🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding

EntrackrEntrackr · 1y ago
Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding
Medial

BankBazaar, an online marketplace for financial products, has raised Rs 80 crore ($9.6 million) in its ongoing Series D round via private placement. This is the first round of investment for the firm in 2024. The board at BankBazaar has passed a special resolution to issue up to 22,821 Series D2 CCPS at an issue price of Rs 3,727 each to raise Rs 80 crore, its regulatory filing sourced from the RoC shows. According to the filings, the company will deploy this fund for purposes like meeting capital requirements, expansion, and growth. BankBazaar has already received Rs 46.35 crore in three tranches while the rest of the amount will flow to its account soon. The Peak XV Partners-backed firm also raised Rs 50 crore via non-convertible debentures and convertible share warrants from Vistra ITCL (India) Limited, separate filing reveals. As per TheKredible estimates, the Chennai-based company has been valued at around $217 million (post-allotment). BankBazaar is a co-branded credit card issuer that lets you check your credit score as well as cross-sells third-party loans and insurance products. As per the company website, it has partnered with more than 50 banks and has a customer base of over 50 million. The 15-year-old company has amassed over $110 million in funding to date from Amazon, GUS Holdings, Walden Investments, Eight Roads, and others. See TheKredible for the complete shareholding pattern. While the company claimed to achieve breakeven with revenue of Rs 250 crore in FY24, its revenue from operations saw a surge of 65.6% to Rs 159 crore in FY23 from Rs 96 crore in FY22. However, its losses stood at Rs 27 crore in FY23.

Dream11 shifts domicile from US to India

EntrackrEntrackr · 4m ago
Dream11 shifts domicile from US to India
Medial

Dream11 parent, Dream Sports Inc., has shifted its domicile from the US (United States) to India. The development comes months after introducing the fast track of a reverse merger. The board at Dream11 India, in January, passed a special resolution to approve the merger of Dream Sports Inc. with Sporta Technologies Private Limited under Section 233 of the Companies Act, 2013, its regulatory filing accessed from the Registrar of Companies shows. All the shares of Dream Sports Inc. will be transferred to Sporta Technologies Private Limited (Dream11 India) under the amalgamation procedure. “Dream Sports is leveraging tech to unlock the massive potential of India’s sports ecosystem. We have completed a ‘ghar waapsi’ and are now an Indian domiciled business,” the company said in a statement. Last year, the amendment was introduced for a fast-track route under Section 233 of the Companies Act, 2013, which bypasses NCLT approval for certain cross-border mergers between a foreign holding company and its Indian subsidiary, subject to RBI approval. For context, the DGGI (The Director General of Goods and Services Tax) has issued Rs 1.12 lakh crore demand notices to Dream11 and other gaming companies by imposing a 28% tax on the full face value of player collections on a real gaming platform instead of an 18% tax on its revenue. After a certain number of pleas by the gaming companies, the Supreme Court of India granted a stay or temporary relief on the GST (Goods and Services Tax) show-cause notices issued to several online gaming companies. Dream11 has not filed its annual statements for FY24. During the fiscal year ended March 2023, the company recorded 66% year-on-year growth to Rs 6,384 crore, with profits standing at Rs 188 crore. With this, Dream11 has joined the likes of Zepto, Groww, and PhonePe, which have relocated their domicile to India. A bunch of companies, such as Flipkart, KreditBee, Pine Labs, Razorpay, and Meesho, have also been working on reverse flips.

FarMart bags $10 Mn through equity and debt funding

EntrackrEntrackr · 3m ago
FarMart bags $10 Mn through equity and debt funding
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.

Exclusive: Wify bags $2 million in pre-Series A round

EntrackrEntrackr · 1y ago
Exclusive: Wify bags $2 million in pre-Series A round
Medial

Construction and home improvement platform Wify has raised Rs 17.5 crore or $2.1 million in its pre-series A round led by Capria Ventures. This is the first round of investment for the Mumbai-based company this year. The board at Wify has passed a special resolution to issue 30,455 pre-series A CCPS at an issue price of Rs 5,747 each to raise Rs 17.5 crore, its regulatory filing accessed from RoC shows. Capria Ventures has poured Rs 8 crore while Duo Design and Optimistic Trading company pumped in Rs 3 crore and RS 1.5 crore, respectively. Existing investors Blume Ventures and Singularity Growth also participated with Rs 2 crore and Rs 3 crore each in the Pre Series A round.. Wify has secured $2 million in its last seed round in July 2022. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 128 crore (post-money) in its maiden financing round.. Founded in 2019 by Vikram Sharm and Deepanshu Goel, Wify is in the business of on-site installation and post-purchase services to businesses and brands. The four-year-old firm registered over two-fold year-on-year growth and posted Rs 24.47 crore revenue in FY23. Meanwhile, the losses for Wify stood at Rs 5.65 crore in the same period.

Download the medial app to read full posts, comements and news.