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Exclusive: Bloom Hotels to raise $9 Mn in new round

EntrackrEntrackr · 1m ago
Exclusive: Bloom Hotels to raise $9 Mn in new round
Medial

Exclusive: Bloom Hotels to raise $9 Mn in new round Delhi-based hospitality chain Bloom Hotels is set to raise Rs 77.7 crore (around $9 million) in its first funding round of 2025, with participation from Samena Capital Limited and Ikonika Holdings. Bloom Hotels' board has approved a special resolution to issue 7.77 crore compulsory convertible preference shares to raise the said amount, according to its filing with the Registrar of Companies (RoC). The proceeds will be used to fuel the company’s growth and expansion plans, the filing added. The hospitality company operates hotel brands such as Bloom Hotel, Bloom Hub, BloomSuites, and Bloomrooms. Currently, it has over 50 hotels across cities including Mumbai, Pune, Udaipur, Jaipur, and the NCR. The company has already secured around Rs 362 crore (approximately $45 million) from Samena Capital, which now holds a majority stake in the hospitality chain. Bloom Hotels is yet to file its financials for FY25. However, the company has witnessed over 5X growth in the past two years, with revenue rising from Rs 49 crore in FY22 to Rs 250 crore in FY24. It also reported a net profit of Rs 14 crore for the fiscal year ended March 2024. It competes with Treebo Hotels and FabHotels, which posted operating revenues of Rs 88.6 crore and Rs 224 crore, respectively, in FY24. It also faces competition from newer players like Salt Stayz and larger brands such as Oyo, through its Sunday Hotels.

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Exclusive: Pilgrim raises $9 Mn with 3X valuation surge

EntrackrEntrackr · 10m ago
Exclusive: Pilgrim raises $9 Mn with 3X valuation surge
Medial

Beauty and personal care D2C firm Pilgrim has raised Rs 75 crore (approximately $9 million) in its extended Series B round led by Fireside and Vertex Ventures. The board at Pilgrim has passed a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77 655 each to raise Rs 75 crore or $9 million, its regulatory filing accessed from the Registrar of Companies shows. Fireside and Vertex Ventures pumped in Rs 25 crore and Rs 23 crore, respectively. NSFO Ventures, Mirabilis Investment, and NABS Vriddhi cumulatively invested Rs 27 crore during the round. The company will use these proceeds for expansion and general corporate purposes as decided by the board, the filings further added. According to the startup data intelligence platform TheKredible, the company’s valuation has soared to approximately Rs 2,075 crore (around $250 million) post-allotment. This marks an over threefold increase from its last funding round, of $20 million where the company was valued at $75 million. The firm may raise more funds in this round. With the recent funding, Fireside Ventures remains the largest external stakeholder with a 23% stake, followed by Vertex Ventures, which holds 11.2%. NSFO Ventures and Mirabilis Investment command 5.57% and 2.81% stakes, respectively. Founded by Anurag Kedia in 2019, Pilgrim offers more than 90 SKUs across face care, haircare, and skincare products, and fragrances in over 25,000 pin codes. The company said that it offers a wide range of products curated with ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. The five-year-old firm has raised around $35 million across rounds including its $20 million Series B led by Vertex Ventures in 2023. The company posted 4.47X growth in scale to Rs 76 crore in FY23 from Rs 17 crore in FY22. In pursuit of growth, its losses also jumped 3X to Rs 23 crore in FY23. Pilgrim is yet to file annual results for FY24.

Exclusive: Fintech startup CredAble scores $10 Mn in new round

EntrackrEntrackr · 1y ago
Exclusive: Fintech startup CredAble scores $10 Mn in new round
Medial

Fintech startup CredAble has raised $10 million in a new round from Singapore-based Equentia Natural Resources. The fresh investment has come after a gap of 15 months for the Mumbai-based company. The board at CredAble has passed a special resolution to issue 11,963 preference shares in November 2023, at an issue price of Rs 69,384 each to raise Rs 83 crore or $10 million, its regulatory filing sourced from the Registrar of Companies shows. The company will use these proceeds to meet the working capital requirements, growth/expansion, and general corporate activities, as per filings. CredAble has raised over $55 million across rounds including its last round of $9 million in August 2022, led by private sector lender Axis Bank and with the participation of Oaks Assets Management. As per TheKredible’s estimates, the company has been valued at $177 million post-allotment. Founded in 2017, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions. According to the company website, it has over 125 enterprise customers and more than 3 lakh small business borrowers. The company also partnered with over 35 large financial institutions. It reportedly disbursed Rs 45,000 crore of working capital in the calendar year 2023, registering a 100% growth from the previous calendar year (FY22). The company is reportedly in talks to raise $50-70 million in its Series C round. CredAble’s revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. In pursuit of growth, the losses of the company surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.

