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Alpha Wave-backed 1K Kirana’s valuation nosedives 60% in internal round
Entrackr
·
1y ago
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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Beauty and wellness player VLCC to add foreign investor at higher valuation
VCCircle
·
11m ago
Medial
VLCC Healthcare Ltd, a beauty and wellness company, is reportedly adding a foreign investor to its capital table, potentially resulting in a higher valuation. The company, backed by Carlyle, is expected to go public in the coming year and is in talks with Alpha Wave, a US-based investor.
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Alpha Wave, Tiger Global-backed Oxyzo plans Series B funding round
VCCircle
·
3m ago
Medial
Oxyzo Financial Services Ltd, backed by Alpha Wave and Tiger Global, is planning a Series B funding round after its assets under management exceeded $1 billion. This non-bank lender, an arm of the B2B marketplace OfBusiness, aims to raise fresh funds to support its expansion.
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Grapevine: Haldiram, Alpha Wave Global, Jar, Prosus, GIC, and BharatPe in news
VCCircle
·
8m ago
Medial
Alpha Wave Global is reportedly bidding for a minority stake in Haldiram Snacks Food, while Prosus is in advanced talks to lead a funding round for fintech startup Jar. Singapore's GIC is also exploring options for its stake in Greenko Energy. BharatPe, a digital payment startup, has raised $450 million in a funding round led by Tiger Global, bringing its valuation to $4.5 billion.
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CCI approves acquisition of certain issued and paid-up equity share capital of Haldiram
Economic Times
·
2m ago
Medial
The Competition Commission of India (CCI) has approved the acquisition of certain shares of Haldiram Snacks Food Private Limited by Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP. This approval follows Haldiram's announcement of selling a stake to International Holding Company (IHC) and Alpha Wave Global. Temasek, a Singapore-based investment firm, previously acquired a minority stake in Haldiram. Alpha Wave focuses on private equity, private credit, and public markets, while UAE's IHC is a leading investment firm.
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Stanza Living raises $13 Mn led by Alpha Wave
Entrackr
·
1y ago
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.
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KKR-backed Advanta Enterprises adds Alpha Wave to its cap table
VCCircle
·
9m ago
Medial
Alpha Wave Global, a US-based private equity firm, will acquire a 12.5% stake in Advanta Enterprises for $350 million. The investment will be made through a combination of primary and secondary share purchases. This comes after KKR made a $300 million investment in Advanta in 2022. Alpha Wave's capital infusion will support Advanta's organic and inorganic growth. UPL, the parent company of Advanta, will sell 8.93% of its stake to Alpha Wave to reduce its balance sheet leverage. Advanta is a hybrid seeds company engaged in plant genetic research and development.
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Exclusive: Stanza Living secures debt from Alteria and Innoven Capital
Entrackr
·
11d ago
Medial
Exclusive: Stanza Living secures debt from Alteria and Innoven Capital Managed accommodation provider Stanza Living secured Rs 60 crore (approximately $7 million) in debt funding from Alteria Capital and Innoven Capital. Previously, Stanza Living raised Rs 110 crore ($13 million) in a bridge round led by Alpha Wave, as exclusively reported by Entrackr. The Stanza Living’s board issued 6,000 non-convertible debentures at a face value of Rs 1,00,000 each to raise the above-mentioned amount, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Alteria Capital invested Rs 35 crore ($4.1 million) while Innoven Capital contributed with Rs 25 crore ($2.9 million) in the round. Founded in 2017, Stanza Living is a managed accommodation startup that offers hassle-free living for students and young professionals moving to new cities. The company claims to have over 75,000 beds across 24 cities in India. The Delhi-based startup has raised over $240 million to date across multiple debt and equity rounds from investors such as Alpha Wave, Peak XV Partners, Accel, and Z47, according to startup data intelligence platform TheKredible. The Accel-backed company is yet to file its financials for FY24 and FY25. In FY23, its revenue rose to Rs 442 crore from Rs 115 crore in FY22, while losses widened 18.71% to Rs 495 crore during the same period. Stanza Living competes with Your-Space, which recently raised Rs 70 crore in debt, and Truliv, which entered into a strategic equity partnership with Bennett, Coleman and Company Limited (BCCL). Other competitors include Colive, Settl, Union Living, and Coho.
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Multiples, Alpha Wave, VLCC, 360 One WAM, LEAD Group, NTPC, and Arohan in news
VCCircle
·
10m ago
Medial
Grapevine: Multiples Alternate Asset Management and Alpha Wave Global are making moves in the Indian market, while VLCC, 360 One WAM, LEAD Group, NTPC, and Arohan are also making headlines. Multiples and SHV Energy are looking to sell their stake in Indian assets, and Alpha Wave Global is in talks to acquire a stake in a beauty and wellness company. Meanwhile, LEAD Group and 360 One WAM plan to raise capital.
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Ultrahuman in talks to raise $120 Mn
Entrackr
·
4m ago
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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Mswipe Raises $20M After Securing RBI License
Inshorts
·
1y ago
Medial
Mswipe is set to dominate India's digital payment industry after securing $20M in an Alpha Wave-led funding round. It also marks Mswipe's resurgence after a five-year hiatus. With a 13.69% revenue increase in FY23, from addressing local merchant challenges to becoming a market leader, Mswipe showcases its transformative impact on the payment landscape.
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