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Exclusive: Fintech startup GrowXCD to raise Rs 200 Cr in Series B

EntrackrEntrackr · 11h ago
Exclusive: Fintech startup GrowXCD to raise Rs 200 Cr in Series B
Medial

Exclusive: Fintech startup GrowXCD to raise Rs 200 Cr in Series B NBFC startups GrowXCD Finance is set to kick off Series B round with Rs 200 crore ($22.7 million) led by Swiss-based Blue Earth Capital with participation from Prosus and existing investors including Lok Capital and UC Impower. Earlier this year, GrowXCD raised Rs 50 crore in its pre-Series B round from Lok Capital and UC Impower. The board at GrowXCD passed a resolution to approve the issue of 1,56,92,344 Series B CCCPS at an issue price of Rs 127.61 each to raise Rs 200.25 crore, according to its regulatory filing accessed from Registrar of Companies (RoC). Blue Earth Capital will lead the round with Rs 105 crore ($12 million), followed by Prosus with Rs 69.4 crore ($7.9 million). Existing investor Lok Capital will invest Rs 21.3 crore ($2.4 million), while UC Impower will join with Rs 4.26 crore and Anshul Agarwal with Rs 25 lakh. A separate filing showed an addition of 10,00,000 options worth Rs 12.76 crore to the ESOP pool, taking its total size to about Rs 43 crore. According to Entrackr’s estimates, the NBFC’s valuation has nearly tripled to around Rs 630 crore ($71.5 million), compared to Rs 215 crore in the previous round. Founded in 2022 by Arjun Muralidharan and Sathish Kumar Vijayan, GrowXCD extends credit to two key segments: micro, small and medium enterprises (MSMEs) and low-income households. Its offerings include small property-backed mortgage loans and short-term unsecured business loans. According to startup data intelligence platform TheKredible, the Chennai-based firm had raised around $12 million prior to this round. Following the latest allotment, Blue Earth Capital will hold 16.7% stake, Prosus 11.04%, while existing investor Lok Capital remains the largest shareholder with 30.84%. For the fiscal year ended March 2025, GrowXCD’s revenue jumped over 7X to Rs 27 crore from Rs 3.73 crore in FY24. During the same period, its losses also widened to Rs 8.17 crore.

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Exclusive: Pravega and IIFL invest in GrayQuest’s Series B

EntrackrEntrackr · 11m ago
Exclusive: Pravega and IIFL invest in GrayQuest’s Series B
Medial

Education loans-focused fintech startup GrayQuest is set to raise Rs 53 crore ($6 million) in a Series B round co-led by Pravega Fund and IIFL Fintech Fund. The board of GrayQuest has passed a resolution to offer and issue 6,228 fully paid up and 1,530 partly paid up Series B preference shares at an issue price of Rs 69,062 each to raise Rs 53.57 crore. Pravega Ventures and IIFL Fintech Fund each invested Rs 21.50 crore, while the company’s founder, Rishab Sumer Mehta, also participated with shares worth Rs 10.56 crore. The shares allotted to Rishab are partly paid, meaning the remaining amount will be called upon when the board decides. GrayQuest will utilize the fresh funding to meet financial requirements and support its expansion plan, the firm’s regulatory filings disclosed. The company has also increased its ESOP pool size by adding 1,204 new options, bringing the total ESOP pool to 5,718 options, as per a separate filing. Entrackr estimates that GrayQuest’s ESOP pool is currently valued at $4.5 million. The Mumbai-based startup had raised $7 million in its Series A round back in March last year, and $1.2 million worth pre-Series A round in August 2020. According to the startup data intelligence platform TheKredible, GrayQuest has been valued at around Rs 530 crore ( $64 million) post-allotment. The Series B round appears to be ongoing, and the startup is likely to raise additional funds, which could result in a variation in its valuation. Following the fresh proceeds, Pravega Ventures will hold 10.94% of the company, while IIFL Fintech Fund will own 4.07%. Its Founder Rishab Sumer Mehta will command a handsome 38.59% stake in the company. Seven-year-old GrayQuest is an integrated fee collection platform for educational institutions, allowing parents to pay annual education fees in flexible monthly installments with zero interest. Recently, Grayquest was selected for Co-Lab initiative, which was launched by HDFC Bank in collaboration with Pravega Ventures. For the fiscal year ending in March 2023, the startup reported Rs 8.76 crore in operating revenue with Rs 26.3 crore loss. It has yet to publish FY24 results. According to data compiled by TheKredible, GrayQuest and its competitors, including Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively secured approximately $500 million in funding over the past 24 months. In July, Entrackr exclusively reported that Leap is in talks to raise a new round at unicorn valuation.

