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Medical tourism company Global Care raises $3 Mn

EntrackrEntrackr · 10m ago
Medical tourism company Global Care raises $3 Mn
Medial

Non-hospital medical tourism company Global Care has raised $3 million in Series A funding round led by 35North India Discovery Fund – II. The funds will be used to build clinical excellence through strategic consulting and facilitating convenient access to patient care, Global Care said in a press release. Launched in 2016 by Rajeev Taneja, Global Care offers cutting-edge medical care across specialties in India, Turkey, Dubai, Egypt, Germany, and Thailand. It aims to bridge healthcare divides worldwide. The company intends to expand healthcare services internationally and create a global ecosystem of clinical services as healthcare consultants covering aspects like building clinical corridors while supporting patients who cannot be treated in their home country. According to Global Care, it will focus on Eastern Africa, Francophone Africa, the Middle East, Central Asia, SAARC nations, South-East Asia, as well as the Middle East, and North Africa for its expansion. India Discovery Fund – II has backed companies like SpeedLabs (Teevra Edutech), Nukleus Office Solutions, Cloud Tailor, Stupa Analytics, Big Bang Boom Solutions, Aatwri Aerospace and Defence, HomePecked, and Beshak.

Funding and acquisitions in Indian startup this week [16 - 21 Sep]

EntrackrEntrackr · 9m ago
Funding and acquisitions in Indian startup this week [16 - 21 Sep]
Medial

