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

EntrackrEntrackr ยท 10m 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 3m 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: Wow! Momo to raise Rs 75 Cr from Singularity AMC

EntrackrEntrackr ยท 22d ago
Exclusive: Wow! Momo to raise Rs 75 Cr from Singularity AMC
Medial

Exclusive: Wow! Momo to raise Rs 75 Cr from Singularity AMC Quick service restaurant chain Wow! Momo is set to raise another Rs 75 crore ($8.4 million) in its ongoing Series D round from Singularity AMC. This marks the companyโ€™s third funding round in 2025, following a Rs 150 crore raise led by Haldiramโ€™s Kamal Agrawal, along with Khazanah and 360 One. Wow! Momoโ€™s board approved the issuance of 7,838 Series D6 CCPS at an issue price of Rs 95,699 each to raise the above-mentioned sum from Singularity AMC, according to its filing with the Registrar of Companies (RoC). As per Entrackrโ€™s estimates, the company will be valued at around Rs 2,838 crore ($316 million) on a post-money basis. The company will utilize the proceeds to fund capital expansion, meet working capital requirements, and for general corporate purposes to support its business growth, the filing added. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets across 17 cities, housing brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. According to startup data intelligence platform TheKredible, Wow! Momo has raised over $140 million to date, including a $42 million Series D round led by Khazanah in January 2024. Following the latest tranche, Singularity AMC will hold a 2.64% stake in the company. For FY24, Wow! Momo posted a 13% year-on-year growth in operating revenue to Rs 470 crore, compared to Rs 413 crore in the previous fiscal, while its losses remained stable at Rs 114 crore. The company has not yet filed its FY25 numbers.

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.

Amagi raises Rs 805 Cr from anchor investor ahead of IPO

EntrackrEntrackr ยท 4d ago
Amagi raises Rs 805 Cr from anchor investor ahead of IPO
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Amagi raises Rs 805 Cr from anchor investor ahead of IPO Adtech unicorn Amagi Media Labs has raised Rs 805 crore from anchor investors at the upper price band of Rs 361 per share, ahead of its IPO opening on January 13. According to regulatory filings, Amagi allotted over 2.22 crore equity shares to 42 anchor investors at Rs 361 per share to raise Rs 805 crore. The anchor book saw participation from a mix of leading domestic mutual funds and global institutional investors. Prominent names in the anchor round include SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Tata Mutual Fund, Motilal Oswal Mutual Fund, Franklin Templeton, along with global institutions such as Goldman Sachs, Societe Generale, Fidelity, and others. Domestic mutual funds accounted for a sizeable portion of the anchor allocation, underlining strong local institutional confidence. The Bengaluru-based companyโ€™s Rs 1,789 crore IPO comprises a fresh issue as well as an offer-for-sale (OFS) by existing investors. Proceeds from the fresh issue will be used to strengthen Amagiโ€™s technology and data stack, expand its global footprint, and pursue strategic acquisitions, while the OFS will provide partial exits to early and late-stage investors. The issue will open for subscription on January 13 and close on January 16. The company has fixed the lot size at 41 shares, translating to a minimum retail investment of around Rs 14,800 at the upper end of the price band. Founded in 2008, Amagi operates a cloud-managed advertising platform focused on connected TV (CTV) and programmatic advertising, enabling brands to run targeted campaigns across streaming platforms. The company derives a majority of its revenue from international markets, particularly the US. On the financial front, Amagi has continued to scale rapidly. For the fiscal year ended March 2025 (FY25), the company reported revenue of around Rs 1,162 crore. During the first half of the ongoing fiscal year (H1FY26), the company posted Rs 706 crore revenue with profits of Rs 6.5 crore. At the upper end of the price band, Amagi is expected to command a post-issue valuation of over Rs 7,800 crore.

Swiggy closes Rs 10,000 Cr QIP at nearly 4% discount to floor price

EntrackrEntrackr ยท 1m ago
Swiggy closes Rs 10,000 Cr QIP at nearly 4% discount to floor price
Medial

Swiggy has closed its Rs 10,000 crore qualified institutional placement (QIP) on December 12 after raising funds from eligible institutional investors. In a filing with the stock exchanges, the company said its Investment and Allotment Committee had approved the issuance and allotment of 26.66 crore equity shares at Rs 375 per share. The issue price represents a 3.97% discount to the floor price of Rs 390.51 and includes a premium of Rs 374 per share. Swiggy has also finalized allocations to qualified institutional buyers and adopted the placement document on December 12. The fundraise follows the shareholder approval received on December 8 when 99.47% of votes cast at the extraordinary general meeting backed the proposal to raise up to Rs 10,000 crore through a QIP. A day later, the company launched the issue and set the floor price at Rs 390.51 per share. Swiggy said that the capital would be used to strengthen its balance sheet and support the expansion of Instamart along with investments in logistics and technology infrastructure. The Bengaluru-based firm's shares gained more than 2% on December 9 as the QIP opened for subscription. The issue saw strong traction from institutional investors. Between December 10 and 11, demand exceeded four times the offer size. Large domestic mutual funds including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Kotak Mutual Fund reportedly participated in the offering. Global investors such as Temasek, GIC and Nomura also subscribed to the issue. With the allotment completed, Swiggy has executed one of the largest equity raised by an Indian internet company.

Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt

EntrackrEntrackr ยท 1y ago
Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt
Medial

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).

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