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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.

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Deepinder Goyal to enter health and mental fitness space with ‘Continue’

EntrackrEntrackr · 9m ago
Deepinder Goyal to enter health and mental fitness space with ‘Continue’
Medial

Zomato co-founder and chief executive officer Deepinder Goyal has incorporated a new venture named Continue, which will focus on health tracking and mental wellness. However, the new venture is purely personal, with no Zomato involvement. Launched in April 2024 under the legal name Upslove Advisors Private Limited, the company’s shareholders—Deepinder Goyal (holding 99.9%) and Ashish Gotal (holding 0.1%)—contributed an initial capital of Rs 50 lakhs, as per a regulatory filing accessed from the Registrar of Companies (RoC) The domain Continue.com, marketed as “The Ultimate Health Tracker,” currently provides no additional details. The domain was registered under the new entity Upslove Advisors Private Limited. According to the RoC, Deepinder Goyal being the active director while Simrandeep Singh and Akriti Mehta have been appointed as additional directors of Upslove Advisors Private Limited. Based on their LinkedIn profiles, both Singh and Mehta have been with Zomato for the past 5 and 7 years, respectively. The new venture, Continue, is set to compete with Ultrahuman and Mindhouse, founded by former Zomato COO Mohit Kumar and co-founder Pankaj Chaddah, respectively. Notably, Goyal pumped in $10 million in Ultrahuman’s Series B funding. Zomato has shown a strong interest in the health and fitness segment, having previously acquired Fitso, which it later sold to Tata Digital-owned Curefit. With the launch of Continue (health), Deepinder Goyal now has his foot in several sectors, including food delivery (Zomato), quick commerce (BlinkIt), entertainment and ticketing (District), and B2B supplies (HyperPure). In July, Goyal entered the billionaire dollar club as the value of his holdings in Zomato surpassed Rs 8,400 crore ($1 billion). The move into new ventures might be surprising to some, as Zomato is hardly in cruise control mode as a business, despite moving into profits. The business remains volatile, with many issues that need addressing, besides sustaining profitability. Add to that the continuous parade of ‘co-founder’ exits, and one would imagine Goyal would have given a lot of thought to the move into a new personal project. The collegiate environment that has been projected at Zomato however fits in well with the move, with the firm showing a willingness to back ex-employees with ideas. One assumes Goyal has a plan to dilute his holdings in favour of relevant people who make an impact at Continue like the other ventures he has backed, without distracting him from his main job of running Zomato, as investors in the latter will also be hoping.

Ultrahuman Raises $35 Mn To Boost Research In Health Monitoring

Inc42Inc42 · 1y ago
Ultrahuman Raises $35 Mn To Boost Research In Health Monitoring
Medial

Bengaluru-based fitness and healthtech platform, Ultrahuman, has raised $35 million in a mix of debt and equity funding in a Series B round. The funding round included participation from investors such as Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and Zomato founder Deepinder Goyal. Ultrahuman plans to use the funds to expand its manufacturing capacity and conduct further research in the health tracking space. The startup offers health tracking and monitoring devices, including fitness rings, and aims to become the market leader in the smart rings space. Ultrahuman also provides a subscription-based fitness platform for better data monitoring and offers a range of workout content.

Decoding ProcMart’s Series B round, captable and valuation

EntrackrEntrackr · 1y ago
Decoding ProcMart’s Series B round, captable and valuation
Medial

