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Decoding Ultrahuman’s Series B: Deepinder Goyal pumped in $10 Mn

EntrackrEntrackr · 1y ago
Decoding Ultrahuman’s Series B: Deepinder Goyal pumped in $10 Mn
Medial

Wearable tech startup Ultrahuman had raised $35 million in a mix of debt and equity in its Series B round led by Deepinder Goyal and existing investors Blume Ventures, Steadview Capital, Nexus VP, and Alpha Wave. While the company didn’t disclose about Goyal leading the round, Entrackr has decoded his investment along with others including Ultrahuman’s cap table and valuation through its regulatory filings. The board at Ultrahuman passed a special resolution to allot 6,979 Series B CCPS at an issue price of Rs 3,00,170 each to raise Rs 209.4 crore or $25 million, its regulatory filing accessed from the Registrar of Companies shows. Zomato’s co-founder Goyal led the round with Rs 83 crore while Alpha Wave and Blume Ventures infused Rs 66.34 crore and 29.86 crore, respectively. Nexus Venture Partners, Steadview Capital, and Panthera Capital participated with Rs 12.42 crore, Rs 13.77 crore, and Rs 4.14 crore. At the time of announcement, Ultrahuman said that the Series B round consisted of $25 million equity and $10 million debt. It’s worth noting that Ultrahuman’s co-founders Mohit Kumar and Vatsal Singhal sold their first startup Runnr to Zomato in September 2017. Zomato leveraged Runnr which merged with Mumbai-based TinyOwl to raise its own delivery fleet. Ultrahuman has raised over $60 million, including $35 million in Series B and $17.5 million in Series A in October 2022. As per TheKredible estimates, the company has been valued at around Rs 1,039 crore or $125 million (post-allotment of Series B round). Following the fresh proceeds, Nexus emerged as the largest external stakeholder with 17.26% followed by Alpha Wave’s 14.8% stake. Goyal holds 8.58% of the company. The company also has an ESOP pool of around 10.84% Head to TheKredible for the complete shareholding pattern. Ultrahuman is a self-quantification platform that provides a smart ring called Ring Air, a glucose monitoring wearable M1 Live, and a blood testing product called Blood Vision, among others. Ultrahuman demonstrated impressive financial performance in FY23 and its operating revenue flew 4X to Rs 30 crore. At the same time, the company’s losses grew only 21.4% to Rs 71 crore during the same period. Levels Health, Super Sapiens and Oura are the global peers of Ultrahuman.

30 Startups To Watch: AI Startups That Caught Our Eyes In February 2024

Inc42Inc42 · 1y ago
30 Startups To Watch: AI Startups That Caught Our Eyes In February 2024
Medial

India's Generative Artificial Intelligence (GenAI) startup ecosystem is poised for exponential growth, with the market expected to surpass $17 billion by 2030. Inc42 has highlighted 30 promising GenAI startups to watch, with a majority based in Bengaluru. These startups are using GenAI tools and technologies to automate content creation, enhance user experience, optimize business processes, and improve decision-making. Some notable startups include Alltius, which offers AI assistants for enterprise applications, and Athina AI, which helps companies evaluate and ensure the safety of their AI models. Other startups focus on areas like synthetic data generation, recruitment automation, video content creation, and code error correction, among others. With the Indian AI ecosystem on the brink of rapid growth, these startups are at the forefront of innovation in the country.

Decoding Rapido’s $120 Mn unicorn round

EntrackrEntrackr · 1y ago
Decoding Rapido’s $120 Mn unicorn round
Medial

Mobility startup Rapido recently turned unicorn after raising $120 million in a Series E funding round from WestBridge Capital through its various investment vehicles including SETU AIF and Konark. While the firm didn’t announce the funding officially, Entrackr has sifted through its regulatory filings to decode every detail of the round which was entirely led by WestBridge —an uncommon deal in the ecosystem. The board at Rapido has passed a special resolution to issue 10 equity, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares at Rs 52,467 each to raise Rs 1,002 crore (approximately $120 million) from WestBridge Capital through its 3 investment vehicles including SETU AIF, Konark, and MMPL Trust. Notably, shares issued worth Rs 501 crore were fully paid-up shares while the other 50% is partly-paid up. This essentially means that Rapido will receive the partly paid amount (Rs 501 crore) in tranches. Rapido will use the proceeds for expansion and growth, as per filings. According to the startup data intelligence platform, TheKredible’s estimates, Rapido was valued at around Rs 8,517 crore (approximately $1.02 billion) in the series E round. With this investment, WestBridge remained the largest external stakeholder with 32.88%, followed by Swiggy and Nexus Ventures, which own 12.32% and 8.19%, respectively. See TheKredibe for the complete shareholding pattern. Rapido also claimed to have left Ola behind and became the number two player after Uber in the overall ride-hailing space (bike, auto, and cabs). As of March 2024, Uber processed 19.3 lakh rides on a daily basis while Rapido did 16.5 lakh rides a day followed by Ola which did 13 lakh rides, as per Rapido’s internal documents reviewed by Entrackr. While Rapido is yet to disclose FY24 numbers, the firm’s operating revenue surged 3X to Rs 443 crore during FY23. The steep growth in scale also caused a 54% spike in losses, which stood at Rs 675 crore in FY23.

