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Exclusive: Ex-ShareChat CXO Shashank Shekhar’s new startup to raise $4 Mn led by Peak XV

EntrackrEntrackr · 1m ago
Exclusive: Ex-ShareChat CXO Shashank Shekhar’s new startup to raise $4 Mn led by Peak XV
Medial

Exclusive: Ex-ShareChat CXO Shashank Shekhar’s new startup to raise $4 Mn led by Peak XV Shashank Shekhar, a former head of content strategy and operations at ShareChat, is raising $4 million for his new startup focused on AI-led learning, according to two sources familiar with the development. “Peak XV Partners is leading the round with participation from a few early-stage institutional and angel investors,” said one of the sources requesting anonymity. “Shekhar has been quietly building this for the last few months and has early prototypes in place.” According to sources, the startup is currently in stealth and is expected to go live later this year. While details remain limited, its model draws similarities to Seekho, a career-focused learning platform. Entrackr recently reported that Seekho is in talks to raise $25-30 million. Shekhar was Head of Content at ShareChat between December 2016 and May 2018. He then co-founded the hyperlocal information platform Circle Internet, which was acquired by ShareChat in August 2020. Following the acquisition, he served as Head of Content Strategy and Operations at the Google-backed company until his resignation in March this year. “The round is expected to close in the coming weeks. The startup is likely to use the capital to expand its AI and product team, continue development and prepare for an initial rollout,” said another source. The startup’s name could not be confirmed. Queries sent to Shekhar and Peak XV did not elicit a response until the time of publication. While Shekhar’s startup will be the first direct rival to Seekho, platforms like YouTube Shorts and Instagram offer indirect competition through creator-led educational content aimed at the same audience.

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Exclusive: Peak XV joins Truemeds’ Series C round with $20 Mn

EntrackrEntrackr · 1m ago
Exclusive: Peak XV joins Truemeds’ Series C round with $20 Mn
Medial

Exclusive: Peak XV joins Truemeds’ Series C round with $20 Mn Telehealth platform Truemeds has secured another $20 million or Rs 174.33 crore in its ongoing Series C round from new investor Peak XV Partners. This investment is an extension of the $44 million raised by Truemeds in March this year, led by Accel, which was exclusively reported by Entrackr. The board at Truemeds has allotted 19,737 Series C2 compulsory convertible preference shares at an issue price of Rs 88,331 each to raise the aforementioned sum from Peak XV, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The company plans to utilise the funds for business expansion and to support its growth plans, according to the filing. As per Entrackr’s estimates, its valuation stood at $410 million (Rs 3,487 crore) in the new tranche (post-allotment), a 22% increase from its C1 tranche. Founded by Naitik Nayyar and Akshat Wani, Truemeds helps consumers discover cost-effective alternative brands for prescribed medicines by analyzing the prescriptions they upload. It partners with certified pharmacies to deliver medicines at discounted prices, aiming to make healthcare more affordable and accessible. According to startup data intelligence platform TheKredible, the firm has raised over $90 million to date. Following the latest allotment, Peak XV holds a 5% stake in the company. Westbridge is the largest shareholder in Truemeds followed by Info Edge which owns 21.87% stake. Co-founders Naitik Nayyar and Akshat Wani both collectively retain 21.3%. Truemeds doubled its revenue to Rs 315 crore in FY24, while its losses narrowed by 9% to Rs 61 crore during the same period. The Mumbai-based firm competes with telehealth platforms like PharmEasy, which recorded Rs 5,664 crore in revenue in FY24, and Tata 1mg, which posted Rs 1,964 crore.

Exclusive: Peak XV in talks to lead new round in visa startup Atlys

EntrackrEntrackr · 1y ago
Exclusive: Peak XV in talks to lead new round in visa startup Atlys
Medial

Online visa application platform Atlys is in talks to raise a new round to the tune of $15-18 million, sources aware of the development told Entrackr. The Mumbai and San Francisco-based firm is raising its Series B round within a year of Series A fundraise. “Atlys has initiated talks with existing backer Peak XV and others to raise Series B round. The talks are early and may take a couple of months to materialize,” said a source who requested anonymity. In September last year, Atlys scooped up $12 million in a Series A round led by Elevation Capital and Peak XV Partners with participation from existing investors Andreessen Horowitz (a16z), Musical Duo Chainsmokers, South Park Commons, Pinterest Founders and other investors. To date, it has raised over $17 million. “The round will be led by Peak XV and value Atlys anywhere at around $70 million or even more,” said another source. Launched in 2021, Atlys makes visa process visa-related processes easier in a quick time. It has built a tech which aims to reduce visa rejection rates. The platform covers more than 150 destinations and with an average time of just over 4-10 minutes spent to apply for a visa. As per sources, Atlys facilitates around 30,000 visa applications per month and India contributes more than 60% (20,000) visa applications. Earlier this year, the firm launched a new refund feature aimed at providing financial security to its users if their visa gets rejected. In a response to Entrackr’s queries, Atlys founder and CEO Mohak Nahta said, “We would like to clarify that we are currently not engaging in any fundraising activities, and reports or rumours indicating otherwise are inaccurate.” Queries sent to Peak XV did not elicit any response. Atlys competes with Gurugram-based Visa2Fly and Mumbai-based StampThePassport. While Visa2Fly raised $414K in its pre-seed round from ODX (On Deck), MarsShot VC (Razorpay Founders) and others in July 2022, StampThePassport raised $500K in September last year.

