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Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn

EntrackrEntrackr ยท 1y ago
Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn
Medial

Online astrology platform AstroTalk has raised Rs 78.3 crore or $9.5 million in an extension of its Series A round from existing investors Left Lane Capital and Elev8 Capital. The board at AstroTalk has passed a special resolution to issue 5,067 compulsory Convertible preference shares to raise Rs 78.3 crore or $9.5 million, its regulatory filing accessed from the RoC shows. Left Lane Capital pumped Rs 58.3 crore while Elev8 Capital participated with Rs 20 crore. This seems to be the tranche of a larger round. AstroTalk is reportedly in talks to raise $30 million. As per TheKredibleโ€™s estimates, the company has been valued at around Rs 2,478 crore or $300 million post-money which is a 33.3% increase from its last round. The valuation will go up with the flow of funds. AstroTalk has raised Rs 172 crore to date including Rs 166 crore or $20 million in its Series A round in February. Entrackr was the first to report the development. AstroTalk is a platform to consult astrologers via the internet, call, and chat and claims to have 13,000 astrologers, tarot readers, numerologists, and Vastu experts. The platform lets users connect with the aforementioned experts for future predictions related to marriage, love life, career, and health among others. Left Lane Capital baked firm had demonstrated strong financial performance in FY23 as its revenue grew 146% to Rs 283 crore. At the same time, AstroTalkโ€™s profits spiked 41.7% to Rs 8.5 crore. As per the current average revenue run rate, the company is projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. The company is yet to file its audited financial results for FY24. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. The notable names include Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period. SriMandirโ€™s parent company AppsForBharat is also in talks to raise $15 million in a new round. Entrackr exclusively reported the development last month.

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Exclusive: Droom India raises funds at $360 Mn valuation

EntrackrEntrackr ยท 3m ago
Exclusive: Droom India raises funds at $360 Mn valuation
Medial

Exclusive: Droom India raises funds at $360 Mn valuation IPO-bound used car marketplace Droom is raising Rs 25 crore (approximately $2.9 million) in a fresh funding round co-led by India Accelerator (IA), and Rameshchandra Shah. The board at Droom has passed a special resolution to issue 15,62,500 preference shares at an issue price of Rs 160 each to raise Rs 25 crore or $2.9 million, its regulatory filings sourced from the Registrar of Companies (RoC) shows. India Accelerator and Shah both will invest Rs 5 crore each, Shirish Patel, CEO of Prudent Corporate Advisory (wealth management company) will invest Rs 3 crore and the remaining amount will be invested by other individual investors. The firm will use these proceeds for general corporate purposes, the filings said. As per Entrackrโ€™s estimates, the Gurugram-based firm will be valued at approximately Rs 3,097 crore or $360 million post-allotment. โ€œWe deliberately kept the valuation very low for the Indian subsidiary as a strategic move to give material upside to Indians who did not have opportunity to participate in the making of Droom in the past one decade,โ€ said Sandeep Aggarwal, Founder and CEO of Droom, in response to queries about the company's valuation. โ€œWe plan to raise a bit more capital in the near term at much higher valuation both in Singapore and Indiaโ€ฆโ€ Droom is an online marketplace for buying and selling used vehicles, including cars, motorcycles, and electric vehicles. It also offers rental services. According to startup data intelligence platform TheKredible, Droom has raised approximately $330 million from investors including 57 Stars, Seven Train Ventures, Lightbox, and Beenext. Droom reported Rs 85 crore in revenue for FY24, a 66% decline from Rs 253 crore in FY23. It managed to reduce its losses by 35% to Rs 40 crore in FY24. Droom is reportedly planning to file draft papers for a Rs 1,000 crore IPO in 2027, targeting a valuation between $1.2 billion and $1.5 billion.