During the week, 36 Indian startups raised around $628.24 million in funding. These deals count 14 growth-stage deals and 17 early-stage deals while 5 startups kept their transaction details undisclosed. Last week, 24 early and growth-stage startups cumulatively raised over $228 million in funding. [Growth-stage deals] Among the growth-stage deals, 14 startups raised $566.44 million in funding this week. Edtech startup Physics Wallah spearheaded with a $210 million funding round. SaaS-based digital adoption solution provider Whatfix raised $100 million followed by, API infrastructure platform M2P Fintech, omnichannel diagnostics service provider Redcliffe, digital infrastructure company iBUS, and mobility startup Everest Fleet with $50 million, $42 million, $34 million, and $30 million in funding, respectively. Swiggy continued to onboard big names under its investor list, including Madhuri Dixit, Ritesh Malik, and Moder Insulators in its pre-IPO funding. [Early-stage deals] Further, 17 early-stage startups secured funding worth $61.8 million during the week. Fintech startup Kaleidofin led the list followed by data intelligence platform e6data, luxury wellness clinic chain The Wellness Co (Rollins International), SaaS-enabled marketplace for metal manufacturers NowPurchase, and vacation home rentals platform ELIVAAS among others. As many as 5 startups that did not disclose the funding amount raised are; Venttup, Kaatil, Salt Oral Care, Ticket9, and TraqCheck. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 12 deals followed by Delhi-NCR, Mumbai, Chennai, Hyderabad, and more. Segment-wise, E-commerce, SaaS, and Fintech startups are on the top spot with 5 deals each. Healthtech, HRtech, Foodtech, Proptech, Edtech, and Telecom startups followed this list among others. [Series-wise deals] During the week, seed funding deals are on top, with 10 deals followed by 7 Series A, 5 Series B, 3 Series C, and more. [Week-on-week funding trend] On a weekly basis, startup funding surged 174.59% to $628.24 million as compared to around $228.79 million raised during the previous week. The average funding in the last eight weeks stands at around $393 million with 28 deals per week. [Fund launches] z21 Ventures announced the first close of its $40 million Fund II, with WestBridge Capital investing $20 million. Capital A launched its second fund, targeting a corpus of Rs 400 crore, focused on sectors such as manufacturing, deeptech, climate, and fintech. Shivalik Investment Fund secured 50% of its targeted corpus of Rs 150 crore for its inaugural fund, with plans to raise an additional Rs 150 crore. [Key hirings and departures] Bizongo reshuffled its management by onboarding Kiran Dev, Prahlad Krishnamurthi, Gaurav Singhania, and Amol Wanjari. While Amazon, Yum! Brands and ACT Fibernet hired Samir Kumar, Rohan Pewakar, and PVV Srinivas Rao, respectively. Meanwhile, Nine months after joining Ola Consumer (Ola Cabs) as global chief business officer (CBO), Sidharth Shakdher quit the firm. [Mergers and Acquisitions] As many as five acquisition deals happened this week. Fintech startup Veefin acquired a 26% stake in EpikIndifi, infra solutions provider Acru by Stockal, influencer marketing brand OPA by Wondrlab, and computer vision firm AJA Vision Technologies by Marsh Harrier. Oyo also marked one of its largest acquisitions by snapping up G6 Hospitality, which operates Motel 6 and Studio 6 brands. [Layoffs] Byju’s-owned Aakash Educational Services Limited (AESL) laid off 80 to 100 employees over the past couple of months. Several long-time employees, some with over 4 years of service, were also laid off in the past few weeks. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] MobiKwik’s Zaakpay partners Meta to offer in-app payments on WhatsApp GoMechanic gears up for EV workshop expansion [Potential Deals] Moglix to invest $50M in Credlix expansion to US, Mexico D2C brand Kapiva to raise ~$40 Mn funding Qure.ai eyes $60 Mn funding to expand operations [Financial results this week] Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 46% KrazyBee ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56% [News flash this week] MensXP looks to break free from Mensa Brands EY resigns as advisor to BYJU’S IRP amidst controversy: Report Quick Commerce players under CCI scrutiny PhonePe captures 50% of UPI market share by value in August Elara Capital sees a lower valuation for Swiggy compared to Zomato Infibeam entering UPI payments with a new app RediffPay Amazon selects 7 Indian startups for global accelerator program Ola Electric can achieve EBITDA breakeven by FY27: Goldman Sachs [Conclusion] The weekly funding jumped around 175% to $628.24 million this week. The week also saw three startup-focused fund launches namely Z21 Ventures, Capital A, and Shivalik Investment Fund. India Lifestyle Network (ILN), the parent company of MensXP, iDiva, and Hypp, is exploring a separation from its parent company, Mensa Brands. ILN founder Angad Bhatia is in talks with investors about acquiring Mensa’s stake and operating as an independent entity. The move is driven by differing growth priorities and Mensa’s inability to provide sufficient capital. Once separated, ILN plans to raise capital and expand its operations, including restarting its influencer-commerce business. The insolvency proceedings of BYJU’S have taken another turn with the resignation of EY as advisor to the IRP, Pankaj Srivastava. This news comes amidst growing controversy surrounding Srivastava, who has been facing legal challenges from multiple creditors of the company. The resignation of EY further complicates the situation and raises questions about the future of BYJU’s restructuring process. Elara Capital believes Swiggy will likely have a lower valuation than Zomato. This is primarily due to Zomato’s larger business size, faster growth rate, and stronger market position, particularly in the quick commerce segment. Zomato has also achieved profitability in certain segments, while Swiggy is still working towards that goal. Since its IPO, Zomato’s valuation has surged significantly, reaching a market capitalization of $28.55 billion. This suggests that investors have placed a higher premium on Zomato’s growth prospects and performance compared to Swiggy. PhonePe solidified its position as the leading UPI player in India, capturing over 50% of the market share in August. This growth is attributed to its user-friendly interface, extensive network, and innovative features. Infibeam Avenues Limited is taking a big leap into the competitive world of UPI payments. Their new app, RediffPay, aims to disrupt the market currently dominated by giants like PhonePe and Paytm. This move comes after Infibeam acquired a majority stake in Rediff.com, hinting at a bigger play in the consumer digital finance space. With RediffPay, Infibeam hopes to offer a comprehensive financial services platform, potentially including insurance, lending, and investment options. The All India Consumer Products Distributors Federation (AICPDF) has filed a complaint against quick commerce players like Blinkit, Zepto, and Instamart, alleging predatory pricing and deep discounting practices. The Department for Promotion of Industry and Internal Trade (DPIIT) has referred the complaint to the Competition Commission of India (CCI) for investigation. The CCI will now examine the practices of these quick commerce companies to determine if they violate competition laws.

