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

EntrackrEntrackr · 9m 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.

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InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr

EntrackrEntrackr · 1y ago
InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr
Medial

Mobile-first content platform Glance raised a $200 million round led by Reliance-owned Jio Platform at the onset of FY23 but the staggering investment did not translate into corresponding growth. Nevertheless, the Bengaluru-based firm managed 77.7% growth in its operating scale with a modest growth in losses which crossed Rs 1,000 crore in FY23. Glance’s revenue from operations grew to Rs 317 crore in FY23 from Rs 178 crore in FY22, its consolidated financial statements filed by the group’s holding entity in Singapore show. Launched in 2019 in Singapore as a separate entity of Inmobi, it introduced the lock-screen feature for Android-powered smartphones. Glance offers content ranging from 10-second to two-minute segments, encompassing news updates, short videos, and solo gaming experiences. Income from advertising comprised 76% of its total operating revenue which spiked 62.6% to Rs 242 crore in FY23. Shipping, marketplace, and games hosting were some other revenue drivers for Glance in the said period. See TheKredible for the complete revenue breakdown. Similar to other funded tech unicorns, its employee benefits accounted for 29% of overall expenditure. This cost increased by 24.8% to Rs 413 crore in FY23 and it includes Rs 64 crore ESOP cost (non-cash). Glance’s burn on infra, consultancy, marketing and selling, content creation, shipping, software licensing, and other overheads took its total expenditure to Rs 1,414 crore in FY23 from Rs 1,108 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 1108 Cr https://thekredible.com/company/glance/financials View Full Data To access complete data, visithttps://thekredible.com/company/glance/financials Total ₹ 1414 Cr https://thekredible.com/company/glance/financials View Full Data To access complete data, visithttps://thekredible.com/company/glance/financials Employee benefit Employee benefit Infrastructre cost Infrastructre cost Professional and consultancy Professional and consultancy Marketing and selling Marketing and selling Content creation Content creation Shipping and related cost Shipping and related cost Software and license Software and license Travelling Travelling Others To check complete Expense Breakdown visit thekredible.com View full data Unlike its scale, Glance’s losses grew only 18.6% to Rs 1,067 crore in the fiscal year ending March 2023 from Rs 900 crore in FY22. Its ROCE and EBITDA margin were recorded at -116% and -305% respectively. On a unit level, the firm spent Rs 4.46 to earn a rupee in FY23. Glace has raised around $390 million and was valued at $1.6 billion in its last round of $200 million led by the Jio Platform in 2022. According to the startup data intelligence platform TheKredible, Jio Platform is the largest external stakeholder with 20.27% followed by Google which owns 10.13%. Its parent company InMobi commands 50.45% of the company. Glance’s current assets stood at $108 million including cash and bank balances, trade receivables, and inventories during FY23. As per the Fintrackr estimates, its enterprise value to revenue multiple was 41X. FY22-FY23 FY22 FY23 EBITDA Margin -474% -305.1% Expense/₹ of Op Revenue ₹6.21 ₹4.46 ROCE -347% -116% Glance faces the challenge of being a product that is certainly not a priority, even being considered a nuisance by many of its users. That it has the numbers it has is of course thanks to being bundled with handsets that dominate the Indian Android smartphone market. For all its protestations about not being an Adware, the majority of revenues from advertising tell a different story. The acquisition of Roposo and Shop 101 to make it more meaningful has also not really delivered the results the firm had hoped for. The firm needs to make a compelling case for its users to not disable it on their phones. We believe the firm needs to find that answer quickly to reduce the risk of regulatory action that could seriously disrupt its growth plans in the future.

