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Exclusive: Get My Parking to raise fresh funds at 90% valuation surge

EntrackrEntrackr · 4m ago
Exclusive: Get My Parking to raise fresh funds at 90% valuation surge
Medial

Exclusive: Get My Parking to raise fresh funds at 90% valuation surge AI-based parking management system Get My Parking is all set to raise Rs 21.6 crore (approximately $2.5 million) in an extended Series A round led by existing investor IvyCap Ventures with participation from Legacy Assets LLP and others. This funding comes four years after Get My Parking raised $6 million in its Series A round in May 2021, led by IvyCap Ventures. The company’s board passed a resolution to issue 3,923 Series A2 compulsory convertible preference shares at an issue price of Rs 55,088 apiece to raise Rs 21.6 crore, according to its filing with the Registrar of Companies (RoC). Existing investor IvyCap will be leading the round with Rs 13 crore investment followed by Legacy Assets’ Rs 3 crore. The rest of the amount will be contributed by Manish Kohli, The Sarvasva Trust, and 7 other individual investors. The funds raised will be used to meet general business needs, including working capital requirements and expansion plans, the filing added. According to Entrackr’s estimates, Get My Parking’s valuation is expected to rise by nearly 90% to Rs 335 crore (approximately $39 million) post-allotment, up from Rs 177 crore during its previous $6 million funding round. Founded in 2015 by Chirag Jain and Rasik Pansare, Get My Parking offers smart parking solutions using IoT technology, enabling operators to digitize their parking spaces and manage them efficiently with features like automated entry, digital payments, and live availability updates. According to startup data intelligence platform TheKredible, the Bengaluru-based company has raised over $10 million since its inception. IvyCap Ventures is the largest external stakeholder with a 15.87% stake, followed by Europe’s leading parking operator, APCOA, which holds a 12% stake. Get My Parking reported over 50% growth in operating revenue to Rs 29.4 crore in the fiscal year ending March 2024, while reducing its losses by 57% to Rs 6.5 crore during the same period. Get My Parking competes with the Peak XV-backed Park+ which posted Rs 131 crore revenue in FY24. The company also competes with Parky, Park Smart, among others.

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ParkMate raises $1.2 Mn led by Cactus Partners

EntrackrEntrackr · 11m ago
ParkMate raises $1.2 Mn led by Cactus Partners
Medial

Car parking solutions provider ParkMate has raised $1.2 million in a new round led by early growth-stage venture fund Cactus Partners. Existing backers such as Venture Catalysts and the Marwah Group Family Office have also participated in the round. According to ParkMate, the funds will be used to ramp up its growth trajectory, invest in its team to win business, streamline its operations, and continue to innovate new solutions. Founded by Dhananjaya Bharadwaj, ParkMate offers smart parking solutions to shopping malls, office complexes, and Hotels in the corporate segment and to parking contractors for government parking spaces. The firm’s exclusive DaSH (Drop & Shop) service claims parking within 2 minutes for car owners at shopping malls, arcades, and business complexes. It counts as DLF, Phoenix Mills, Fun Republic, the UP, and Telangana Governments. Smart cities are another sizeable market for ParkMate. It directly competes with Park+, Get My Parking, Park Smart, and Parky, among others. Park+ is the largest player in this segment. In June, the company ventured into the on-demand driver services segment with Drive+, positioning it as a potential competitor to DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24. This marks the eighth investment by Cactus Partners since January 2021. The firm has invested in companies such as Lohum Cleantech, Kapture CX, Vitraya Technologies, AMPM Fashions, Auric, Indigrid Technology, and Rubix Data Sciences (exited).

Exclusive: Powerplay valuation halves in fresh funding

EntrackrEntrackr · 2m ago
Exclusive: Powerplay valuation halves in fresh funding
Medial

Exclusive: Powerplay valuation halves in fresh funding Construction management startup Powerplay is set to raise fresh capital from its existing backers, Accel India and Surge Ventures, after a three-year funding gap, but at a steep 57% valuation markdown. The board at Powerplay has passed a special resolution to issue 1,739 Series A2 CCPS at an issue price of Rs 98,512.12 per share, to raise Rs 17.13 crore (approximately $2 million), according to the company’s regulatory filings with the Registrar of Companies (RoC). Accel India and Surge Ventures will participate in Powerplay’s new round with Rs 8.56 crore each. According to the startup data intelligence platform TheKredible, the company will be valued at around Rs 258 crore or $30 million post-money, marking a 57% valuation cut, compared to its previous $7 million funding round in August 2022 led by Accel, which valued the company at around Rs 600 crore or $75 million. The company has raised Rs 117 crore to date. As per the filing, after this round, Accel will be the largest external stakeholder with a 21.25% stake, followed by India Quotient and Surge Ventures, which will hold 15.70% and 15.47%, respectively. Its co-founders, Iesh Dixit and Shubham Goyal, will cumulatively own 38.22% of the company. Founded in 2019 by Iesh Dixit and Shubham Goyal, Powerplay simplifies site-to-office communication to manage construction and architectural projects. It enables construction companies to track progress, attendance, material management, invoices, issue tracking, and budget management. Powerplay is yet to file its financial statements for FY25. The Bengaluru-based startup saw its revenue grow 43% to Rs 4.39 crore in FY24 from Rs 3.07 crore in FY23. At the same time, its losses reduced by 14% to Rs 31.92 crore.

Exclusive: Wondrlab to raise fresh funds at $90 Mn valuation

EntrackrEntrackr · 1m ago
Exclusive: Wondrlab to raise fresh funds at $90 Mn valuation
Medial

Exclusive: Wondrlab to Raise Fresh Funds at $90 Mn Valuation Martech platform Wondrlab is set to raise Rs 40.8 crore (around $4.6 million) in a fresh funding round led by Wildflower Private Trust with the participation of existing investors Pi Ventures, Tanas Capital, and others. This is the first funding in four years for the marketing firm since it raised $7 million in its seed round in October 2021. The Wondrlab’s board passed a resolution to approve the issue of 7,744 preference shares and 500 equity shares at an issue price of Rs 49,472 each to raise the mentioned sum, according to its regulatory filing from Registrar of Companies (RoC). Wildflower Private Trust will be leading the round with a Rs 12.5 crore investment, while existing investors Pi Ventures and Tanas Capital will infuse Rs 9.85 crore and Rs 6.7 crore, respectively. The rest of the amount will be contributed by a group of angel investors including Nazara’s promoters Nitish Mittersain and Vikash Mittersain. The company will also allot equity shares to the co-founders of its recently acquired firm, BigStep Tech. According to Entrackr’s estimates, the Mumbai-based company will be valued at around Rs 796 crore or $90 million post-money. Founded in 2020 by Saurabh Varma, Vandana Verma, and Rakesh Hinduja, Wondrlab is a platform-first martech startup specializing in technology, digital, and programmatic advertising. Following the latest allotment, Pi Ventures will hold an 11.5% stake, while Tanas Capital will own 7.82%. New investor Wildflower Private Trust will acquire 1.5%, and the promoters will collectively retain a 60.53% stake. For the fiscal year ended March 2024, Wondrlab’s operating revenue tripled to Rs 189 crore from Rs 63 crore in FY23, while profit surged to Rs 11 crore. It has yet to file its FY25 numbers.

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

EntrackrEntrackr · 8m 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.

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