🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Exclusive: Artium Academy to raise fresh funds at over 4X valuation premium

EntrackrEntrackr · 14d ago
Exclusive: Artium Academy to raise fresh funds at over 4X valuation premium
Medial

Exclusive: Artium Academy to raise fresh funds at over 4X valuation premium Online music learning platform Artium Academy is all set to raise Rs 19.2 crore (approximately $2.13 million) in its Series A round led by Jejurikar Longevity Trust, with participation from Savitha Ramesh and existing investor Chiratae Ventures. Artium Academy’s board has passed a resolution to approve the issuance of 60,450 Series A compulsorily convertible preference shares (CCPS) at an issue price of Rs 3,176 each to raise the aforementioned sum, according to its filing with the Registrar of Companies (RoC). Jejurikar Longevity Trust will lead the tranche with Rs 9 crore, followed by Savitha Ramesh with Rs 7 crore. Chiratae Ventures will invest Rs 3.20 crore. As per Entrackr’s estimates, the company’s valuation is set to jump over 4X to around Rs 375 crore (approximately $41.2 million), from Rs 90 crore when it raised $3 million led by Chiratae Ventures in October 2022. The proceeds from the issue will be utilised towards business expansion, growth initiatives and general corporate purposes, according to the filing. Co-founded in 2020 by Ashish Joshi, Vivek Raicha and Nithya Sudhir, Artium Academy is an online music learning platform that offers 1:1 live classes across vocal and instrumental categories, leveraging technology to enhance structured music education. Following the allotment of the latest tranche (excluding the ESOP pool), Jejurikar Longevity Trust will hold 2.65% in the company, Savitha Ramesh 6.75%, and Chiratae Ventures 18.28%. The company’s co-founders Ashish Joshi, Vivek Raicha, and Nithya Sudhir will collectively retain a 39.48% stake. In FY25, the company’s operating revenue rose to Rs 27.77 crore from Rs 18.96 crore in FY24. Meanwhile, its net loss increased 13.8% to Rs 21.55 crore in the fiscal year from Rs 18.94 crore in the previous year.

Related News

Exclusive: A91 Partners backs Rare Rabbit in new round

EntrackrEntrackr · 1y ago
Exclusive: A91 Partners backs Rare Rabbit in new round
Medial

New-age fashion brand House of Rare (Rare Rabbit) has secured Rs 50 crore (approximately $6 million) from its existing investor, A91 Partners. This fresh funding comes just seven months after its $18 million round. The board at House of Rare has passed a special resolution to allot 23,073 preference shares at an issue price of Rs 21,670 each to raise Rs 50 crore (approximately $6 million), its regulatory filing sourced from the Registrar of Companies shows. In January, the company raised its authorized share capital, citing the need for funds to support expansion and working capital requirements, according to a separate resolution. Following the fresh process, A91 Partners' stake in the company has been increased to 14.17% compared to 9.65% in its previous round. According to Entrackr's estimates, the funding came at a flat valuation of $279 million for the Bengaluru-based company. Rare Rabbit is a premium fashion brand known for its designer clothing for men and women. With a presence in over 100 stores across India, the brand also offers its collections through its online store. Rare Rabbit showcased a 69% revenue growth from Rs 376 crore in FY23 to Rs 636 crore in FY24. Moreover, the company's profits surged over 2X to Rs 74.6 crore in FY24, compared to Rs 32.2 crore in FY23. Rare Rabbit competes with brands like Souled Store, which raised around $30 million and achieved a revenue of Rs 355 crore in FY24. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively.

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.

