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Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund

EntrackrEntrackr ยท 8m ago
Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund
Medial

Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund Renewable energy firm Ayana Renewable is set to raise Rs 150 crore (approximately $17.4 million) in debt from IL&FS Mutual Fund. This development came a month after the company had signed a share purchase agreement with ONGC-NTPC Joint Venture. The board at Ayana Renewable has passed a special resolution to issue 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each to raise Rs 150 crore, its regulatory filing accessed from the RoC. The funds will be used for debt refinancing, subsidiary support in renewable projects, interest, loans, and other eligible infrastructure needs. Notably, the tenure of these debentures will be 3 years from the date of initial drawdown. Ayana Renewable operates as an asset-heavy IPP, developing and managing solar and wind projects with long-term PPAs. Backed by NIIF and global investors, it funds growth through equity, debt, and bonds while ensuring efficient operations and exploring hybrid energy, battery storage, and green hydrogen. Last month, NIIF, British International Investment, and Eversource Capital signed a share purchase agreement to sell their 100% stake to ONGC NTPC Green Pvt. Ltd. (ONGPL), a 50:50 JV of ONGC Green Ltd. (OGL) and NTPC Green Energy Ltd. (NGEL), for an enterprise value of $2.3 billion. For context, Ayana was set up by BII in 2018 and secured over $700 million from NIIF, BII, and Eversource to date. Last week, CCI approved the above-mentioned share agreement. Ayana's scale saw a modest 4% year-on-year growth to Rs 856 crore in FY24 from Rs 823 crore in FY23. However, the company's profits declined sharply by 42.3% to Rs 45 crore during the same period.

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Exclusive: FableStreet parent FS Life to raise $4 Mn in Series B

EntrackrEntrackr ยท 1m ago
Exclusive: FableStreet parent FS Life to raise $4 Mn in Series B
Medial

Exclusive: FableStreet parent FS Life to raise $4 Mn in Series B FS Life, the parent company of D2C women's fashion brand FableStreet, is raising Rs 35.54 crore (around $4 million) led by Colossa Ventures with the participation of existing investor Fireside Ventures and others. FS Life, the parent company of D2C women's fashion brand FableStreet, is raising Rs 35.54 crore (around $4 million) led by Colossa Ventures with the participation of existing investor Fireside Ventures, HirePro Consulting, ASA Holdings, NKA Resources and other angel investors. This is the first fundraise for the company in 3 years since it raised Rs 50 crore in its pre-Series B round led by Fireside Ventures. The board at FS life passed a resolution to issue 10,282 Series B compulsory convertible preference shares at an issue price of Rs 34,568 each to raise the aforementioned sum, as per its regulatory filing with the Registrar of Companies (RoC). Colossa Ventures, through its Colossa WomenFirst Fund, will lead the round with an investment of Rs 10 crore, followed by Fireside Ventures with Rs 7 crore. ASA Holdings and HirePro Consulting will contribute Rs 3 crore and Rs 2.5 crore, respectively. A group of angel investors, including Rahul Garg, Rahul Kayan, and others, will also participate in the round. The company has already received Rs 9.44 crore from the above round in July from Fireside Ventures, Mirabilis Investment Trust, and others, with the remaining amount expected to be received soon. According to Entrackr's estimates, FS Lifeโ€™s valuation remained flat at Rs 370 crore or $42 million post-money. Founded in 2015 by Ayushi Gudwani, FS Life is a house of womenโ€™s apparel and lifestyle brands, including FableStreet, March Jewellery, and Pinkfort. FableStreet focuses on western wear with an emphasis on perfect fits, March offers sterling silver and semi-precious jewellery, while Pinkfort caters to modern Indian wear with a contemporary take on traditional styles. According to startup data intelligence platform TheKredible, the Gurugram-based company has raised over $9.5 million to date, with Fireside Ventures as its lead investor. The company is yet to disclose its FY25 financials. In FY24, it recorded over 40% year-on-year growth in operating revenue, while its losses widened by 70% to Rs 17 crore during the same period. FS Life competes with other D2C fashion and jewellery brands such as NEWME, which raised $18 million in July last year, as well as FabAlley, Fashor (ethnic wear), and jewellery startups like GIVA and Palmonas, among others.

Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi

EntrackrEntrackr ยท 1y ago
Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi
Medial

Infra.Market has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. The debt infusion for the Mumbai-based firm follows the $50 million equity round from the Mars Unicorn Fund โ€” a joint venture of Liquidity Group and MUFG. The board at Infra.Market has approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. Previously, the committee had approved a resolution to raise up to Rs 500 crore through debentures. The new infusion is the tranche of Rs 500 crore. Yubi has invested Rs 80 crore while Raymond Limited, IKF Home Finance, and Samunnati Financial participated with Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and also exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. To date, Infra.Market has raised around $520 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which own 16.87% and 8.46%, respectively, before this round. While the company is yet to file its annual statements for FY24, Infra.Marketโ€™s gross revenue rose 89% to Rs 11,846 crore in FY23. Tiger global-backed firmโ€™s profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Marketโ€™s competition includes OfBusiness, Moglix and Zetwerk, among others. OfBusiness recorded nearly Rs 20,000 crore in revenue and Rs 603 crore profit in FY24. Entrackr exclusively reported the firmโ€™s financial numbers on July 8. Meanwhile, Zetwerk and Moglix are yet to report last fiscal year (FY24) numbers.

Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt

EntrackrEntrackr ยท 11m ago
Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt
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Cleantech startup Hygenco has raised Rs 50 crore (approximately $6 million) via non-convertible debentures from Trifecta. This is the first debt investment for the Gurugram-based company this year. The board at Hygenco has passed a special resolution to issue 500 debentures at an issue price of Rs 1,00,000 each to raise Rs 50 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned dentures are issued for a tenure of 24 months and carry an interest rate of 14.5% per annum, the filing added. Hygenco specializes in developing and deploying commercial systems for green hydrogen and ammonia production. Its solutions cater to large-scale process industries, marine and terrestrial transportation, and personal mobility sectors. Hygenco secured its first investment of $25 million from the SBI through (Neev II Fund) in October 2022. Media reports suggest the company aims to raise a total of $100 million by the end of this year. The company also partnered with Jindal Stainless to set up the country's first green hydrogen plant. According to startup data intelligence platform TheKredible, SBI, through its Neev II Fund, holds a 49.6% stake in Hygenco. The company's co-foundersโ€”Amit Bansal, Anshual Gupta, and Aashish Guptaโ€”collectively own 46.1% of the company. The company was in the pre-revenue stage till the financial year ended March 2023 with a loss of Rs 6.3 crore. Hygenco has yet to file annual results for the previous fiscal year (FY24).

Docon offloads 10% stake in Thyrocare for Rs 668 Cr

EntrackrEntrackr ยท 24d ago
Docon offloads 10% stake in Thyrocare for Rs 668 Cr
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Docon Technologies Pvt Ltd, a promoter entity of Thyrocare Technologies, has sold 53.33 lakh equity shares representing around 10% of the companyโ€™s total paid-up capital through open market transactions on October 24, 2025. The sale was valued at Rs 667.7 crore at an average price of Rs 1,252 per share, according to a stock exchange filing. Following the transaction, Doconโ€™s shareholding in Thyrocare has come down from 71% to 61% and continues to remain a promoter of the diagnostics chain with 3.2 crore shares. The block sale saw strong participation from domestic mutual funds. Among the key buyers were ICICI Prudential Mutual Fund, which purchased 17.49 lakh shares worth Rs 218.9 crore, and Aditya Birla Sun Life Mutual Fund, which picked up 10.33 lakh shares for Rs 129.3 crore. Other prominent investors included HSBC Mutual Fund Midcap Fund (6.66 lakh shares for Rs 83.4 crore), HDFC Mutual Fund (4.44 lakh shares for Rs 55.5 crore), and Eastspring Investments India Consumer Equity Open Limited (3.19 lakh shares for Rs 40 crore). The stake sale comes on the back of leadership transition within the PharmEasy-Thyrocare group. In August 2025, PharmEasyโ€™s co-founder and CEO Siddharth Shah stepped down from his executive role to become the companyโ€™s Vice Chairman, while Thyrocareโ€™s chief Rahul Guha was elevated as the new MD and CEO of API Holdings, the parent entity of PharmEasy and Thyrocare. Guha continues to lead Thyrocare alongside his expanded responsibilities at API. Thyrocare recently announced its financial numbers for the second quarter of the ongoing fiscal year FY26, posting a strong performance in the quarter. The companyโ€™s revenue from operations grew 22% year-on-year (YoY) to Rs 216.5 crore in Q2 FY26 from Rs 177.36 crore in Q2 FY25. Thyrocareโ€™s profit jumped 81% YoY to Rs 47.9 crore in Q2 FY26, compared to Rs 26.4 crore in the corresponding quarter last year. For the first half of FY26, the company recorded a net profit that grew 71% to Rs 86.1 crore from Rs 50.4 crore in H1 FY25.

