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Exclusive: Former KKR India CEO’s VC firm leads Windo’s Series A

EntrackrEntrackr · 8m ago
Exclusive: Former KKR India CEO’s VC firm leads Windo’s Series A
Medial

Exclusive: Former KKR India CEO’s VC firm leads Windo’s Series A E-commerce enablement platform Windo is raising Rs 54.2 crore (approximately $6.45 million) in its Series A round. The board at Windo has passed a special resolution to issue 4,928 Series A compulsory convertible preference shares at an issue price of Rs 1,10,124 each to raise Rs 54.26 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Sorin Investment Fund, an early-stage VC firm founded by former KKR India CEO Sanjay Nayar, led the round with an investment of Rs 27.56 crore. JAFCO Asia and Athera Ventures contributed Rs 12.53 crore and Rs 8.35 crore, respectively. The remaining amount will be invested by Unicorn Ventures and individual investors, including Sai Kiran Murali, Sumit Jain, Chhaya Sawhney, Srikrishnan Ganesan, and Jayant Prasad Paleti. The company plans to utilize these funds for growth and expansion, according to filings. Entrackr estimates its post-allotment valuation to be approximately Rs 245 crore ($29 million). Founded by Rakesh Vaddadi and Silus Reddy, Windo enables solopreneurs, influencers, and small to midsize businesses to launch online stores within minutes. The platform is designed for ease of use and provides essential features such as marketing tools and mobile responsiveness through its app. Previously, Windo raised $2 million across Seed and pre-Series A funding rounds in June 2021 and July 2022, respectively. In the previous fiscal year (FY24), the company reported a revenue of Rs 20.4 lakh, while incurring a loss of Rs 2.8 crore. Prior to this, it was in the pre-revenue stage, according to its annual financial statements. The e-commerce enablement sector experienced intense competition during the 2020-21 period, with B Capital-backed Khatabook and OKCredit launching their own platforms. However, both companies abandoned their e-commerce ventures after a couple of years. Windo also competes with several others in the space, including Dukaan, Shopify, Dot, and Bikayi. Following a near shutdown, Bikayi pivoted to become Bik, shifting its focus to serving larger enterprises.

Exclusive: Scaler to raise $40 Mn at reduced valuation

EntrackrEntrackr · 5m ago
Exclusive: Scaler to raise $40 Mn at reduced valuation
Medial

Exclusive: Scaler to raise $40 Mn at reduced valuation Upskilling platform Scaler is finalizing a $40 million fundraise, according to people familiar with the matter. This would be its first funding round in over three years, with the last one, a Series B, in February 2022. “Lighthouse is likely to lead a new funding round in Scaler, with some existing investors also participating. The deal is in its final stages and, barring any last-minute changes, is expected to close in a few weeks,” said a source requesting anonymity due to the private nature of the discussions. Scaler has so far raised over $75 million across rounds from the likes of Lightrock India, Peak XV Partners, and Tiger Global. The firm last raised $55 million in Series B in February 2022 at a valuation of $710 million. However, sources indicated that this will be a down round, with Scaler's valuation expected to plunge to $350–$370 million after the new funding. In response to Entrackr’s queries, Scaler said it does not comment on market speculation, while Peak XV declined to comment. Lighthouse had not responded by the time of publication. Scaler specializes in upskilling college students and technology professionals by offering an intensive six-month computer science program. The course is delivered through live classes led by experienced tech leaders and subject matter experts. While Scaler has yet to disclose its FY25 numbers, the company’s revenue from operations grew to Rs 384.5 crore in FY24 from Rs 316.7 crore in FY23. Optimization of major expense categories helped the company reduce its overall losses by 58% to Rs 139 crore in FY24. At the beginning of FY25, Scaler laid off around 150 employees citing long-term growth and sustainability. It competes with Newton School, Masai School, and to some extent with Simplilearn. Many growth and late-stage startups are operating in a challenging funding environment, raising capital at flat or reduced valuations.

