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Eloelo kicks off Series B round with $13 Mn

EntrackrEntrackr · 3m ago
Eloelo kicks off Series B round with $13 Mn
Medial

Social gaming and live streaming platform Eloelo is raising Rs 114 crore (approximately $13 million) in its Series B round led by Play Ventures Investments with participation from Gameskarft Technologies, Kalaari Capital, and WestBridge Capital. The board has passed a resolution to issue 1,696 Series B compulsory convertible preferred shares at Rs 6,73,997 each to raise the funds, according to a regulatory filing. Play Ventures is investing Rs 34.7 crore, Gameskraft Technologies Rs 21.7 crore, WestBridge Capital Rs 8.7 crore, and Kalaari Capital Rs 13 crore. Additional investments are being made by Countryside Ventures, Rocket Capital, MIXI Global, and Veenita and Vinay Mittal. Eloelo has raised over $50 million to date, including a $22 million pre-series B round co-led by Courtside Ventures and Griffin Gaming Partners. Post-transaction, Play Ventures will hold 3.38%, Countryside Ventures 4.46%, Gameskraft 2.12%, and Kalaari Capital 6.35%. Founded by Saurabh Pandey and Akshay Dubey, Eloelo offers live games and entertainment with native activities like tambola and antakshari. It features over 50 live games and more than 1,000 daily live streams. The social gaming and live streaming space in India is evolving with platforms like Loco, Rooter, and Turnip in gaming, while Chingari, ShareChat, and Bolo Live expand into live and casual gaming.

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Exclusive: Neo kicks off Series B with $26.5 Mn

EntrackrEntrackr · 11m ago
Exclusive: Neo kicks off Series B with $26.5 Mn
Medial

Wealth and asset management company Neo has raised Rs 220 crore or $26.5 million in its Series B led by Crystal Investment. This is the second significant round for the Mumbai-based company in the past 9 months. The board at Neo has approved issuing Series B preference shares at an issue price of Rs 3,12,421 each to raise $26.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Crystal investments pumped in Rs 140 crore (approximately $16.8 million) while Mufg Bank and individual investor Deepak Agarwal participated with Rs 78 crore and Rs 2 crore, respectively. This seems to be part of an ongoing round and the firm may raise more funds.. As per TheKredible’s estimates, the company has been valued at around Rs 1,920 crore or $231 million post-allotment. Neo has raised around $104 million to date including its $35 million Series B round led by Peak XV in October last year. According to the startup data intelligence platform TheKredible, Peak VV was the largest external shareholder, holding 22.22% of the company. Meanwhile, its co-founders—Nitin Jain, Varun Bajpai, and Hemant Dogra—collectively held 63.81% prior to this funding round. Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. The three-year-old firm demonstrated supper growth in the fiscal year ending March 2023 as its revenue ballooned 9X to Rs 65.1 crore. Neo achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results.

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge

EntrackrEntrackr · 5m ago
Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge
Medial

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge Clean-label health food brand The Whole Truth is raising Rs 133.3 crore (approximately $15.8 million) in a series C round led by Sofina Ventures, with the participation of Peak XV and Matrix Partners. The board at The Whole Truth has passed a special resolution to issue 45,097 Series C preference shares at an issue price of Rs 29,556.5 each to raise Rs 133.3 crore or $15.8 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Sofina Ventures is leading the Series C round with an investment of Rs 65.8 crore, while Peak XV and Matrix Partners will contribute Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund will also participate with an investment of Rs 13 crore. The fresh funds will be used to meet financial requirements and support business expansion. According to Entrackr’s estimates, the Mumbai-based company will have a post-allotment valuation of approximately Rs 2,135 crore ($254 million). This marks a 3.6X increase in valuation compared to its previous Series B round, which closed at $70 million. According to the filings, after the fresh funding round, Peak XV will hold 21.14% of the firm, while Matrix Partners will own 21.4%. Sofina Ventures and Sauce Continuity will hold 3.08% and 3.77%, respectively. The Whole Truth was reportedly in discussions to raise $25 million in a new funding round. The company has secured $15.8 million so far and may raise additional funds as the round progresses. The Whole Truth offers a range of products, including protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The company provides subscription options and claims that 80-85% of its sales come from its website, with the remaining revenue generated through partnerships. The Whole Truth recorded an 81% year-on-year growth, with revenue rising to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. The company reduced its losses by 33% during the same period.

