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Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation

EntrackrEntrackr · 29d ago
Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation
Medial

Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation Grocery-focused social e-commerce platform CityMall is set to raise Rs 334 crore ($38 million) in a Series D round from existing investors led by Accel with the participation of Waterbridge Ventures, Elevation Capital, Norwest Capital, Citius, and General Catalyst. This is the first major funding for the Gurugram-based company in 3.5 years since it raised $75 million in the Series C round in March 2022. The board at CityMall passed a resolution to approve the issuance of 7,278 Series D CCPS and an equity share at an issue price of Rs 4,58,716 each to raise the aforementioned sum, its regulatory filing accessed from Registrar of Companies (RoC) shows. Accel will lead the round with an investment of Rs 173.2 crore ($19.7 million), followed by Waterbridge Ventures at Rs 52 crore ($5.9 million). Citius and Norwest Capital will participate with Rs 48.38 crore ($5.5 million) and Rs 25.96 crore ($2.95 million), respectively. Elevation Capital (Rs 21.65 crore), General Catalyst (Rs 8.67 crore), and angel investor Rohit Agarwal (Rs 4 crore) will also join the round. The proceeds will be used for capital expenditure, marketing, and other general corporate purposes, the filing added. According to Entrackr’s estimates, the company’s valuation remained flat at Rs 2,780 crore or $316 million. The company might raise more funds in this round and its valuation will vary accordingly. Founded in 2020, Grocery-focused social commerce startup CityMall offers daily essentials including grocery, FMCG, and home and kitchen products, and plans to expand into new categories such as beauty and accessories through its network of community resellers in tier II and III cities. According to the startup data intelligence platform TheKredible, Citymall has so far raised over $110 million across multiple funding rounds. The Accel-backed company has not yet filed its FY25 financials. In FY24, it reported over 23% year-on-year growth in gross revenue (GMV) to Rs 427 crore compared to Rs 346.4 crore in FY23. However, its losses rose 10% during the same period to Rs 159 crore.

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Exclusive: Servify valued at around $700 Mn in Series D

EntrackrEntrackr · 6m ago
Exclusive: Servify valued at around $700 Mn in Series D
Medial

Exclusive: Servify valued at around $700 Mn in Series D Post-sales service firm Servify is raising Rs 66.27 crore (approximately $7.8 million) in its ongoing Series D round led by BEENEXT Capital with the participation of Singularity Growth Opportunities Fund. The board Servify has passed a special resolution to issue 2,27,170 Series D3 CCPS at an issue price of Rs 2,917 each to raise Rs 66.27 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. BEENEXT Capital, through its BEE Accelerate Fund2, will invest Rs 48.27 crore, with the remaining amount coming from the Singularity Growth Opportunities Fund. According to the valuation report attached by the company, its post-money valuation will be around $690–700 million. Last year, the firm secured $10 million through a mix of equity and debt at a valuation of $852 million. Servify offers brand-authorized after-sales support for mobile phones, personal gadgets, electronics, and home appliances. The platform allows consumers to add their household electronic gadgets onto the platform, store the bills, and access authentic brand-authorized service during or beyond the warranty period. Servify recorded a 23.6% year-on-year growth, with revenue rising to Rs 755 crore during the last fiscal year (FY24) from Rs 611 crore in FY23. However, the company's losses declined sharply by 59% to Rs 94 crore in the same period.

Exclusive: Euler Motors’ valuation remains flat in Series D round

EntrackrEntrackr · 5m ago
Exclusive: Euler Motors’ valuation remains flat in Series D round
Medial