Agritech startup Arya.ag gets $19.8 Mn debt commitment from DFC

EntrackrEntrackr · 8m ago
Agritech startup Arya.ag gets $19.8 Mn debt commitment from DFC
Medial

Grain commerce platform Arya.ag has secured a $19.8 million commitment from the United States International Development Finance Corporation (DFC) to guarantee a debt facility for its agri-commerce subsidiary, Aryatech. Arya.ag has become the first agritech startup to get close to secure two financing rounds in 2024, following a $29 million equity raise in July. The new funds will bolster Arya.ag’s capacity to connect farmers and farmer producer organizations (FPOs) with buyers nationwide, ensuring payment security, transaction transparency, and better market access, as noted in the company’s press release. Arya.ag connects sellers and buyers of agricultural products, facilitating efficient commerce and reducing waste to benefit the entire market. By integrating warehouse discovery, farmgate-level storage, finance, and market linkages, the company offers an end-to-end solution that builds trust across the agricultural value chain. Currently operating in 60% of India’s districts, Arya.ag manages over 11,000 agri-warehouses and claims to aggregate and store $3 billion worth of grain annually, while facilitating the disbursement of over $1.5 billion in loans to smallholder farmers, FPOs, and other stakeholders. Arya.ag reported a profit for the fiscal year ending March 2023. The company’s gross scale grew by 49.48% year-on-year to Rs 290 crore in FY23, while its profit surged 11-fold to Rs 7.58 crore during the same period. According to the company, its net revenue rose to Rs 360 crore in FY24, with a net profit of Rs 17 crore. Arya.ag has yet to file its audited annual report for the last fiscal year. Arya.ag competes with companies like DeHaat, Ninjacart, and Bijak. Following a substantial fundraising boom in 2021 and 2022, agritech startups are now facing challenges in securing venture capital for larger funding rounds. Data compiled by TheKredible indicates that agritech startups have raised approximately $170 million across more than 30 deals in 2024 to date.

Indian startups raise $900 Mn in February: Report

EntrackrEntrackr · 1y ago
Indian startups raise $900 Mn in February: Report
Medial

