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Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B

EntrackrEntrackr · 1m ago
Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B
Medial

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B Electric mobility startup Kazam is raising Rs 51 crore (around $6 million) in its Series B round, led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital. The board at Kazam has passed a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will jointly invest $4.9 million, while Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively. According to Entrackr’s estimates, the company will be valued at around $51 million post-allotment. Kazam plans to deploy the funds towards business growth, expansion initiatives, and general corporate purposes. After this funding round, Vertex Ventures and IFC VVSEA Co-Invest together will hold a 22.89% stake, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that develops smart and affordable charging networks. Its technology supports a wide variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. It claims to power over 25,000 charging points. The Bengaluru-based firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company is yet to file its annual results for FY25. According to the startup data intelligence platform TheKredible, its revenue from operations surged 3.3X to Rs 12.19 crore during the fiscal year ended in March 2024 while its losses stood at Rs 10.2 crore in the same fiscal year.

Exclusive: Pravega and IIFL invest in GrayQuest’s Series B

EntrackrEntrackr · 10m ago
Exclusive: Pravega and IIFL invest in GrayQuest’s Series B
Medial

Education loans-focused fintech startup GrayQuest is set to raise Rs 53 crore ($6 million) in a Series B round co-led by Pravega Fund and IIFL Fintech Fund. The board of GrayQuest has passed a resolution to offer and issue 6,228 fully paid up and 1,530 partly paid up Series B preference shares at an issue price of Rs 69,062 each to raise Rs 53.57 crore. Pravega Ventures and IIFL Fintech Fund each invested Rs 21.50 crore, while the company’s founder, Rishab Sumer Mehta, also participated with shares worth Rs 10.56 crore. The shares allotted to Rishab are partly paid, meaning the remaining amount will be called upon when the board decides. GrayQuest will utilize the fresh funding to meet financial requirements and support its expansion plan, the firm’s regulatory filings disclosed. The company has also increased its ESOP pool size by adding 1,204 new options, bringing the total ESOP pool to 5,718 options, as per a separate filing. Entrackr estimates that GrayQuest’s ESOP pool is currently valued at $4.5 million. The Mumbai-based startup had raised $7 million in its Series A round back in March last year, and $1.2 million worth pre-Series A round in August 2020. According to the startup data intelligence platform TheKredible, GrayQuest has been valued at around Rs 530 crore ( $64 million) post-allotment. The Series B round appears to be ongoing, and the startup is likely to raise additional funds, which could result in a variation in its valuation. Following the fresh proceeds, Pravega Ventures will hold 10.94% of the company, while IIFL Fintech Fund will own 4.07%. Its Founder Rishab Sumer Mehta will command a handsome 38.59% stake in the company. Seven-year-old GrayQuest is an integrated fee collection platform for educational institutions, allowing parents to pay annual education fees in flexible monthly installments with zero interest. Recently, Grayquest was selected for Co-Lab initiative, which was launched by HDFC Bank in collaboration with Pravega Ventures. For the fiscal year ending in March 2023, the startup reported Rs 8.76 crore in operating revenue with Rs 26.3 crore loss. It has yet to publish FY24 results. According to data compiled by TheKredible, GrayQuest and its competitors, including Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively secured approximately $500 million in funding over the past 24 months. In July, Entrackr exclusively reported that Leap is in talks to raise a new round at unicorn valuation.

Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital

EntrackrEntrackr · 5m ago
Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital
Medial

Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital B2B SaaS company Data Sutram is in advanced stages of securing $10-12 million in a new funding round, according to sources familiar with the development. The new round is coming within 15 months for the Mumbai-based startup. “Lightspeed Venture Partners and B Capital are leading the new round in Data Sutram as the deal is expected to close soon,” said one of the sources. “Existing investors will also participate.” Founded in 2018 by Rajit Bhattacharya, Aisik Paul, and Ankit Das, Data Sutram’s proprietary AI and ML-driven data engine automatically converts raw unstructured data from satellites, mobile phones, POS machines, and several other sources. Its product suite—Find, Authenticate, and Grow—has gained significant traction among major banks, NBFCs, and fintechs worldwide. The company asserts that its data insights drive a 3X boost in sales, reduce fraud cases by 45%, and enhance customer lifetime value (CLTV) by 1.5X. In September 2023, Data Sutram secured $3 million in funding, led by Singularity Growth Fund and other investors. Earlier, in February 2022, the company raised $2.07 million in a funding round spearheaded by Varanium Capital and Yatra Angel Network. As per sources, Data Sutram is looking for a valuation of $60-70 million (post money). Queries sent to Data Sutram, Lightspeed and B Capital remained unanswered until publication of the story. For the fiscal year ended in March 2024 (FY24), Data Sutram reported Rs 5.6 crore in revenue with a loss of Rs 10.8 crore.