Exclusive All Stories Exclusive: Euler Motors’ valuation remains flat in Series D round Commercial electric vehicle manufacturer ​​Euler Motors is raising Rs 638 crore (around $75 million) in its Series D round led by Hero MotoCorp. The company has already announced a $60 million investment from Hero MotoCorp, and the round is expected to see further participation from other existing investors. While the investment will provide a much-needed breather for Euler, which has been seeking funds for some time, the Delhi-based company will have to settle for a flat valuation in this round. To delve deeper into Euler’s latest funding round, Entrackr has reviewed the company’s regulatory filings to uncover details such as the round's breakdown, shareholding structure, and current valuation. The board at Euler Motors has passed a special resolution to approve the issue of 8,33,047 Series D Cumulative Compulsorily Convertible Preference Shares and 10 equity shares at an issue price of Rs 7,659 to raise Rs 638 crore or $75 million. Hero MotoCorp led the round with an investment of Rs 510 crore ($60 million) whereas British International Investment and Caladium Investment (GIC) will contribute Rs 96 crore ($11.3 million), Rs 32 crore ($3.76 million), respectively. As per Entrackr’s estimates, the Saurav Kumar-led company is expected to be valued at approximately Rs 1,496 crore ($176 million) post-allotment, reflecting a flat valuation compared to the previous round. According to startup data intelligence platform TheKredible, Euler Motors has raised around $128 million prior to this round including debt and equity. Following the allotment of Series D round, Hero MotoCorp will be the largest external shareholder in the company with 34.10%. Caladium Investment (GIC) and British International Investment will hold 18.00% and 10.40% stakes respectively. Launched in 2018, Euler Motors is a commercial electric vehicle startup specializing in the production of three-wheelers. The company has deployed its EV fleets for major clients such as BigBasket, Ecom Express, Amazon, and Udaan. On a year-on-year basis, Euler recorded over a 3X jump in its operating revenue, reaching Rs 189 crore in FY24 from Rs 62 crore in FY23. However, it also incurred a loss of Rs 227 crore during the same fiscal. The firm has yet to disclose last fiscal year numbers (FY25). It competes with Altigreen, along with established players such as Mahindra Electric, Piaggio, Kinetic Green, Tata, and others. The three-wheeler market is perhaps the one market that has evolved at its own pace. It has been the same story in the electric version, with nothing like the horde that entered the two-wheeler space hoping to strike it big. Margins are way healthier for the established players, and Euler has done enough to show it can punch its weight or even above as well. That explains the continued interest from Hero MotoCorp, albeit at the flat valuation to reflect the rising challenges or Euler’s present situation. With EV mandates only spreading faster to more and more states and some of the biggest buyers known to be open to a better deal, Euler certainly has a better than even chance of gaining further traction and enjoying a good ride. The key will be the ability to produce newer products for a market with a variety of needs by size and features.

Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation

EntrackrEntrackr · 1m ago
Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation
Medial

Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation Child companion robot maker Miko is raising Rs 1,325 crore ($155 million) in its Series D round from AMDG-PAX Foundation, a US-based non-profit organisation. The board of RN Chidakashi Technologies Private Limited, which operates under the brand name Miko, has passed a special resolution to issue 22,465 preference shares at an issue price of Rs 5.9 lakh each to raise the sum, its regulatory filing with the Registrar of Companies (RoC) shows. According to the filing, the fresh proceeds will be utilized to meet business requirements and other general corporate purposes. Entrackr estimates the company’s post-money valuation at around $550 million, a 2.7X increase from its previous round. Queries sent to Miko on Friday did not receive any response until the story was published. Miko.ai runs on a hybrid model, selling AI-powered robots such as Miko Mini and Miko 3 priced in the Rs 15,000–25,000 range, while also pushing its premium subscription Miko Max to drive recurring revenues beyond device sales. The company claims to serve customers in over 140 countries, including the US, Europe, and the Middle East. So far, Miko has raised over $75 million (excluding this round), including a $29 million Series B round led by IvyCap Ventures. According to the filing, AMDG-PAX Foundation will hold 27.87% (post-allotment) of the firm. While Miko’s Indian entity has yet to file its FY25 annual report, its revenue from operations grew 58% to Rs 358 crore in FY24, compared to Rs 225 crore in FY23. Its losses stood at Rs 120 crore in FY24. Miko competes with PlayShifu, Avishkaar, and WitBlox, among others.

Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge

EntrackrEntrackr · 2m ago
Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge
Medial

Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge Sleep solution startup The Sleep Company is set to raise Rs 105 crore ($12.3 million) in its Series D round led by Saffron Investments with the participation from Carillon Investments and Infinity Partners. The company last raised $22 million in a Series C round led by Premji Invest and Fireside Ventures in December 2023. According to its filing with the Registrar of Companies (RoC), The Sleep Company’s board passed a resolution to approve the issue of 19,093 Series D CCPS at an issue price of Rs 55,130 each to raise the above-mentioned amount. Saffron Investments will lead the round with an investment of Rs 87.73 crore ($10.3 million), while Carillon Investment and Infinity Partners will contribute Rs 9.74 crore and Rs 7.77 crore, respectively. The filing added that the proceeds from this round will be used for growth, expansion, and general corporate purposes. This seems like a part of a bigger round, and the company might raise more during the same round. According to Entrackr’s estimates, the Mumbai-based company will be valued at Rs 2,745 crore (approximately $323 million), marking an 80% surge in valuation compared to around Rs 1,500 crore during its previous $22 million round. The valuation will increase in case of more inflow of funds during the ongoing Series D. The Sleep company was reportedly in talks to raise $50 million from ChrysCapital in a mix of primary and secondary transactions. Founded in 2019, D2C sleep solutions startup The Sleep Company offers a range of products, including mattresses, pillows, cushions, bedding, and office chairs. The company sells its products through both e-commerce platforms and offline retail channels. According to startup data intelligence platform TheKredible, it has raised around $49 million to date from the likes of Premji Invest and Fireside Ventures. Following the allotment of this round, Saffron Investments will be holding a 3.2% stake in the company. For the fiscal year ended March 2024, the D2C brand’s revenue surged 2.5X to Rs 312 crore from Rs 127 crore in FY23. Despite the growth, the losses of the company rose by 58% to Rs 58.69 crore during the same period. The Sleep Company competes with Wakefit, which recently filed its DRHP with SEBI to raise Rs 468 crore via fresh issue. It also competes with SleepCat, Duroflex, among others.