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge

EntrackrEntrackr · 1y ago
Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge
Medial

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge Clean-label health food brand The Whole Truth is raising Rs 133.3 crore (approximately $15.8 million) in a series C round led by Sofina Ventures, with the participation of Peak XV and Matrix Partners. The board at The Whole Truth has passed a special resolution to issue 45,097 Series C preference shares at an issue price of Rs 29,556.5 each to raise Rs 133.3 crore or $15.8 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Sofina Ventures is leading the Series C round with an investment of Rs 65.8 crore, while Peak XV and Matrix Partners will contribute Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund will also participate with an investment of Rs 13 crore. The fresh funds will be used to meet financial requirements and support business expansion. According to Entrackr’s estimates, the Mumbai-based company will have a post-allotment valuation of approximately Rs 2,135 crore ($254 million). This marks a 3.6X increase in valuation compared to its previous Series B round, which closed at $70 million. According to the filings, after the fresh funding round, Peak XV will hold 21.14% of the firm, while Matrix Partners will own 21.4%. Sofina Ventures and Sauce Continuity will hold 3.08% and 3.77%, respectively. The Whole Truth was reportedly in discussions to raise $25 million in a new funding round. The company has secured $15.8 million so far and may raise additional funds as the round progresses. The Whole Truth offers a range of products, including protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The company provides subscription options and claims that 80-85% of its sales come from its website, with the remaining revenue generated through partnerships. The Whole Truth recorded an 81% year-on-year growth, with revenue rising to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. The company reduced its losses by 33% during the same period.

Exclusive: Ayekart to raise new round with 2.8X valuation surge

EntrackrEntrackr · 3m ago
Exclusive: Ayekart to raise new round with 2.8X valuation surge
Medial

Ayekart, a full stack agri-food network, is set to raise Rs 65 crore (approximately $7.4 million) in a fresh round of funding from Vihu Hospitality Pvt Ltd and Enchant Packaging Pvt Ltd. This funding follows its $6.5 million Series A round raised in February 2024, led by Omnivore, Siana Capital, and Unleash Capital. Ayekart's board approved the issuance of 5,333 equity shares at Rs 1,21,862 each to raise the capital, as per its filing with the Registrar of Companies. Vihu Hospitality will lead the round with a Rs 35 crore investment, while Enchant Packaging will contribute Rs 30 crore. The funds will be used to expand the retail and distribution business and strengthen sourcing, processing, and supply of raw materials. The company is likely to raise additional funds, with total fundraising expected to reach up to Rs 150 crore. Existing investor Omnivore is expected to participate in the ongoing Series B round with an investment of up to Rs 35 crore. The firm's valuation is projected to soar 2.8X to Rs 1,331 crore ($151 million) post-money, from a Rs 474 crore valuation in its previous round. Founded in 2020, Ayekart is a vertically integrated agri-food platform connecting farmers and FPOs for sourcing and distributing products via an FMCG network. It provides services such as quality checks, logistics, payments, and traceability using proprietary tech. The Mumbai-based company has raised over $13 million to date. New investors Vihu Hospitality and Enchant Packaging will hold 2.63% and 2.25% stakes, respectively. Omnivore will remain the largest external shareholder with 13.71%, while Co-founder and CEO Debarshi Dutta will retain a 25.91% stake. For the fiscal year ended March 2024, Ayekart’s Gross Transaction Value (GTV) rose over 2.3X to Rs 1,533 crore from Rs 643 crore in FY23, and the company reported a profit of Rs 94.3 lakh during the period.

Exclusive: Info Edge to back ShipGlobal again at 3X higher valuation

EntrackrEntrackr · 6m ago
Exclusive: Info Edge to back ShipGlobal again at 3X higher valuation
Medial