Exclusive: BigBasket secures Rs 200 Cr debt

EntrackrEntrackr · 16d ago
Exclusive: BigBasket secures Rs 200 Cr debt
Medial

Exclusive: BigBasket secures Rs 200 Cr debt BigBasket’s consumer-facing arm, Innovative Retail, has secured Rs 200 crore (approximately $22.7 million) in debt funding from DBS Bank Ltd. This is its first major capital injection in nearly three years, after the $200 million round led by Tata Digital in December 2022. According to its filing with the Registrar of Companies (RoC), the board of Innovative Retail Pvt Ltd (BigBasket’s B2C arm) has allotted 20,000 non-convertible debentures (NCDs) at a face value of Rs 1,00,000 each to raise the above-stated amount. The aforementioned debentures are issued for a tenure of 18 months and a coupon rate of 8.2% per annum, the filing added. The filing added that the proceeds from the debt raise will be used to set up and maintain dark stores, along with other general corporate purposes. Founded in 2011, BigBasket operates an inventory-led online grocery model, managing its own dark stores and delivery network while offering a wide range of products, including private labels. In August 2024, BigBasket fully pivoted to quick commerce, making 10-minute delivery its primary focus. According to startup data platform TheKredible, the company has raised over a billion dollars in funding to date from major investors such as Mirae Asset, British International Investments, and Bessemer Venture Partners. Tata Digital acquired BigBasket in May 2021. On the financial front, BigBasket’s (B2C) losses widened to Rs 1,850 crore in the fiscal year ended March 2025 while its revenue remained flat at Rs 7,673 crore during the period.

Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund

EntrackrEntrackr · 8m ago
Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund
Medial

Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund Renewable energy firm Ayana Renewable is set to raise Rs 150 crore (approximately $17.4 million) in debt from IL&FS Mutual Fund. This development came a month after the company had signed a share purchase agreement with ONGC-NTPC Joint Venture. The board at Ayana Renewable has passed a special resolution to issue 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each to raise Rs 150 crore, its regulatory filing accessed from the RoC. The funds will be used for debt refinancing, subsidiary support in renewable projects, interest, loans, and other eligible infrastructure needs. Notably, the tenure of these debentures will be 3 years from the date of initial drawdown. Ayana Renewable operates as an asset-heavy IPP, developing and managing solar and wind projects with long-term PPAs. Backed by NIIF and global investors, it funds growth through equity, debt, and bonds while ensuring efficient operations and exploring hybrid energy, battery storage, and green hydrogen. Last month, NIIF, British International Investment, and Eversource Capital signed a share purchase agreement to sell their 100% stake to ONGC NTPC Green Pvt. Ltd. (ONGPL), a 50:50 JV of ONGC Green Ltd. (OGL) and NTPC Green Energy Ltd. (NGEL), for an enterprise value of $2.3 billion. For context, Ayana was set up by BII in 2018 and secured over $700 million from NIIF, BII, and Eversource to date. Last week, CCI approved the above-mentioned share agreement. Ayana's scale saw a modest 4% year-on-year growth to Rs 856 crore in FY24 from Rs 823 crore in FY23. However, the company's profits declined sharply by 42.3% to Rs 45 crore during the same period.

Glance crosses Rs 600 Cr revenue in FY24 with improved economics

EntrackrEntrackr · 1y ago
Glance crosses Rs 600 Cr revenue in FY24 with improved economics
Medial

