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Exclusive: CashFlo all set to acquire LogiTax to foray into enterprize biz

EntrackrEntrackr · 1y ago
Exclusive: CashFlo all set to acquire LogiTax to foray into enterprize biz
Medial

Finance automation and payments platform CashFlo is all set to acquire tax compliance management solution provider LogiTax, sources aware of the development told Entrackr. As per sources, the deal will help CashFlo to foray into enterprize business. Founded in 2018 by Ankur Bhageria and Dushyant Agarwal, CashFlo helps vendors to access short-term capital while it enables corporates to optimize working capital flow and increase topline by managing their supply chain’s finances efficiently. In September 2022, CashFlo raised nearly $9 million led by General Catalyst with participation from existing investor, Elevation Capital. So far, the Mumbai-based firm has raised over $12 million. Pune-based LogiTax is an end-to-end tax compliance management solution which helps in managing GST filing to auto-validating invoicing data to generate e-invoices and keeping data audit-ready. Its product suite is available for ERP partners, SMEs and corporates. Founded by Aditya Kulkarni, LogiTax is a bootstrapped firm launched in 2017. It competes with Clear (formerly Cleartax), Treflo, myGSTcafe, myBillBook and Vyapar. Sources also added that the term sheet has been signed and the official announcement may happen soon. Post acquisition, Kulkarni will lead the enterprize business of CashFlo. Queries sent to CashFlo and LogiTax did not elicit any response. We’ll update the post in case they do. CashFlo was chasing growth at a high cost and this could be evident from its financial performance in FY23. As per startup data intelligence platform TheKredible, the firm registered a two fold jump in its operating revenue to Rs 4.73 crore in FY23 while its losses stood at Rs 21.52 crore during the same period. On the other side, LogiTax recorded Rs 2.12 crore revenue and Rs 12.34 lakh losses in FY23. Both companies are yet to file their FY24 numbers.

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Exclusive: Lenskart set to acquire location AI startup GeoIQ

EntrackrEntrackr · 2m ago
Exclusive: Lenskart set to acquire location AI startup GeoIQ
Medial

Exclusive: Lenskart set to acquire location AI startup GeoIQ Omnichannel eyewear retailer Lenskart is all set to acquire location artificial intelligence startup GeoIQ, sources aware of the development told Entrackr. “The deal is nearing completion, with Lenskart set to acquire a majority stake in GeoIQ,” said a source familiar with the matter. “Most of the existing investors are expected to exit as part of the transaction.” Lenskart, which had previously invested in GeoIQ, spearheaded a $2.25 million funding round in May 2022, joined by 9Unicorns (now 100Unicorns) and Ecosystem Ventures. In November 2020, the startup secured Rs 2.5 crore in funding from investors including 9Unicorns, Inflection Point Ventures (IPV), Kayenne, and LetsVenture, among others. Founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, GeoIQ utilizes proprietary algorithms to layer government data with other trusted public sources and satellite imagery into generating 100m x 100m geospatial grids. The startup specializes in providing businesses with actionable consumer insights to tap into offline demand and facilitate faster expansion. It already works with well-known brands like Lenskart, Zepto, Navi, HUL, Caratlane, GIVA, Swiggy, Licious, and CultFit. According to startup data intelligence platform TheKredible, GeoIQ is currently valued at around Rs 90 crore (over $10 million). Lenskart is the largest stakeholder in the company with a 17.11% stake while all three co-founders hold 16.57% each. For the fiscal year ending in March 2024, GeoIQ reported an operating revenue of Rs 6.7 crore against Rs 7.1 crore in FY23. Its net loss widened to Rs 6.1 crore from Rs 4.2 crore year-on-year. “The terms of the deal have been sealed, with GeoIQ expected to be valued anywhere between $15–20 million,” said the person quoted at the beginning of the story. This marks Lenskart’s second acquisition in the last two years. In October 2023, the Peyush Bansal-led company acquired TangoEye, an AI-driven computer vision startup in which it was already an investor. In June 2022, it bought a majority stake in Japan’s Owndays. Three months later, Lenskart’s subsidiary Neso Brands also acquired a minority stake in Paris-based omnichannel eyewear brand Le Petit Lunetier. The development comes as Lenskart gears up for its initial public offering (IPO) as it aims to raise $1 billion at a valuation of $10 billion. Last week, the company also transitioned its holding entity from a private limited to a public limited company. The move was exclusively reported by Entrackr.

