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Decoding Atlum Credoโ€™s $40 Mn primary and secondary round

EntrackrEntrackr ยท 1y ago
Decoding Atlum Credoโ€™s $40 Mn primary and secondary round
Medial

Digital payments company Altum Credo recently announced $40 million in its Series C round led by Z3Partners and Oikocredit. Apart from primary capital, the company also offered partial exit to its backers. While the company didnโ€™t disclose any details besides round size and investors, Entrackr has reviewed its regulatory filings to decode details such as round break up, shareholding, valuation, and secondary component in the deal. The board at Altum Credo has passed a special resolution to issue 300 equity and 1,99,99,700 Series C CCPS at an issue price of Rs 114 each to raise Rs 228 crore or $27 million as a primary capital, its regulatory filing accessed through the Registrar of Companies shows. Oikocredit and Z3 Partners (BII) invested Rs 80 crore and Rs 85 crore while British International Investment, Amicus Capital, and Avishkaar India pumped in Rs 26 crore, 12 crore, and 25 crore, respectively, in primary fundraising. According to the shareholder agreement between investors, there is also a secondary transaction where 1,03,96,040 shares have been sold worth Rs 118.5 or $14 million. Out of Rs 118.5 crore of secondary transactions, ABF (Avishkar Bharat Fund) sold Rs 79 crore worth of shares while promoters sold Rs 13.54 crore worth of shares. PS Pai and family purchased Rs 79 crore worth of shares in the secondary transactions from Avishakkar Bharat Fund and promoters. According to TheKredibleโ€™s estimates, the company has been valued at around Rs 1165 crore or $149 million post-allotment. Altum Credo provides financial accessibility for first-home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years. Following the fresh proceeds, Avishkaar remains the largest external stakeholder with 15.92% followed by Amicus Capital. Oikocredit and Z3 Partners command 7.62% and 8.09% stake of the company. Head to TheKredible for the complete shareholding pattern. While the company is yet to file its financial statements for FY24, Altum Credoโ€™s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. As per TheKredible, its profit shot up 99% to Rs 8.95 crore during FY23.

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Exclusive: Whatfix bags $100 Mn in primary and secondary capital

EntrackrEntrackr ยท 9m ago
Exclusive: Whatfix bags $100 Mn in primary and secondary capital
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 companyโ€™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 companyโ€™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 Pincusโ€™ 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.

Decoding Easebuzzโ€™s Series A round, valuation and captable

EntrackrEntrackr ยท 2m ago
Decoding Easebuzzโ€™s Series A round, valuation and captable
Medial

Decoding Easebuzzโ€™s Series A round, valuation and captable Digital payments company Easebuzz has raised Rs 240 crore (approximately $28.2 million) in its Series A round including Rs 200 crore ($23.5 million) in primary capital and Rs 40 crore ($4.7 million) in secondary capital. The board at Easebuzz allotted 2,53,285 Series A CCPS and 7 equity shares at an issue price of Rs 7,896 per share to raise Rs 200 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. This is the second funding round for the Pune-based company, before this, it raised $4 million in its seed round led by 8i Ventures, Varanium Capital, and Guild Capital. In the primary capital, Bessemer Venture Partners led the funding round with an investment of Rs 141.28 crore ($16.6 million), followed by existing investors Varanium Capital and 8i Ventures, who each contributed Rs 27 crore. Reed India Consulting also participated with an investment of Rs 4.7 crore. The proceeds will support business expansion, strengthen market presence, and fund investments in secure, scalable technology. They will also boost working capital, support marketing for customer growth and brand awareness, and address strategic corporate needsโ€”driving long-term growth and innovation in the digital payments sector. According to Entrackrโ€™s estimates, the company is expected to be valued at around $195โ€“$200 million post-allotment, a significant jump from its approximate $12 million valuation during the seed round. Easebuzz has raised $34 million to date. According to startup data intelligence platform TheKredible, 8i Ventures is the largest external shareholder with a 10.88% stake followed by Varanium Capital and Bessemer Venture Partners with 8.48% and 8.47%, respectively. Co-founder and MD of the company, Rohit Prasad holds a 27.84% stake. Notably, these shareholding percentages will change a bit following the secondary transaction disclosure. Founded in 2024, Easebuzz has established itself in the payment gateway space by catering specifically to small and medium-sized enterprises (SMEs). The company offers a comprehensive suite of plug-and-play APIs that facilitate seamless payment processing, disbursements, and financial operations. On a year-on-year basis, the company reported a 24% increase in its operating revenue to Rs 290 crore, while posting a profit of Rs 37.73 lakh during the same period. The platform also processed a Gross Transaction Value (GTV) of more than Rs 1,00,000 crore during the same period, according to the company. Easebuzz competes with some major players in the payment processing space including Razorpay, Cashfree Payments, Paytm, and PhonePe, among others.

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