Exclusive: Leap Finance in talks to raise $100 Mn; seeks over $1 Bn valuation

EntrackrEntrackr · 1y ago
Exclusive: Leap Finance in talks to raise $100 Mn; seeks over $1 Bn valuation
Medial

Leap Finance, a fintech platform for Indian students pursuing higher education overseas, is in talks to raise around $70–100 million in a new round, according to two sources aware of the development. The company is seeking fresh investment after more than two years of its Series D round. “Leap has been doing well for the past two years which attracted interest from several investors including internals,” said one of the sources requesting anonymity as talks are private. “The firm is in talks with at least three new investors to raise up to $100 million in Series E round.” Leap is likely to become a unicorn with this round, said sources. San Francisco-incorporated Leap last raised $75 million in its Series D round led by Owl Ventures with participation from Steadview, Paramark Ventures, Jungle Ventures and Peak XV in June 2022 in a valuation range of $850-900 million. Its exact valuation, shareholding and revenue couldn’t be ascertained as the firm parent entity isn’t registered in India. “The terms of the deal are currently being negotiated with two of the three new investors and Leap would finalise lead for the new round in a few weeks,” said another source who also wished not to be named. “It’s seeking $1 to 1.2 billion valuation in the Series E.” Sources assert that Leap has grown multi-fold since its Series D round. The firm enables educational loans for students keen on pursuing education in overseas universities. It offers test prep apps for IELTS, TOEFL, SAT; admissions and visa counseling as well as financial offerings through LeapScholar, LeapFinance, and Yocke. It also assists with international bank accounts, credit cards, and money remittance. “The new round will be a mix of primary and secondary capital, and some early investors including angels may take partial or full exit from the company,” said the source quoted above. Leap has declined to offer comment on the story. Queries sent to Owl Ventures, Jungle Ventures, Steadview and Peak XV did not elicit any response until publication of the story. The five-year-old firm has raised $175 million until Series D round and claims to have funded more than 3,000 students since 2021. It largely focuses on institutes in the US, Canada, UK and Australia. While edtech startups have been struggling to raise funds for the past couple of years, overseas education-focused finance platforms have cornered decent funding during the period. As per data compiled by TheKredible, Leap and its competitors such as Auxilo, Avanse Financial, Financepeer, Propelld, Grayquest, and Eduvanz collectively cornered around $500 million in the last 24 months. The strong preference to study abroad for superior exposure is a significant growth driver for companies like Leap, Leverage Edu, and CollegeDekho. Incred, a prominent player in the overseas educational loan space, reported that such loans accounted for 21% of its total disbursal in FY24. According to InCred’s founder, Bhupinder Singh, the growth prospects and increasing awareness in this segment have contributed to its [overseas educational loan] rapid expansion.

Exclusive: Wow! Momo set to raise $8.5 Mn in ongoing round

EntrackrEntrackr · 12d ago
Exclusive: Wow! Momo set to raise $8.5 Mn in ongoing round
Medial

Wow! Momo set to raise $8.5 Mn in ongoing round Quick service restaurant chain Wow! Momo is raising Rs 75 crore (approximately $8.5 million) in its ongoing Series D round led by 360 ONE with the participation of Kyrush Investments. This fresh investment comes three months after the company secured Rs 85 crore in debt funding from Stride Ventures, crossing Rs 650 crore in cumulative funding under its Series D round. The board at Wow! Momo has passed a resolution to issue 7,837 Series D6 CCPS at an issue price of Rs 95,699 per share to raise Rs 75 crore, as shown by regulatory filings. 360 One will invest Rs 70 crore, while Kyrush Investments will put in Rs 4.99 crore. Wow! Momo is now valued at around $315-320 million post-money. The company plans to use the proceeds for capital expansion, working capital, and corporate purposes. 360 One Portfolio will hold a 2.53% stake, while Kyrush Investments will own 0.18%. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets in 70 cities and owns brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The company plans to expand its FMCG business to Rs 100 crore, grow its HORECA division, and scale to 1,500 stores across 100 cities in three years. According to TheKredible, Wow! Momo’s revenue grew 13% year-on-year to Rs 470 crore in FY24 from Rs 413 crore in FY23, maintaining steady losses at Rs 114 crore. The company is yet to reveal its FY25 numbers.

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