Exclusive: Neo kicks off Series B with $26.5 Mn

EntrackrEntrackr · 11m ago
Exclusive: Neo kicks off Series B with $26.5 Mn
Medial

Wealth and asset management company Neo has raised Rs 220 crore or $26.5 million in its Series B led by Crystal Investment. This is the second significant round for the Mumbai-based company in the past 9 months. The board at Neo has approved issuing Series B preference shares at an issue price of Rs 3,12,421 each to raise $26.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Crystal investments pumped in Rs 140 crore (approximately $16.8 million) while Mufg Bank and individual investor Deepak Agarwal participated with Rs 78 crore and Rs 2 crore, respectively. This seems to be part of an ongoing round and the firm may raise more funds.. As per TheKredible’s estimates, the company has been valued at around Rs 1,920 crore or $231 million post-allotment. Neo has raised around $104 million to date including its $35 million Series B round led by Peak XV in October last year. According to the startup data intelligence platform TheKredible, Peak VV was the largest external shareholder, holding 22.22% of the company. Meanwhile, its co-founders—Nitin Jain, Varun Bajpai, and Hemant Dogra—collectively held 63.81% prior to this funding round. Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. The three-year-old firm demonstrated supper growth in the fiscal year ending March 2023 as its revenue ballooned 9X to Rs 65.1 crore. Neo achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results.

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C

EntrackrEntrackr · 6m ago
Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C
Medial

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C B2B delivery and shared mobility startup Zypp Electric is raising Rs 55.4 crore ($6.5 million) from 16 investors, which seems to be part of the ongoing Series C funding round for the Gurugram-based company. The board at Zypp Electric has passed a special resolution to issue 564 Series C2 CCPS at an issue price of Rs 9,83,005 each to raise Rs 55.4 crore, its regulatory filing accessed from the Registrar of Companies shows. Individuals including Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, Nirmal K Bathwal, and 10 other investors will cumulatively participate during the investment. According to Entrackr’s estimates, the company will be valued at around $335-350 million. This seems to be part of an ongoing round, and the valuation may vary with further injection. According to the company, it may raise up to $50 million in the Series C fundraise. In May last year, Zypp kicked off the new round with a $15 million tranche led by ENEOS. The company was backed by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others. Founded by Akash Gupta and Rashi Agrawal in 2017, Zypp Electric is an EV-as-a-service platform offering electric vehicle rentals along with delivery services through its e-scooter fleet for gig workers. The company claims to have around 22,000 active vehicles in its fleet, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai. Zypp Electric witnessed significant 2.6X growth, with its operating revenue crossing Rs 290 crore during the fiscal year ended March 2024. However, in pursuit of scale, the losses for the firm rose 2.2X to Rs 91 crore in the same period.

Exclusive: M2P Fintech to raise $80 Mn at $900 Mn valuation

EntrackrEntrackr · 11m ago
Exclusive: M2P Fintech to raise $80 Mn at $900 Mn valuation
Medial

Application programming interface (API) infrastructure platform M2P Fintech (formerly Yap) is in the final stage to raise a new round from new and existing investors, three sources aware of the details told Entrackr. The new round will come for the Bengaluru-based company after two and a half years. It raised $56 million in an equity round led by Insight Partners at a valuation of $650 million (post-money). “M2P is closing a $80 million new round of funding led by a new investor. Existing investors including Insight Partners are likely to join the round,” said one of the sources requesting anonymity. Sources assert that funding will be used to beef up tech infrastructure and accelerate growth pedal in India and overseas markets among others. For the uninitiated, M2P Fintech’s API enables businesses to offer their own branded financial services through partnerships with fintech companies while ensuring regulatory compliance. Apart from India, it operates in Nepal, UAE, Australia, New Zealand, the Philippines, Bahrain and Egypt among several other countries. “M2P will be valued at around $880 to $900 million (post-money) in the new round,” said another source requesting anonymity. “The company has already received the term sheet and the deal is set to be public soon.” Queries sent to M2P Fintech and Insight Partners did not elicit an immediate response. To strengthen its offerings, the Tiger Global-backed firm has acquired six companies to date including Goals101, Syntizen and BSG ITSOFT. According to startup data intelligence platform TheKredible, M2P has raised Rs 864 crore till date. Beenext is the largest stakeholder in the company with over 13% holding. Its co-founders Madhusudhan R, Muthukumar A and Prabhu R collectively own 34% of the firm. M2P is yet to disclose its FY24 numbers but its operating revenue surged 2.26X to Rs 440.7 crore in FY23 from Rs 194.74 crore in FY22. The growth triggered the firm’s losses by 3.35X to Rs 134.26 crore in FY23. M2P Fintech is a leader in the API infrastructure business which counts Setu, Signzy and Decentro as other key players.

