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Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures

EntrackrEntrackr · 1y ago
Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
Medial

Small and medium enterprises focused digital lending platform Lendingkart has secured Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures. This is the second major debt closure by the Ahmedabad-based firm in the past year. The board at Lendingkart has passed a board resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs 108 crore or $13 million, its regulatory filing accessed from the RoC shows. As per the filings, the Temasek-backed company has raised Rs 318 crore ($38 million) in debt to date. Lendingkart will receive the debt fund in two tranches of Rs 50 crore ($6 million) each and it will carry a coupon rate of 14% per annum. According to the startup data intelligence platform TheKredible, the company has been valued at around $690 million post-allotment. Just last month, LendingKart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. As of now, Lenskart has mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia and India Quotient. Lendingkart disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners. As per its website, it has disbursed over Rs 18,700 crore to over 300,000 businesses present in 4,100 cities. Lendingkart performed well in FY23 as its revenue from operations grew by 33.4% to Rs 858 crore. Meanwhile, the firm also posted Rs 119 crore profit in the same period. It’s yet to file annual financial results for FY24. As per a media report, the company is planning for an initial public offering (IPO) by next year. Lenskart is targeting to cross Rs 10,000 crore in assets under management before going public.

Exclusive: Pagarbook turns cashflow positive amid steep valuation drop

EntrackrEntrackr · 2m ago
Exclusive: Pagarbook turns cashflow positive amid steep valuation drop
Medial

Exclusive: Pagarbook turns cashflow positive amid steep valuation drop Pagarbook is raising Rs 10 crore (approximately $1.2 million) in its Series A5 round from Peak XV Partners, at a valuation of Rs 163 crore — representing an 85% drop from its previous funding round. In the current funding environment, survival has become the top priority for startups — even if it means raising capital at a steep discount. This appears to be the case for Pratilipi, which recently raised fresh funds at a valuation more than two-thirds lower than before. Similarly, Pagarbook is raising a small round, accepting an 85% drop in its valuation to stay afloat. Importantly, the firm has also turned cashflow positive as of March 2025, signaling a shift toward sustainable growth alongside the valuation cut. The board at Pagarbook passed a special resolution to issue 1,826 Series A5 CCCPS at an issue price of Rs 54,764.5 to raise the aforementioned sum, according to its recent regulatory filing reviewed by Entrackr. Pagarbook plans to use the fresh capital to support its expansion and growth, as per filings. Entrackr estimates that the company’s valuation has dropped by approximately 85%, from Rs 1,084 crore ($127 million) in its Series A4 round to Rs 163 crore ($19 million) in this round. The round appears to be ongoing, and the Bengaluru-based company is likely to raise additional capital as part of its Series A5 round. Founded in 2019, PagarBook is a staff management platform that helps SMEs streamline HR processes by simplifying attendance tracking, speeding up payment cycles, reducing disputes, eliminating human errors in wage calculations, and facilitating salary payments — all through its flagship workforce management app. It pivoted in 2022 from financial service to software as a service solution provider for Indian SMEs. According to co-founder Rupesh Mishra, Pagarbook currently has an average revenue run rate (ARR) of Rs 60 crore. “We turned cash flow positive in March 2025,” he said. As per the startup data intelligence platform TheKredible, Pagarbook has raised nearly $22 million to date. Following the allotment, Peak XV Partners will have a 21.62% stake in the company. For the fiscal year ending March 2024, the Bengaluru-based company reported an operating revenue of Rs 13 crore and a loss of Rs 70.4 crore, which includes an exceptional item expense of Rs 36.4 crore. Looking at the numbers, two things are obvious. One, that Pagarbook has struggled in the quicksand that is monetising from the Indian SME sector. The sector, for all its numbers in the millions, remains hopelessly disorganised, and plagued by off book transactions. Two, in the course of its struggles and the burn down of an impressive amount of funding, Pagarbook might have discovered something of value or promise to manage a little more funding to test that thesis. It is not the first, or the last firm where this has happened. When you back a bunch of smart people on breaking open an opportunity, even if they fail, they will usually come out with valuable learnings, and sometimes, a different opportunity. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

Exclusive: Rupeek raises fresh funds at 60% valuation cut

EntrackrEntrackr · 1y ago
Exclusive: Rupeek raises fresh funds at 60% valuation cut
Medial

Online gold loan platform Rupeek has raised Rs 50 crore from 360 One Large Value Fund (formerly IIFL Wealth Management). Significantly, the company’s valuation nosedived by 60% in the new round. The board at Rupeek has passed a board resolution to issue 1,307 compulsory convertible preference shares at an issue price of Rs 3,82,492 each to raise Rs 50 crore, its regulatory filing shows. The company will use these funds for growth, expansion, and general corporate activities, as the company’s board decides. During FY24, the company also raised around Rs 43 crore from existing investors such as Peak XV, Bertelsmann, Accel India, and GGV Investments, the filing further shows. According to Fintrackr‘s estimates, the company has been valued at around Rs 2,050 crore or $250 million post-allotment. This implies that the company raised new money at a 60% haircut in its valuation as compared to Rupeek’s peak valuation of $634 million in January 2022. Recently, an ET report said that Rupeek was in talks to raise funds from Ranjan Pai’ investment office Claypond Capital and Axis Bank at a valuation of $200-250 million. Rupeek provides gold loan services and claims to streamline the entire processing from underwriting to disbursal in 30 minutes. The Binny Bansal-backed company has raised around $150 million to date. As per startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder followed by Accel and Bertelsmann. Its new investor 360 One Large Value Fund holds 2.44% (post-allotment). The Bengaluru-based company is yet to report FY24 numbers but its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the fiscal year ending March 2023. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold. There should be no issues on the valuation haircut for Rupeek, considering that its peak valuation was not just at the peak of the funding cycle, but subsequent performance has also failed to justify those numbers. There are far too many founders who get hung up on a specific valuation number, before it is too late to raise fresh funding. Rupeek has clearly focused on the next steps, rather than dwell on the past too much. That it found backers at the new valuation figure also speaks about the credibility the founders retain, despite the tough times in the recent past.

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