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Exclusive: Kiran Mazumdar Shaw’s Immuneel Therapeutics raises Rs 100 Cr

EntrackrEntrackr · 1y ago
Exclusive: Kiran Mazumdar Shaw’s Immuneel Therapeutics raises Rs 100 Cr
Medial

Cancer focused biotech startup Immuneel Therapeutics has raised Rs 100 crore or $12 million in the extension of Series A round from Taiba Middle East FZ LLC. This is the third round of investment for the Bengaluru-based company since its inception in 2018. The board at Immuneel Therapeutic has passed a special resolution to issue 1o equity shares and 8,164 Series A1 CCPS at an issue price of Rs 1,22,330 each to raise Rs 100 crore or $12 million, its regulatory filing accessed from the Registrar of Companies show. The company will use these investments for growth and expansion as decided by the board, the filings further added. As per TheKredible’s estimates, the firm has been valued at around Rs 587 crore or $71 million (post-allotment). Following the fresh proceeds, Taiba Middle East FZ holds a 17% stake in Immuneel Therapeutics. The round appears to be ongoing and it may raise more funds. The company has raised around $40 million to date including its $15 million Series A financing co-led by Eight Roads Ventures, True North, and F-Prime Capital in 2022. Founded by Biocon founder Kiran Mazumdar Shaw, oncologist and Pulitzer winner — Siddhartha Mukherjee and Kush Parwar, Immuneel Therapeutics is an Indian clinical-stage startup which is engaged in developing cell and gene therapies for cancer patients. It’s also working on developing its own pipeline of chimeric antigen receptor T-cell (CAR-T) therapies and other cellular immunotherapies for management and treatment of cancer. The firm claims to offer therapies at one-third of the costs borne for gene therapies in America. While the company is yet to file its annual statements for FY24, six-year-old Immuneel Therapeutics remained at a pre-revenue stage in FY23. Its losses stood at Rs 39 crore in the fiscal year ending March 2023.

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Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation

EntrackrEntrackr · 4m ago
Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation
Medial

Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation Wealth management platform Waterfield Advisors is raising Rs 123 crore (approximately $14.6 million) in a new funding round, led by Jungle Ventures. The company’s board has approved a special resolution to issue 10,92,362 preference shares at an issue price of Rs 1,126 each, raising Rs 123 crore ($14.6 million), according to its regulatory filing accessed from the Registrar of Companies. Jungle Ventures is leading the funding round with an investment of Rs 100 crore. The remaining amount is being contributed by co-founder and CEO Soumya Rajan, along with individual investors, including Bharat Dhirajlal Shah, Vijay Singh, Bandi Vamsikrishna, Corel Traders, Parthasaradhi Reddy, Kekoo Colah, and Smita D Parekh. The company plans to utilize the proceeds for growth, expansion, marketing, and general corporate purposes, as determined by the board. According to Entrackr estimates, Waterfield Advisors will be valued at approximately Rs 723 crore ($86 million) post-allotment. The company is reportedly raising Rs 130 crore in this round. Founded in 2011 by Soumya Rajan, Waterfield Advisors is a fee-based multi-family office and wealth advisory firm, that ensures unbiased financial, investment, and succession planning services. Waterfield advisors had raised over $25 million in funding to date including $6 million from family offices, and ultra-high net worth individuals. According to the startup data intelligence platform TheKredible, Jungle Ventures will be the largest external stakeholder with 13.83%. Its co-founders Soumya Jain along with Sanjay Teli will cumulatively hold 40.07% of the company. Waterfield Advisors has recorded a 33.2% year-on-year increase in its revenue to Rs 45.7 crore in the fiscal year ended March 2024. Moreover, it managed to decrease losses by 9.5% to Rs 28.6 crore in FY24.

Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures

EntrackrEntrackr · 1y ago
Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
Medial

Small and medium enterprises focused digital lending platform Lendingkart has secured Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures. This is the second major debt closure by the Ahmedabad-based firm in the past year. The board at Lendingkart has passed a board resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs 108 crore or $13 million, its regulatory filing accessed from the RoC shows. As per the filings, the Temasek-backed company has raised Rs 318 crore ($38 million) in debt to date. Lendingkart will receive the debt fund in two tranches of Rs 50 crore ($6 million) each and it will carry a coupon rate of 14% per annum. According to the startup data intelligence platform TheKredible, the company has been valued at around $690 million post-allotment. Just last month, LendingKart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. As of now, Lenskart has mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia and India Quotient. Lendingkart disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners. As per its website, it has disbursed over Rs 18,700 crore to over 300,000 businesses present in 4,100 cities. Lendingkart performed well in FY23 as its revenue from operations grew by 33.4% to Rs 858 crore. Meanwhile, the firm also posted Rs 119 crore profit in the same period. It’s yet to file annual financial results for FY24. As per a media report, the company is planning for an initial public offering (IPO) by next year. Lenskart is targeting to cross Rs 10,000 crore in assets under management before going public.

Exclusive: Ola Electric raises Rs 100 Cr debt ahead of IPO

EntrackrEntrackr · 1y ago
Exclusive: Ola Electric raises Rs 100 Cr debt ahead of IPO
Medial

IPO-bound Ola Electric has raised Rs 100 crore (approximately $12 million) in debt from Alteria Capital. This is the second round of debt funding for the Bengaluru-based company in 2024. The board at Ola Electric has passed a special resolution to issue 10,000 non-convertible dentures at an issue price of Rs 1,00,00 each to raise Rs 100 crore, its regulatory filings accessed from the Registrar of Companies (RoC) show. The development comes after two months of its $50 million debt funding from EvolutionX. According to the filings, the debentures have an interest rate of 13.8% per annum with an additional 2% interest per month over and above the coupon rate, in case of default of interest. As per the startup data intelligence platform TheKredible, the Bhavish Aggarwal-led company has raised more than $1 billion across equity and debt and was valued at $5.4 billion during the last round. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 5,500 crore ($660 million). As per media reports, the company has also received a green signal from market regulator SEBI for the public listing. Based on the DRHP filed by Ola Electric, Bhavish Aggarwal is the largest stakeholder with 36.94% followed by Soft Bank which commands 21.98% of the company. Tiger Global, Indus Trust, and Alpha Wave own 6.03%, 3.85% and 3.49%, respectively. Ola Electric grew at a rapid clip in FY23 which could be evident from its revenue that surged seven-fold to Rs 2,631 crore as compared to Rs 373 crore in FY22. Meanwhile, its losses increased by 87.76% to Rs 1,472 crore in the fiscal year ending March 2023. In the two-wheeler electric vehicles segment, the SoftBank-backed company competes with Hero Electric, Ather Energy, TVS, among others. As per Vahan data, Ola Electric controls 49% market share in two-wheeler EVs with 37,191 e-scooter registrations in May.

Exclusive: Oxyzo secures Rs 100 Cr debt

EntrackrEntrackr · 4m 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: Cleantech firm Hygenco raises Rs 50 Cr debt

EntrackrEntrackr · 7m ago
Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt
Medial

Cleantech startup Hygenco has raised Rs 50 crore (approximately $6 million) via non-convertible debentures from Trifecta. This is the first debt investment for the Gurugram-based company this year. The board at Hygenco has passed a special resolution to issue 500 debentures at an issue price of Rs 1,00,000 each to raise Rs 50 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned dentures are issued for a tenure of 24 months and carry an interest rate of 14.5% per annum, the filing added. Hygenco specializes in developing and deploying commercial systems for green hydrogen and ammonia production. Its solutions cater to large-scale process industries, marine and terrestrial transportation, and personal mobility sectors. Hygenco secured its first investment of $25 million from the SBI through (Neev II Fund) in October 2022. Media reports suggest the company aims to raise a total of $100 million by the end of this year. The company also partnered with Jindal Stainless to set up the country's first green hydrogen plant. According to startup data intelligence platform TheKredible, SBI, through its Neev II Fund, holds a 49.6% stake in Hygenco. The company's co-founders—Amit Bansal, Anshual Gupta, and Aashish Gupta—collectively own 46.1% of the company. The company was in the pre-revenue stage till the financial year ended March 2023 with a loss of Rs 6.3 crore. Hygenco has yet to file annual results for the previous fiscal year (FY24).