Exclusive: Finnable to raise Rs 250 Cr in new round

EntrackrEntrackr ยท 2m ago
Exclusive: Finnable to raise Rs 250 Cr in new round
Medial

Exclusive: Finnable to raise Rs 250 Cr in new round Digital lending platform Finnable is set to raise Rs 250 crore (approximately $29 million) in its pre-series C round from Matrix Partners, TVS Capital, and India Nippon Electricals Limited. The company has passed a board resolution and allotted 3,35,238 Pre-Series C preference shares at an issue price of Rs 3,788.35 each and secured Rs 127 crore or $14.7 million. During the first tranche of the pre-series C round of Rs 127 crore, Matrix Partners has injected Rs 125 crore, while India Nippon pumped in Rs 2 crore. The remaining funds are expected to be infused shortly, completing the round. The development comes six months after Ranjan Paiโ€™s family office invested Rs 40 crore in the company. According to Entrackrโ€™s estimates, the company would be valued at Rs 1,300 crore or $150 million post-money. Before this round, MEMG Family Office LLP held 18.69% in Finnable, while Matrix Partners India and TVS Shriram Growth owned 14.53% and 8.05%, respectively. Co-founder and CEO Nitin Gupta retained over 24%. The cap table is set to shift with the fresh infusion from Matrix and TVS, alongside dilution of the foundersโ€™ stake. Founded in 2016 by ex-bankers Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable is a Bengaluru-based fintech startup offering personal loans to salaried professionals. The company is at the AUM of Rs 3,000 crore and has served over 2.7 lakhs customers. Finnable has yet to file its FY25 numbers. In FY24, the company posted a revenue of Rs 181.7 crore with losses of Rs 5.88 crore.

Exclusive: Wipro GE-backed GenWorks valuation touches Rs 550 Cr

EntrackrEntrackr ยท 1y ago
Exclusive: Wipro GE-backed GenWorks valuation touches Rs 550 Cr
Medial

Healthcare firm GenWorks has raised Rs 41 crore (around $5 million) in a funding round led by Evolvence Fund. Somerset Indus Healthcare Fund and key individuals from the Zawawi Group also joined the round. The board at GenWorks Health has passed a special resolution to issue 5,12,500 CCPS at an issue price of Rs 800 each to raise the above sum, its regulatory filing accessed from the Registrar of Companies shows. Evolvence Fund and Somerset Indus Healthcare Fund have injected Rs 26 crore and Rs 8.2 crore, respectively, while Kasiraman Swaminathan and Ramesh Kumar Sivaraman (Group CEO and Finance Manager of Zawawi Group) collectively invested Rs 8.2 crore. According to the startup data intelligence platform TheKredible, the Bengaluru-based company has been valued at around Rs 540-550 crore or $65 million (post-allotment). Following the fresh investment, Evolvence Fund has acquired a 1.51% stake whereas Somerset Indus Healthcare and both the key personnel of Zawawi Group hold 4.54% and 1.52%, respectively. Started as a Wipro GE invested entity, Genworks has raised over $33 million to date, including its $17 million investment round led by Wipro GE and Morgan Stanely in May 2022. Wipro Ge is a joint venture between the Indian IT major and American multinational GE Healthcare. The firm also bagged $4 million from BlackSoil in May 2023. Founded by S GaneshPrasad, GenWorks offers medical devices for Cardiology, ENT, IVD, newborn care, radiology and respiratory diagnosis, among others. As per its website, it has touched over 200 million people in India since its inception, and 6 million lives every year. The ten-year-old company has been growing at a brisk pace in the past few fiscal years. With Rs 447 crore in operating collection during FY23, it registered 20% year-on-year growth over FY22. Meanwhile, its losses also spiked 46% to Rs 44 crore in the same period. GenWorks is yet to report financial numbers for the last fiscal year (FY24).

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