Phi Commerce kicks off Series B at over $150 Mn valuation

EntrackrEntrackr · 3m ago
Phi Commerce kicks off Series B at over $150 Mn valuation
Medial

Omnichannel payment solutions provider Phi Commerce is set to raise Rs 42.74 crore (approximately $5 million) through a rights issue from its existing investors, likely including BEENEXT and Opus Technologies. The board at Phi Commerce has passed a special resolution to issue 69,840 Series B compulsory convertible shares at an issue price of Rs 6,120 each to raise Rs 42.74 crore or $5 million. According to the filings, Phi Commerce plans to utilize the fresh capital for general corporate purposes. Entrackr estimates that the company’s valuation rose over 2X to Rs 1,310 crore or $154 million, compared to Rs 592 crore in its previous Series A1 round. Phi Commerce is a digital payment solutions provider offering a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, simplifies complex digital transactions across online, in-store, on-the-go, and doorstep channels. Phi Commerce has raised $14 million to date, including a $10 million Series A1 round led by BEENEXT and Opus Technologies in November 2023. As per the startup data intelligence platform TheKredible, prior to this round, Opus Technologies was the largest external shareholder holding a 25.91% stake, followed by BEENEXT, which commands 23.61% capital in the company. While Phi Commerce has yet to file its financial statements for FY25, the Pune-based company recorded a 2.3X surge in operating revenue to Rs 81.7 crore in FY24 from Rs 35.7 crore in FY23. The Beenext-backed firm recorded a loss of Rs 29 crore during the same period. In the payments space, Phi Commerce competes with major players such as Razorpay, which reported a revenue of Rs 2,500 crore in FY24, and Pine Labs, which posted Rs 1,384 crore in the same period, along with Cashfree and several other emerging fintechs.

Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation

EntrackrEntrackr · 5m ago
Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation
Medial

Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation Logistics firm Shadowfax has secured Rs 34.2 crore (around $4 million) in its Series F round. The development has come nearly 11 months after raising $100 million in its last funding round. The board at Shadowfax has passed a special resolution to allot 5773 Series F compulsory cumulative preference shares at an issue price of Rs 59,320 each to raise Rs 34.2 crore or $4 million, its regulatory filing accessed from the Registrar of Companies shows. Mirae Asset invested Rs 17.4 crore, while Nokia Growth Partners contributed Rs 16.79 crore in the round. Shadowfax is reportedly aiming to raise $50 million, with this investment being part of a larger raise. According to Entrackr’s estimates, the Flipkart-backed company has been valued at around Rs 5,981 crore or $712 million post-allotment. The valuation might change with the flow of more funds. Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It boasts a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users. The Bengaluru-based company has raised over $200 million to date. According to the startup data intelligence platform TheKredible, Eight Road Ventures is the largest external stakeholder followed by Flipkart, Newquest Asia and Nokia Growth Partners. Shadowfax reportedly plans to raise Rs 2500-3000 Cr IPO in the second half of the ongoing calendar year and the company also tapped JM Financial, Morgan Stanley and ICICI Securities as the lead bankers for the initial public offering. Shadowfax has reported a 33.2% year-on-year growth to Rs 1,415 crore during the previous fiscal year ended March 2024. Moreover, the company has managed to reduce its losses significantly by 91.7% to Rs 11.8 crore from Rs 142.6 crore in FY23. In terms of competition, Delhivery, a publicly listed company, reported Rs 8,594 crore in revenue for FY24. Ecom Express posted Rs 2,609 crore in revenue for FY24 and has secured board approval for a Rs 2,600 crore IPO. Other key competitors for Shadowfax include XpressBees, Shiprocket, and Blue Dart.

Exclusive: Bare Anatomy parent Innovist kicks off Series B round

EntrackrEntrackr · 3m ago
Exclusive: Bare Anatomy parent Innovist kicks off Series B round
Medial

Innovist, the parent company of Bare Anatomy, Chemist at Play, and Sunscoop, is raising Rs 49.25 crore (approximately $5.7 million) in its Series B round. This marks the first round of investment for the Gurugram-based company in 2025. The board at Innovist has passed a special resolution to issue 72,223 Series B compulsory convertible preference shares at an issue price of Rs 6,819 each, raising Rs 49.25 crore, according to its regulatory filing accessed from the Registrar of Companies (RoC). IVen Amplifi Fund (managed by ICICI Ventures Fund) will lead the round with Rs 19.47 crore, while Mirabilis Investment Trust will contribute Rs 10.1 crore. Sauce.VC and Niveshaay Sambhav Fund will also participate, investing Rs 8.75 crore and Rs 10 crore, respectively. The fresh proceeds will be utilized for recruitment, operations, sales, marketing, and other general corporate purposes, as decided by the board. According to Entrackr estimates, the company will be valued at approximately $140 million post-allotment. This capital infusion appears to be part of a larger funding round, with the potential for additional investments that could further impact its valuation. Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist—formerly known as Onesto Labs—offers personal care products. It currently operates three brands: Bare Anatomy, Chemist at Play, and Sunscoop. Innovist has raised over $16 million to date, including a $7 million Series A round led by the Amazon Smbhav Venture Fund. According to the startup data intelligence platform TheKredible, prior to this round, Sauce.VC was the largest external stakeholder, followed by 72 Ventures, Accel India, and the Amazon Smbhav Fund. The company has not yet filed its annual statements for the previous fiscal year (FY24). In FY23, it reported operational revenue of Rs 36.53 crore, while its losses amounted to Rs 16.87 crore during the same period.

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