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Exclusive: Deepika Padukone’s D2C startup 82°E set to raise new capital

EntrackrEntrackr · 1y ago
Exclusive: Deepika Padukone’s D2C startup 82°E set to raise new capital
Medial

Direct to consumer personal care startup 82°E is set to mop up Rs 50 crore or $6 million in the extension of its seed round from new and existing investors. This will be the first round of investment for the Deepika Padukone-led company this year. The board at 82°E passed a special resolution to issue 50,00,000 series seed 2 CCPS at an issue price of Rs 100 each to raise 50 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. KA Enterprises LLP, an investment entity owned by Deepika Padukone and her family, is slated to participate in the round, while other investors may join them. According to the filings, the new funds will be allocated for expansion, growth, and general corporate purposes. The company last raised $7.5 million in its seed round led by DSG Partner and IDEO Ventures along with Padukone’s family office in December 2022. According to startup data intelligence platform TheKredible, Padukone along with her family office holds 59.6% followed by actor Ranveer Singh who commands 5.32% of the company. Launched in 2022 by Padukone and Jihar Shah, 82°E is a skin and body care brand for both men and women that offers a wide range of products including cleansers, face masks, moisturizers, sunscreen, and more. 82°E displayed significant growth during the first nine months of FY24. Its revenue from operations stood at Rs 22.82 crore between March 2023 and December 2023. For context, the company collected Rs 11 crore in its operating income in FY23. The firm remained in the red with Rs 25.1 crore at EBITDA level in the same period (March 2023 to Dec 2023). 82°E competes with many brands including Plum, mCaffeine, Wow Skin Science and public company Mamaearth.

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Exclusive: Snapmint set to raise $40 Mn led by General Atlantic

EntrackrEntrackr · 1m ago
Exclusive: Snapmint set to raise $40 Mn led by General Atlantic
Medial

Exclusive: Snapmint set to raise $40 Mn led by General Atlantic Buy now pay later startup Snapmint is negotiating a new funding round to the tune of $40 million, according to sources aware of the deal. This will be the third funding round for the Mumbai-based startup since March 2022. “General Atlantic is in late-stage talks to lead a new funding round in Snapmint, with participation expected from existing investors as well," said one of the sources, requesting anonymity. Six months ago, Snapmint raised $18 million in a mix of debt and equity, led by Prashasta Seth (Prudent Investment Manager), with participation from Perpetuity Ventures and Pegasus Fininvest. Prior to that, it had concluded a $21 million Series A round in August 2022. Its investors also include Kae Capital, 9 Unicorns, Anicut Capital, and Negen Capital. Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers access to credit by allowing shoppers to buy mobiles, electronics, health and wellness, kitchen and homes, and many other items. The company’s digital platform Nimbus offers customized and easy-to-access solutions to its partners and helps them increase both sales figures and customer numbers. The company attributes much of its growth to D2C brands using Snapmint’s installment payment options. “The terms of the deal have been finalized, valuing the company in the range of Rs 1,300–1,400 crore ($150–160 million). The investment is expected to be completed within a few weeks,” said another source, requesting anonymity as the talks are private. General Atlantic and Prudent declined to comment on the story. Queries sent to Snapmint did not elicit a response until the publication of this story. According to startup data intelligence platform TheKredible, Snapmint posted Rs 88.56 crore in revenue in FY24 against Rs 79.75 crore in FY23. The company’s loss remained flat at Rs 33.64 crore in FY24 compared to Rs 32.98 crore in the previous fiscal year. Its FY25 results have yet to be reported. In the BNPL space, Snapmint competes with Axio (formerly Capital Float) and ZestMoney. While ZestMoney was acquired by DMI Group in a fire sale in January last year, Axio is all set to be taken over by e-commerce giant Amazon.

Exclusive: Electric mobility startup Matter raises $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Electric mobility startup Matter raises $10 Mn
Medial

Electric mobility startup Matter has raised Rs 82.6 crore (approximately $10 million) in a new round. This is the maiden round of equity funding for the Ahmedabad-based e-bike manufacturer. The board at Matter has issued 1,12,837 CCPS at an issue price of Rs 7,320 each to raise Rs 82.6 crore (approximately $10 million), its regulatory filing accessed from the Registrar of Companies shows. Japan Airlines & Translink Fund invested Rs 25 crore while Info Edge backed Capital 2B Fund poured in Rs 10.8 crore. Helena Special Investments Fund and Abhay P Shah, on behalf of Miracle Carriers are likely to participate in the fundraising. As per TheKredible estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The e-bike manufacturer was reportedly in talks to raise $200 million to expand its operations, distribution and factory setup. Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. A year-old firm was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24. Matter positions itself as a premium brand and this could be evident from its price-range which starts from Rs 1.7 lakh. Unlike Ola Electric and Ather, Matter is not targeting a mass audience and doesn’t compete with the two and other traditional manufacturers. In the e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises controlled Revolt. Tork Motors raised $6 million from Maxis Capital in January this year whereas Ultraviolette has been reportedly in talks to raise a larger round to the tune of $100 million. Ola Electric, which currently manufactures electric scooters, is also planning to enter the e-bike segment by FY26.

Exclusive: 91Trucks set to raise new round led by Arkam Ventures

EntrackrEntrackr · 4m ago
Exclusive: 91Trucks set to raise new round led by Arkam Ventures
Medial

Exclusive: 91Trucks set to raise new round led by Arkam Ventures 91Trucks, an online platform specializing in commercial vehicle listings, is all set to raise a new round to the tune of Rs 30-35 crore ($3.5-4 million), according to sources aware of the development. Arkam Ventures is leading a Rs 30-35 crore funding round in 91Trucks, with some existing investors expected to participate, according to a source. "The terms of the deal have been finalized, and an official announcement is expected soon.” Founded in 2022 by Abhishek Gautam, Siddharth Sharma, and Vikas Sharma, 91Trucks is a Gurugram-based platform that provides reviews, specifications, and customer ratings for trucks, buses, and three-wheelers, helping users make informed purchasing decisions. It works closely with automotive manufacturers, dealers, banks, and NBFCs to offer IT solutions and financing options. In May 2024, 91Trucks secured seed funding from investors including Titan Capital, Atrium Angels, and Sparrow Capital. However, the company did not announce the fundraise in the media. As per sources, 91Trucks may get a $15-20 million valuation post money. 91Trucks declined to comment on the story, while queries sent to Arkam Ventures did not elicit a response until the time of publication. According to startup data intelligence platform TheKredible, Titan Capital is the largest external shareholder in the company with a 5.78% stake, followed by Sparrow Capital with 4.72%. For the fiscal year ending in March 2024, 91Trucks reported Rs 10.11 crore revenue against Rs 3.95 crore in FY23. During the last fiscal year, its losses stood at less than Rs 1 crore. Arkam Ventures, which backed companies like Jar, Kreditbee, Jai-Kisan, Jumbotail, and Signzy through its first fund, introduced its second fund of $180 million in June 2023, with plans to invest in around 20 early-stage startups.

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