Funding inflow improved in February on the back of a couple of large rounds of growth-stage firms. Some early-stage startups also received decent traction. At the same time, the Indian startup world continued to battle with ongoing challenges like layoffs and departures of key executives. Indian startups mopped up nearly $900 million across 121 deals in February, as per data compiled by TheKredible. This included 25 growth-stage deals worth $585 million and 83 early-stage deals amounting to $313.5 million. There were 13 undisclosed rounds. [Month-on-Month and Year-on-Year trend] February registered a modest jump in funding from $732.7 million in January. Even on a year-on-year basis, February 2024 surpassed the February 2023 funding mark of $845 million. Unlike January, February saw three-digit funding as Shadowfax raised $100 million in a new round. The M-o-M and Y-o-Y trends can be seen below. [Top growth stage deals] Flipkart-backed logistics company Shadowfax topped the charts with $100 million in a Series E funding round led by TPG NewQuest. While the company did not disclose its valuation, it is estimated to have reached closer to entering the unicorn club. SaaS firm Capillary Technologies saw $95 million in funding via a secondary round. Other funding rounds in the growth stage were below $50 million which included EV startup River, e-commerce company Kushal’s, and seafood company Captain Fresh. Rentomojo and Zeno Health also raised $25 million each. [Top early-stage deals] Blockchain startup Avail, spiritual tech startup AstroTalk, and metal supply chain company Metalbook led the chart with $27 million, $20 million, and $15 million in funding, respectively. Notably, the top eight startups in the early stage raised at least $10 million each in their new fundraise. The list counts Keus, OTO, Moove, Vidyut, and Interview Kickstart. [Stage-wise deals] Series-wise, Seed and Series A startup funding deals co-led the list with 33 deals each during February. Pre-Seed and Pre-Series A deals stood at 12 and 10, respectively. Among growth stage deals, Series B, Series C, Series D, and Series F are next on the list while as many as 10 startups raised debt funding during the month. [City-Segment] In terms of city-wise deals, Bengaluru retained the top spot with 45 deals worth around $482.6 million, or close to 54% of the total funding raised during February. Delhi-NCR and Mumbai-based startups were the next with 26 and 25 deals, respectively, collectively amounting to $311 million. Pune saw 9 deals followed by Hyderabad, Chennai, Jaipur, and Ahmedabad among others. E-commerce startups re-captured the top position this month in terms of segment-wise number of deals with 27 deals. This was followed by healthtech (12), fintech (10), and SaaS (10). EV, proptech, AI, edtech, and food tech startups also made it to the top 10. [Most active investors] Early stage venture capital firm Blume Venture and venture debt firm Stride Ventures have emerged as most active investors in February with 5 investments each. Fireside Ventures was next on the list with four deals followed by 9Unicorns, Antler India, IAN, Omidyar, and others. The full list can be found at TheKredible. [Mergers and acquisitions] February witnessed 12 mergers and acquisitions deals. Acquisition of investing platform Kuvera by CRED, LotusPay by Juspay, cybersecurity startup Difenz by Signzy, gaming firm Ninja Global FZCO by Nodwin, and seafood platform CenSea by Captain Fresh were some of the notable deals during the period. In comparison, January saw nine mergers and acquisitions deals. [Layoffs, Shutdowns, and top-level exits] Like January, the layoffs spree continued in February as more than 350 employees were let go of across six startups. Log9 Materials topped this list with 115 employees followed by Licious, Waycool, and Polygon. Meanwhile, Indian startups also saw 10 top-level exits. Flipkart alone saw three departures including senior vice presidents Amitesh Jha, Dheeraj A, and Bharat Ram. Paytm Payments Bank also saw the exits of two independent directors and the surprising exit of Vijay Shekhar Sharma who was the part-time non-executive chairman and board member of the company. The full list can be found here. [Conclusion] It might be early signs, but we would venture to say that the situation is actually improving steadily, as over a year of relatively tough market conditions have ensured a higher focus on resilience in startups. A booming stock market has also meant that amidst all the gloom of a shrinking job market, investible funds do exist for the right idea, and newer segments like Proptech that are riding the real estate boom are set to make a splash with a few big deals sooner than later. As expected, the AI rush is not getting anywhere in a hurry, and the impact will be visible over a much more extended period of time. Climate tech can also be expected to make a serious play for investor funds soon, with new opportunities in carbon markets and more. Global realignments that are underway across manufacturing and soon, services as well, augur well for India in the medium to long term, and we will soon see the first, early bets on these shifts being placed soon. While many will see the upcoming elections as a crimp for the coming quarter, we believe it will be a good time to see just how far investors have moved away from counting on favourable policies, and looking instead at stable and consistent policies to base their thesis on.

