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Exclusive: Ecozen to raise Rs 111 Cr debt from UTI and Spark Investment

EntrackrEntrackr · 1d ago
Exclusive: Ecozen to raise Rs 111 Cr debt from UTI and Spark Investment
Medial

Exclusive: Ecozen to raise Rs 111 Cr debt from UTI and Spark Investment Climate-focused deeptech startup Ecozen has raised Rs 111.6 crore (around $12.5 million) in debt funding from UTI International Wealth Creator and Spark Alternative Investment fund. According to its filing sourced from the Registrar of Companies (RoC), Ecozen’s board approved the issuance of 500 non-convertible debentures (NCDs) to Spark Alternative Investment Firm and 616 non-convertible debentures (NCDs) to UTI International Wealth Creator at a face value of Rs 10 lakh each to raise the amount as mentioned above. The proceeds will be used for immediate capital requirements for aiding the growth of the business. Founded by Devendra Gupta, Ecozen offers climate-smart deep tech solutions and core technology stacks, including motor controls, IoT, and energy storage that leverage solar power. The company has two core products, Ecotron and Ecofrost. Ecozen claims to have recorded a CAGR of over 83% in revenue growth over the past three years. The company has manufactured over 300,000 Ecotron solar pump controllers to date, with 100,000 units produced between March and December 2024 alone. Ecozen has raised $76.4 million in funding to date, with Nuveen as its lead investor. The company raised $23 million in debt in January this year from responsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, and others. The company is yet to file its financial results for FY25. However, in FY24, Ecozen’s revenue from operations grew to Rs 458 crore as compared to Rs 293 crore in FY23. At the same time, the firm’s profit increased to Rs 20 crore in FY24. Ecozen competes with Powerflex, Inficold, and Khetworks. Its diverse product portfolio includes Ecotron, Ecofrost, Eco-Freeze, Ecozen atta chakki, Ecotron Omni, and e-bike controllers, catering to a range of industries and needs.

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Exclusive: NeoGrowth raises debt from UTI International

EntrackrEntrackr · 11m ago
Exclusive: NeoGrowth raises debt from UTI International
Medial

MSME-focused digital lender NeoGrowth has raised debt funding from UTI International Wealth Creator. This will be the second debt infusion in the Mumbai-based company in the ongoing calendar year. NeoGrowth's board has approved the issuance and allotment of up to 4,200 non-convertible debentures (NCDs) to raise up to Rs 42 crore (approx $5 million), its regulatory filings sourced from the RoC shows. These NCDs will carry an interest rate of 11.7% per annum. UTI International Wealth Creator 4 is a debt fund managed by Mumbai-based UTI Asset Management Company. The debt infusion in the company has come at a time when NeoGrowth is eyeing to raise Rs 500 crore growth capital through private equity investment. The firm managed assets worth Rs 2,750 crore by the end of the last fiscal year, and aims to close FY25 with Rs 4,000 crore AUM. NeoGrowth, an NBFC co-founded by Dhruv Khaitan and Piyush Khaitan, offers short-term unsecured loans to MSMEs, providing amounts of up to Rs 75 lakh with a tenure of up to 100 months. To date, the company has raised approximately $138 million through a mix of equity and debt funding from investors including MicroVest, FMO, Omidyar Network, DFC, and others. Neogrowth registered 57% growth in its gross revenue which spiked to Rs 601 crore in the fiscal year ending March 2024 from Rs 381 crore in FY23. Meanwhile, its profit before tax surged almost 4X to Rs 95 crore in the last fiscal year from Rs 24 crore in FY23.

