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Comet raises $5 Mn in Series A round

EntrackrEntrackr · 1y ago
Comet raises $5 Mn in Series A round
Medial

D2C sneaker brand Comet has raised Rs 42.3 crore (approximately $5 million) in its Series A round led by Elevation Capital. This is the first round of investments for the Bengaluru-based company in 2024. The board at Comet has passed a special resolution to issue 10 equity and 50,076 Series A CCPS at an issue price of Rs 8,445 each to raise Rs 42.3 crore or $5 million, its regulatory filing accessed from the Registrar of Companies shows. Elevation Capital led the round with Rs 33.36 crore while existing investors Nexus Ventures and AngelList India participated with Rs 8.34 crore and Rs 60 lakhs respectively. The company will use these proceeds for capital expenditures, marketing, and general corporate purposes as per the business plan, the filing added. According to the startup data intelligence platform TheKredibe, Comet has been valued at around Rs 167 crore or $20 million post-allotment. The startup raised its seed capital in February last year. Following the fresh proceeds, Elevation Capital and Nexus Ventures will hold 20% each while AngelList India will command 2.22% of the capital in the company. Founded in July 2023, Comet is a homegrown, lifestyle sneaker brand for both men and women which sells its products through its website. Its current portfolio includes CometX, Aeon, and Slides. According to Comet, its TAM (total addressable market) is expected to be $22 billion while the company’s serviceable addressable market (SAM) is expected to be $1.5 billion by FY 2030. Comet competes with Wrong, HRX, Redtape, The Roadster, Campus, Sparx and other multinational footwear brands like Nike and Adidas.

Decoding Snabbit’s Series B round, valuation and captable

EntrackrEntrackr · 10m ago
Decoding Snabbit’s Series B round, valuation and captable
Medial

url: https://entrackr.com/fintrackr/decoding-snabbits-series-b-round-valuation-and-captable-9331453 Content: Quick service platform Snabbit recently announced its $19 million Series B round led by Lightspeed with the participation of existing investors Nexus Venture Partners and Elevation Capital. The board of Snabbit is set to approve the allotment of 65,165 Series B compulsory convertible preference shares at an issue price of Rs 24,914.93 each, to raise Rs 162.35 crore (approximately $19 million), its regulatory filing accessed from Registrar of Companies (RoC) shows. Lightspeed is expected to invest Rs 94 crore ($11 million), while existing investors Nexus Venture Partners and Elevation Capital will contribute Rs 34.18 crore ($4 million) each. According to Entrackr’s estimates, Snabbit will be valued at Rs 684 crore (around $80 million), a 3.5X increase from its $23 million valuation in the previous Series A round. Founded in 2024 by Aayush Agarwal, Snabbit connects households with trained professionals for on-demand home services like cleaning, dishwashing, and laundry. Experts can be booked by the hour and arrive within 10 minutes. The platform currently hosts over 600 professionals, doubling monthly, according to Agarwal. Following the allotment of the new round, Nexus Venture Partners and Elevation Capital will hold 23.69% and 19.92% stake, respectively, while new investor Lightspeed will own 13.75%. Founder Aayush Agarwal will retain a 36.08% stake in the company. The Mumbai-based company has raised over $25 million across 3 rounds including $5.5 million in Series A round led by Elevation and Nexus earlier this year. Snabbit directly competes with the industry leader Urban Company which recently filed its Draft Red Herring Prospectus (DRHP) with SEBI for a Rs 1,900 crore initial public offer (IPO) and also entered into quick commerce with the launch of 15-minute maid booking service, “Insta Help”. Snabbit also competes with another 10-minute house help service startup, Pronto which raised $2 million from Bain Capital at a valuation of $12.5 million.