Indian startups raise $1 Bn in July: Report

EntrackrEntrackr · 11m ago
Indian startups raise $1 Bn in July: Report
Medial

After closing the first half year on a promising note, Indian startups managed to cross the $1 billion monthly funding run rate in July too. Startups are also anticipating favorable market conditions with many set for their stock market debut in early August, be it Ola Electric or Infra.Market later in the year. Meanwhile, the Indian government has abolished angel tax which is seen as a positive for the entire ecosystem. As per data compiled by TheKredible, Indian startups raised over $1.03 billion across 126 deals in July. This consisted of 28 growth stage deals amounting to $725 million and 72 early stage deals worth $311.83 million. Meanwhile, there were 26 undisclosed transactions mainly in early-stage deals. [Y-o-Y and M-o-M trend] While the last month saw a sharp decline in funding from $1.93 billion in June, this is the highest funding for July in the past three years. The sudden jump in June was steered by Zepto’s $665 million megaround followed by Flipkart, PharmEasy and Lenskart. Indian startups have raked in $8 billion in the first seven months of 2024. If the trend continues, the overall funding is comfortably expected to cross the $11 billion milestone of 2023. To recall, Indian startups saw $38 billion and $25 billion funding in 2021 and 2022, respectively. [Top 10 growth stage deals] There were two $100 million plus deals in July with Purplle and Rapido raising $120 million each. Bike taxi firm Rapido also turned unicorn and became the third company to enter the billion dollar valuation club in 2024 so far. Hospitality firm Oyo’s $50 million came in third position followed by home service marketplace Urban Company, fintech company Navi, electric vehicle firm Matter, and wealthtech startup Dezerv, among others. It’s worth highlighting that Oyo saw a major haircut in its valuation while Urban Company raised the amount in secondary and Navi raised the sum in debt. [Top 10 early stage deals] As many as 72 early-stage startups raised $311.83 million funding last month. Manufacturer of high precision tooling for aero-engines and airframes, Unimech Aerospace led the list with a $30 million fundraise followed by renewable energy services company BluPine, electric vehicle and clean energy startup Simple Energy, gen-Z focused fast fashion D2C brand Newme, and wealthtech startup Stable Money which pocketed $28.8 million, $20 million, $18 million, and $15 million, respectively. Further, artificial intelligence startup UptimeAI, biotech firm Immuneel Therapeutics, community-led mobility app Namma Yatri, wedding service provider Meragi, and NBFC Seeds Fincap also raised funding among others. The list of early-stage startups also includes 26 startups that did not disclose their funding amount. For more information, visit here. [Mergers and Acquisitions] The month witnessed 17 acquisition deals. Gaming company Nazara Technologies acquired an additional 48.42% stake in Paper Boat Apps (PBA) from its promoters Anupam and Anshu Dhanuka for a sum of Rs 300 crore while its gaming arm Next Wave Multimedia acquired the intellectual property rights of Ultimate Teen Patti from Games24X7 for Rs 10 crore. The list further counts acquisition of Excelmax Technologies by IT giant Accenture, OneCare by Acko, Ekagrata by Adda247, Koral by Captain Fresh, Centcart by CASHe, BitOasis by CoinDCX, Galleri5 by Collective Artists Network, SiliConch Systems by L&T, and Munitalks by Melooha, among others. [City and segment-wise deals] City-wise, Bengaluru-based startups maintained the top position with 42 deals, contributing around 37% of the overall funding in July. Delhi-NCR and Mumbai followed with 33 and 24 deals, respectively. The list further counts Ahmedabad, Hyderabad, Jaipur, Chennai, Pune, and Kolkata, among others. Segment-wise, fintech startups led the show followed by e-commerce (including D2C brands) and SaaS with 15 and 10 deals, respectively. Healthtech, AI, and Agritech were next on the list. Visit TheKredible for more details. [Stage-wise deals] Series-wise, equivalent to 36 startups raised funding in the seed round followed by 27 Series A, 15 pre-Series A, 13 pre-Seed, and 4 Angel funding deals. Debt-only funding contributed $160.76 million or 15.5% of the overall venture funding across deals. [ESOP buyback] Adda247 and Swiggy announced ESOP buyback programs this month. Edtech platform Adda247 has initiated its first-ever ESOP buyback benefiting over 130 employees, following its acquisition of Ekagrata Eduserv. Meanwhile, food delivery giant Swiggy has rolled out its fifth ESOP liquidity program worth $65 million, providing an opportunity for employees to monetize their equity. These moves highlight the growing trend of startups rewarding employees through ESOP buybacks. [Layoffs, shutdowns and departures] Edtech major Unacademy laid off 250 employees as part of its cost-cutting measures. Similarly, agriculture supply chain firm Waycool underwent its third round of layoffs, affecting over 200 employees. In the content creation space, Pocket FM laid off nearly 200 contract writers based in the US. The startup ecosystem also saw three shutdowns. Vernacular microblogging platform Koo has ceased operations after failing to secure a buyer or sufficient funding. Apollo Tyres has also reportedly discontinued its doorstep car service, Trumigo, due to a lack of traction. In the edtech space, Bluelearn has shut down and will return a significant portion of its raised capital to investors. Edtech major Unacademy has seen the departure of its COO for offline centers, Jagnoor Singh. Similarly, Simplilearn’s Chief Product Officer, Anand Narayanan, stepped down after an eight-year tenure. Zoomcar’s global president has resigned amidst company restructuring while Medikabazaar’s co-founder Vivek Tiwari stepped down as CEO. Eight Roads Ventures’ Asia managing partner Raj Dugar also stepped down after 17 years with the investor, as per media reports. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Trends] It’s raining startup IPOs: This year quite a few internet companies such as TBO tech, Digit Insurance, Awfis and Ixigo have got listed on the Indian stock exchange, with all delivering spectacular returns post listing as well. Three more companies including Ola Electric, FirstCry and Unicommerce are all set to make their stock market debut. Moreover, Mobikwik, Swiggy and Avanse have been waiting for approval from the market regulator. Wealthtech on the rise: A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. In July, Deserv and Stable Money raked in $32 million and $15 million respectively. As per reports, more wealthtech startups are on the verge of raising new rounds. Geographic expansion: Traditionally dominated by metros like Bengaluru, Delhi-NCR, and Mumbai, the landscape is now witnessing a surge in entrepreneurial activity from smaller cities. Startups hailing from Ankleshwar, Bareilly, Bicholim, Nashik, Rupnagar, and Udaipur have recently secured funding, underscoring the growing potential of these regions. Family offices spreading out: Wealthy families are diversifying their portfolios. Traditionally focused on real estate and fixed deposits, they’re now actively seeking new investment avenues. This shift has led to the creation of separate investment pools and a growing interest in equity markets. In the past month, seven family offices participated in funding rounds. These include the family offices of Sunil Singhania, Jyothi Pradhan (CEO of Kurlon), MS Dhoni, Dr. A Velumani, Vasavi Family Office, Desai Family Office, and a Tamil Nadu-based family office. [Conclusion] As we had predicted in 2023, and earlier this year, the markets are expected to pick up by H2 this year, and here we are. Perhaps the last piece in the puzzle would be an interest rate cut by the Fed, to catalyse a whole chain of events that could lead to a mini-boom yet again. While expecting the highs of 2021 might be too much to hope for ($38 billion), it is not unreasonable to expect the Indian market to attract at least $15 billion in funding in 2025. The strong record of IPOs that is building up will not hurt investor confidence at all. The only thing to watch out for might be a rotation from Fintech and E-commerce to newer and important segments like Healthcare and Climate tech. Both are areas where India has large domestic markets, multiple use cases, and the crying need for solutions that can make a difference. With the kind of huge targets the country has in front, and massive schemes to get close, expect some large deals in the renewables space soon.