Exclusive: Info Edge to back ShipGlobal again at 3X higher valuation Cross-border logistics startup ShipGlobal is set to raise a pre-Series A round from existing investor InfoEdge Ventures. The funding comes nearly two years after its seed round. The board at ShipGlobal has passed a special resolution to issue 2,143 pre-Series A preference shares at an issue price of Rs 70,000 each to raise Rs 15 crore, according to its regulatory filing with the Registrar of Companies (RoC). ShipGlobal will deploy the funds towards capital expenditure, marketing, and general corporate purposes, as per the filing. According to Entrackr’s estimates, the company’s post-money valuation would be around Rs 315 crore ($36 million), representing a 3X increase from its seed round of $3.5 million. Following the fresh infusion, Info Edge Ventures will hold 23.81% of the company, while its co-founders Aayush Anand, Angad Arora, and Vaibhav Kapur will each command 21.89%, the filings show. The round may see participation from new investors and the valuation and shareholding will vary accordingly. Founded in 2022, ShipGlobal provides cost-effective logistics solutions to Indian SMEs, simplifying cross-border shipping with services such as customs clearance, tracking, and real-time pricing. According to the website of the company, Shipglobal has over 25,000 exporters and has shipped more than 1 crore orders across 220 countries. The New Delhi-based company is yet to file its annual statements for FY25. During the fiscal year ended March 2024, it recorded a 5X year-on-year increase in its revenue to Rs 40.6 crore, while the losses stood at only 1.37 crore in the same period.

Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation

EntrackrEntrackr · 6m ago
Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation
Medial

Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation Child companion robot maker Miko is raising Rs 1,325 crore ($155 million) in its Series D round from AMDG-PAX Foundation, a US-based non-profit organisation. The board of RN Chidakashi Technologies Private Limited, which operates under the brand name Miko, has passed a special resolution to issue 22,465 preference shares at an issue price of Rs 5.9 lakh each to raise the sum, its regulatory filing with the Registrar of Companies (RoC) shows. According to the filing, the fresh proceeds will be utilized to meet business requirements and other general corporate purposes. Entrackr estimates the company’s post-money valuation at around $550 million, a 2.7X increase from its previous round. Queries sent to Miko on Friday did not receive any response until the story was published. Miko.ai runs on a hybrid model, selling AI-powered robots such as Miko Mini and Miko 3 priced in the Rs 15,000–25,000 range, while also pushing its premium subscription Miko Max to drive recurring revenues beyond device sales. The company claims to serve customers in over 140 countries, including the US, Europe, and the Middle East. So far, Miko has raised over $75 million (excluding this round), including a $29 million Series B round led by IvyCap Ventures. According to the filing, AMDG-PAX Foundation will hold 27.87% (post-allotment) of the firm. While Miko’s Indian entity has yet to file its FY25 annual report, its revenue from operations grew 58% to Rs 358 crore in FY24, compared to Rs 225 crore in FY23. Its losses stood at Rs 120 crore in FY24. Miko competes with PlayShifu, Avishkaar, and WitBlox, among others.

Exclusive: DrinkPrime raises fresh money at 30% valuation premium

EntrackrEntrackr · 5d ago
Exclusive: DrinkPrime raises fresh money at 30% valuation premium
Medial

Exclusive: DrinkPrime raises fresh money at 30% valuation premium DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup, has raised Rs 20 crore in fresh funding from Artha Venture Fund and Mirabilis Investment Trust. According to DrinkPrime’s filings with the Registrar of Companies (RoC), its board approved the allotment of 21,718 Series A3 CCPS and 10 equity shares at an issue price of Rs 9,205 per share to raise Rs 20 crore. Artha Venture Fund and Mirabilis Investment Trust have invested Rs 10 crore during the round. According to the filing, the proceeds will be utilized in line with the company’s approved business plan. As per Entrackr’s estimates, DrinkPrime’s valuation has jumped to Rs 340 crore (approximately $37 million) in the latest round compared to Rs 261 crore in its previous funding round. Following the allotment in the latest round, Artha Continuum Fund and Mirabilis Investment Trust hold a 2.94% stake each in DrinkPrime on a fully diluted basis. The Bengaluru-based startup had previously raised $3 million in a funding round led by SIDBI Venture Capital Ltd. Founded in 2016 by Vijender Reddy Muthyala and Manas Ranjan Hota, DrinkPrime operates a subscription-based water purifier platform that offers IoT-enabled purifiers to households. DrinkPrime reported a 54% increase in operating revenue to Rs 72.13 crore in FY25 from Rs 46.81 crore in FY24, while its loss decreased to Rs 11.53 crore from Rs 14.14 crore during the same period.

Download the medial app to read full posts, comements and news.