B2B procurement marketplace ProcMart Mobility recently announced its $30 million Series B fundraising led by Fundamentum and Edelweiss Discovery Fund. While the Noida-based company did not disclose more details of the round, Entrackr sifted through its regulatory filings to decode the round break-up, captable, and exact valuation. The board at ProcMart has passed a special resolution to allot 33,521 Series B CCPS at an issue price of Rs 73,388.82 each to raise Rs 246 crore or $30 million, its regulatory filing accessed from the Registrar of Companies shows. Fundamentum led the round with Rs 102.5 crore while Edelweiss Discovery Fund and Paramark KB Fund pumped in Rs 86.1 crore and Rs 57.4 crore respectively. As per TheKredible estimates, the company has been valued at around Rs 724 crore or $88 million (post-money). Following the fresh proceeds, Sixth Sense Ventures is the largest external stakeholder with 21.16% followed by IndiaMART which holds 12.85% of the company. Its founder and chief executive officer (CEO) Anish Popli commands a 29.45% stake in the company after the Series B round. Head to TheKredible for the detailed captable. Founded in 2015, ProcMart provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalog management, and market intelligence. ProcMart claims to have been growing 100% Y-o-Y and profitable over the last three years. During FY23, it registered Rs 206 crore in gross revenue with Rs 1.68 crore profit. The company is yet to file its financial results for FY24. It directly or indirectly competes with Moglix, Infra.Market, Zetwerk, Ofbusiness, and IndustryBuying.

Ultrahuman in talks to raise $120 Mn

EntrackrEntrackr · 2m ago
Ultrahuman in talks to raise $120 Mn
Medial

Ultrahuman is reportedly in talks to raise $120 million in a new round led by WestBridge Capital. The development comes a year after the Bengaluru-based company’s $35 million Series B round. Moneycontrol, which reported the development first, said that some private equity funds may also participate in the round at a valuation of $550–600 million. According to TheKredible's estimates, the company was valued at $125 million after its Series B round. It has raised over $60 million to date from investors including Zomato founder and chief executive Deepinder Goyal, Nexus Ventures, Blume Ventures, and Alpha Wave. Ultrahuman is a self-quantification platform that offers a smart ring called Ring Air, a glucose monitoring wearable called M1 Live, and a blood testing product called Blood Vision, among others. The company also launched its luxury Rare smart ring collection earlier this year. The Mohit Kumar-led company recorded a significant jump in its operating scale to $74.5 million (approximately Rs 620 crore) for the calendar year 2024 (CY24). It claimed to have reported an 11% profit before tax (PBT) and an 8% EBITDA during the same period.

Decoding Snabbit’s Series B round, valuation and captable

EntrackrEntrackr · 1m ago
Decoding Snabbit’s Series B round, valuation and captable
Medial

url: https://entrackr.com/fintrackr/decoding-snabbits-series-b-round-valuation-and-captable-9331453 Content: Quick service platform Snabbit recently announced its $19 million Series B round led by Lightspeed with the participation of existing investors Nexus Venture Partners and Elevation Capital. The board of Snabbit is set to approve the allotment of 65,165 Series B compulsory convertible preference shares at an issue price of Rs 24,914.93 each, to raise Rs 162.35 crore (approximately $19 million), its regulatory filing accessed from Registrar of Companies (RoC) shows. Lightspeed is expected to invest Rs 94 crore ($11 million), while existing investors Nexus Venture Partners and Elevation Capital will contribute Rs 34.18 crore ($4 million) each. According to Entrackr’s estimates, Snabbit will be valued at Rs 684 crore (around $80 million), a 3.5X increase from its $23 million valuation in the previous Series A round. Founded in 2024 by Aayush Agarwal, Snabbit connects households with trained professionals for on-demand home services like cleaning, dishwashing, and laundry. Experts can be booked by the hour and arrive within 10 minutes. The platform currently hosts over 600 professionals, doubling monthly, according to Agarwal. Following the allotment of the new round, Nexus Venture Partners and Elevation Capital will hold 23.69% and 19.92% stake, respectively, while new investor Lightspeed will own 13.75%. Founder Aayush Agarwal will retain a 36.08% stake in the company. The Mumbai-based company has raised over $25 million across 3 rounds including $5.5 million in Series A round led by Elevation and Nexus earlier this year. Snabbit directly competes with the industry leader Urban Company which recently filed its Draft Red Herring Prospectus (DRHP) with SEBI for a Rs 1,900 crore initial public offer (IPO) and also entered into quick commerce with the launch of 15-minute maid booking service, “Insta Help”. Snabbit also competes with another 10-minute house help service startup, Pronto which raised $2 million from Bain Capital at a valuation of $12.5 million.

Decoding Rapido’s $120 Mn unicorn round

EntrackrEntrackr · 11m 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.

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