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Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others

EntrackrEntrackr · 1y ago
Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others
Medial

New-age fashion brand Rare Rabbit has raised Rs 150 crore (approximately $18 million) in primary capital led by A91 Partners. This is the maiden institutional investment for a Bengaluru-based company since its inception in 2015. The board at Rare Rabbit has passed a special resolution to issue 69,230 compulsory convertible preference shares at an issue price of Rs 21,670 each to raise Rs 150 crore, its regulatory filings accessed from the Registrar of Companies show. A91 Partners led the round with Rs 102 crore while Zerodha’s founders NKSquared injected Rs 29 crore. Gruhas Proptech, Ravi Modi Family Trust, and Vendant Modi cumulatively participated with Rs 18.92 crore during the investment. As per TheKredible’s estimates, the company has been valued at around Rs 2,350 crore or $283 million post-allotment. Following the fresh proceeds, the A91 emerging fund will hold 9.65% of the capital while NKSquared and Ravi Modi Family Trust will get 4.15% and 2.13% of the stake in the company, the filing further added. This appears to be a part of a larger round as Rare Rabbit was in talks to raise Rs 500 crore led by A91 partners. Inc42 reported the development first. Rare Rabbit is a high-end fashion brand specializing in designer clothing for men and women. The brand operates more than 100 stores across India and offers collections through its online store. Rare Rabbit demonstrated rapid growth, which is evident from its revenue that scaled 72.3% to Rs 381 crore in FY23 with a positive bottom line of Rs 32 crore in FY23. The company reportedly clocked a revenue of Rs 600 crore in FY24. Rare Rabbit competes with brands like Souled Store, which raised around $29 million and achieved a revenue of Rs 235 crore in FY23. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively. In the past couple of months, a clutch of fashion and apparel brands have 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.

A91 Partners closes $665 Mn Fund III

EntrackrEntrackr · 2m ago
A91 Partners closes $665 Mn Fund III
Medial

A91 Partners has announced the final close of its third fund at $665 million. With Fund III, A91 plans to continue backing growth-stage businesses and supporting founders with scale and strategic capital. “We started A91 in 2018 with the following beliefs - patient capital will play an important role in accelerating value creation in Indian businesses across sectors. We also believed in the opportunity to create a world-class Indian investment firm - for founders who are aiming to build large enduring businesses from India. All these beliefs have been strengthened over the last 6 years,” said A91 Partners in a Linkedin post. Founded in 2018 by former Peak XV partners Gautam Mago, Abhay Pandey, Kaushik Anand, and VT Bharadwaj, A91 Partners was created to support Indian entrepreneurs building long-term businesses. The firm focuses on investing across sectors such as consumer, healthcare, financial services, and technology. The firm said it remains committed to being a long-term partner to both founders and Limited Partners as it continues to grow its presence in the Indian private equity landscape. A91 Partners has also made investments in sectors like coffee, spices, and home appliances, including backing brands such as Atomberg. It led a $30 million Series B funding round in Blue Tokai Coffee Roasters. The firm’s portfolio includes companies like Digit Insurance, Inshorts, Sugar Cosmetics, Exotel, Healthkart, Paper Boat, and Plum, among others. Go Digit General Insurance, one of A91’s portfolio companies, went public last year. In a recent disclosure, the International Finance Corporation (IFC) said that it is considering an investment of up to $35 million in A91 Partners’ third fund, with the possibility of committing an additional $30 million for co-investment opportunities.

Exclusive: Country Delight raises $9 Mn through debt and equity

EntrackrEntrackr · 1y ago
Exclusive: Country Delight raises $9 Mn through debt and equity
Medial