Exclusive: Defense startup NewSpace to raise Rs 115 Cr debt

EntrackrEntrackr · 2m ago
Exclusive: Defense startup NewSpace to raise Rs 115 Cr debt
Medial

Exclusive: Defense startup NewSpace to raise Rs 115 Cr debt Defense startup NewSpace is set to raise Rs 115 crore ($13.3 million) in debt funding led by Lend Lease Company India Ltd, angel investor Ahmed Nalwala, ARA Investment with the participation of 35 other investors. The board at Newspace passed a resolution to approve the issue of 115 compulsory convertible debentures at a face value of Rs 1,00,00,000 each to raise the above-mentioned amount, according to its regulatory filing filed with RoC. Lend Lease will lead the round with an investment of Rs 13 crore, followed by angel investor Ahmed Nalwala and ARA Investment, who will invest Rs 10 crore each. NK Trust and Weil Investments will contribute Rs 7 crore and Rs 5 crore, respectively, while Gauri Khan Family Trust will join with Rs 2 crore. The remaining amount will be covered by 32 other investors, including several angel investors. The company will utilize the proceeds from this funding for general operating and working capital requirements, as well as capital expenditure to support business expansion, the filing added. Founded in 2019, NewSpace Research & Technologies (NRT) is an Indian aerospace and defense company that develops advanced unmanned systems and persistent drones. These are used for military and civilian purposes like surveillance, communication, and logistics. NRT works with various government agencies, including the Ministry of Defence, the NDRF, and the Ministry of Home Affairs, while also exploring civil logistics. The company also offers specific drone models such as the BELUGA, NIMBUS, MACKEREL, and NIMBUS-SCOPE. According to startup data intelligence platform TheKredible, the dronetech company has so far raised over $80 million, from investors including Volrado Venture Partners, Pavestone, QRG Investments, and others. For the fiscal year ended March 2024, the Bengaluru-based startup’s revenue declined sharply to Rs 96.25 lakh from Rs 103 crore in FY23. The company also reported a loss of Rs 62 crore during the period, compared to a profit in the previous year.

Exclusive: StockGro secures Rs 50 Cr debt from Trifecta

EntrackrEntrackr · 2m ago
Exclusive: StockGro secures Rs 50 Cr debt from Trifecta
Medial

url: https://entrackr.com/exclusive/exclusive-stockgro-secures-rs-50-cr-debt-from-trifecta-9780883 Content: Social investment and stock market advisory platform StockGro raised Rs 50 crore ($5.7 million) in debt funding from its existing investor Trifecta Capital. This debt funding follows the Rs 205 crore ($25 million) raised in two tranches in January 2024 from Hindustan Media Ventures and Trifecta Capital. According to filings with the Registrar of Companies (RoC), StockGro’s board approved the issuance of 500 Series B non-convertible debentures at a face value of Rs 10 lakh each, raising Rs 50 crore from Trifecta Capital. Founded in 2020 by former venture capitalist Ajay Lakhotia, the Bengaluru-based StockGro is a fintech platform that simplifies stock market investing through SEBI-registered advisors, offering investment advisory, portfolio management, and educational resources to help users navigate the market. Recently, StockGro has launched Stoxo, India’s first AI-powered stock market research engine. It offers real-time, reliable insights to help retail investors make better decisions. According to startup data intelligence platform TheKredible, the BITCRAFT Ventures-backed company raised over $50 million in both debt and equity, including its $32 million Series A round raised in January 2022. While the company is yet to file its FY25 numbers, its revenue from operations fell 34% to Rs 86.5 crore in FY24 from Rs 131 crore in FY23. During the same period, losses surged 84% to Rs 101 crore.

Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund

EntrackrEntrackr · 7m ago
Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund
Medial

Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund Renewable energy firm Ayana Renewable is set to raise Rs 150 crore (approximately $17.4 million) in debt from IL&FS Mutual Fund. This development came a month after the company had signed a share purchase agreement with ONGC-NTPC Joint Venture. The board at Ayana Renewable has passed a special resolution to issue 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each to raise Rs 150 crore, its regulatory filing accessed from the RoC. The funds will be used for debt refinancing, subsidiary support in renewable projects, interest, loans, and other eligible infrastructure needs. Notably, the tenure of these debentures will be 3 years from the date of initial drawdown. Ayana Renewable operates as an asset-heavy IPP, developing and managing solar and wind projects with long-term PPAs. Backed by NIIF and global investors, it funds growth through equity, debt, and bonds while ensuring efficient operations and exploring hybrid energy, battery storage, and green hydrogen. Last month, NIIF, British International Investment, and Eversource Capital signed a share purchase agreement to sell their 100% stake to ONGC NTPC Green Pvt. Ltd. (ONGPL), a 50:50 JV of ONGC Green Ltd. (OGL) and NTPC Green Energy Ltd. (NGEL), for an enterprise value of $2.3 billion. For context, Ayana was set up by BII in 2018 and secured over $700 million from NIIF, BII, and Eversource to date. Last week, CCI approved the above-mentioned share agreement. Ayana's scale saw a modest 4% year-on-year growth to Rs 856 crore in FY24 from Rs 823 crore in FY23. However, the company's profits declined sharply by 42.3% to Rs 45 crore during the same period.

Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
Medial

Ather Energy has continued to raise debt funding before its potential public listing. The Bengaluru-based company has raised Rs 60 crore (over $7 million) in debt from Stride Ventures through its trustee Vistra ITCL. This is the second debt infusion in the electric scooter manufacturer in the past two months. Stride Ventures invested Rs 200 crore via debentures in May. Entrackr had exclusively reported the fundraise which also had equity investment from co-founders. While Ather IPO timeline is yet to be known, it took a definitive step towards public listing by converting itself into a public company in June. Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake. Following a four-fold growth during FY23, Ather’s revenue from operations decreased slightly to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by Hero Moto Corp. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. Ather maintained its position as the fourth largest two-wheeler EV manufacturer with 6,097 units sold in June 2024 and a market share of 7.66%, according to Vahan data. Its arch rival Ola Electric stayed on top with sales of 36,716 units, controlling a market share of 44%. The company recently said that it will set up its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will produce electric two-wheelers as well as battery packs.

Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt

EntrackrEntrackr · 11m ago
Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt
Medial

Cleantech startup Hygenco has raised Rs 50 crore (approximately $6 million) via non-convertible debentures from Trifecta. This is the first debt investment for the Gurugram-based company this year. The board at Hygenco has passed a special resolution to issue 500 debentures at an issue price of Rs 1,00,000 each to raise Rs 50 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned dentures are issued for a tenure of 24 months and carry an interest rate of 14.5% per annum, the filing added. Hygenco specializes in developing and deploying commercial systems for green hydrogen and ammonia production. Its solutions cater to large-scale process industries, marine and terrestrial transportation, and personal mobility sectors. Hygenco secured its first investment of $25 million from the SBI through (Neev II Fund) in October 2022. Media reports suggest the company aims to raise a total of $100 million by the end of this year. The company also partnered with Jindal Stainless to set up the country's first green hydrogen plant. According to startup data intelligence platform TheKredible, SBI, through its Neev II Fund, holds a 49.6% stake in Hygenco. The company's co-founders—Amit Bansal, Anshual Gupta, and Aashish Gupta—collectively own 46.1% of the company. The company was in the pre-revenue stage till the financial year ended March 2023 with a loss of Rs 6.3 crore. Hygenco has yet to file annual results for the previous fiscal year (FY24).

Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures

EntrackrEntrackr · 1y ago
Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
Medial

Small and medium enterprises focused digital lending platform Lendingkart has secured Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures. This is the second major debt closure by the Ahmedabad-based firm in the past year. The board at Lendingkart has passed a board resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs 108 crore or $13 million, its regulatory filing accessed from the RoC shows. As per the filings, the Temasek-backed company has raised Rs 318 crore ($38 million) in debt to date. Lendingkart will receive the debt fund in two tranches of Rs 50 crore ($6 million) each and it will carry a coupon rate of 14% per annum. According to the startup data intelligence platform TheKredible, the company has been valued at around $690 million post-allotment. Just last month, LendingKart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. As of now, Lenskart has mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia and India Quotient. Lendingkart disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners. As per its website, it has disbursed over Rs 18,700 crore to over 300,000 businesses present in 4,100 cities. Lendingkart performed well in FY23 as its revenue from operations grew by 33.4% to Rs 858 crore. Meanwhile, the firm also posted Rs 119 crore profit in the same period. It’s yet to file annual financial results for FY24. As per a media report, the company is planning for an initial public offering (IPO) by next year. Lenskart is targeting to cross Rs 10,000 crore in assets under management before going public.