Indian startups show sign of recovery with $7 Bn funding in H1 2024

EntrackrEntrackr · 1y ago
Indian startups show sign of recovery with $7 Bn funding in H1 2024
Medial

The Indian startup ecosystem is going through a recovery phase: there have been larger funding rounds, an increase in the number of deals, a surge in secondary deals and ESOP buybacks, and a decline in layoffs. As per data compiled by TheKredible, Indian startups raised nearly $7 billion in funding during the first half of 2024. This is more than the $5.92 billion raised in H1 2023. But it’s also far less than $20 billion in H1 2022 which now seems like the golden phase for startups, at least in terms of venture capital inflow. The $7 billion funding consisted of 182 growth or late stage deals worth $5.4 billion and 404 early-stage deals worth $1.54 billion. Meanwhile, 99 were undisclosed deals. During the first half, Indian startups produced a couple of unicorns: Perfios and Krutrim SI Designs. In 2023, only two startups managed to go past the unicorn valuation while 2022 and 2021 saw the emergence of 26 and 44 unicorns, respectively. [Y-o-Y and M-o-M trend] As mentioned above, there is a significant increase in the number of startup deals and funding in H1 2024 from $5.92 billion in H1 2023. If we see the last four consecutive half yearly data, H1 2024 stands at the top in terms of total amount raised. The growth can be attributed to a bunch of $100 million plus rounds and mega deals bagged by late stage firms such as Zepto, Flipkart, PharmEasy and Lenskart. When it comes to month-on-month trends, June saw nearly $2 billion in funding which is more than double of the average of $1 billion monthly funding until May this year. [Top 10 growth stage deals in H1] Late stage companies such as Zepto, Flipkart, PharmEasy and Lenskart were on the top with $665 million, $350 million, $216 million, and $200 million funding, respectively. Lenskart’s $200 million funding was a pure secondary transaction play whereas Zepto may have also had some secondary component in the last funding round. Overall, all startups in the top 10 list have raised more than $100 million each during the first six months of 2024. The list includes Engrail, Atlan, Pocket FM, Nephroplus, SEDEMAC and Shadowfax. [Top 10 early stage deals in H1] Invite-only networking platform SCOPE led the funding chart for early stage startups with $90 million funding. This was followed by AI startup Krutrim, blockchain startup Avail, e-commerce startup Indkal and battery tech startup IBC. Lyskraft, Ema, StockGro, Hunch and Rozana also made it to the top 10 list of early stage deals. Notably, more than 30 early stage startups have raised over $10 million each during H1 2024. [Mergers and Acquisitions] The first half of 2024 saw 55 mergers and acquisitions, which is lower when compared to the previous years. The year 2021 saw more than 250 mergers and acquisitions which declined to 204 in 2022 and further reduced to 145 in 2023. Even if we double the number of M&A, it will hover around 100 in total by the end of 2024. There were stress deals during the period which included the acquisition of ZestMoney by DMI Group, MX Player by Amazon, Kuvera by CRED, Spartan Poker by OneVerse, and ET Money by 360 One (formerly IIFL Wealth). Check the list for more details: [City and segment wise deals] Bengaluru, once again topped the list with 253 startups from the city having raised more than $2.83 billion in funding during 2023. This accounted for 40% of the total funding. Delhi-NCR-based startups followed with 164 deals amounting to $1.3 billion. Mumbai, Hyderabad and Pune made it to the top five list. Notably, Mumbai-based startups contributed to nearly 22% of the total funding whereas Delhi NCR-based startups accounted for 18.76% of the overall fund inflow. Segment wise, e-commerce was at the top with 124 startups raising over $1.87 billion. Fintech, healthtech, SaaS and EV startups were next on the list. Amount wise, EV startups raised more money than SaaS and healthtech. Agritech, foodtech, edtech and proptech saw their downfall during the first half of 2024. [Stage wise deals] In H1 2024, seed and pre-seed stage startups saw 266 deals amounting to more than $457 million. Series A and pre Series A saw 134 and 80 deals, respectively. There were 58 debt funding worth $784 million and 5 pre-IPO rounds worth nearly $250 million. Check TheKredible for more details. [Layoffs, shutdowns and departures] Layoffs, shutdowns and departures continued even in 2024. However, there was a sharp decline when compared with the previous years. For