Exclusive: Spinny in talks to mop up over $100 Mn in internal round

EntrackrEntrackr · 5m ago
Exclusive: Spinny in talks to mop up over $100 Mn in internal round
Medial

Exclusive: Spinny in talks to mop up over $100 Mn in internal round Tiger Global-backed Spinny is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. Used car platform Spinny is preparing for a new round almost after a gap of over three years. The Tiger Global-backed company is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. “Spinny could raise up to $120 million from internal investors including Elevation Capital, Abu Dhabi Growth Fund, General Catalyst and Accel among others,” said one of the sources on condition of anonymity. Sources assert that the talks are in an early stage and it may take a quarter to materialize. If the deal gets through, Spinny would be the first used car platform to raise a new round since late 2021. As per sources, its valuation more or less remains unchanged in the potential round. Market analysts point out that Spinny has emerged as a clear leader with a large delta in the used car retail space as the company appears to have cracked demand first transaction model. It has achieved this on the back of one of the lowest consumer acquisition costs and better gross margin. The Gurugram-based company also scaling auction-based verticals for dealers and car-financing businesses. Most of the money from the new round is likely to be deployed to grow the lending biz, said sources. “Spinny sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5000 more cars every month on its B2B auction platform,” said the source mentioned above. Queries sent to Spinny, Accel, Elevation and General Catalyst did not elicit an immediate response. According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date. Tiger Global and Accel are its largest stakeholders with 14.25% and 13.25% holding respectively. For the fiscal year ended in March 2024, Spinny’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23​. During the period, its losses reduced by 28% to Rs 590.37 crore.

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

EntrackrEntrackr · 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 TheKredible’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, AstroTalk’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. SriMandir’s parent company AppsForBharat is also in talks to raise $15 million in a new round. Entrackr exclusively reported the development last month.

Exclusive: WMall founders return with ShopDeck, raise $8 Mn

EntrackrEntrackr · 11m ago
Exclusive: WMall founders return with ShopDeck, raise $8 Mn
Medial

Blitzscale Technology, the parent of company WMall and ShopDeck, has raised Rs 65.2 crore (approximately $7.85 million) in a new round. The fresh investment came for the firm after a hiatus of five years. The board at Blitzscale has passed a special resolution to issue 4,385 CCPS (compulsorily convertible preference shares) at an issue price of Rs 1,48,672 each to raise Rs 65.2 crore, its regulatory filing accessed from the Registrar of Companies (RoC)shows. Bessemer Venture has led the round with Rs 35.24 crore while Chiratae Ventures and Elevation Capital pumped in Rs 9 crore and Rs 11 crore, respectively. VH Capital and Reed India cumulatively participated with Rs 9.85 crore in the extended Series B round (B1). ShopDeck will use this amount for growth, expansion, marketing, and general corporate purposes, the filing further added. ShopDeck helps sellers to create their e-commerce store or website, manage logistics, payment and others for a business to sell products online. It competes with Shopify, Magento and WooCommerce in e-commerce enablement space while Shiprocket and Shipway are its competitors in shipping and marketing segments. Following the fresh proceeds, Elevation Capital is the largest external stakeholder with 19.3% followed by Chiratae Ventures with 16.34%. Co-founders Harmin Shah, Anubhav Singh and Rishabh Verma collectively hold 38.6% stake in the company. According to the startup data intelligence platform TheKredible, the firm has been valued at around Rs 385 crore or $46 million (post-allotment). For background, WMall used to be a social commerce platform with flavors of video or live commerce and raised $11 million. However, it later pivoted to NuShop in mid 2022 which now became ShopDeck. Entrackr exclusively reported about the pivot in June 2022. ShopDeck is also one of the rarest startups where existing investors have put in money even after a pivot, that too after a gap of five years. Blitzscale Technology ended FY23 with Rs 19.4 crore revenue and Rs 9 crore loss. Importantly, shipping and marketing services formed over 93% of its total collection in the said fiscal year. Revenue from enabling e-commerce stores stood at Rs 1.31 crore which was 6.7% of total operating income. The company is yet to file its annual results for FY24.

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