Exclusive: Decentro to kick off Series B round led by Info Edge

EntrackrEntrackr · 3m ago
Exclusive: Decentro to kick off Series B round led by Info Edge
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Exclusive: Decentro to kick off Series B round led by Info Edge Y-Combinator-backed fintech startup Decentro is set to raise Rs 26.3 crore (around $3 million) in its Series B round led by Info Edge, with participation from Stargazer Ventures and Infinyte Club Angel Fund. This funding comes nearly 2.5 years after the company raised $4.7 million in a round led by Rapyd Ventures, Leonis VC, and Uncorrelated Ventures, with participation from Kunal Shah (Founder and CEO of CRED), Lalit Keshre (Co-founder and CEO of Groww), and other angel investors. The Decentro’s board passed a resolution to approve the issue of 2 equity shares and 14,260 Series B CCPS at an issue price of Rs 18,442 each, to raise Rs 26.3 crore or $3 million, its regulatory filings accessed from the Registrar of Companies (RoC) show. Info Edge is set to lead the round with an investment of Rs 25 crore, while Stargazer Ventures and Infinyte Club Angel Fund will contribute Rs 1 crore and Rs 30 lakh, respectively. Founded in 2020, Decentro is an API platform that simplifies banking integrations for businesses, enabling them to quickly launch and scale financial products. It offers a full-stack solution for onboarding, account creation, payments, and other banking services, allowing companies to focus on their core offerings. This will be the first instance for the Singapore-based company to raise funding via an Indian entity. As per its consolidated financial statements filed with the Registrar of Companies (RoC), Decentro reported a 47% year-on-year increase in operating revenue to Rs 17.7 crore in FY24, up from Rs 12 crore in FY23. However, the company slipped into a loss of Rs 2.46 crore during the same period, after posting a profit in the previous fiscal.

Exclusive: Oxyzo secures Rs 100 Cr debt

EntrackrEntrackr · 6m ago
Exclusive: Oxyzo secures Rs 100 Cr debt
Medial

Exclusive: Oxyzo secures Rs 100 Cr debt Fintech unicorn Oxyzo has secured Rs 100 crore (approximately $12 million) in debt from AK Capital Finance, a subsidiary of merchant banker A.K. Capital Services Ltd. The boards at Oxyzo allotted 1,00,000 non-convertible debentures to AK Capital at an issue price of Rs 10,000 each to raise Rs 100 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned debentures are issued for a tenure of 24 months and carry an interest rate of 9.75% per annum, the filing added. The proceeds will be used to augment the long-term resources of the company and meet working capital requirements. Oxyzo is the lending arm of B2B e-commerce unicorn OfBusiness, providing customized credit solutions for SMEs. It offers a range of loan products, including term loans, working capital solutions, low-interest rates, and collateral-free credit options. According to data intelligence platform TheKredible, the Gurugram-based company reported operating revenue of over Rs 900 crore and a profit of Rs 290 crore for the financial year ending 2024. Oxyzo’s net profit grew 11.38% to Rs 82.89 crore and sales jumped 27.43% to Rs 282.80 crore in the quarter ended December 2024 (Q3 FY25), compared to Rs 221.93 crore in December 2023. The Ruchi Kalra-led firm achieved unicorn status by raising $200 million in its first external funding round, and it became the first startup to surpass a $1 billion valuation during its Series A round. As per TheKredible, OFB group including promoters holds 74.5% while Alpha Wave is the largest external stakeholder with 7.4% followed by Tiger Global.

Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation

EntrackrEntrackr · 3m ago
Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation
Medial

Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation D2C menswear fashion brand Snitch is set to raise Rs 278.93 crore or $33 million, led by 360 One Asset Management Fund with the participation of existing investors SWC Global and IvyCap Ventures. This will be the second major funding round for the Bengaluru-based fashion brand, following its $13 million Series A raised in December 2023. The Snitch’s board passed a special resolution to approve the issue of 1,755 Series B CCPS at an issue price of Rs 15,89,385 to raise Rs 278.9 crore or approximately $33 million, its regulatory filings accessed from the Registrar of Companies (RoC) show. 360 One will spearhead the round with Rs 220 crore or $25.9 million, while existing backers SWC Global and IvyCap Ventures will contribute with Rs 29.4 crore or $3.5 million respectively. As per Entrackr’s estimates, Snitch will be valued at around Rs 2,400-2500 crore or $294 million post-allotment, marking a nearly 5X spike in its valuation from Rs 500 crore in its previous round. Snitch, founded in 2019 by Siddharth Dungarwal, is a direct-to-consumer (D2C) fashion brand specializing in fast fashion for men. The company offers trendy and affordable apparel through its own website, mobile application, and an expanding network of offline retail stores. As of now, Snitch has established 58 physical stores across India, with a presence in major cities such as Bengaluru, Mumbai, Delhi, and locations in Gujarat, among others. The company claims to open over 100 offline stores across India by 2028. Snitch featured during the second season of Shark Tank India and raised Rs 1.5 crore against 1.5% equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at Rs 100 crore valuation. According to startup data intelligence platform TheKredible, IvyCap Ventures and SWC Global are the largest external shareholders, holding 10.39% and 10.17% stakes respectively, while new investor 360 One will hold a 9.67% stake in the company. For the fiscal year ending March 2024, Snitch reported a 100% year-on-year increase in its revenue to Rs 241 crore with Rs 4.39 crore profits. The company has yet to release its annual results for FY25. Snitch operates in a competitive D2C fashion landscape, going head-to-head with brands like The Souled Store, which achieved profitability in FY24. It also competes with Rare Rabbit, which recently secured $6 million in funding from A91 Partners, and Wrogn, which raised $9 million in October last year from Aditya Birla Digital Fashion.

Exclusive: StockGro secures Rs 50 Cr debt from Trifecta

EntrackrEntrackr · 8d 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: Feminine care brand Plush to kick off Series B round at 3X valuation surge

EntrackrEntrackr · 3m ago
Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge
Medial

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge Feminine hygiene brand Plush to raise its Series B funding round, led by angel investor Ajay Kumar Aggarwal, with participation from Careernet Technologies, OTP Ventures, Blume Ventures, and 11 other investors. The board at Plush has passed a special resolution to issue 4,099 Series B preference shares to raise Rs 30.56 crore or $3.6 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. Ajay Kumar Aggarwal will lead the round with an investment of Rs 6 crore, while existing investors Careernet Technologies, OTP Ventures, and Blume Ventures will contribute Rs 5 crore, Rs 3 crore, and Rs 4 crore respectively. The remaining amount will be collectively invested by Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven other investors. According to Entrackr’s estimates, the company’s valuation is expected to reach around Rs 281 crore (approximately $33 million) post-allotment. This marks nearly a 3X spike in its valuation, compared to its previous pre-Series B round. Following the fresh proceeds, Angel Investor Ajay Kumar Aggarwal will hold 19.64% stake in the company followed by Careerner Technologies and Blume Ventures which holds 16.37% and 13.08% respectively. Founded in 2019, the Chennai-based startup focuses on feminine care products, offering a range that includes period care, hair removal, intimate wellness, and skincare solutions. According to the company, its products are currently available in 500 stores across Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad, with plans to expand retail presence to 2,000 stores over the next six months. Plush reported an 84% year-on-year revenue growth to Rs 28.87 crore in the fiscal year ending March 2024. During the same period, the company posted a loss of Rs 4.4 crore. The startup is projected to close FY25 with Rs 60 crore revenue.