Agri-focused deeptech startup Ecozen raises $30 Mn

EntrackrEntrackr · 1y ago
Agri-focused deeptech startup Ecozen raises $30 Mn
Medial

Agriculture-focused deeptech startup Ecozen has raised $30 million in a mix of debt and equity from Nuveen Global Fund and other existing equity investors, and new debt support from InCred Credit Fund and International Development Finance Corporation (IDFC). In January last year, the Pune-based startup secured $25 million led by Nuveen. It has raised around $70 million across debt and equity to date. Ecozen plans to expand its current offerings and extend its market reach to Africa and Southeast Asia, the company said in a press release. Ecozen offers climate-smart deep tech solutions and core technology stacks including motor controls, IoT, and energy storage that leverage solar power. The company has two core products Ecotron and Ecofrost. The company claims to have grown 5X over the last two years, with profits growing 3X as well. Ecozen anticipates doubling its revenue in the current fiscal year, and plans to leverage its advanced tech stack to enter new segments. Ecozen added that these solutions will decarbonise sectors like milling, mobility, retail and industry, just as the company’s pumping and cooling solutions did for agriculture. As per startup data intelligence platform TheKredible, Ecozen’s revenue surged by 139% to Rs 293.24 crore in FY23 from Rs 122.57 crore in FY22. The sale of solar and related products accounted for 90% of its collections in the fiscal year ending March 2023. The firm also turned profitable with Rs 5.76 crore profits in FY23 as compared to a loss of Rs 37 lakh in FY22. The firm is yet to file its annual report for FY24. Ecozen competes with Powerflex, Inficold and Khetworks.

Exclusive: Ola Electric raises Rs 100 Cr debt ahead of IPO

EntrackrEntrackr · 1y ago
Exclusive: Ola Electric raises Rs 100 Cr debt ahead of IPO
Medial

IPO-bound Ola Electric has raised Rs 100 crore (approximately $12 million) in debt from Alteria Capital. This is the second round of debt funding for the Bengaluru-based company in 2024. The board at Ola Electric has passed a special resolution to issue 10,000 non-convertible dentures at an issue price of Rs 1,00,00 each to raise Rs 100 crore, its regulatory filings accessed from the Registrar of Companies (RoC) show. The development comes after two months of its $50 million debt funding from EvolutionX. According to the filings, the debentures have an interest rate of 13.8% per annum with an additional 2% interest per month over and above the coupon rate, in case of default of interest. As per the startup data intelligence platform TheKredible, the Bhavish Aggarwal-led company has raised more than $1 billion across equity and debt and was valued at $5.4 billion during the last round. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 5,500 crore ($660 million). As per media reports, the company has also received a green signal from market regulator SEBI for the public listing. Based on the DRHP filed by Ola Electric, Bhavish Aggarwal is the largest stakeholder with 36.94% followed by Soft Bank which commands 21.98% of the company. Tiger Global, Indus Trust, and Alpha Wave own 6.03%, 3.85% and 3.49%, respectively. Ola Electric grew at a rapid clip in FY23 which could be evident from its revenue that surged seven-fold to Rs 2,631 crore as compared to Rs 373 crore in FY22. Meanwhile, its losses increased by 87.76% to Rs 1,472 crore in the fiscal year ending March 2023. In the two-wheeler electric vehicles segment, the SoftBank-backed company competes with Hero Electric, Ather Energy, TVS, among others. As per Vahan data, Ola Electric controls 49% market share in two-wheeler EVs with 37,191 e-scooter registrations in May.

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