Exclusive: Dream11 set to shut its core real-money gaming biz

EntrackrEntrackr · 15d ago
Exclusive: Dream11 set to shut its core real-money gaming biz
Medial

Exclusive: Dream11 set to shut its core real-money gaming biz “The decision was communicated during an internal town hall on Wednesday,” said one of the sources on condition of anonymity. “RMG contributes more than two-third of the company’s annual revenue.” Dream11 (Dream Sports) is winding down its real money gaming operations, sources aware of the development told Entrackr. The decision comes on the heels of the government’s recent Online Gaming Bill 2025. “The decision was communicated during an internal town hall on Wednesday,” said one of the sources on condition of anonymity. “RMG contributes more than two-third of the company’s annual revenue.” The landmark Bill, passed by the Rajya Sabha and Lok Sabha, bans all forms of online games involving monetary stakes, including fantasy sports, poker, betting apps, and opinion trading platforms. The Bill also prohibits celebrity endorsements and makes violations a criminal offense, carrying imprisonment of up to three years and fines of up to Rs 1 crore, with personal liability extended to company directors and promoters unless they can prove due diligence. According to sources, Dream11 will now shift focus to expanding its non-real-money gaming ventures such as Fancode, Sportz Drip (formerly Sports Rhythm), and its investments in Cricbuzz and Willow TV. “The firm is also likely to explore new game formats for overseas markets, similar to the strategy adopted by Mobile Premier League (MPL),” said a second source requesting anonymity. "The shutdown will also trigger severe cost-cutting measures, including mass layoffs, as the RMG business employed the majority of the firm’s workforce,” the person added. Dream11 has declined to comment on the story. Dream11’s revenue from operations surged to Rs 6,384 crore in FY23 from Rs 3,841 crore in FY22. During the period, its profit also increased 32% to Rs 188 crore. It has yet to file its annual report for FY24 and FY25.

Oyo re-enters food biz with Townhouse Cafe QSR chain

EntrackrEntrackr · 4m ago
Oyo re-enters food biz with Townhouse Cafe QSR chain
Medial

Oyo re-enters food biz with Townhouse Cafe QSR chain Hospitality major Oyo has forayed into the quick-service restaurant (QSR) space with the launch of its in-house brand, Townhouse Cafe. These cafes will be rolled out across company-serviced hotels (Townhouse by Oyo). Oyo has piloted the model since January 2025, covering 100 hotels across India. Over the coming months, it plans to scale this up in phases, targeting an ambitious 1,500 hotels, as per the company’s press release. Guests can place food orders through Oyo’s app as well as partner OTAs. In addition to in-house kitchens, the company is rolling out QSR carts and lobby stores under the Townhouse Cafe brand to offer ready-to-eat meals. According to the release, OYO is building a network of food and beverage experts across Delhi, Mumbai, Bengaluru, Hyderabad, Pune, Indore, Kolkata, Jaipur, and Lucknow to support its food service operations. While Oyo is yet to file its full FY25 financials, the IPO-bound company reported revenue of Rs 5,389 crore in FY24, slightly down from Rs 5,464 crore in FY23. However, a 16% reduction in expenses helped it post a net profit after tax (PAT) of Rs 230 crore for the year. The QSR venture seems to be part of Oyo’s broader push to boost revenue through allied services. This isn’t the company’s first foray into food — it launched a cloud kitchen business in 2019 but exited during the pandemic. While food operations are a natural extension of the hotel business, they require a distinct skill set and dedicated teams. Oyo likely gained valuable insights from its initial attempt and now appears better prepared to scale its food business in a more sustainable and strategic manner.

