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Ninecamp Ventures raises $2 Mn in seed round

EntrackrEntrackr · 11m ago
Ninecamp Ventures raises $2 Mn in seed round
Medial

Ninecamp Ventures, a new generation food and beverage firm, has raised $2 million (Rs 16 crore) in its seed round from notable angels and non-institutional investors. The funding round saw participation from a cohort of esteemed investors, including Mohit Gupta, Gaurav Gupta (former Zomato co-founders), Varun and Ghazal Alagh (founders MamaEarth), Vikram Chopra, Ruchit Agarwal, Mehul Agrawal, Gajendra Jangid (founders Cars 24), Vir Das (comedian, actor), and Divine (musician), Atul Singh (ex-chairman, Coca-Cola Asia Pacific), Dharmil Sheth (co-founder, PharmEasy), Utsav Somani (ex AngelList), Ritesh Kumar (managing director, DS Group), Aaditya Mittal (founder, Punnya). The proceeds will be used to further expand its brand portfolio, acquire prime real estate, onboard talent, and invest in research and development for innovative concepts and products. Founded by Chaitanya Mathur, Ninecamp plans to create brands that align with the evolving market and the aspirations of Indian consumers. The firm envisions introducing a new wave of experiential dining with a key focus on global standard offerings – in product, service, design, and ingredients, crafting brands for India and from India. For the uninitiated, Mathur had played a pivotal role in establishing Zomato’s live business by creating Zomaland. In April this year, the firm launched its first restaurant, Marièta, a Latin American-inspired restaurant and agave-forward bar, at Two Horizon Center, Gurugram.

Exclusive: Whatfix bags $100 Mn in primary and secondary capital

EntrackrEntrackr · 9m ago
Exclusive: Whatfix bags $100 Mn in primary and secondary capital
Medial

SaaS-based digital adoption solution provider Whatfix has scooped nearly $100 million in primary and secondary funding led by Sweet Nectar Investments (Warburg Pincus) and SoftBank. With this, the Bengaluru-based company has marked its first funding round in the last three years. The board at Whatfix has passed a special resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share to raise Rs 296.74 crore in primary capital, the company’s regulatory filings with the Registrar of Companies show. Additionally, the transaction also includes secondary funding worth nearly Rs 530 crore, the filings reveal. Whatfix aims to use the primary proceeds to expand and grow the business. Sweet Nectar Investments (Warburg Pincus) led the round with Rs 615 crore (Rs 271.7 crore primary and Rs 343.2 crore secondary) while the company’s existing backer SoftBank poured in Rs 210.5 crore (Rs 25 crore primary and Rs 185.5 crore secondary) funding. The secondary funding has been extracted from taking the same issue price under consideration. However, the transaction could also have taken place at a discount rate which reduces the overall amount raised. As per the startup intelligence platform TheKredible, Whatfix has been valued at around Rs 6,871 crore or $820-830 million (post-money). It has raised over $140 million before the fresh funding round. In June, the Economic Times reported that Whatfix is in talks to raise a new round which will see partial exits of early investors Helion Venture Partners and Eight Roads Ventures. Post allotment of the round, SoftBank increased its stake to 15.51% while Warburg Pincus’ Sweet Nectar Investments acquired 8.94% shares in the company (including the secondary transaction). Queries sent to Whatfix did not elicit an immediate response. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools can be used by large companies and organizations, and integrated into their own apps to help guide the workforce in using them more efficiently. Whatfix recorded a 65.7% growth in revenue from operations to Rs 285 crore while its losses also went up 31.2% to Rs 328 crore in FY23. Importantly, Whatfix generated the entire revenue from global markets: America, Europe, Asia Pacific, and the Middle East region. About 61% of the revenue emerged from the US followed by Europe. The company is yet to reveal its FY24 numbers.

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