KSKT raises $1.3 Mn in equity and debt round

EntrackrEntrackr · 3m ago
KSKT raises $1.3 Mn in equity and debt round
Medial

Kisaan Se Kitchen Tak (KSKT), an agri-commerce startup, has raised $1.3 million in a funding round led by Keiretsu Forum and Favcy’s 1stCheque Angel Network. The round includes a mix of equity and debt. The new capital will support expansion into over 20 cities, increase farmer onboarding to more than 50,000, and implement AI-based demand forecasting tools. Founded by Santosh Srivastava and Ishaan Hukku, KSKT runs a supply chain platform that connects over 5,000 farmers with over 32,000 customers, offering farm-fresh produce and essentials through B2B and B2C channels. The firm claims to have reported Rs 14.5 crore in revenue for FY25 and a 4X year-on-year growth. KSKT is aiming for Rs 100 crore in annual recurring revenue within three years. The startup is part of Favcy’s 1to10 Accelerator, a program focused on supporting revenue-generating startups from tier II and tier III cities. KSKT was selected for its early revenue and operational performance. KSKT reports a 68% repeat usage rate and 3% wastage, and plans to use the funding to strengthen its tech stack and expand reach.

Decoding $88.5 Mn Udaan-Shopkirana stock deal

EntrackrEntrackr · 1m ago
Decoding $88.5 Mn Udaan-Shopkirana stock deal
Medial

Udaan has acquired Shopkirana in an all-stock deal, marking a notable consolidation in the grocery commerce space. While both firms have termed the deal strategic, Entrackr’s analysis suggests it is an unremarkable acquisition from an investor’s perspective. According to regulatory filings, the board of Info Edge has approved the transfer of its entire 26.14% stake in ShopKirana, held through its wholly-owned subsidiary Startup Investments Holding Ltd (SIHL), to Hiveloop Technology Pvt Ltd (HEPL), a subsidiary of Trustroot Internet (Udaan’s parent entity) based out of Singapore. In return, Info Edge will receive 1.68 crore shares of Hiveloop Technology, which translates to around 0.91% of HEPL on a fully diluted basis. These shares are linked to 73,561 reference shares at the Udaan parent and are valued at approximately $23.13 million, as per the agreement. The swap pegs Shopkirana’s total enterprise value at roughly $88.5 million, based on the value attributed to Info Edge’s minority stake (26.14%). According to the disclosure, the transaction is subject to customary closing conditions mentioned in the agreements. According to Entrackr’s analysis, ShopKiarana will get a 3.48% value of Udaan’s India business as per the Info Edge holding in Udaan’s Indian entity. Shopkirana has raised over $50 million in its lifetime from Info Edge, Sixth Sense Ventures, Oman India Joint Investment Fund, and others. Founded in 2015, ShopKirana focuses on digitizing procurement for kirana stores across smaller cities such as Indore, Bhopal, Lucknow, Agra, Surat, and Meerut. Its integration with Udaan will expand the latter’s reach in high-frequency categories like fast-moving consumer goods (FMCG) and hotel, restaurant, and catering (HoReCa) business. For the fiscal year ended in March 2024, Shopkirana’s gross revenue decreased 6.26% to Rs 639.16 crore in FY24 from Rs 681.81 crore in FY23. However, the firm managed to reduce its losses by 30% to Rs 55 crore in FY24. The transaction is yet another indicator of the investor fatigue and challenges in the grocery commerce space. Firms have found it extremely difficult to squeeze out profits, even as scale has been relatively easier to acquire thanks to the sheer size of the category. Only the biggest will offer a market-based exit to investors, while consolidation might be the way out for the rest. ShopKirana has probably tried to become acquisition-ready by controlling costs, but paid a price in terms of topline growth. For Udaan, which has been on a push towards reducing EBITDA losses for the past two years, a stock swap is the best outcome while it hopes for an upside in due course. With any potential exit some time away, ShopKirana is a relatively low-risk acquisition that it will hope can surprise on the upside.

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