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

EntrackrEntrackr · 21d 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 · 1y 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: Isprava raises Rs 250 Cr debt

EntrackrEntrackr · 18d ago
Exclusive: Isprava raises Rs 250 Cr debt
Medial

Isprava Group, a luxury home development and rental firm, raises Rs 250 crore (approximately $28.4 million) in debt from Singapore-based Luxe Opco Holdings. This marks the company’s first funding in nearly three years, following its last raise of Rs 160 crore in debt from Symphony International Holdings in January 2023. The board at Isprava Vesta Pvt Ltd (parent company of Isprava) has issued 11,95,071 compulsory convertible debentures (CCDs) at an issue price of Rs 2,091.93 each to raise the above mentioned amount, according to its filing with the Registrar of Companies (RoC). In addition, the company approved an investment of Rs 108 crore in Magnara Homes Private Limited through Optionally Convertible Debentures (OCDs), according to the filing. Isprava Group, founded in 2016 by Nibhrant Shah, Dhimaan Shah, and Rohan Lamba, builds and rents luxury homes in prime locations such as Goa, Alibaug, and Coonoor. In addition to developing and selling these properties, the company offers them as high-end vacation retreats with premium services like housekeeping and private chefs. Isprava claims to have delivered over 200 homes to date. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised around $188 million to date through a mix of debt and equity. Its lead investors include the Shah Family Trust and Godrej. During the fiscal year ended March 2024, the company more than doubled its revenue to Rs 452 crore while reporting a profit of Rs 63 crore. It is yet to disclose its financials for FY25.

Exclusive: Defense startup NewSpace to raise Rs 115 Cr debt

EntrackrEntrackr · 3m 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: Edu-fintech company Auxilo raises Rs 225 Cr debt

EntrackrEntrackr · 5d ago
Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt
Medial

Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt Auxilo, an education-focused non-banking financial company (NBFC), has secured Rs 225 crore (around $25.5 million) in debt funding from Neo Group, Nuvama Wealth, Dezerv, and The South Indian Bank. Earlier this year in February, Motilal Oswal invested Rs 50 crore in Auxilo through a debt round, as exclusively reported by Entrackr. The Auxilo’s board has issued 22,500 non-convertible debentures (NCDs) at a face value of Rs 1,00,000 each to raise the above-mentioned sum, according to its filing with the Registrar of Companies (RoC). Neo Group led the debt round with a Rs 100 crore ($11.36 million) investment, while Nuvama Wealth and Dezerv contributed Rs 50 crore each, and The South Indian Bank added Rs 25 crore. The debentures carry an interest rate of 9.7% per annum with a three-year tenure, while those issued to The South Indian Bank come at a 10% annual interest rate. Founded in 2016, Auxilo provides education loans to students for higher studies in India and abroad and to educational institutes for infrastructure modernization. Its educational loans include all the expenses related to the course, including classroom expenditures, pre-visa approvals, and airfares. For the fiscal year ended March 2025, Auxilo’s operating revenue rose nearly 50% to Rs 528 crore from Rs 357 crore in FY24. During the same period, the company’s profit surged 62% to Rs 112 crore.

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 · 8m 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: BigBasket secures Rs 200 Cr debt

EntrackrEntrackr · 12d ago
Exclusive: BigBasket secures Rs 200 Cr debt
Medial

Exclusive: BigBasket secures Rs 200 Cr debt BigBasket’s consumer-facing arm, Innovative Retail, has secured Rs 200 crore (approximately $22.7 million) in debt funding from DBS Bank Ltd. This is its first major capital injection in nearly three years, after the $200 million round led by Tata Digital in December 2022. According to its filing with the Registrar of Companies (RoC), the board of Innovative Retail Pvt Ltd (BigBasket’s B2C arm) has allotted 20,000 non-convertible debentures (NCDs) at a face value of Rs 1,00,000 each to raise the above-stated amount. The aforementioned debentures are issued for a tenure of 18 months and a coupon rate of 8.2% per annum, the filing added. The filing added that the proceeds from the debt raise will be used to set up and maintain dark stores, along with other general corporate purposes. Founded in 2011, BigBasket operates an inventory-led online grocery model, managing its own dark stores and delivery network while offering a wide range of products, including private labels. In August 2024, BigBasket fully pivoted to quick commerce, making 10-minute delivery its primary focus. According to startup data platform TheKredible, the company has raised over a billion dollars in funding to date from major investors such as Mirae Asset, British International Investments, and Bessemer Venture Partners. Tata Digital acquired BigBasket in May 2021. On the financial front, BigBasket’s (B2C) losses widened to Rs 1,850 crore in the fiscal year ended March 2025 while its revenue remained flat at Rs 7,673 crore during the 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: Moneyview secures Rs 100 Cr debt, appoints independent directors

EntrackrEntrackr · 4d ago
Exclusive: Moneyview secures Rs 100 Cr debt, appoints independent directors
Medial

Exclusive: Moneyview secures Rs 100 Cr debt, appoints independent directors Consumer lending platform Moneyview has raised Rs 100 crore (about $11.4 million) in debt from RevX Capital and Motilal Oswal. The infusion comes at a time when the company has been gearing up for a potential public listing. According to the company’s filing with the Registrar of Companies (RoC), Moneyview’s board has issued 100 non-convertible debentures (NCDs) at a face value of Rs 1 crore each to raise Rs 100 crore. RevX Capital led the round with Rs 45 crore, followed by Motilal Oswal with Rs 40 crore, while Arthos Corporate and ElectroMech India contributed Rs 11 crore and Rs 4 crore, respectively. The Tiger Global–backed company is likely to raise more debt in multiple tranches of up to Rs 750 crore, according to the filing. According to a separate filing by the company in September, Moneyview has appointed Alpana Parida, Sameer Kumar Baiswala, and Anil Berera as non-executive independent directors of the company. Founded in 2014, Moneyview offers personalized products such as instant loans, cards, BNPL, and financial management tools, partnering with over 15 lenders. It also plans to expand into digital bank accounts, insurance, and wealth management services. The company claims to have over 65 million users and more than 5 crore app downloads. According to startup data platform TheKredible, the Bengaluru-based firm has raised over $240 million across multiple rounds from investors including Accel, Tiger Global, and Ribbit Capital. The company entered the unicorn club in September last year after raising $4.6 million from Accel and Nexus Venture Partners. On the financial side, Moneyview maintained its strong growth momentum and posted a 74% YoY increase in its revenue in FY25. Profits for the fintech unicorn grew 40% to Rs 240 crore during the year. As per media reports, Moneyview is eyeing to raise over $400 million (around Rs 3,400 crore) through its initial public offering (IPO) and has reportedly appointed Axis Capital, Kotak Mahindra, and others as its banking partners.

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