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Frendy raises Rs 2 Cr in debt from UC Inclusive Credit

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Frendy raises Rs 2 Cr in debt from UC Inclusive Credit
Medial

Retail tech small format grocery chain Frendy has raised Rs 2 crore or about $239K in a debt round led by UC Inclusive Credit. The startup has collectively raised a total of Rs 42 crore to date including the debt. Frendyโ€™s existing investors include Auxano Capital, AT Capital (Singapore), Desai Ventures, Letโ€™s Venture, MARV Capital (New York), and Metara Ventures (Singapore) The proceeds will be used to fund its central inventory needs to feed its network of Frendy Marts & Micro Kiranas in tier III towns of Gujarat The firm claims to have a revenue of Rs 82 Cr for FY23 and aims to double its sales in the next 12 months as the brand expands its geographical footprint. Founded in 2019 by Sameer Gandotra, Frendy is building a network of modern neighbourhood grocery mini marts for consumers in small towns and villages of India. Ahmedabad-based Frendy currently operates 25 marts and 2,000 micro kiranas across rural Gujarat. It aims to scale itโ€™s business to 100 marts and 3,000 micro kiranas in the next 12 months. Frendyโ€™s marts are also digitally connected to a cluster of micro-kiranas (mom-and-pop stores) and their end customers, allowing Frendy to build a last mile digital commerce bridge to serve a wider range of rural consumers.

Arthan Finance raises Rs 50 Cr in Series B round

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Arthan Finance raises Rs 50 Cr in Series B round
Medial

Non-banking financial company (NBFC) Arthan Finance has raised Rs 50 crore ($6 million) from investors such as Incofin India Progress Fund and the Michael and Susan Dell Foundation. Till date, Arthan Finance has raised Rs 83 crore ($10 million). Previous funding rounds saw participation from the founders, angel investors, and the Michael & Susan Dell Foundation. The proceeds will be used to boost the firmโ€™s expansion and technological progress. This will also help Arthan Finance grow its Assets Under Management (AUM), expand its geographic footprint, and invest in advanced AI and ML-based underwriting systems, the company said in a press release. Founded by Kunal Mehta, Arthan Finance is a new age lending tech NBFC specializing in loans for self-employed nano and micro entrepreneurs. The firm currently operates in Maharashtra, Odisha, Andhra Pradesh, and Telangana, providing growth capital to self-employed nano and micro enterprises in tier II, III, and IV cities. The company claims to have disbursed over Rs 500 crore to more than 20,000 borrowers, with loan amounts ranging from Rs 2,000 to Rs 20 lakhs.

Dhruv Dhanraj Bahlโ€™s VC fund Eternal Capital rebrands to โ€˜Sadev Venturesโ€™

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Dhruv Dhanraj Bahlโ€™s VC fund Eternal Capital rebrands to โ€˜Sadev Venturesโ€™
Medial

Eternal Capital, the early-stage venture capital fund founded by former BharatPe COO Dhruv Dhanraj Bahl, has announced its rebranding to Sadev Ventures. According to the company, the rebranding to Sadev Ventures aligns the fundโ€™s identity with its family office name that has long represented its core values. The fund will now operate with this new identity and plans to double down on its India-first strategy, enabling many of its portfolio companies to expand overseas by leveraging global LPs and strategic partners. โ€œAs our vision goes deeper into Indiaโ€™s entrepreneurial fabric while simultaneously tapping financial, social & intellectual capital pools across borders, itโ€™s the right time to scale under an identity that has resonated with all our longstanding stakeholders. It also shifts the focus away from a โ€˜capital-onlyโ€™ play and reinforces our commitment to enabling ventures that can become generational institutions,โ€ said Dhruv Dhanraj Bahl, founder & managing partner of the fund. Launched in mid-2024, Sadev Ventures is sector-agnostic and stage-focused, backing startups between seed and pre-series A with cheque sizes of Rs 2-6 crore. The fund has deployed about half of the corpus, with investments in 20 startups. Some of its portfolio ventures include Asaya, Cleevo, Cookd, Gladful, Hypergro, Bidso, and Liquide, with a corpus of Rs 120 crore and a greenshoe option of an additional Rs 120 crore. As per Sadev Ventures, the fund will continue to invest in post-product-market-fit startups, with an eye on profitable revenue trajectories and long-term potential. It will also maintain its operator-led structure, offering what it calls the โ€œcolour of moneyโ€โ€”blending financial capital with deep founder empathy, and access to high-impact networks.

IVY Growth launches Rs 250 Cr Arigato Capital fund

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IVY Growth launches Rs 250 Cr Arigato Capital fund
Medial

Micro venture capital firm IVY Growth Associates has announced the launch of Arigato Capital, a SEBI-registered Category I AIF Venture Capital (VC) fund, with a target corpus of Rs 250 crore. This sector-agnostic fund is set to invest in startups across a variety of sectors, including agritech, cleantech, generative AI, fintech, consumer brands, and software-as-a-service (SaaS) companies, the fund said in a press release. Arigato Capital aims to begin raising capital in June 2024, with plans to close all commitments over the next 15 to 18 months. The Venture Capital (VC) fund targets a first close at Rs 100 crore and will focus on startups beyond the seed stage or in pre-series A stages, offering an average ticket size of $500,000. Founded by Prateek Toshniwal, Rachit Poddar, Mehul Shah, and Sharad Todi, IVY Growth Associates claims to have invested in over 100 growth-stage startups. The firm has deployed Rs 20 crore from its fund and utilized more than Rs 80 crore from syndicate funds within its network. IVYโ€™s portfolio includes notable brands such as Rupeek, BluSmart, and Zappfresh. In addition to launching Arigato Capital, IVY Growth Associates will host the third edition of its startup summit, 21 BY 72, from June 15 to June 16 in Surat. The summit is expected to attract over 20,000 participants, including more than 200 startup founders, 200 venture capitalists, and over 500 investors.

Sindhuja Microcredit raises Rs 120 Cr in Series C round

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Sindhuja Microcredit raises Rs 120 Cr in Series C round
Medial

New generation microfinance firm Sindhuja Microcredit has raised $14.5 million (Rs 120 crore) in its Series C round from GAWA Capital (through its vehicle Huruma Fund) and Oikocredit. Earlier to this round, the company had raised a Series B funding round of $8.7 million from Norway-based Nordic Microfinance Initiative (NMI) and Carpediem Capital in May 2020. It closed its Series A round of $4 million from Carpediem Capital in March 2019. The new proceeds will be used to expand the business in its existing and new geographies as well as new product lines, the company said in a press release. Promoted by Abhisheka Kumar and Malkit Singh Didyala, Sindhuja Microcredit provides microfinance to skilled women entrepreneurs who lack capital. The Noida-based company also provides business loans to traders, shopkeepers and farmers for working capital needs or for expanding their businesses. Within six years of operation, Sindhuja claims to have provided micro-loans to over 400,000 self-employed women micro-entrepreneurs across nine states in northern, eastern and western parts of India. The company currently operates 235 branches with over Rs 10 billion in Assets under Management (AUM).

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