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Alpha Wave-backed 1K Kirana’s valuation nosedives 60% in internal round

EntrackrEntrackr · 1y ago
Alpha Wave-backed 1K Kirana’s valuation nosedives 60% in internal round
Medial

Kiranatech platform 1K (formerly 1K Kirana Bazaar) secured Rs 32 crore or $4 million in its extended Series B round (bridge round) from existing investors in July last year at a 60% haircut in valuation. The sharp fall in valuation appears to be driven by the company’s sluggish growth, inability to raise any large follow-on investment and absence of a solid business model. It’s worth noting that 1K laid off 40% of its workforce (over 400 employees) in April 2023. The board at 1K Kirana Bazaar passed a special resolution to issue 3,676 Series B1 CCPS at an issue price of Rs 87,141 each to raise to Rs 32 crore, its regulatory filing accessed from the Registrar of Companies shows. Alpha Wave Ventures led the bridge round with Rs 16 crore while Info Edge and Kae Capital put in Rs 8 crore each. According to the filings, the company will use these funds for capital expenditure, marketing, and general corporate purposes. As per sources, 1K Kirana was talking to several investors for a Series C round until the first half of 2023 but the talks didn’t go through. Media reports also outlined that Alpha Wave wasn’t willing to put any further money in the company and 1K explored M&A opportunities with DealShare. Queries sent to 1K Kirana did not elicit an immediate response. As per TheKredible’s estimates, 1K Kirana Bazaar was valued at $42 million (post-money) reflecting a significant 61.8% decrease in valuation compared to the previous round where it was valued at $110 million. Significantly, 1K’s valuation soared 5.4X to $110 million as compared to $20 million during its Series A round in April 2021. Following the fresh proceeds, Info Edge remains the largest external stakeholder followed by Kae Capital and Alpha Wave Ventures. See TheKredible for the detailed cap table and financials. Six-year-old 1K Kirana Bazaar is a consumer-focused retail brand that partners with neighborhood kirana stores in smaller towns enabling them to compete with both online and offline (organized) retail. As per its website, the company has a network of over 100 stores across India. The Gurugram-based company has raised around $37 million to date, including a $25 million series B round led by Alpha Wave. It’s yet to file its financial statements for FY24, the firm’s gross revenue surged 2.6X to Rs 224 crore during the fiscal year ended March 2023. Its losses shot up 2.95x to Rs 182.5 crore in the same period.

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Stanza Living raises $13 Mn led by Alpha Wave

EntrackrEntrackr · 1y ago
Stanza Living raises $13 Mn led by Alpha Wave
Medial

Managed accommodation provider Stanza Living has raised Rs 110 crore ($13 million) in what appears to be a bridge round led by Alpha Wave. The equity round is coming after a gap of more than three years for the Delhi-based startup. The board at Stanza Living has passed a special resolution to issue 1,207 preference shares at a price of Rs 911440.17 each to raise Rs 110 crore, its regulatory filing accessed from the Registrar of Companies shows. Alpha Wave has pumped in Rs 83 Crore while Matrix Partners, Accel India and Peak XV invested Rs 27 crore cumulatively. As per startup data intelligence platform TheKredible, Stanza Living was valued at around Rs 3,900 crore ($470 million). This is a marginal jump in valuation from Rs 3,525 crore ($424 million) in the last equity round. The firm was reportedly in talks to raise funding to the tune of $25 million. Stanza Living had raised $57 million in a debt round led by Kotak Mahindra Bank and RBL Bank in March 2022 and $100 million in an equity round in April 2021. So far, it has scooped up over $230 million across equity and debt rounds. Stanza Living is a managed accommodation platform which provides co-living solutions for working professionals and students. The firm claims to have an inventory of more than 75,000 beds in 450 plus residences with a presence across 24 cities. Stanza Living’s revenue from operations surged to Rs 442 crore in FY23 from Rs 115 crore in FY22. As per TheKredible, its losses increased by 18.71% to Rs 495 crore in FY23 as compared to Rs 417 crore in FY22. The firm is yet to file its audited financial statements for FY24. Stanza Living competes with Colive, Your Space, Settl, Union Living and Coho. Last year, Tiger Global-backed home rental startup NestAway was acquired by Aurum PropTech (formerly Majesco Ltd) in a 90% haircut in valuation to $11 million.

Ultrahuman in talks to raise $120 Mn

EntrackrEntrackr · 2m ago
Ultrahuman in talks to raise $120 Mn
Medial

Ultrahuman is reportedly in talks to raise $120 million in a new round led by WestBridge Capital. The development comes a year after the Bengaluru-based company’s $35 million Series B round. Moneycontrol, which reported the development first, said that some private equity funds may also participate in the round at a valuation of $550–600 million. According to TheKredible's estimates, the company was valued at $125 million after its Series B round. It has raised over $60 million to date from investors including Zomato founder and chief executive Deepinder Goyal, Nexus Ventures, Blume Ventures, and Alpha Wave. Ultrahuman is a self-quantification platform that offers a smart ring called Ring Air, a glucose monitoring wearable called M1 Live, and a blood testing product called Blood Vision, among others. The company also launched its luxury Rare smart ring collection earlier this year. The Mohit Kumar-led company recorded a significant jump in its operating scale to $74.5 million (approximately Rs 620 crore) for the calendar year 2024 (CY24). It claimed to have reported an 11% profit before tax (PBT) and an 8% EBITDA during the same period.

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