Exclusive: Peak XV to lead new round in GoodScore parent

EntrackrEntrackr · 5m ago
Exclusive: Peak XV to lead new round in GoodScore parent
Medial

Exclusive: Peak XV to lead new round in GoodScore parent Arthvit 1809 Tech Pvt. Ltd, the parent company of Rupicard and GoodScore, is all set to raise $15-20 million in a fresh funding round, sources aware of the development told Entrackr. "Peak XV is leading a $15 million investment in Arthvit 1809 Tech (parent of GoodScore and Rupicard), with participation from existing investor Stellaris. The terms of the deal have been finalized, and the company is expected to announce it in the coming weeks," said a source familiar with the matter, requesting anonymity. Founded in 2022 by Rakshit Agarwal and Sanchit Bansal​, GoodScore helps users improve their credit scores to 750 and above. It provides monthly tracking, detailed reports, and expert guidance. Its core product Rupicard offers a secured credit card linked to a fixed deposit (FD), allowing users to build or improve their credit scores. Users can open an FD starting from Rs 5,000 and receive a credit limit equal to 90% of their deposit. Queries sent to Peak XV and Bansal didn’t elicit an immediate response. Last year, Bajaj Markets, a Bajaj Finserv subsidiary, partnered with Rupicard to expand credit card access across India. Arthvit 1809 Tech (parent company of Rupicard and Goodscore) is backed by Stellaris Venture Partners, Saison Capital, and Sprint VC, as per PitchBook's data. Interestingly, Peak XV is already an investor in OneCard, which operates OneScore, a similar app to GoodScore. The Anurag Sinha-led company is a unicorn, and Peak XV is its largest stakeholder. Arthvit 1809 Tech began monetizing its operations in FY24 and its operating revenue surged to Rs 2.5 crore in the last fiscal year from Rs 4 thousand in FY23. Collection from services was the sole source of the company’s revenue in the last fiscal year. However, the firm’s losses also expanded significantly, increasing 7.7 times to Rs 7 crore in FY24.

Exclusive: Pristyn Care raises $4 Mn to scale in-house hospitals, preps for larger round

EntrackrEntrackr · 1m ago
Exclusive: Pristyn Care raises $4 Mn to scale in-house hospitals, preps for larger round
Medial

Pristyn Care, a surgery-focused hospital chain, has raised $4 million as part of a larger funding round to support its expansion of owned hospitals, according to company sources and internal documents seen by Entrackr. Entrackr has also gone through its regulatory filing, where the company board has passed a resolution to approve the issue of 34,280 Series E1 CCPS at an issue price of 10,038.16 each to raise the aforementioned sum. Existing investors Peak XV Partners and Hummingbird Ventures are investing in this fresh investment. The company was reportedly in talks to raise $100 million from new and existing investors. Pristyn Care has completed this infusion at an effective share price of Rs 10,038, the same as the last round, indicating the valuation remains unchanged. Pristyn Care has also increased its authorised capital to facilitate future fundraises and strengthen its financial foundation for continued growth. In the last four months, the company has opened eight owned hospitals. Pristyn now operates roughly 200,000 sq ft with about 450 beds. According to the company, more than 10 additional hospitals are slated to launch in the coming months, and the footprint is expected to double by December 2025. According to startup data intelligence platform TheKredible, Pristyn Care has raised approximately $180 million to date from investors including Peak XV Partners, Tiger Global, Epiq Capital, and others. In the fiscal year ended March 2024, the firm recorded over 30% growth in operating revenue to Rs 600 crore, while its losses remained steady at Rs 381 crore during the same period.

Exclusive: OneCard to secure $28.5 Mn in new funding round

EntrackrEntrackr · 9m ago
Exclusive: OneCard to secure $28.5 Mn in new funding round
Medial

Mobile-first credit card startup OneCard is raising Rs 239.4 crore or $28.5 million from Better Tomorrow Ventures, Peak XV (previously Sequoia Capital), and Z47 (previously Matrix Partners). While this is the first equity investment for the Pune-based company in 2024, it received debt funding in January this year. The board at OneCard has passed a special resolution to issue 72,048 cumulatively preference shares at an issue price of Rs 33,228.3 per share to raise Rs 239.4 crore or $28.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to the filings, the company has already secured Rs 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Matrix Ventures as part of the above-mentioned fundraising. The breakdown includes Rs 42 crore from Better Tomorrow Ventures, Rs 8.4 crore from Peak XV, and Rs 21 crore from Matrix Ventures. The remaining Rs 168 crore is expected to be received by OneCard in one or more tranches. As per the startup data intelligence platform TheKredible, OneCard has been valued at around Rs 11,747 crore or $1.4 billion post-allotment. In September 2023, Entrackr exclusively reported that the Bengaluru-based company was seeking $100 million at flat valuation. OneCard (FPL Technologies) offers co-branded credit cards to mostly first-time users with banks such as IDFC First Bank, Federal Bank, and SBM Bank. It has a credit score tracking cum credit management app called OneScore. In Sept 2023, the firm announced its partnership with Indian Bank to empower users with full digital control over their credit card interactions such as real-time transaction tracking, spending management, and EMI conversion, among others. On the revenue front, OneCard managed over six-fold year-on-year growth in FY23 as its operating revenue soared to Rs 593 crore in FY23 from Rs 97.8 crore in FY22. At the same time, its losses also spiked 2.2X to Rs 405.6 crore in FY23. It has yet to file its annual results for FY24. OneCard turned unicorn after a $100 million round in July 2022. It has raised more than $350 million to date. According to TheKredible, Peak XV and Z47 collectively control 40% stake in the company.

Exclusive: Neo kicks off Series B with $26.5 Mn

EntrackrEntrackr · 1y 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.

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