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Sportstech startup StepOut raises $500k in seed round

EntrackrEntrackr · 5m ago
Sportstech startup StepOut raises $500k in seed round
Medial

StepOut, an Indian sports performance analysis and ecosystem technology startup, has raised $500,000 in its seed round led by Rainmatter, founded by Nithin Kamath, CEO of Zerodha. The round also saw participation from IndigoEdge, Marwah Sports Group, and Misfits Capital. Founded by Jeet Karmakar and Sayak Ghosh, StepOut’s platform automates the tedious manual data collection process traditionally handled by coaches and analysts with a remote AI-powered SaaS setup requiring only uploading a video, saving 80% of time and effort. The platform assists in identifying players and tracks every event on the field to ensure 99% data accuracy. StepOut currently works with the likes of AFC Ajax from the Eredivisie and Rayo Vallecano from La Liga. The brand claims to have become the first Asian tech company to win the prestigious Reimagine Football competition, hosted by UEFA, AFC Ajax, The FA, KNVB, and City Football Group.

Dream11 parent set to invest $50 Mn in Cricbuzz

EntrackrEntrackr · 3m ago
Dream11 parent set to invest $50 Mn in Cricbuzz
Medial

Dream Sports, the parent company of fantasy gaming giant Dream11, is set to acquire a stake in Cricbuzz, the popular cricket media platform owned by Times Internet, according to two sources familiar with the matter. This would be the first major investment by the Mumbai-based firm in a cricket-focused content platform. “Dream11 is in the final stages of acquiring a 15% stake in Cricbuzz for $50 million,” said one of the sources, requesting anonymity. “The terms of the deal have been finalized, and the transaction is likely to materialize soon.” Founded in 2004 by Pankaj Chhaparwal, Piyush Agrawal, and Pravin Hegde, Cricbuzz started as a cricket-focused digital platform. In November 2014, Times Internet — the digital arm of the Times of India Group — acquired a majority stake in Cricbuzz for an undisclosed sum and later merged it with its cricket portal, GoCricket. “With Cricbuzz being one of India’s most visited cricket platforms, especially during major tournaments and the IPL, Dream11 will gain direct access to a highly engaged and relevant audience. This investment could help the fantasy gaming platform boost brand visibility, run targeted campaigns, and seamlessly integrate user acquisition funnels within Cricbuzz's content ecosystem,” said another source, who requested anonymity as the talks are private. According to sources, Cricbuzz closed FY25 with an estimated revenue of Rs 400 crore. However, Entrackr couldn’t verify this independently. Dream11 declined to comment on the story, while queries sent to Times Internet and Cricbuzz remained unanswered at the time of publishing.

Nazara acquires UK-based game publisher Curve Games for Rs 247 Cr

EntrackrEntrackr · 1m ago
Nazara acquires UK-based game publisher Curve Games for Rs 247 Cr
Medial

Nazara Technologies has announced the acquisition of 100% ownership in Curve Digital Entertainment Limited, a UK-based publisher of PC and console games, for Rs 247 crore ($29 million). The deal is being executed through its wholly owned subsidiary, Nazara Technologies UK Ltd, the company informed in a stock exchange filing on Tuesday. CDEL, a leading video game publisher for console and PC platforms, will become a step-down subsidiary of Nazara following the transaction. The deal also includes Curve’s six subsidiaries, such as Kuju Ltd, Runner Duck Games, and IronOak Games, which will be integrated into Nazara’s portfolio upon completion. CDEL is being acquired from Catalis Group, a UK-based media and entertainment company that owns a portfolio of interactive entertainment and QA/testing firms. The acquisition aligns with Nazara’s strategy to expand its footprint in premium game publishing globally. With a strong lineup of original IPs and a proven track record, Curve reported revenues of Rs 263.5 crore and EBITDA of GBP 10.6 million (approximately Rs 120 crore) in CY24. The acquisition is expected to strengthen Nazara’s presence in key gaming markets, including the US, UK, Japan, and South Korea. According to Nazara, the transaction will be funded through intra-group debt and is expected to close within 45 days, subject to regulatory clearances and other customary conditions. Recently, Absolute Sports, a subsidiary of Nazara Technologies and the parent company of Sportskeeda.com, signed definitive agreements to acquire TJRWrestling.net and ITRWrestling.com from Titan Insider Digital. In January 2025, it purchased two mobile games, King of Thieves and CATS: Crash Arena Turbo Stars, from Zeptolab for USD 7.7 million. Nazara has also set aside $100 million for future mergers and acquisitions to further its global expansion strategy. While Nazara has yet to file its Q4 FY25 results, its operating revenue rose by 67% to Rs 535 crore in Q3 FY25 from Rs 320 crore in Q3 FY24. During the period, the company’s profit fell by 53.6% year-on-year to Rs 13.7 crore.