Exclusive: Consumer lending startup Fibe raises $66 Mn

EntrackrEntrackr · 1y ago
Exclusive: Consumer lending startup Fibe raises $66 Mn
Medial

Digital lending platform Fibe (formerly EarlySalary) has raised Rs 547 crore or $66 million in Series E round led by TPG’s The Rise Fund and Kabira Holdings. This is the first round of investments for the Pune-based company in the past two years. The board at Five has passed a special resolution to issue 5,46,75,600 Series E CCPS at an issue price of Rs 100 each to raise Rs 547 crore, its regulatory filing accessed from the RoC shows. The Rise Fund led the round with Rs 133 crore while Kabira Holdings put in Rs 125 crore. Eight Road Ventures, Norwest Capital, and Trifecta participated with Rs 41.6 crore, Rs 62.5 crore and Rs 55 crore, respectively. Amara Partners and Chirate also invested Rs 29.17 crore and Rs 100 crore. According to filings, the company will use these funds for expansion and growth as per the business plan duly adopted by the board. This is a developing story…

Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets
Medial

Omnichannel retailer Bluestone has raised Rs 100 crore or $12 million in debt from Neo Markets. This is the third debt investment for the Bengaluru-based company this year. The board at Bluestone has passed a special resolution to issue 10,000 debentures at Rs 1,00,000 each to raise the above-mentioned sum, its regulatory filings sourced from the Registrar of Companies show. The development has come at a time when the Peak XV-backed company reportedly aims to raise $100 million in its pre-IPO round. As per media reports, the pre-IPO funding will be a mix of primary and secondary where the early backers may score hefty returns. The company has raised around $190 million to date including $66 million from Ranjan Pai and others in September last year. According to the startup data intelligence platform TheKredible, Accel is the largest stakeholder amongst investors with 21.2% followed by Kalari Capital which holds 12.35% of the company. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone provides an extensive jewelry collection for both men and women, available through its website and network of offline stores. According to the firm’s website, it operates over 190 stores across 75 cities. Bluestone continued to grow its revenue and narrow losses in the fiscal year ending March 2023. During FY23, the firm achieved 65% year-on-growth and its collection stood at Rs 787 crore while its losses dwindled 87% to Rs 167 crore. It’s yet to file its annual results for FY24. It directly competes with Melorra, Giva, and CaratLane. Titan, which owned 99.64% stake in CaratLane, recently said that it will buy the remaining 0.36% stake of the company for Rs 60.08 crore ($7.2 million).

Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi

EntrackrEntrackr · 1y ago
Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi
Medial

Infra.Market has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. The debt infusion for the Mumbai-based firm follows the $50 million equity round from the Mars Unicorn Fund — a joint venture of Liquidity Group and MUFG. The board at Infra.Market has approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. Previously, the committee had approved a resolution to raise up to Rs 500 crore through debentures. The new infusion is the tranche of Rs 500 crore. Yubi has invested Rs 80 crore while Raymond Limited, IKF Home Finance, and Samunnati Financial participated with Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and also exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. To date, Infra.Market has raised around $520 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which own 16.87% and 8.46%, respectively, before this round. While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23. Tiger global-backed firm’s profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Market’s competition includes OfBusiness, Moglix and Zetwerk, among others. OfBusiness recorded nearly Rs 20,000 crore in revenue and Rs 603 crore profit in FY24. Entrackr exclusively reported the firm’s financial numbers on July 8. Meanwhile, Zetwerk and Moglix are yet to report last fiscal year (FY24) numbers.

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