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Exclusive: CapGrid to raise fresh funds from Anicut, Nexus and Axilor

EntrackrEntrackr · 1y ago
Exclusive: CapGrid to raise fresh funds from Anicut, Nexus and Axilor
Medial

B2B cloud manufacturing startup CapGrid is raising Rs 29.16 crore (approximately $3.5 million) in an extension of its Series A round led by Anicut Capital with the participation of Nexus Ventures and Axilor Technology Fund. The board at CapGrid has passed a special resolution to issue 2,452 Series A2 CCPS at an issue price of Rs 1,18,940 each to raise Rs 29.16 crore or $3.5 million, its regulatory filing accessed from the Registrar of Companies shows. Anicut Capital pumped in Rs 22.4 crore while Nexus Ventures and Axilor Technology Fund participated with Rs 3.3 crore and Rs 3.4 crore respectively. CapGrid will use these funds for expansion/growth and to fulfill the additional capital requirements, the filing stated. Caprid has raised over $10 million to date including its $7 million Series A led by Nexus Ventures in 2023. According to Entrackr’s estimates, the company has been valued at around Rs 285.5 crore (approximately $34 million) post-allotment. Founded in July 2020 by Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi, CapGrid is an AI-powered platform that serves a spectrum of industries across the automotive industry, agricultural equipment, earthmoving equipment, aerospace, oil and gas, consumer durables, and electric vehicles (EVs). It claims to have over 30,000 manufacturers across 15 countries. Within just three years of operation, CapGrid has surpassed the Rs 100 crore revenue milestone. The company achieved a 2.3X year-on-year growth to Rs 101 crore in FY24 from Rs 44.3 crore in FY23. However, its bottom line reflected a loss of Rs 26.14 crore in the same period.

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CapGrid Solutions raises $5 Mn led by Anicut Capital

EntrackrEntrackr · 12m ago
CapGrid Solutions raises $5 Mn led by Anicut Capital
Medial

CapGrid Solutions raises $5 Mn led by Anicut Capital B2B manufacturing startup CapGrid Solutions has raised $5 million (around Rs 45 crore) in a funding round led by Anicut Growth Fund. The round also saw participation from existing investors Nexus Venture Partners and Axilor Ventures. Earlier in January 2023, CapGrid had raised $7 million led by Nexus Venture Partners. The round closed at a valuation of Rs 305 crore after the investment, according to an ET report. The proceeds will be used for global expansion and investments in technology to improve supply chain and operational efficiencies. Founded in 2020 by Tiwari and Himanshu Singh Raghuvanshi, CapGrid helps car part makers and suppliers by making it easier to find and buy the materials they need. It helps OEMs procure precision parts and components from suppliers that it has tied up with. CapGrid currently operates around 11 fulfilment centres and has 50 strategic supply manufacturing partners. The Gurugram-based startup claims to have recorded a revenue of around Rs 99 crore in the last fiscal year and expects to reach Rs 220 crore in FY25.

Exclusive: Waycool to raise $13 Mn debt from Grand Anicut

EntrackrEntrackr · 1y ago
Exclusive: Waycool to raise $13 Mn debt from Grand Anicut
Medial

Exclusive: Waycool to raise $13 Mn debt from Grand Anicut B2B food and agritech platform Waycool raises Rs 110 crore (approximately $13 million) in debt from Grand Anicut. This will be the second debt round for the Chennai-based company in the last four months. The board at Waycool has passed a special resolution to issue 1,100 non-convertible debentures at an issue price of Rs 1,00,000 each to raise Rs 100 crore or $13 million, its regulatory filing accessed from the Registrar of Companies shows. The debt investment will come with an annual coupon rate of 18% and a tenure of 18 months. In addition to the 18% interest, an additional 4% interest, mutually agreed upon by the company and the lender, will also be applied, according to the explanatory statement filed by the company. According to the filings, Waycool plans to use the funds for general corporate business purposes. These back-to-back loans with high interest rates indicate that the company is facing challenges in securing an equity round and urgently needs capital. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. It was also negotiating for more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for fast-moving consumer goods or FMCG companies. Waycool registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 whereas losses of the firm surged 89% to Rs 685 crore during the same period. The company has yet to file its annual report for FY24.

Anicut raises $11 Mn via GIFT City Structure for Private Credit Fund 3

EntrackrEntrackr · 1y ago
Anicut raises $11 Mn via GIFT City Structure for Private Credit Fund 3
Medial

Alternative investment firm Anicut Capital has announced the receipt of $11 million in dollar-denominated investments via GIFT City Structure in its Private Credit Fund 3. In September last year, Anicut Capital secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund. Within the first year of operations, the fund has already invested in six companies including Earth Rhythm, Neemans, Wheelocity, The Ayurveda Experience, Blue Tokai Coffee and XYXX. The investment structure aims at attracting dollar-denominated investments into India from a diverse group of institutional investors, family offices, and high-net-worth individuals (HNIs) from key global markets including the US, UK, Europe, and the Middle East. The funds are raised in the International Financial Services Centres Authority (IFSC), a statutory authority established by the Government of India to facilitate international investments. The funds received via GIFT City Structure feed into the overall corpus of Rs 1,500 crore that Anicut Capital is currently raising for its third private credit fund. In private credit, Anicut claims to have deployed Rs 3,200 crore to date across mid-sized enterprises since inception.

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