Funding and acquisitions in Indian startups this week [12 - 17 Feb]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [12 - 17 Feb]
Medial

This week as many as 27 Indian startups raised funding amounting to nearly $162 million. These deals consist of five growth stage deals and 22 early stage deals. The early stage deals also include four startups which kept their transaction details undisclosed. Last week, 39 early and growth stage startups collectively raised around $240 million, including two undisclosed deals. [Growth-stage deals] Among the growth stage deals, five startups raised $74.2 million capital this week. B2B animal protein marketplace led the pack with $25 million funding followed by global student housing solution provider Amber and pet care product marketplace Supertails which raised $21 million and $15 million, respectively. Further, MSMEs-focused fintech lender FlexiLoans and electric vehicle manufacturing startup Tork Motors also scooped funding this week. [Early-stage deals] Equivalent to 18 early-stage startups secured funding worth $87.66 million during the week. Spiritual tech platform Astrotalk spearheaded the chart followed by metals supply chain company Metalbook, mobility fintech firm Moove, risk-focused compliance automation platform Scrut Automation and agrifood fintech platform Ayekart. The list further includes EV financing firm Ascend Capital, rewards-focused internet browser Veera, and travel-focussed social media platform Explurger among others. During the week, consumer medical startup Arcatron Mobility, digital banking platform Freo, D2C haircare brand iluvia and D2C ice-cream brand Frubon also raised capital but did not disclose the funding amount. For more information, visit TheKredible. [City and segment-wise deals] In terms of city-wise number of funding deals, Bengaluru-based startups again led the list with eight deals. This was followed by Delhi-NCR, Mumbai, Pune and Jaipur. The complete breakdown of the city and segment can be found at TheKredible. [Series wise deals] This week, around 14 startups raised funding in their Series A round followed by debt (5) and Pre-seed (3) deals. The list further includes Series B, Seed, and Series C funding deals. [Week-on-week funding trend] On a weekly basis, startup funding declined 32.5% to $162 million this week as compared to $240 million in the previous week. The average funding in the last eight weeks stands around $152 million with 23 deals per week. [ESOP buyback] Edtech company Classplus announced employee stock ownership plan (ESOP) buyback for more than 150 employees. This is the second buyback announcement by the company in the last three years. [Fund launches] The week witnessed four fund launches: Hyderabad Angles Fund (HAF) announced its maiden venture capital fund with a corpus of Rs 100 crore, Endiya Partners is set to launch its third fund between Rs 800 crore and Rs 1,000 crore, PedalStart announced a $250,000 Series-2 fund for early-stage startups, and InCred Alternatives Investments launched its maiden Category II AIF in private equity. [Layoffs/Shutdown] Fintech startup Wint Wealth reportedly fired around 20% of its workforce in an internal restructuring exercise impacting employees across departments, including marketing, sales, and tech. [Merger & Acquisition] Nazara Technologies’ subsidiary Nodwin Gaming International Pte Ltd is set to acquire e-sports and gaming company Ninja Global FZCO for $3.5 million. The move aims to bolster Nodwin Gaming’s presence in Turkey and the Middle East. The transaction will be conducted using a combination of cash and stock. Visit TheKredible to see series wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Unacademy to launch language learning app ▪️ Flathead founder launches a new venture, Aurm [Financial results this week] ▪️ With over 2X growth, Miko’s revenue crosses Rs 225 Cr in FY23 ▪️ Yatra churns profits in Q3 FY24, revenue crosses Rs 110 Cr ▪️ Bloom Hotels turns profitable with Rs 144 Cr revenue in FY23 ▪️ Smartworks crosses Rs 700 Cr revenue in FY23; losses up 44% ▪️ Zoomcar’s scale shrinks 19% in Q3 FY24, improves bottom line [News flash this week] ▪️ RBI asks Visa, Mastercard to suspend card-based commercial payments ▪️ NCLT accepts insolvency plea against Dream 11-parent over 7.6 Cr default ▪️ Ixigo and Ullu Digital next in line to go public, file DRHP [Entrackr’s analysis] After a nearly three-fold surge in funding last week, the weekly funding again shrank over 30% to $162 million this week. The week also witnessed the launch of four startup focused funds: Hyderabad Angels Fund, Endiya Partners, PedalStart and InCred. The Reserve Bank of India (RBI) has directed Visa and Mastercard to cease card-based commercial payments, impacting fintech companies such as Enkash, and Paymate, which facilitate these transactions. Additionally, the NCLT has accepted an insolvency plea against Dream11, citing a rent default exceeding Rs 7.6 crore. Regarding the recent developments with Paytm Payments Bank Limited (PPBL), the RBI has provided temporary relaxations for affected customers. They can make deposits, credit transactions, or top-ups in their accounts until March 15, 2024, instead of the earlier deadline of February 29, 2024. However, the nodal accounts of One97 Communications Ltd and Paytm Payments Services Ltd maintained by PPBL are to be terminated by February 29, 2024. Customers are allowed to withdraw or utilize their balances without any restrictions. In response, Paytm has shifted its nodal account to Axis Bank for merchant settlements. RBI deputy governor clarified that the crackdown on Paytm’s payments bank followed conversations and warnings. As a result, Paytm’s shares have plummeted to an all-time low. Additionally, ixigo and Ullu Digital have filed their Draft Red Herring Prospectus (DRHP) this week, signaling their intentions to go public soon.