context, Indian startups saw 3,300 people being laid off during H1 2024 which is roughly one-third of the over 9,000 in H2 2023 and 15,000 in H1 2023. Byju’s, ReshaMandi, Swiggy, Ola, Cult.fit, Healthifyme, Scaler and PrepLadder topped in terms of laying off employees during the first half. During the first quarter of 2024, five companies shut their operations. The list includes Resso, Rario, OKX India, GoldPe, and Muvin. Rario added that it will launch a brand new platform that will enable users to play new and engaging cricket-based games. However, only one startup announced its shutdown during the second quarter taking the overall shutdown to six in H1. In 2023, more than 15 startups shut their operations. High profile departures were a big concern during the first half of 2024. As per data compiled by TheKredible, 45 top level executives left their posts. These include co-founders, CEOs, CFO, CBO, COO, and managing directors, among others. [Comparison] For a better understanding of startup funding, we have created a comparison graph for the first and second quarter of the year which showed that the number of deals and total funding saw an uptick in Q2 when compared to Q1. [Trends in H1 2024] Surge in generative AI and spiritual tech deals: Overall, AI startups saw 27 deals amounting to $237 million. Generative AI startups grabbed a significant portion of the total funding. In the past six months, these startups have managed to mope up nearly $100 million. The list includes Sarvam AI, Ema, Neysa, Vodex, and KonProz, among others. Spiritual tech startups also saw an uptick in the number of deals. In the ongoing calendar year, such startups have raised more than $36 million and some new rounds are in the pipeline. Maiden funding for established fashion brands: During H1, a clutch of fashion and apparel brands raised their maiden institutional round. In May, A91 Partners led a $21 million round in TechnoSport whereas Libas raised $18 million led by ICICI Venture’s fund. Recently, Rare Rabbit raised $18 million in primary capital led by A91 Partners. The round is expected to close at around $50 million. ESOP and secondary deals: More than 10 startups announced their ESOP buyback program worth nearly $58 million in H1 2024. While the majority of them did not disclose the amount, Meesho, Urban Company and Pocket FM announced their largest ESOP buyback program. Similarly, secondary transactions have also increased during the first six months. Some of the biggest beneficiaries of secondary transactions are Lenskart, Meesho, Shadowfax, Fibe, Wow! Momo, Porter, among others. Startup IPOs on the rise: In the ongoing calendar year, TBO tech, Digit Insurance, Awfis and Ixigo have been listed on the stock exchanges while Unicommerce, FirstCry and Ola Electric got final approval from SEBI and Mobikwik, Swiggy and Avanse have been waiting for approval from the market regulator. Overall, 2024 appears to have better prospects for startups in the public market. In 2021, more than 10 startups listed on stock exchanges. This number plummeted in 2022 (two IPOs) and 2023 (five IPOs). Moreover, a bunch of companies are assessing the right time to launch their IPO, Zepto, Flipkart, PharmEasy, The Good Glamm Group, and others may announce their exact IPO timeline anytime soon. Debt deals: Besides increase in equity and secondary deals, debt deals also contributed a significant portion in H1. As per data, H1 2024 saw 57 debt only deals amounting to $784 million. There were several deals which included equity as well as debt components. However, we couldn’t ascertain the actual breakdown of such deals which may push the overall debt to more than $1 billion in the said period. [Conclusion] While the peaks of H1 2022 might take some time to be reached and crossed again, considering the typical cycle of at least 3-5 years for such funding peaks, things are certainly improving fast. While stability in government helps, it is the booming stock markets that will drive funding for startups too, as investors cash out gains and redeploy from successful IPOs or broader market gains. Ironically, many firms that could barely get VC or PE funding have managed IPOs in recent weeks, further underscoring the case for a correction in the stock markets or a diffusion of the bullishness to startup funding as well. But while the markets will continue to value revenues and some profitability ideally, the real job of backing ideas and innovations will also benefit as multiple VCs, family offices and other investors return to the startup funding market to seed the next crop of startups.