Consumer technology company Glance has demonstrated impressive financial performance over the past two fiscal years (FY23 and FY24) registering a 3.4X growth from Rs 178 crore or $22 million in FY22 to Rs 614 crore or $73.1 million during the fiscal year ending March 2024. Glance’s revenue from operations grew 89% year-on-year to Rs 614 crore in FY24 from Rs 325 crore in FY23, according to its consolidated financial statements filed by the group’s holding entity in Singapore. Launched in 2019, Glance which is part of InMobi's ecosystem, is known for its AI-powered smart lock screen platform that transforms the way users engage with their smartphones. It has a user base of over 300 million. It brings together other consumer platforms like Roposo (shoppertainment) and Nostra (gaming) Advertising services contributed 54.7% of total revenue, growing by 35.7% to Rs 336 crore in FY24 from Rs 248 crore in FY23. Revenue from the commerce (shoppertainment) segment stood at Rs 254 crore. Glance also earned Rs 15.9 crore from financial income (interest) which tallied the overall revenue to Rs 640 crore in FY24. Like many technology startups, employee benefits were the largest cost driver for Glance, accounting for 28.28% of its total expenses. This cost saw a marginal increase, rising to Rs 444 crore in FY24 from Rs 424 crore in FY23. It includes Rs 71.4 crore as ESOP cost. Glance’s shipping, marketing/selling, and infrastructure costs stood at Rs 200 crore, Rs 436 crore and Rs 201 crore, respectively. Software, publisher, legal, and travel are some other overheads that took the overall burn to Rs 1,569 crore in FY24 from Rs 1,448 crore in FY23. The decent scale and controlled expenditure helped Glance to reduce its losses by 15% to Rs 929 crore in FY24 from Rs 1,094 crore in FY23. Notably, this marks the first fiscal year in which the company narrowed losses. Its ROCE and EBITDA margin stood at -1191% and 134.9% respectively. On a unit level, it spent Rs 2.55 to earn a rupee in FY24. Glace has raised around $390 million and was valued at $1.6 billion in its last round of $200 million led by the Jio Platform in 2022. According to the startup data intelligence platform TheKredible, Jio Platform is the largest external stakeholder with 20.27% followed by Google which owns 10.13%. Its parent company InMobi commands 50.45% of the company. Glance’s current assets stood at Rs 428 crore. As per the Fintrackr estimates, its enterprise value to revenue multiple was 21.8X.

Exclusive: Peak XV-backed OneAssist to raise Rs 108 Cr from Stride Ventures

EntrackrEntrackr · 2m ago
Exclusive: Peak XV-backed OneAssist to raise Rs 108 Cr from Stride Ventures
Medial

**Exclusive: Peak XV-backed OneAssist to raise Rs 108 Cr from Stride Ventures** Peak XV-backed post sales service company OneAssist is all set to raise Rs 108 crore ($12.3 million) in a mix of debt and equity from Stride Ventures. This is the first debt funding for the company in four years since it raised around $33 million from RSCo. OneAssist’s board has approved a special resolution to raise Rs 108 crore, as per its RoC filing. The round includes Rs 100 crore through the issuance of 10,000 non-convertible debentures (NCDs) at a face value of Rs 1,00,000 each, along with Rs 8 crore via 601 CCPS issued at Rs 1,33,160 apiece. Each debenture will carry a coupon rate of 14.2% per annum, and the firm plans to use the proceeds for general corporate purposes, the filing said. As per Entrackr’s estimates, OneAssist will be valued at around Rs 1,978 crore or $225 million post-allotment. Founded in 2011 by Subrat Pani and Gagan Maini, OneAssist is a subscription-based assistance and protection platform offering services such as wallet and credit card loss coverage, extended warranties, repairs, and protection for mobile phones and home appliances. According to startup data intelligence platform TheKredible, OneAssist raised over $75 million from investors including Peak XV Partners, Lightspeed, and RSCO. For the fiscal year ended March 2025, the Mumbai-based firm posted a 22% growth in its operating revenue to Rs 623 crore in FY25 from Rs 509 crore in FY24. During the period, it reported a 56% reduction in its net loss to Rs 11 crore, as per its provisional financial statement sourced from company filings. OneAssist competes with Servify, Onsitego, Syska Gadget Secure, and ZurePro.

Exclusive: Oxyzo secures Rs 100 Cr debt

EntrackrEntrackr · 9m 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: Defense startup NewSpace to raise Rs 115 Cr debt

EntrackrEntrackr · 3m ago
Exclusive: Defense startup NewSpace to raise Rs 115 Cr debt
Medial