Exclusive: InMobi’s Glance set to raise Rs 200 Cr debt

EntrackrEntrackr · 6m ago
Exclusive: InMobi’s Glance set to raise Rs 200 Cr debt
Medial

Glance, a mobile-first content platform, is raising Rs 200 crore (around $23 million) in debt from Stride Ventures. This marks its first debt financing and the first fund infusion in three years, following its $200 million Series D round from Jio Platforms in February 2022. The company’s board has passed a special resolution to issue 20,000 non-convertible debentures to Stride Ventures at an issue price of Rs 1,00,000 each to raise Rs 200 crore, according to its regulatory filing accessed from the Registrar of Companies. The Singapore-incorporated company will utilize the proceeds for growth, expansion, and general corporate activities, as per filings. Glance is a mobile-first content platform that powers Glance Lock Screen, offering content and ads directly on mobile lock screens. Its Home Screen feature lets users personalize displays with news, movies, sports, travel, and games, among others. According to startup data intelligence platform TheKredible, Glance has raised a total of $390 million in equity funding from investors, including Reliance-owned Jio Platforms, Google, and Mithril. Glance reported a nearly 90% surge in operating revenue to Rs 600 crore in FY24 while incurring a loss of Rs 929 crore. Glance became a unicorn in December 2020 after raising $145 million from Google and US-based VC Mithril. The company was reportedly in talks to secure $250 million, led by Google. In 2023, Glance’s parent company, InMobi, raised $100 million in debt financing from MARS Growth Capital, a joint venture between MUFG and Liquidity Group.

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.

Exclusive: Phi Commerce tops up Series B with fresh funding

EntrackrEntrackr · 1m ago
Exclusive: Phi Commerce tops up Series B with fresh funding
Medial

Exclusive: Phi Commerce tops up Series B with fresh funding Omnichannel payment solutions provider Phi Commerce raised Rs 51.34 crore ($6 million) in its ongoing Series B round from existing investor BEENEXT Ventures. With this, the investment raised by the company in the Series B totaled $11 million, including the $5 million secured in April of this year from DG Strategic Investment, exclusively reported by Entrackr. According to its filing sourced from the Registrar of Companies (RoC), Phi Commerce’s board allotted 83,907 Series B compulsory convertible preference shares at an issue price of Rs 6,120 apiece to raise the aforementioned amount. According to Entrackr’s estimates, the company’s valuation stands at Rs 1,361 crore or $161 million post-allotment. Phi Commerce offers a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, streamlines complex digital transactions across online, in-store, on-the-go, and doorstep channels. The Pune-based company has raised $20 million to date, according to data intelligence platform TheKredible. Following the latest allotment, BEENEXT holds the largest stake at 25.75%, followed by Opus Software with 24.12%. Meanwhile, co-founders Jose Thattil, Anil Sharma, Tushar Shankar, and Rajesh Londhe collectively retain a 33.7% stake in the company. Last year, Phi Commerce secured NPCI certification to offer UPI Switch for its enterprise clients. The solution enables seamless onboarding and supports key features like AutoPay, recurring payments, instant refunds, and credit card linkages. While Phi Commerce has yet to file its FY25 financials, the fintech firm saw its operating revenue jump 2.3X to Rs 81.7 crore in FY24 from Rs 35.7 crore in FY23. The company posted a loss of Rs 29 crore during the same period.

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