Exclusive: Peak XV in talks to lead new round in visa startup Atlys

EntrackrEntrackr · 1y ago
Exclusive: Peak XV in talks to lead new round in visa startup Atlys
Medial

Online visa application platform Atlys is in talks to raise a new round to the tune of $15-18 million, sources aware of the development told Entrackr. The Mumbai and San Francisco-based firm is raising its Series B round within a year of Series A fundraise. “Atlys has initiated talks with existing backer Peak XV and others to raise Series B round. The talks are early and may take a couple of months to materialize,” said a source who requested anonymity. In September last year, Atlys scooped up $12 million in a Series A round led by Elevation Capital and Peak XV Partners with participation from existing investors Andreessen Horowitz (a16z), Musical Duo Chainsmokers, South Park Commons, Pinterest Founders and other investors. To date, it has raised over $17 million. “The round will be led by Peak XV and value Atlys anywhere at around $70 million or even more,” said another source. Launched in 2021, Atlys makes visa process visa-related processes easier in a quick time. It has built a tech which aims to reduce visa rejection rates. The platform covers more than 150 destinations and with an average time of just over 4-10 minutes spent to apply for a visa. As per sources, Atlys facilitates around 30,000 visa applications per month and India contributes more than 60% (20,000) visa applications. Earlier this year, the firm launched a new refund feature aimed at providing financial security to its users if their visa gets rejected. In a response to Entrackr’s queries, Atlys founder and CEO Mohak Nahta said, “We would like to clarify that we are currently not engaging in any fundraising activities, and reports or rumours indicating otherwise are inaccurate.” Queries sent to Peak XV did not elicit any response. Atlys competes with Gurugram-based Visa2Fly and Mumbai-based StampThePassport. While Visa2Fly raised $414K in its pre-seed round from ODX (On Deck), MarsShot VC (Razorpay Founders) and others in July 2022, StampThePassport raised $500K in September last year.

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge

EntrackrEntrackr · 1m ago
Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge
Medial

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge Feminine hygiene brand Plush to raise its Series B funding round, led by angel investor Ajay Kumar Aggarwal, with participation from Careernet Technologies, OTP Ventures, Blume Ventures, and 11 other investors. The board at Plush has passed a special resolution to issue 4,099 Series B preference shares to raise Rs 30.56 crore or $3.6 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. Ajay Kumar Aggarwal will lead the round with an investment of Rs 6 crore, while existing investors Careernet Technologies, OTP Ventures, and Blume Ventures will contribute Rs 5 crore, Rs 3 crore, and Rs 4 crore respectively. The remaining amount will be collectively invested by Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven other investors. According to Entrackr’s estimates, the company’s valuation is expected to reach around Rs 281 crore (approximately $33 million) post-allotment. This marks nearly a 3X spike in its valuation, compared to its previous pre-Series B round. Following the fresh proceeds, Angel Investor Ajay Kumar Aggarwal will hold 19.64% stake in the company followed by Careerner Technologies and Blume Ventures which holds 16.37% and 13.08% respectively. Founded in 2019, the Chennai-based startup focuses on feminine care products, offering a range that includes period care, hair removal, intimate wellness, and skincare solutions. According to the company, its products are currently available in 500 stores across Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad, with plans to expand retail presence to 2,000 stores over the next six months. Plush reported an 84% year-on-year revenue growth to Rs 28.87 crore in the fiscal year ending March 2024. During the same period, the company posted a loss of Rs 4.4 crore. The startup is projected to close FY25 with Rs 60 crore revenue.

Exclusive: Brick&Bolt valuation soars 3X in new round

EntrackrEntrackr · 4m ago
Exclusive: Brick&Bolt valuation soars 3X in new round
Medial

Tech-enabled construction company Brick&Bolt is raising Rs 16.6 crore (approximately $1.95 million) in its pre-Series B round from Foundamental. Foundamental is a US-based investment firm that has previously invested in Indian companies, including Infra.Market in its Series A round in 2020. The board at Brick&Bolt has passed a special resolution to issue 369 pre-Series B compulsory convertible preference shares at an issue price of Rs 4,50,087 to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. As per filings, the proceeds will be utilized for immediate working capital and long-term funding requirements for the business. Brick&Bolt provides construction solutions such as complete construction, carpentry, woodwork, kitchen renovations for land and home owners. It operates in Bengaluru, Mysuru, Hyderabad, Chennai, Delhi-NCR and Pune. According to startup data intelligence platform TheKredible, the Bengaluru-based firm has raised approximately $16.5 million to date, led by Surge Ventures, Accel, and Celesta Capital. This includes a $10 million Series A round secured in January 2023 from Accel and Celesta Capital. According to Entrackr’s estimates, the firm will be valued at approximately Rs 891 crore ($105 million) post-allotment, marking a nearly 2.9X increase from around Rs 310 crore ($36.5 million) in its Series A round. Participating investor Foundamental will hold an 8.28% stake. It’s likely to raise additional funds in this round, which may further impact its valuation. The company reported an 81% surge in operating revenue, standing at Rs 42.25 crore for the fiscal year ending March 2024. Notably, it managed to curb losses, which declined by 10% to Rs 31 crore in the last fiscal year (FY24).

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.

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