoin prices are projected to reach new all-time highs post-halving in April. Approval for Ethereum ETFs is also anticipated. The Bitcoin halving, occurring every four years, reduces the cryptocurrency's supply and historically leads to price surges. The next halving is expected in April 2024.
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Namdev Finvest Bags $19 Mn To Deepen Presence In Rural India
Inc42
·
1y ago
Medial
Jaipur-based non-banking financial company (NBFC), Namdev Finvest, has raised $19 million in a pre-Series C funding round led by Danish asset management company Maj Invest. The funding will be used to expand its presence in rural areas and continue offering business loans to micro, small, and medium enterprises (MSMEs), as well as green financing options for e-mobility and solar products. This funding comes just two months after Namdev raised $15 million in a Series B funding round. The company currently operates over 100 branches in seven states and has disbursed over 50,000 loans.
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FarMart bags $10 Mn through equity and debt funding
Entrackr
·
3m ago
Medial
FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore. SaaS-based food supply platform FarMart has raised Rs 84 crore (approx $10 million) through a mix of equity and debt funding. FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Besides equity funding, FarMart has issued non-convertible debentures to Stride and Trifecta Venture, totaling Rs 40 crore, the filing shows. The company will use the funds for growth, expansion, and general corporate purposes, as per filings. Entrackr estimates that FarMart has been valued at around Rs 1,800 crore (around $210 million) post-allotment in the latest funding round. FarMart’s B2B platform digitizes the supply chain for agricultural inputs and produce, connecting nearby buyers and sellers to reduce logistics costs associated with long-distance transportation. The company has a strong retailer network across central and northern India, though its presence remains limited in southern states and Jammu & Kashmir. The company has raised over $60 million to date, including its $32 million Series B round led by General Catalyst, with participation from existing investors, Z47, and Omidyar Network India. According to TheKredible, FarMart’s operating revenue grew 30% year-on-year to Rs 1,341 crore in FY24, while it reported a net loss of Rs 68 crore for the same period. GC India Investment Holdings Group, Z47, and ON Mauritius are among the company’s lead investors. Farmart directly competes with Info Edge-backed Gramophone, Kalaari-backed Agrim, Krishify, and others.
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