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Exclusive: Bonito Designs to raise $9.5 Mn from Tomorrow Capital

EntrackrEntrackr · 2d ago
Exclusive: Bonito Designs to raise $9.5 Mn from Tomorrow Capital
Medial

Exclusive: Bonito Designs to raise $9.5 Mn from Tomorrow Capital Interior designing company Bonito Designs is set to raise Rs 81 crore (approximately $9.5 million) from its holding company Tomorrow Capital. This funding comes after a two-year hiatus since it last raised Rs 40 crore in June 2023 from HDFC, Tomorrow Capital, and Lodha Ventures. The board at Bonito Designs passed a special resolution in May this year to issue 28,357 class A equity shares at an issue price of Rs 28,564 to Tomorrow Capital to raise Rs 81 crore or $9.5 million, its regulatory filing accessed from Registrar of Companies (RoC) shows. As per its filing, the company has already received Rs 51 crore, the rest of the amount is expected to follow shortly. The company will be valued at around Rs 531 crore ($62.5 million) post-allotment, marking an 18% drop from its Rs 650 crore valuation in the previous round. Founded in 2012 by Sameer AM and Vathsala CR, Bonito Design offers end-to-end solutions and caters to both luxury and budget homes through curated, cost-effective designs. The Bengaluru-based company has so far raised around $22 million to date. Following the allotment, Tomorrow Capital will extend its stake in the company to 67% (on a fully diluted basis), as per startup data intelligence platform TheKredible. Bonito Designs recorded a nearly 50% increase in operating revenue to Rs 153.4 crore in the fiscal year ended March 2024 from Rs 104 crore in FY23. However, the company’s losses more than doubled to Rs 66.9 crore during the same period. The company competes with leading players in the space, including Livspace, HomeLane, and DesignCafe, which was recently acquired by HomeLane.

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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: OneCard to secure $28.5 Mn in new funding round

EntrackrEntrackr · 8m ago
Exclusive: OneCard to secure $28.5 Mn in new funding round
Medial

Mobile-first credit card startup OneCard is raising Rs 239.4 crore or $28.5 million from Better Tomorrow Ventures, Peak XV (previously Sequoia Capital), and Z47 (previously Matrix Partners). While this is the first equity investment for the Pune-based company in 2024, it received debt funding in January this year. The board at OneCard has passed a special resolution to issue 72,048 cumulatively preference shares at an issue price of Rs 33,228.3 per share to raise Rs 239.4 crore or $28.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to the filings, the company has already secured Rs 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Matrix Ventures as part of the above-mentioned fundraising. The breakdown includes Rs 42 crore from Better Tomorrow Ventures, Rs 8.4 crore from Peak XV, and Rs 21 crore from Matrix Ventures. The remaining Rs 168 crore is expected to be received by OneCard in one or more tranches. As per the startup data intelligence platform TheKredible, OneCard has been valued at around Rs 11,747 crore or $1.4 billion post-allotment. In September 2023, Entrackr exclusively reported that the Bengaluru-based company was seeking $100 million at flat valuation. OneCard (FPL Technologies) offers co-branded credit cards to mostly first-time users with banks such as IDFC First Bank, Federal Bank, and SBM Bank. It has a credit score tracking cum credit management app called OneScore. In Sept 2023, the firm announced its partnership with Indian Bank to empower users with full digital control over their credit card interactions such as real-time transaction tracking, spending management, and EMI conversion, among others. On the revenue front, OneCard managed over six-fold year-on-year growth in FY23 as its operating revenue soared to Rs 593 crore in FY23 from Rs 97.8 crore in FY22. At the same time, its losses also spiked 2.2X to Rs 405.6 crore in FY23. It has yet to file its annual results for FY24. OneCard turned unicorn after a $100 million round in July 2022. It has raised more than $350 million to date. According to TheKredible, Peak XV and Z47 collectively control 40% stake in the company.

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.

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris

EntrackrEntrackr · 2m ago
Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris
Medial

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris Propelld, an education-focused lending platform, is set to secure Rs 260 crore (around $30.5 million) in its Series D round led by WestBridge Capital with the participation of Stellaris Venture Partners. Propelld’s board passed a special resolution to allot 20,732 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 1,25,408 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Westbridge Capital will invest Rs 240 crore ($28 million) via Setu AIF Trust, Konark Trust, and MMPL Trust while Stellaris Venture Partners will contribute Rs 20 crore. The investment will be utilized to meet the company’s working capital needs and capital expenditure for business expansion, the filing added. According to Entrackr’s estimates, the company is valued at around Rs 860 crore or $101 million post-allotment. Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld provides education loan financing through 'Study Now, Pay Later' products and Income Sharing Agreements (ISA) via its NBFC arm. The company also offers collateral-free education financing options. Following the latest fundraise, WestBridge will hold a 46.9% stake in the company while Stellaris Venture Partners will hold a 15.69% stake. Propelld competes with other education loans-focused fintech startups like Leap Finance and Grayquest.

Exclusive: Electric mobility startup Matter raises $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Electric mobility startup Matter raises $10 Mn
Medial

Electric mobility startup Matter has raised Rs 82.6 crore (approximately $10 million) in a new round. This is the maiden round of equity funding for the Ahmedabad-based e-bike manufacturer. The board at Matter has issued 1,12,837 CCPS at an issue price of Rs 7,320 each to raise Rs 82.6 crore (approximately $10 million), its regulatory filing accessed from the Registrar of Companies shows. Japan Airlines & Translink Fund invested Rs 25 crore while Info Edge backed Capital 2B Fund poured in Rs 10.8 crore. Helena Special Investments Fund and Abhay P Shah, on behalf of Miracle Carriers are likely to participate in the fundraising. As per TheKredible estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The e-bike manufacturer was reportedly in talks to raise $200 million to expand its operations, distribution and factory setup. Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. A year-old firm was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24. Matter positions itself as a premium brand and this could be evident from its price-range which starts from Rs 1.7 lakh. Unlike Ola Electric and Ather, Matter is not targeting a mass audience and doesn’t compete with the two and other traditional manufacturers. In the e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises controlled Revolt. Tork Motors raised $6 million from Maxis Capital in January this year whereas Ultraviolette has been reportedly in talks to raise a larger round to the tune of $100 million. Ola Electric, which currently manufactures electric scooters, is also planning to enter the e-bike segment by FY26.

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.

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