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

EntrackrEntrackr · 3d 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.

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Exclusive: Powerplay valuation halves in fresh funding

EntrackrEntrackr · 3m ago
Exclusive: Powerplay valuation halves in fresh funding
Medial

Exclusive: Powerplay valuation halves in fresh funding Construction management startup Powerplay is set to raise fresh capital from its existing backers, Accel India and Surge Ventures, after a three-year funding gap, but at a steep 57% valuation markdown. The board at Powerplay has passed a special resolution to issue 1,739 Series A2 CCPS at an issue price of Rs 98,512.12 per share, to raise Rs 17.13 crore (approximately $2 million), according to the company’s regulatory filings with the Registrar of Companies (RoC). Accel India and Surge Ventures will participate in Powerplay’s new round with Rs 8.56 crore each. According to the startup data intelligence platform TheKredible, the company will be valued at around Rs 258 crore or $30 million post-money, marking a 57% valuation cut, compared to its previous $7 million funding round in August 2022 led by Accel, which valued the company at around Rs 600 crore or $75 million. The company has raised Rs 117 crore to date. As per the filing, after this round, Accel will be the largest external stakeholder with a 21.25% stake, followed by India Quotient and Surge Ventures, which will hold 15.70% and 15.47%, respectively. Its co-founders, Iesh Dixit and Shubham Goyal, will cumulatively own 38.22% of the company. Founded in 2019 by Iesh Dixit and Shubham Goyal, Powerplay simplifies site-to-office communication to manage construction and architectural projects. It enables construction companies to track progress, attendance, material management, invoices, issue tracking, and budget management. Powerplay is yet to file its financial statements for FY25. The Bengaluru-based startup saw its revenue grow 43% to Rs 4.39 crore in FY24 from Rs 3.07 crore in FY23. At the same time, its losses reduced by 14% to Rs 31.92 crore.

Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge

EntrackrEntrackr · 3m ago
Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge
Medial

Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge Sleep solution startup The Sleep Company is set to raise Rs 105 crore ($12.3 million) in its Series D round led by Saffron Investments with the participation from Carillon Investments and Infinity Partners. The company last raised $22 million in a Series C round led by Premji Invest and Fireside Ventures in December 2023. According to its filing with the Registrar of Companies (RoC), The Sleep Company’s board passed a resolution to approve the issue of 19,093 Series D CCPS at an issue price of Rs 55,130 each to raise the above-mentioned amount. Saffron Investments will lead the round with an investment of Rs 87.73 crore ($10.3 million), while Carillon Investment and Infinity Partners will contribute Rs 9.74 crore and Rs 7.77 crore, respectively. The filing added that the proceeds from this round will be used for growth, expansion, and general corporate purposes. This seems like a part of a bigger round, and the company might raise more during the same round. According to Entrackr’s estimates, the Mumbai-based company will be valued at Rs 2,745 crore (approximately $323 million), marking an 80% surge in valuation compared to around Rs 1,500 crore during its previous $22 million round. The valuation will increase in case of more inflow of funds during the ongoing Series D. The Sleep company was reportedly in talks to raise $50 million from ChrysCapital in a mix of primary and secondary transactions. Founded in 2019, D2C sleep solutions startup The Sleep Company offers a range of products, including mattresses, pillows, cushions, bedding, and office chairs. The company sells its products through both e-commerce platforms and offline retail channels. According to startup data intelligence platform TheKredible, it has raised around $49 million to date from the likes of Premji Invest and Fireside Ventures. Following the allotment of this round, Saffron Investments will be holding a 3.2% stake in the company. For the fiscal year ended March 2024, the D2C brand’s revenue surged 2.5X to Rs 312 crore from Rs 127 crore in FY23. Despite the growth, the losses of the company rose by 58% to Rs 58.69 crore during the same period. The Sleep Company competes with Wakefit, which recently filed its DRHP with SEBI to raise Rs 468 crore via fresh issue. It also competes with SleepCat, Duroflex, among others.

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

EntrackrEntrackr · 9m 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: Brick&Bolt valuation soars 3X in new round

EntrackrEntrackr · 8m ago
Exclusive: Brick&Bolt valuation soars 3X in new round
Medial

Tech-enabled construction company Brick&Bolt is raising Rs 16.6 crore (approximately $1.95 million) in its pre-Series B round from Foundamental. Foundamental is a US-based investment firm that has previously invested in Indian companies, including Infra.Market in its Series A round in 2020. The board at Brick&Bolt has passed a special resolution to issue 369 pre-Series B compulsory convertible preference shares at an issue price of Rs 4,50,087 to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. As per filings, the proceeds will be utilized for immediate working capital and long-term funding requirements for the business. Brick&Bolt provides construction solutions such as complete construction, carpentry, woodwork, kitchen renovations for land and home owners. It operates in Bengaluru, Mysuru, Hyderabad, Chennai, Delhi-NCR and Pune. According to startup data intelligence platform TheKredible, the Bengaluru-based firm has raised approximately $16.5 million to date, led by Surge Ventures, Accel, and Celesta Capital. This includes a $10 million Series A round secured in January 2023 from Accel and Celesta Capital. According to Entrackr’s estimates, the firm will be valued at approximately Rs 891 crore ($105 million) post-allotment, marking a nearly 2.9X increase from around Rs 310 crore ($36.5 million) in its Series A round. Participating investor Foundamental will hold an 8.28% stake. It’s likely to raise additional funds in this round, which may further impact its valuation. The company reported an 81% surge in operating revenue, standing at Rs 42.25 crore for the fiscal year ending March 2024. Notably, it managed to curb losses, which declined by 10% to Rs 31 crore in the last fiscal year (FY24).

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

EntrackrEntrackr · 2m 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: Feminine care brand Plush to kick off Series B round at 3X valuation surge

EntrackrEntrackr · 5m ago
Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge
Medial

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge Feminine hygiene brand Plush to raise its Series B funding round, led by angel investor Ajay Kumar Aggarwal, with participation from Careernet Technologies, OTP Ventures, Blume Ventures, and 11 other investors. The board at Plush has passed a special resolution to issue 4,099 Series B preference shares to raise Rs 30.56 crore or $3.6 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. Ajay Kumar Aggarwal will lead the round with an investment of Rs 6 crore, while existing investors Careernet Technologies, OTP Ventures, and Blume Ventures will contribute Rs 5 crore, Rs 3 crore, and Rs 4 crore respectively. The remaining amount will be collectively invested by Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven other investors. According to Entrackr’s estimates, the company’s valuation is expected to reach around Rs 281 crore (approximately $33 million) post-allotment. This marks nearly a 3X spike in its valuation, compared to its previous pre-Series B round. Following the fresh proceeds, Angel Investor Ajay Kumar Aggarwal will hold 19.64% stake in the company followed by Careerner Technologies and Blume Ventures which holds 16.37% and 13.08% respectively. Founded in 2019, the Chennai-based startup focuses on feminine care products, offering a range that includes period care, hair removal, intimate wellness, and skincare solutions. According to the company, its products are currently available in 500 stores across Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad, with plans to expand retail presence to 2,000 stores over the next six months. Plush reported an 84% year-on-year revenue growth to Rs 28.87 crore in the fiscal year ending March 2024. During the same period, the company posted a loss of Rs 4.4 crore. The startup is projected to close FY25 with Rs 60 crore revenue.

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