AstroTalk raises $20 Mn from Left Lane Capital

EntrackrEntrackr ยท 1y ago
AstroTalk raises $20 Mn from Left Lane Capital
Medial

Spiritual tech startup AstroTalk on Monday announced that it has raised $20 million in a Series A round from Left Lane Capital, a New York-based venture capital firm that invests in high-growth consumer and internet technology companies. This is one of the largest funding rounds in the spiritual-tech industry in India, so far. AstroTalk will use the funds for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles, the company said in a press release. Last week, Entrackr exclusively reported about the upcoming funding round in AstroTalk. Founded in 2017 by Puneet Gupta and Anmol Jain, AstroTalk connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more. The platform boasts over 15,000 active astrologers and has served more than 4 crore users to date. โ€œAstrotalk is a โ€˜Made in India, Built for the Worldโ€™ company, eyeing expansion across the US, Canada, UK & Middle East. One-on-one consultations stand to be approximately 95% of our revenue with about 20% of the revenues coming from outside of India,โ€ said Puneet Gupta, founder and CEO of Astrotalk in the release. Currently, the company is building a strong leadership team to head new business verticals and is actively hiring. Additionally, it is planning an ESOP buyback to create wealth for its employees. AstroTalk claims to clock an ARR of approximately Rs 800 crore in FY24 and a 100% year-on-year revenue growth in the last three years. As per the companyโ€™s annual financial statement, it posted 146% growth in its revenue to Rs 283 crore in FY23 whereas its profits spiked 41.7% to Rs 8.5 crore. The firm also projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. It competes with GaneshaSpeaks, InstraAstro, Click Astro, and Bodhi.

Exclusive: PharmEasy raises $216 Mn led by MEMG at $710 Mn valuation

EntrackrEntrackr ยท 1y ago
Exclusive: PharmEasy raises $216 Mn led by MEMG at $710 Mn valuation
Medial

API Holdings, the parent company of online drug dispenser PharmEasy, has raised Rs 1,804 crore ($216 million) led by Ranjan Paiโ€™s Manipal Education and Medical Group (MEMG) and existing investors. The fresh money, however, has come with a 90% haircut in valuation from the firmโ€™s peak worth. The board at API Holdings passed a special resolution to allot 18,63,74,897 cumulative convertible preference shares at an issue price of Rs 96.8 each to raise Rs 1,804 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. MEMG family office led the round with Rs 800 crore while Prosus, Temasek, and 360 One Portfolios pumped in Rs 221 crore, Rs 183 crore, and Rs 200 crore, respectively. CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital cumulatively participated with Rs 400 crore in the new investment. The company will further convert the CCPSโ€“issued into equity shares in the ratio of (1:20), the filings added. As per TheKredibleโ€™s estimates, the company has been valued at around Rs 5,904 crore or $710 million (post-allotment). This is a nearly 90% haircut in valuation of PharmEasy which was once valued at $5.6 billion in 2021. Last month, the Competition Commission of India (CCI) cleared Ranjan Paiโ€™s investment in PharmEasy. The Mumbai-based firm has been trying to raise around Rs 3,500 crore since August last year to repay debt which it took from Goldman Sachs. PharmEasy defaulted on its loan terms with Goldman Sachs in June last year. Around the same time, the firmโ€™s valuation was reduced by around 50% by its investor Janus Henderson. Neuberger Berman also cut PharmEasyโ€™s valuation by 21.4% to $4.4 billion as of February 2023. The Dharmil Shah-led company is also among a list of startups which postponed its IPO plan after filing draft papers with market regulator SEBI. The firm filed DRHP in November 2021 and pulled back its listing plan in August 2022 citing tough market conditions. For the fiscal year ending in March 2023, PharmEasy saw a 16% growth in its revenue to Rs 6,644 crore against Rs 5,729 crore in FY22. As per startup data intelligence platform TheKredible, the company also curbed its losses to Rs 2,289.8 crore in FY23 as compared to Rs 2,731.7 crore in FY22. PharmEasyโ€™s travails have been well documented, especially post its acquisition of Thyrocare. The latest fundraising should put at rest any lingering doubts about the future of the firm. The move to expand into diagnostics has delivered very poor results for the firm, and the funding now will result in the promoters being diluted way more than they ever hoped to be. Itโ€™s a salutary lesson for many other startups, and the only silver lining is that the firm itself has survived, hopefully to get a second chance at making history.

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