Exclusive: Panacea Biotec to acquire Power Gummies

EntrackrEntrackr · 8d ago
Exclusive: Panacea Biotec to acquire Power Gummies
Medial

Exclusive: Panacea Biotec to acquire Power Gummies Pharma major Panacea Biotec Pharma Limited is set to acquire nutraceutical brand Power Gummies, according to sources aware of the matter. “The transaction is close to being finalized. Panacea Biotec will acquire the entire stake in Power Gummies, including its patents and trademarks,” said one of the sources. Regulatory filings reviewed by Entrackr show that the company is divesting certain assets to Panacea Biotec Pharma Limited, with the proceeds earmarked primarily for debt repayment. Founded in 2018, Power Gummies has positioned itself as a health and wellness brand tailored for modern lifestyles. It claims to offer unique formulations validated by WHO-standard clinical trials, backed by strong R&D and sustainable manufacturing practices. The company’s portfolio spans across categories including hair, skin, sleep, immunity, stamina, and gut health. As per sources, the deal is in the last leg and all terms and conditions have been finalised. Responding to Entrackr’s queries, Power Gummies’ founder and CEO Divij Bajaj said, “As part of the business strategic realignment process, we continuously review our portfolio. In line with this strategy, we may divest brands to a reputed pharmaceutical company to continue to build Happiness for our customers. As of now as we are still evaluating.” Queries sent to Panacea Biotec did not elicit a response until publication of the story. According to the startup data intelligence platform TheKredible, Power Gummies has raised around Rs 76.6 crore ($9 million), including its $6 million Series A funding led by 9Unicorns (now 100Unicorns). The company also raised Rs 10 crore from Jaipuria Family Office and Quadrant in December last year. For the fiscal year ending in March 2024, Power Gummies reported an operating revenue of Rs 17.4 crore against Rs 21.1 crore in FY23. Its net loss widened to Rs 21 crore from Rs 19.1 crore year-on-year. Panacea Biotec, which offloaded its domestic formulations business to Mankind Pharma in 2022 for about Rs 1,900 crore, is now eyeing growth through acquisitions. Its planned takeover of Power Gummies signals a pivot towards the nutraceutical and lifestyle wellness space, expanding beyond its traditional pharma and vaccine portfolio.

Exclusive: Doceree raises $13.6 Mn from Creaegis

EntrackrEntrackr · 1y ago
Exclusive: Doceree raises $13.6 Mn from Creaegis
Medial

Healthcare startup Doceree has raised Rs 113.5 crore (approximately $13.6 million) from Indian private equity firm Creaegis. The board at Doceree has passed a special resolution to issue 10 equity and 2,4300 CCPS at an issue price of Rs 4,672 per share to raise Rs 113.5 crore, its regulatory filing accessed from the Registrar of Companies shows. Importantly, Doceree has received its investments in its local India entity for the first time. Prior to this round, the company had used its holding entity in the US to receive all fundings. Doceree has raised over $50 million to date including $35 million in its Series B round led by Creaegis. Previously, it raised $11 million in a Series A round led by Eight Road Ventures in 2022. Four-year-old Doceree aims to empower pharmaceutical and life-sciences companies and healthcare media agencies with solutions that reach HCPs (healthcare professionals) on their networks to achieve better patient health outcomes. In May last year, Doceree collaborated with Hello Health Group to foray into eight Southeast Asian countries including Vietnam, Indonesia, Malaysia, Cambodia, Myanmar, Singapore, Philippines and Taiwan. As per startup data intelligence platform TheKredible, Doceree registered 60% surge in its operating revenue to Rs 26.6 crore in FY23 from Rs 16.6 crore in FY22. During the period, its losses increase to only Rs 1.53 crore from Rs 38 lakh. Creaegis closed its maiden fund at about $426 million (Rs 3,500 crore) last year. Its portfolio includes Medikabazaar, Zopper, and Kale Logistics among others. Creaegis also has made its major investments in Third Wave Coffee and Zopper.

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