Dairy brand Country Delight has raised Rs 76 crore ($9 million) through debt and equity from Alteria Capital. This is the second funding for the Gurugram-based company this year. The board at Country Delight has passed a special resolution to issue 70,000 debentures at an issue price of Rs 1,00,000 each and 3,160 Series E1 CCPS at an issue price of Rs 21,045 each to raise Rs 76.65 crore, its regulatory filing accessed from RoC shows. In January, Country Delight raised 20 million in its series E round from Temasek, Seviora Capital, Venturi Partners, and others. The company is close to becoming a unicorn as it was valued at around $820 million in the last equity round. It has raised around $175 million to date. Launched by Chakradhar Gade and Nitin Kaushal, Country Delight provides a range of dairy products, bakery goods, poultry, and farm produce to its customers. The company sources its products directly from dairy farms and caters to customers in 15 cities including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune. As per startup data intelligence platform TheKredible, Orios Venture Partners was the largest stakeholder in Country Delight with 21.35% stake followed by Matrix and Elevation with 16.59% and 9.38% stake respectively. In February, Orios Venture Partners made a partial exit from Country Delight by selling 3% stake for around Rs 225 crore. Orios sold its stake to Temasek-backed asset management group Seviora. As per media report, Country Delight’s operating revenue stood at Rs 650 crore in the first half of the ongoing financial year (FY24). In FY23, its revenue was estimated at around Rs 900 crore against Rs 542.6 crore in FY22. The firm is yet to report FY23 numbers officially. In January, Country Delight’s competitor Akshayakalpa Organic raised $12 million in its Series C round led by A91 Partners. The firm is in talks to close a larger round to the tune of $25 million.

Blue Tokai raises $35 Mn in Series C led by Verlinvest

EntrackrEntrackr · 10m ago
Blue Tokai raises $35 Mn in Series C led by Verlinvest
Medial

Global investment platform Verlinvest has led a $35 million round in specialty coffee and bakery brand Blue Tokai. Existing investors Anicut Capital and A91 Partners also joined the Series C funding. This strategic partnership will enable Blue Tokai to deepen its presence in existing metro markets and expand into new tier I and tier II cities in India over the next three years, the company said in a press release. In January 2023, Blue Tokai raised $30 million in its Series B funding round led by A91 Partners. Led by co-founders Matt Chitharanjan, Namrata Asthana, and Shivam Shahi, Blue Tokai has partnered with several retail outlets, luxury hotels, restaurants, top corporates, and co-working spaces, among others. In the past 12 months, the company claims to have more than doubled its store count to 130 outlets. The funds will also be used to expand to over 350 locations in the next 30-36 months. Blue Tokai’s revenue from operations surged 72% to Rs 127.45 crore in FY23 from Rs 74 crore in FY22. According to startup data intelligence platform TheKredible, its losses also increased nearly 3.5-fold to Rs 43 crore in FY23, compared to Rs 12.3 crore in FY22. The company is yet to file its annual report for FY24. It competes with Rage Coffee, Third Wave Coffee Roasters, Slay Coffee, Sleepy Owl, and Seven Beans Co., among others. Among venture-funded startups, Third Wave Coffee was the largest brand in terms of revenue in FY23. However, the firm also experienced layoffs of more than 100 employees shortly after a $35 million fundraise in September last year. In March this year, Third Wave Coffee’s CEO Sushant Goel was replaced by Rajat Luthra from KFC. Earlier this week, GRM Overseas acquired a 44% equity stake in Rage Coffee through a combination of primary infusion and secondary buyouts.

HealthKart raises $153 Mn, completes first ever ESOP buyback

EntrackrEntrackr · 7m ago
HealthKart raises $153 Mn, completes first ever ESOP buyback
Medial

Omnichannel nutrition platform HealthKart has raised $153 million led by ChrysCapital and Motilal Oswal Alternates. Existing investor A91 Partners along with Neo Group also participated in the new round. HealthKart owns and operates several nutrition brands including MuscleBlaze, HKVitals and Gritzo. Apart from online presence, the firm has over 200 retail stores across 90 cities. In December 2022, HealthKart raised $135 million led by Temasek with participation from A91 Partners and Kae Capital. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised around $360 million to date. As per the company’s press release, it crossed 1,000 crore in revenue threshold in FY24, and also achieved full year EBITDA profitability during the said fiscal year. While the firm has yet to file the audited numbers officially, it recorded Rs 832 crore revenue in FY23 with a loss of Rs 76 crore. HealthKart spun off its generic drug search business, HealthKartPlus, in 2015 and rebranded it as 1mg, which now operates under Tata 1mg Technologies Private Limited. Along with the funding, HealthKart has also announced its first ever employee ESOP buyback plan worth Rs 55 crore ($6.5 million). The buyback will benefit both current as well as former employees. According to TheKredible’s data, more than 20 startups have implemented ESOP buyback, liquidity, and payout programs worth around $200 million in the ongoing calendar year (2024).

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