Funding and acquisitions in Indian startups this week [15-20 Apr]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [15-20 Apr]
Medial

During the week, equivalent to 37 Indian startups raised nearly $310 million in funding. These deals include 10 growth-stage deals and 17 early-stage deals. Meanwhile, one growth-stage startup and nine early-stage startups did not disclose the amount raised. Last week, about 21 early and growth-stage startups collectively raised around $105 million capital. [Growth-stage deals] Among the growth-stage deals, 10 startups raised $225.86 million in funding this week. Cleantech startup GPS Renewables led the list with $50 million in debt funding. The list was followed by vernacular social media platform ShareChat, housing finance company Altum Credo, B2B procurement marketplace ProcMart, and aerospace components manufacturer JJG Aero which raised $48.86 million, $40 million, $30 million, and $12 million, respectively. Further, consumer lending app RING, ESG and accounting and reporting consultation provider Uniqus Consultech, education-focussed NBFC Varthana, QSR chain Wow! Momo, and provider of decentralized solar-hybrid mini-grids Husk Power Systems. Electric cycle maker EMotorad also secured undisclosed funding this week. [Early-stage deals] Subsequently, 17 early-stage startups scooped funding worth $83.76 million during the week. Climate-focused deeptech startup Ecozen spearheaded the list followed by training, certification, and recruitment services provider for grey collar Emversity (Beyond Odds), gaming startup LightFury Games, NBFC FincFriends, and shipping intelligence platform ClickPost. The list further includes quick-service burger chain Good Flippin’ Burgers, emergency healthcare provider Medulance, elder care startup VitusCare, RevOps startup Clientell, and SaaS-based customer experience startup ZEPIC among others. The list of early-stage startups also includes nine startups that kept the funding amount undisclosed: IWill, TraqCheck, Svish, Advance Mobility, IndoSup, Almonds Ai, 100KMPH, Payinstacard, and BlackCarrot. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 13 deals followed by Bengaluru, Mumbai, Pune, Kolkata, Patna, and Hyderabad. Segment-wise, fintech and e-commerce startups shared the top spot with six deals each. The list further counts healthtech, SaaS, foodtech, Gaming, and Automotive tech startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 16 deals while Series A deals are at the second position with 7 deals, both collectively forming around 30% of the total funding. Further, Debt, Series B, and Pre-Seed are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding grew 195% to $109.6 million as compared to around $105 million raised during the previous week. The average funding in the last eight weeks stands at around $267 million with 27 deals per week. [Departure] During the week, Arjun Mohan, the chief executive officer of Byju’s, stepped down from his position seven months after joining the edtech firm. His departure is part of the company’s efforts to restructure and streamline its businesses. [Fund launches] Four startup-focused funds were launched this week. The list includes a non-dilutive, grant-based fund (WTFund) for young entrepreneurs by Zerodha co-founder Nikhil Kamath. Venture capital firms Caret Capital and Ev2 Ventures teamed up to launch a new $50 million fund focused on India. Angel investing platform BizDateUp Technologies introduced a $24 million Category I Alternative Investment Fund (AIF) for technology startups. Additionally, Inviga Healthcare Fund (IHF), a new healthcare-focused private equity fund, raised $20 million in its first close. [Layoffs] Content-to-commerce platform The Good Glamm Group has reduced its workforce by 15% or 150 employees in the last 12-15 months, according to the company. The reduction in the workforce appears to be part of efforts to cut costs and extend the runway amidst a tight funding environment. [Mergers & Acquisitions] This week witnessed four merger & acquisition deals. Agilitas Sports acquired the brand license for the Italian sports brand Lotto from WHP Global. VerSe Innovation, the parent company of Dailyhunt, acquired Magzter, a digital newsstand with a vast library of premium magazines and newspapers. Aurionpro Solutions Limited announced the strategic acquisition of banking and insurance-focused PaaS startup Arya.ai. Moreover, OneVerse Gaming, a Metaverse and gaming tech startup, acquired the online poker platform PokerSaint, marking its fourth acquisition in the gaming sector. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Zomato unveils all-electric ‘Large Order Fleet’ ▪️ CASHe launches CASHe Green to forays into EV financing ▪️ Namma Yatri launches ride-hailing services in Bengaluru [Financial results this week] ▪️ LoadShare’s scale remains flat in FY23, losses shrink 19% ▪️ Heads Up For Tails posts flat scale in FY23; losses mount 5X ▪️ InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr ▪️ Otipy posts 50% GMV growth in FY24; losses down by 21% [News flash this week] ▪️ KreditBee plans ‘Ghar Wapsi’ from Singapore to India ▪️ Baron and Invesco mark up Pine Labs’ valuation ▪️ Jio-BlackRock JV to enter wealth management, stock broking biz ▪️ Swiggy merges Mall offering with Instamart ▪️ RBI’s draft KYC guidelines add burden and cost for payment aggregators ▪️ Bhavish Aggarwal plans $500 Mn IPO for Ola Cabs [Conclusion] After a significant drop in funding, the weekly funding again rose nearly 3X this week. The week saw three fund launches namely WTFund, Caret Capital, BizDateUp, and Inviga Healthcare Fund. The week also witnessed a layoff as The Good Glamm Group fired a part of its workforce. Fintech company KreditBee is relocating its domicile from Singapore to India, following a trend among new-age firms like Pine Labs, Groww, Razorpay, Meesho, and Zepto. US-based investment firms Baron Funds and Invesco have marked up the valuation of fintech unicorn Pine Labs, with Baron valuing it at $5.8 billion and Invesco at $4.8 billion as of December 2023. In another development, Swiggy is integrating Swiggy Mall with its quick commerce offering, Instamart, to expand its product range. Additionally, after postponing its IPO plans in 2021, Ola Cabs is preparing for a $500 million IPO at a valuation of around $5 billion, and reportedly planning to file draft papers with SEBI within three months.