Exclusive: Spinny set to acquire GoMechanic after its turnaround

EntrackrEntrackr · 4d ago
Exclusive: Spinny set to acquire GoMechanic after its turnaround
Medial

Exclusive: Spinny set to acquire GoMechanic after its turnaround Spinny is set to acquire car servicing platform GoMechanic from the consortium that currently owns and operates it, according to two sources aware of the discussions. This will be one of the notable consolidations in the used-car and auto services segment in the past few years. This will be the Accel-backed firm’s fourth acquisition after Truebil, Scouto and Autocar-operator Haymarket’s automotive titles in India. “The terms of the deal have been finalised, and it is expected to close by the end of this month,” said one of the sources requesting anonymity. “Discussions have been underway for the past two months, and Spinny issued the term sheet in the last week of October.” Sources indicated that the deal would primarily be a cash transaction. Entrackr could not ascertain the deal size. The deal will pave Spinny’s entry into the largely unorganised vehicle service and maintenance space. “It’s a natural extension for Spinny and a way to engage and monetise customers even after selling cars through the platform,” said the source quoted above. GoMechanic is owned and operated by a consortium including Hero Group, Lifelong Group, Stride Ventures, and others. It runs a garage network across 150 cities in India, partnering with independent workshops to provide standardized car services with e-booking and transparent pricing. It’s worth noting that GoMechanic was embroiled in corporate governance issues, including financial irregularities, which led to its acquisition by a consortium led by Lifelong Group in May 2023. In November 2023, the company raised $6 million at a $20 million valuation, followed by a $9 million tranche last month from Hero Enterprises and others, according to its regulatory filings with the Registrar of Companies (RoC). After the takeover, the consortium replaced GoMechanic’s founding team, restructured operations, and rebuilt the company into a scaled car service platform. Sources added that GoMechanic has turned around its business in the past two years. “The firm currently clocks an annual recurring revenue (ARR) of around Rs 350 crore and is near break-even,” said the second source. The episode shows that sound governance and disciplined execution are crucial to stabilizing a business, proving that with the right leadership and focus, even struggling startups can recover. According to TheKredible, the Gurugram-based startup reported revenue of Rs 4,657 crore in FY25, reducing its losses by 28% compared to the previous year. In March, Spinny acquired Haymarket SAC’s automotive publications in India. The Niraj Singh-led company had earlier taken over connected car startup Scouto in February 2022 and used-car platform Truebil in August 2020. With Autocar and GoMechanic now under its fold, Spinny appears to have integrated the entire value chain from content and discovery to transaction and ownership. This move positions the company to cover the entire car ownership journey through one platform.

Exclusive: CoinDCX CTO, Finance and Legal heads set to resign

EntrackrEntrackr · 5m ago
Exclusive: CoinDCX CTO, Finance and Legal heads set to resign
Medial

Exclusive: CoinDCX CTO, Finance and Legal heads set to resign Crypto exchange CoinDCX is facing a fresh round of exodus at the top level, with multiple senior executives set to exit the company, according to two sources familiar with the matter. “CoinDCX’s Chief Technology Officer (CTO), Head of Finance, and Head of Legal are exiting the company as part of broader structural changes aimed at streamlining operations and cutting costs,” said a source requesting anonymity. CoinDCX has also initiated a new round of layoffs, though the number of affected employees remains unclear. In August 2023, the Bengaluru-based firm had laid off around 12% of its workforce, impacting around 70 staff. As per sources, the changes come as CoinDCX continues to grapple with declining trading volumes and increasing compliance headache. Confirming the top-level exits, a CoinDCX spokesperson said, "We are ramping up our teams and strengthening our leadership bench across key functions. We currently have over 100 open positions, including new senior leadership roles such as CFO and General Counsel. Our business has scaled significantly across geographies, and we expect this momentum to continue as the crypto industry gains broader recognition…” Seven-year-old CoinDCX claims to be the largest cryptocurrency exchange in India, with more than 15 million registered users. The company recently began operations in Bahrain through its subsidiary BitOasis as part of its expansion into the MENA region. Led by Sumit Gupta, CoinDCX is aiming to generate over 30% of its revenue from this market. CoinDCX turned unicorn in August 2021 when the firm raised $90 million in Series C round. The company scooped up another $135 million to go past the $2 billion valuation mark in April 2022. However, it has not raised any external funding over the past three years. Crypto platforms in India have been under scrutiny as the country has yet to establish a regulatory framework for the sector. In the past, the Enforcement Directorate summoned several cryptocurrency firms, including CoinDCX, to investigate potential violations of the Foreign Exchange Management Act (FEMA). An ET report suggests that India is expected to publish a discussion paper in June to examine potential policy options for crypto assets. The paper will reportedly incorporate insights from a joint report by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).

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