Storia Foods revenue spikes 51% to Rs 169 Cr in FY24

EntrackrEntrackr · 3m ago
Storia Foods revenue spikes 51% to Rs 169 Cr in FY24
Medial

Storia Foods, a beverage and dairy alternative brand, reported 51% year-on-year growth in FY24. However, the company’s losses widened during the same period due to rising expenses across key cost centers. Storia Foods’ revenue from operations rose to Rs 169 crore during the last fiscal year, up from Rs 112 crore in FY23, according to its financial statement filed with the Registrar of Companies (RoC). Founded by Vishal Shah, Storia Foods offers sugar-free shakes, lattes, smoothies, coconut water, juices, and booster drinks, among other products. The sale of these items was the sole source of operational revenue for the company. The firm also earned Rs 2 crore from interest on deposits, which took its total revenue to Rs 171 crore in FY24. Storia Foods’ total expenses rose 44% to Rs 203 crore in FY24, up from Rs 141 crore in the previous year. The largest cost component, material costs, increased 40% to Rs 98 crore. Employee benefit expenses grew 17% to Rs 27 crore, while other expenses jumped 63% to Rs 78 crore. Despite strong revenue growth, the rising cost structure resulted in a net loss of Rs 33 crore in FY24 from Rs 27 crore in FY23. The firm’s EBITDA margin improved to -19.18% in FY24, compared to -24.69% in FY23. On a unit level, Storia Foods spent Rs 1.20 to earn a rupee during the fiscal year. The Mumbai-based company reported current assets worth Rs 24 crore in FY24, which includes Rs 5 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Storia Foods has raised a total of $6 million in funding to date. Sixth Sense Ventures is the lead investor, holding a 23.86% stake, while founder Vishal Shah owns 20.30% of the company. Storia Foods is a very interesting effort in a category that has been notoriously difficult to crack. If it’s not the proposition of “pure juice” that gets you, it is the issue with the value-seeking Indian buyer, who simply does not sip often enough if the price is too ‘high’ for the privilege of getting pure juice. Storia has tried an interesting tack around the challenge by trying to push many of its offerings in packs of 6, while promising quality. It will be really interesting to see if the pitch has worked in terms of orders for full packs of six or more. Otherwise, despite a good show on growth and cost controls, the firm knows the next big challenge looms, besides the obvious one of distribution, in that it might get closer to breakeven, but within the next 2 years, it will need to confront a market that has usually stagnated for predecessors, forcing many to compromise on their original premise to keep growing with lower value, diluted offerings.

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