Funding and acquisitions in Indian startups this week [11-16 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [11-16 Mar]
Medial

The second week of March saw 30 startups funding deals worth $287 million. These deals include six growth-stage deals and 20 early-stage deals. While one growth and three early-stage startups kept their transaction details undisclosed. Last week, about 27 early and growth-stage startups collectively raised over $307 million, including three undisclosed deals. [Growth-stage deals] Among the growth-stage deals, six startups raised $234 million in funding this week. SaaS-based B2B fintech firm Perfios led the pack with $80 million in funding and turned unicorn. Battery tech startup Lohum, healthtech data analysis firm HiLabs, and AI-based workflow automation platform Nanonets followed the list with $54 million, $39 million, and $29 million funding. Further, D2C beauty and personal care brand CureSkin and alternative credit platform BlackSoil also secured funding this week. Medical device maker S3V Vascular did not disclose the funding details. [Early-stage deals] As many as 20 early-stage startups scooped funding worth $53 million during the week. Debt relief platform FREED topped the list followed by E2E business guide provider RapidCanvas, geriatric care service provider Kites Senior Care, D2C bottled water brand Clear Premium Water, and type 2 diabetes and prediabetes focused platform Sugar.fit. The list further includes a provider of smart metering solutions for power distribution Kimbal Technologies, fintech startup TapFin, provider of mortgage finance LoanKuber (Janasha Finance), Binny Bansal-led end-to-end solutions provider to e-commerce firm OppDoor, and brand analytics platform GobbleCube among others. The list of early-stage startups also includes two that kept the amount undisclosed. The startups are The Quorum Club, Indicold, and IntelloSync. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 11 deals followed by Bengaluru with 10 deals. Pune, Mumbai, Ahmedabad, Kolkata, and Mysore are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, Seed and Series A funding deals shared the top spot with eight deals each. Five startups raised funding in Series B, followed by three pre-Series A, three pre-Seed, and two pre-seed deals. [Week-on-week funding trend] On a weekly basis, startup funding remained somewhat stable at $287 million across 30 deals. Last week, 24 startups raised around $307.8 million in funding. The average funding in the last eight weeks stands at around $229 million with 27 deals per week. [Mergers and Acquisitions] Metaverse and gaming technology platform OneVerse acquired two companies: Calling Station, and BatBall11. Fast-moving consumer goods (FMCG)-focussed BIA Brands has bought beauty brand Asa Beauty for an undisclosed amount to expand its foothold in the beauty and personal care (BPC) space. While IPO-bound food delivery major Swiggy has reportedly merged its premium grocery vertical InsanelyGood with its quick commerce unit Instamart. [Fund launches] The week witnessed three startup-focused fund launches. Venture capital fund 8i Ventures today announced the launch of ‘Origami’, a seed funding program aimed at supporting early-stage founders. Prath Ventures has raised Rs 120 crore in a second close co-led by SIDBI Funds and others. The fund will seek to deliver Indian consumption opportunities to its LPs while adhering to the standards of institutional fund management. Small Industries Development Bank of India (SIDBI) has secured $24.5 Mn from the Green Climate Fund (GCF) for its maiden anchored sustainability and climate focussed fund Avaana Sustainability Fund (ASF). [ESOP] Meesho announced the initiation of an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date. As per a report, CRED also initiated its fourth Accelerated Wealth Programme (AWP) for employees earlier this week, offering employees the chance to purchase additional stock options with an accelerated vesting period. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Magicpin forays into logistics aggregation space, launches Velocity ▪️ CoinSwitch founders to launch an investment platform by June [Financial results this week] ▪️ FabAlley and Indya-parent posts Rs 185 Cr revenue and Rs 45 Cr loss in FY23 ▪️ Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss ▪️ Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable ▪️ CoinSwitch’s scale dwindles 82% in FY23; posts Rs 385 Cr loss ▪️ Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still ▪️ Decoding the financial health of leading cloud kitchen startups ▪️ KaarTech posts Rs 359 Cr revenue in FY23; remains profitable ▪️ Stanza Living posts Rs 442 Cr revenue and Rs 495 Cr loss in FY23 [News flash this week] ▪️ Paytm gets NPCI nod to become third-party app provider for UPI ▪️ IB Ministry blocks 18 OTT platforms for publishing obscene content ▪️ Swiggy merges InsanelyGood with Instamart ▪️ IPO-Bound Ullu Digital faces complaints for pornographic content ▪️ Classplus named in cheating, forgery case by Abhinay Maths ▪️ Pune RTA rejects the applications of Ola and Uber for aggregator license ▪️ Pocket FM to raise $100 Mn in new funding from Lightspeed ▪️ JioCinema partners with Sharechat and Moj to showcase its sports content [Entrackr’s analysis] The weekly funding remained somewhat stable at $287 million across 29 funding deals. In a positive development, Meesho and CRED have reportedly initiated ESOP plans for their employees. Additionally, three VC firms launched startup-focused funds to support Indian entrepreneurs. Swiggy, the food delivery giant, has merged its premium grocery vertical, InsanelyGood, with its quick commerce unit, Instamart. The move comes as InsanelyGood operations are paused temporarily, with plans to integrate it into the Instamart offering. InsanelyGood, previously a standalone app, was integrated into Swiggy’s main app last year, receiving a separate tile alongside services like Instamart and others. The merger follows a scaling down of InsanelyGood’s operations from six cities to just Bengaluru, aimed at curbing cash burn. On a different note, Ullu Digital, an IPO-bound streaming platform, is under scrutiny for allegedly selling “pornographic” content involving school children. Various government bodies, including SEBI, the Ministry of Corporate Affairs, and MeitY, are investigating the platform following complaints. This investigation comes after the National Commission for Protection of Child Rights (NCPCR) raised concerns about the app’s content being accessible to children. The Pune Regional Transport Authority has rejected the pending applications of Ola and Uber for an aggregator license. The rejection was based on document discrepancies and failure to meet the standards outlined in the government’s Motor Vehicles Aggregators’ Guidelines, 2020. Used car marketplace Cars24 is piloting a new service in Gurugram that allows car owners to hire drivers on demand on an hourly basis. The service, launched earlier this month, offers options for round trips, one-way trips, and outstation journeys, with stringent driver verification and testing processes in place. Lastly, investment tech platform Jar is reportedly venturing into the peer-to-peer (P2P) lending space with its new offering, Jar Plus, in partnership with Mumbai-based NBFC, P2P LenDenClub. Jar Plus has been rolled out for select users and aims to connect lenders with potential borrowers, similar to other P2P lending platforms.

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