Exclusive: Snabbit set to raise $30 Mn with over 2X valuation premium

EntrackrEntrackr · 5m ago
Exclusive: Snabbit set to raise $30 Mn with over 2X valuation premium
Medial

URL: https://entrackr.com/exclusive/exclusive-snabbit-set-to-raise-30-mn-with-over-2x-valuation-premium-10600876 Content: On-demand home services platform Snabbit is raising Rs 265.4 crore ($30 million) in a Series C round led by Bertelsmann, with participation from existing investors Lightspeed, Elevation, and Nexus Venture Partners. This marks the third funding round within 10 months of 2025 for the Bengaluru-based company, which last raised $19 million in its Series B round in May. Snabbit recently relocated its base from Mumbai to Bengaluru. The Snabbit’s board passed a special resolution to approve the issuance of 54,876 Series C CCPS at an issue price of Rs 48,377 apiece to raise the above-mentioned sum, its regulatory filing accessed from Registrar of Companies (RoC) shows. As per the filing, Bertelsmann will lead the round with an investment of Rs 135.39 crore ($15.38 million). Existing investors Lightspeed and Elevation Capital will each contribute Rs 53 crore ($6 million), while Nexus Venture Partners will invest Rs 23.89 crore to increase its stake in the company. The proceeds from the funding will be used to meet its working capital needs and capital expenditure to sustain growth, expand its user base in India, and address general corporate purposes, the filing added. According to Entrackr’s estimates, Snabbit’s valuation is set to surge over 2X to Rs 1,516 crore ($172 million) from $80 million in its Series B round. Notably, the company was valued at $23 million post its Series A round in January this year. Founded in 2024 by Aayush Agarwal, Snabbit is an on-demand home services platform that connects households with trained professionals for tasks such as cleaning, dishwashing, and laundry. Users can book experts by the hour, with service providers arriving within 10 minutes. According to startup data intelligence platform TheKredible, Snabbit had raised around $25 million prior to this round. Following the latest allotment, new investor Bertelsmann will hold an 8.5% stake in the company, while Nexus Venture Partners will remain the largest external shareholder with a 21.24% stake. Elevation Capital and Lightspeed will own 19.93% and 14.79% stakes, respectively. Snabbit directly competes with industry leader Urban Company, which was recently listed on Indian stock exchanges. It also faces competition from Pronto, a ten-minute house help service startup that raised $11 million in a round co-led by General Catalyst and Glade Brook Capital.

D2C startup Blissclub secures fresh funds at flat valuation

EntrackrEntrackr · 11m ago
D2C startup Blissclub secures fresh funds at flat valuation
Medial

Women’s activewear D2C brand BlissClub has raised Rs 45 crore (around $5.3 million) in a mix of debt and equity funding. The round was led by existing investor Elevation Capital. Women’s activewear D2C brand BlissClub has raised Rs 45 crore (around $5.3 million) in a mix of debt and equity funding. The round was led by existing investor Elevation Capital, with participation from Eight Roads Ventures, and Alteria Capital, which contributed the debt component. The board at Blissclub has allotted 16,076 pre-Series B CCPS at an issue price of Rs 20,528 each and 1,200 non-convertible debentures at an issue price of Rs 1,00,000 each to raise the aforementioned amount, its regulatory filings with Registrar of Companies (RoC) shows. The proceeds will be used to support the company’s business needs, including growth, expansion, and general corporate purposes, the filings added. BlissClub is a homegrown, women-centric wellness brand that specializes in activewear, accessories, and lifestyle products. Recently, the company expanded its portfolio by venturing into the travel wear segment. BlissClub sells its products through its own website as well as major e-commerce platforms like Myntra, Amazon, and AJIO. According to Entrackr’s estimates, Blissclub is valued at Rs 570 crore (around $67 million), the same as during its $15 million Series A round. After allotment of the new round, Elevation Capital is the largest external shareholder in BlissClub, holding a 24.5% stake, followed by Eight Roads Ventures with a 15.79%. According to TheKredible, BlissClub has raised nearly $26 million to date, including the debt component. While BlissClub has yet to disclose its FY25 figures, the company reported a 27% growth in operating revenue to Rs 87 crore in FY24. However, it also incurred a loss of Rs 44 crore during the same period. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

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