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Exclusive: BharatPe set to raise $80-100 Mn pre-IPO round led by Coatue

EntrackrEntrackr · 15h ago
Exclusive: BharatPe set to raise $80-100 Mn pre-IPO round led by Coatue
Medial

Exclusive: BharatPe set to raise $80-100 Mn pre-IPO round led by Coatue BharatPe is in advanced talks to raise $80-$100 million in a pre-IPO round led by Coatue Management, according to two people aware of the matter. This equity funding marks the first such raise in four years for the Delhi-based fintech unicorn. “The round will also see participation from some new and existing investors. This is aimed at strengthening the company’s financial position and setting the stage for an eventual public listing,” said one of the sources, requesting anonymity as the talks are private. As per sources, the investment is being spearheaded by Coatue’s new partner Amit Mukherjee, who has been actively working with BharatPe’s management and board on IPO preparations. Last week, BharatPe’s CEO Nalin Negi also said that the firm will go for a pre-IPO round but ruled out a listing this fiscal (FY26). According to another source, the company wants to ensure consistent profitability before filing draft papers. BharatPe declined to comment on the story while queries sent to Coatue did not elicit an immediate response. BharatPe raised its last equity round in August 2021 when it also entered the unicorn club. It has raised over $650 million in equity and debt from the likes of Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others. BharatPe recently claimed that it turned profitable in FY25 with a profit before tax of Rs 6 crore (excluding ESOP costs) on revenues of Rs 1,800 crore. This marks a turnaround for the firm which had been loss-making for several years. The company already achieved a break-even at the EBITDA level (adjusting for employee stock options) during the first nine months of FY25 while its net losses declined to Rs 148.8 crore in the same period. In April, BharatPe’s subsidiary Resilient secured final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This makes BharatPe one of the few Indian fintech companies to hold an NBFC license (through Trillion Loans), a stake in a small finance bank (Unity SFB), and now a payment aggregator license. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

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Exclusive: BharatPe receives $10 Mn debt from Trifecta and InnoVen

EntrackrEntrackr · 1y ago
Exclusive: BharatPe receives $10 Mn debt from Trifecta and InnoVen
Medial

Fintech firm BharatPe has raised Rs 85 crore (approximately $10 million) in debt through non-convertible debentures. This is the second debt infusion in the Peak XV and Coatue-backed company in 2024. The board at BharatPe has issued 500 Series E1 debentures at Rs 10,00,000 each and 3,500 Series F1 debentures at Rs 1,00,00 each to raise Rs 85 crore, its regulatory filing with the Registrar of Companies shows. Trifecta Venture debt pumped in Rs 50 crore while Innoven Capital participated with Rs 35 crore, shows filing. As per Entrackr’s sources, BharatPe completed its $100 million debt round early this year. InnoVen Capital was expected to pump in $60-70 million in BharatPe whereas Credit Saison invested the remaining capital in the Delhi-based company’s NBFC arm Trillion Loans. Debt from Innoven could be a part of the above amount. We have reached out to BharatPe to confirm if their investment is new or existing. Sources close to the fintech firm added that BharatPe chose debt as it is close to break-even and didn’t want to dilute equity. BharatPe raised its last equity round in August 2021 when it also checked into the unicorn club. It has raised over $650 million in equity and debt from the likes of Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others. According to TheArch report, BharatPe’s operating revenue increased by 16%, reaching Rs 1,370 crore in FY24, up from Rs 1,029 crore in FY23. The six-year-old company also reported a 70% reduction in losses, bringing them down to Rs 270 crore in the last fiscal year.

Exclusive: LifeWell set to raise $22 Mn more led by OrbiMed

EntrackrEntrackr · 1y ago
Exclusive: LifeWell set to raise $22 Mn more led by OrbiMed
Medial

Diagnosis and stem cell bank LifeWell (the merged entity of mFine and LifeCell International’s diagnostic business) is raising Rs 184 crore (approximately $22 million) in what appears to be a pre-IPO round led by existing backer OrbiMed. This will be the first round of investment for the Chennai-based company this year. The board at LifeWell has passed a special resolution to issue 43,18,865 compulsory convertible preference to issue Rs 426.71 each to raise to Rs 184 crore, as per the company’s regulatory filing accessed from the Registrar of Companies (RoC) shows. OrbiMed will inject Rs 150 crore while Cellution Biostorage will pump Rs 30 crore in LifeWell. Individuals including S. Vinod Kumar, Sanjay Singh Kumar Jain, Siremal Kothjari, and others will also invest in this round. The allotment was done on partly paid-up capital via the right basis issue which means 25% of the new round has already been injected. The rest of the amount will come as decided by the board. In July 2022, healthcare platform mFine announced its merger with LifeCell’s diagnostics business. At that time, the duo claimed to have a combined user base of more than six million. The combined entity had set a target to serve more than 50 million users by 2026. As a part of the merger, the combined entity also scooped up $80 million in funding from OrbiMed. Before that, mFine had managed to raise $75 million until its Series C round. The merger came soon after mass firings at mFine in which more than 50% of its workforce were asked to leave. mFine and LifeCell’s diagnostic business was one of the notable consolidations in the digital healthcare space since January 2020. Earlier, DocsApp was merged with MediBuddy while Pristyn Care acquired Lybrate. All of these were distressed sales. The list also includes the acquisitions of ThyroCare, Medlife and Aknamed by PharmEasy while Reliance took over NetMeds.