Exclusive: Defense startup NewSpace to raise Rs 115 Cr debt Defense startup NewSpace is set to raise Rs 115 crore ($13.3 million) in debt funding led by Lend Lease Company India Ltd, angel investor Ahmed Nalwala, ARA Investment with the participation of 35 other investors. The board at Newspace passed a resolution to approve the issue of 115 compulsory convertible debentures at a face value of Rs 1,00,00,000 each to raise the above-mentioned amount, according to its regulatory filing filed with RoC. Lend Lease will lead the round with an investment of Rs 13 crore, followed by angel investor Ahmed Nalwala and ARA Investment, who will invest Rs 10 crore each. NK Trust and Weil Investments will contribute Rs 7 crore and Rs 5 crore, respectively, while Gauri Khan Family Trust will join with Rs 2 crore. The remaining amount will be covered by 32 other investors, including several angel investors. The company will utilize the proceeds from this funding for general operating and working capital requirements, as well as capital expenditure to support business expansion, the filing added. Founded in 2019, NewSpace Research & Technologies (NRT) is an Indian aerospace and defense company that develops advanced unmanned systems and persistent drones. These are used for military and civilian purposes like surveillance, communication, and logistics. NRT works with various government agencies, including the Ministry of Defence, the NDRF, and the Ministry of Home Affairs, while also exploring civil logistics. The company also offers specific drone models such as the BELUGA, NIMBUS, MACKEREL, and NIMBUS-SCOPE. According to startup data intelligence platform TheKredible, the dronetech company has so far raised over $80 million, from investors including Volrado Venture Partners, Pavestone, QRG Investments, and others. For the fiscal year ended March 2024, the Bengaluru-based startup’s revenue declined sharply to Rs 96.25 lakh from Rs 103 crore in FY23. The company also reported a loss of Rs 62 crore during the period, compared to a profit in the previous year.

Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt

EntrackrEntrackr · 9d ago
Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt
Medial

Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt Auxilo, an education-focused non-banking financial company (NBFC), has secured Rs 225 crore (around $25.5 million) in debt funding from Neo Group, Nuvama Wealth, Dezerv, and The South Indian Bank. Earlier this year in February, Motilal Oswal invested Rs 50 crore in Auxilo through a debt round, as exclusively reported by Entrackr. The Auxilo’s board has issued 22,500 non-convertible debentures (NCDs) at a face value of Rs 1,00,000 each to raise the above-mentioned sum, according to its filing with the Registrar of Companies (RoC). Neo Group led the debt round with a Rs 100 crore ($11.36 million) investment, while Nuvama Wealth and Dezerv contributed Rs 50 crore each, and The South Indian Bank added Rs 25 crore. The debentures carry an interest rate of 9.7% per annum with a three-year tenure, while those issued to The South Indian Bank come at a 10% annual interest rate. Founded in 2016, Auxilo provides education loans to students for higher studies in India and abroad and to educational institutes for infrastructure modernization. Its educational loans include all the expenses related to the course, including classroom expenditures, pre-visa approvals, and airfares. For the fiscal year ended March 2025, Auxilo’s operating revenue rose nearly 50% to Rs 528 crore from Rs 357 crore in FY24. During the same period, the company’s profit surged 62% to Rs 112 crore.

Exclusive: Isprava raises Rs 250 Cr debt

EntrackrEntrackr · 22d ago
Exclusive: Isprava raises Rs 250 Cr debt
Medial

Isprava Group, a luxury home development and rental firm, raises Rs 250 crore (approximately $28.4 million) in debt from Singapore-based Luxe Opco Holdings. This marks the company’s first funding in nearly three years, following its last raise of Rs 160 crore in debt from Symphony International Holdings in January 2023. The board at Isprava Vesta Pvt Ltd (parent company of Isprava) has issued 11,95,071 compulsory convertible debentures (CCDs) at an issue price of Rs 2,091.93 each to raise the above mentioned amount, according to its filing with the Registrar of Companies (RoC). In addition, the company approved an investment of Rs 108 crore in Magnara Homes Private Limited through Optionally Convertible Debentures (OCDs), according to the filing. Isprava Group, founded in 2016 by Nibhrant Shah, Dhimaan Shah, and Rohan Lamba, builds and rents luxury homes in prime locations such as Goa, Alibaug, and Coonoor. In addition to developing and selling these properties, the company offers them as high-end vacation retreats with premium services like housekeeping and private chefs. Isprava claims to have delivered over 200 homes to date. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised around $188 million to date through a mix of debt and equity. Its lead investors include the Shah Family Trust and Godrej. During the fiscal year ended March 2024, the company more than doubled its revenue to Rs 452 crore while reporting a profit of Rs 63 crore. It is yet to disclose its financials for FY25.

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