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Exclusive: Chai Shots to raise $5 Mn from General Catalyst and InfoEdge

EntrackrEntrackr · 2m ago
Exclusive: Chai Shots to raise $5 Mn from General Catalyst and InfoEdge
Medial

Exclusive: Chai Shots to raise $5 Mn from General Catalyst and InfoEdge Hyderabad-based microdrama over the top (OTT) platform Chai Shots is raising $5 million in its maiden funding round, two sources aware of the development told Entrackr. “General Catalyst along with Info Edge are in advanced stages of closing a new funding round in Chai Shots,” said a source requesting anonymity. “A few angel investors may also participate.” Chai Shots is a short-video streaming platform with episodes under two minutes, available in several Indian languages. The platform is created by the team behind Chai Bisket, a popular digital media and storytelling company. The Chai Bisket team has built a content ecosystem over nine years, covering reels, podcasts, films, and regional stories through platforms like First Show, Mutiny Talent, Studio Panchatantra, and Chai Shots. The Chai Shots platform is still being developed and is expected to launch soon. “The official launch and funding announcement might take a few weeks,” said another source. The person also mentioned that interest in this space is growing, and a few more startups are likely to raise funds soon. Earlier this week, Flick TV, a similar startup, raised $2.3 million in seed funding led by Stellaris Venture Partners, with participation from Gemba Capital and Titan Capital. Chai Shots will also face competition from Kuku FM’s Kuku TV, ShareChat’s QuickTV, Reel Saga, and Reelies. Queries sent to Chai Shots, General Catalyst, and Info Edge did not elicit a response until publication of the story.

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

EntrackrEntrackr · 6m 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.

Chai Kings bags $3 Mn in Series A round

EntrackrEntrackr · 5m ago
Chai Kings bags $3 Mn in Series A round
Medial

Snippets Chai Kings bags $3 Mn in Series A round Chennai-based chai retail chain Chai Kings has raised $3 million (Rs 24 crore) in its Series A funding round from A.V. Thomas and Co. (AVT). Chennai-based chai retail chain Chai Kings has raised $3 million (Rs 24 crore) in its Series A funding round from A.V. Thomas and Co. (AVT). Earlier in January 2020, the tea brand had raised $1 million in its seed round from Chennai Angels (TCA), Hyderabad Angels and TiE India Angels. As part of this round, The Chennai Angels (TCA) are making a partial exit with substantial returns. The proceeds will be used to accelerate its expansion plans, enhance its product offerings, and further strengthen its supply chain. It will also be used in customer engagement and operational efficiencies. Founded by Jahabar Sadique and Balaji Sadagopan, Chai Kings offers a premium and hygienic chai experience, serving a diverse range of tea blends with a focus on quality, sustainability, and customer delight. Since its inception in 2016, Chai Kings claims to have operated 57 stores across Chennai, Hyderabad, and Coimbatore. The brand is known for its quality tea offerings, sustainable packaging, and customer-centric approach. Chai Kings claims that it will close FY25 with a revenue of Rs 48 crore with a positive EBITDA. The firm has plans to double its revenue over the next two years while maintaining profitability.

Exclusive: upGrad raises $35 Mn debt from EvolutionX

EntrackrEntrackr · 1y ago
Exclusive: upGrad raises $35 Mn debt from EvolutionX
Medial

Edtech unicorn upGrad has raised Rs 287.5 crore (approximately $35 million) from EvolutionX. This is the first debt funding for the Mumbai-based company this year. The board at upGrad has passed a special resolution to issue 28,75,000 debentures at an issue price of Rs 1,000 each to raise Rs 287.5 crore or $35 million, its regulatory filing accessed from the Registrar of Companies shows. The company will use these funds for growth, operating expenses, and general corporate purposes, according to the filings. upGrad has raised over $650 million to date including $36.5 million via right issue from Teamsek, founder Ronnie Screwala, and other in March last year. The Temasek-backed company was reportedly in talks to raise $100 million to close the acquisition of online education firm Udacity. According to the startup data intelligence platform TheKredible, Temasek is the largest external stakeholder with 20.7% while Upgrad’s co-founder and chairperson Ronnie Screwvala holds a major 22.4% of the company. upGrad forayed into the offline higher education space in 2022 and invested $30 million to set up ten global campuses across India, the US, and other regions. upGrad experienced notable growth as its operational revenue increased by 72% to Rs 1,194 crore in FY23, up from Rs 692 crore in FY22. However, alongside this growth, the company’s losses also rose by 82% to Rs 1,114 crore in FY23. The company is yet to file its annual results for FY24.

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