Exclusive: Consumer lending startup Fibe raises $66 Mn

EntrackrEntrackr · 1y ago
Exclusive: Consumer lending startup Fibe raises $66 Mn
Medial

Digital lending platform Fibe (formerly EarlySalary) has raised Rs 547 crore or $66 million in Series E round led by TPG’s The Rise Fund and Kabira Holdings. This is the first round of investments for the Pune-based company in the past two years. The board at Five has passed a special resolution to issue 5,46,75,600 Series E CCPS at an issue price of Rs 100 each to raise Rs 547 crore, its regulatory filing accessed from the RoC shows. The Rise Fund led the round with Rs 133 crore while Kabira Holdings put in Rs 125 crore. Eight Road Ventures, Norwest Capital, and Trifecta participated with Rs 41.6 crore, Rs 62.5 crore and Rs 55 crore, respectively. Amara Partners and Chirate also invested Rs 29.17 crore and Rs 100 crore. According to filings, the company will use these funds for expansion and growth as per the business plan duly adopted by the board. This is a developing story…

Exclusive: EyeMyEye raises $2.5 Mn in a new tranche

EntrackrEntrackr · 1y ago
Exclusive: EyeMyEye raises $2.5 Mn in a new tranche
Medial

Full-stack eyewear platform EyeMyEye has raised Rs 20.8 crore (approximately $2.5 million) in a new tranche as part of its pre-series A round. The board at EyeMyEye has passed a special resolution to issue 14,44,847 pre-Series A CCPS at an issue price of Rs 143.96 each to raise Rs 20.8 crore, its regulatory filing sourced from RoC shows. RBA Finance & Investments and Ashish Ramesh Kacholia pumped in Rs 10 crore each while Sachin Shah participated with Rs 80 lakh. Following the fresh proceeds, RBA Finance and Ashish Kancholia will hold 6.22% each of the company. EyeMyEye will use these proceeds to operate the business, achieving the pre-defined milestones, and in the manner envisaged in the shareholder’s agreement, the filing added. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 162 crore or $20 million (post-money). Founded in 2021 by Ganesh Iyer, EyeMyEye offers a range of customized eyeglasses, sunglasses, and other eyewear-related products to consumers through its online and offline channels. EyeMyEye has raised around Rs 90 crore ($11 million) to date including a $5 million round led by LC Nueva AIF in August 2022. Entrackr had exclusively reported the development. EyeMyEye registered 34% year-on-year growth to Rs 32.45 crore during FY23. Moreover, the company’s losses remained steady at Rs 19.36 crore during the same period. It competes with the likes of Lenskart, ClearDekho, Cool Winks and Lens2Home, among others.

Exclusive: BharatPe increases its stake in Trillion Loans to 60%

EntrackrEntrackr · 12m ago
Exclusive: BharatPe increases its stake in Trillion Loans to 60%
Medial

Fintech unicorn BharatPe has invested around $8-9 million in its non banking financial (NBFC) arm Trillion Loans and increased its stake in the Mumbai-based firm to nearly 60%, two sources told Entrackr. In May 2023, BharatPe acquired a majority 51% stake in Trillion Loans. The Tiger Global-backed firm also appointed Ravindra Pandey, Nalin Negi and Sabyasachi Senapati to the board of the NBFC firm. The investment appears to be a move for instilling confidence among its external stakeholders, including the lending community and equity holders. “Trillion Loans is now valued at $100 million. BharatPe is planning to fully acquire 100% stake in Trillion NBFC by next 24 months,” said a source who requested not to be named. The person added that BharatPe is also pushing very hard to increase its stake in Unity Small Finance Bank to get more control. Currently, BharatPe owns 49% in Unity SFB whereas Centrum Group owns the remaining 51% stake. Earlier this year, BharatPe raised a larger debt round while Trillion Loans closed a separate debt from Credit Saison. Entrackr exclusively reported the development then. “The investment will enable Trillion Loans to pursue new opportunities, leverage its capital, and operate within comfortable regulatory limits,” said another source who also wished not to be named. BharatPe declined to comment on the story. BharatPe raised its last equity round in August 2021. As per media reports, it was in talks to raise a larger equity round. While the equity funding did not materialize, it has raised multiple debts in the past three years. The company is also likely to be profitable on a consolidated basis in the ongoing fiscal year (FY25). BharatPe’s operating revenue reportedly increased by 16% to Rs 1,370 crore in FY24 while its losses shrank 70% to Rs 270 crore in FY24.

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