🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Krafton leads Rs 29 Cr round in Shuru at Rs 135 Cr valuation

EntrackrEntrackr · 3m ago
Krafton leads Rs 29 Cr round in Shuru at Rs 135 Cr valuation
Medial

For the fiscal year ending in March 2024, Shuru reported Rs 26.84 lakh in revenue and Rs 3.31 crore in losses. It has yet to file its FY25 financials. Shuru, a location-based social networking platform, has raised Rs 29 crore in a fresh funding round, sources aware of the development told Entrackr. South Korean gaming major Krafton has acquired around 16% stake by investing Rs 21 crore in Shuru, according to sources cited above. Founded in 2021 by Mayank Bhangadia and Harsh Chhabra, Shuru has expanded its presence, reaching over 2 million active users across more than 600 cities and 8,000 sub-districts. The platform enables real-time engagement, civic participation, and support for local businesses, with the goal of connecting citizens to their neighborhoods. While Shuru had previously secured backing from investors such as Omidyar Network India, Titan Capital’s Kunal Bahl and Rohit Bansal, Eximius Ventures, and Shastra VC, the investment from Krafton is expected to support its next phase of growth and scaling. Shuru’s regulatory filing with MCA also shows that it is raising Rs 29 crore from Krafton, Omidyar Network, and Eximius Trust. As per Entrackr’s estimates, the firm will be valued at around Rs 135 crore (post money). For the fiscal year ending in March 2024, Shuru reported Rs 26.84 lakh in revenue and Rs 3.31 crore in losses. It has yet to file its FY25 financials. Krafton's interest in Shuru is part of its strategy to invest in Indian startups, reflected in its recent plans to invest over $200 million in the country's gaming and digital sectors. In August 2023, BGMI-maker Krafton committed to invest $150 million in India over the next two to three years. Some of its notable bets include Kuku FM, Cashfree, One Impression, Bobble AI, Pratilipi, and Nautilus, among others.

1

Related News

Exclusive: Bobble AI to raise fresh funds at 30% valuation dip

EntrackrEntrackr · 16d ago
Exclusive: Bobble AI to raise fresh funds at 30% valuation dip
Medial

Exclusive: Bobble AI to raise fresh funds at 30% valuation dip Xiaomi-backed Bobble AI is raising $1.5 million or Rs 12.9 crore from its existing backer gaming giant Krafton in its Series D round. The new round seems to be an ongoing one and the firm may mop up more capital. The board at Bobble AI passed a resolution to approve the issue of 600 Series D2 compulsory convertible preference shares at an issue price of Rs 2,14,940 each to raise the aforementioned amount, its regulatory filing accessed from Registrar of Companies (RoC) shows. The proceeds will be used for general corporate purposes. Entrackr estimates the company’s valuation at Rs 834 crore ($98 million), down nearly 30% from its Rs 1,172 crore ($138 million) Series C valuation. Founded in 2012, Bobble.ai provides an AI-powered Indic keyboard supporting over 120 languages, with facial recognition for personalized GIFs and stickers. Integrated with apps like WhatsApp and Facebook, it captures real-time user intent. The company earns through targeted ads, consumer data insights, subscription features, and branded merchandise. According to startup data intelligence platform TheKredible, the Gurugram-based company has raised around $35 million including Rs 206 crore ($26 million) in a mix of primary and secondary capital from Krafton Inc in September 2022. During the round, it acquired a 12.34% stake from Affle. Following the latest infusion, Krafton will be commanding a 24.84% stake in the 12-year-old company. For the fiscal year ended March 2024, Bobble AI reported a 25% growth in revenue to Rs 37.67 crore. However, its losses also widened by 40% to Rs 60.88 crore in the same period. The firm is yet to report its FY25 numbers. BGMI-maker Krafton recently invested in the social networking platform Shuru and the Sachin Tendulkar-backed JetSynthesys. Its other notable investments include Kuku FM, Cashfree, One Impression, Pratilipi, and Nautilus, among several others.

OYO’s Ritesh Agarwal invests in Culture Circle at over Rs 100 Cr valuation

EntrackrEntrackr · 1m ago
OYO’s Ritesh Agarwal invests in Culture Circle at over Rs 100 Cr valuation
Medial

OYO’s Ritesh Agarwal invests in Culture Circle at over Rs 100 Cr valuation Culture Circle, a fashion commerce platform focused on luxury and streetwear, has raised a strategic round from Ritesh Agarwal, founder and chief executive of OYO. The funding was done at a valuation of more than Rs 100 crore. The startup had earlier secured Rs 3 crore on Shark Tank India from Agarwal and Kunal Bahl, declining a larger Rs 8 crore offer. Culture Circle claims to have crossed Rs 400 crore in overall valuation following its recent growth. The platform reports 1 million monthly users and over 4,000 verified sellers. It has recorded 4 times growth in recent quarters. The company was started by Devansh Jain Nawal and Ackshay Jain. Nawal is an IIM Ahmedabad alumnus and former Goldman Sachs employee. Jain has earlier worked with Google and leads JIIF Gurugram. The founders said the capital will be used to grow SourceX, the firm’s AI-led authentication system, and to expand into new product categories and global markets. It also plans to open new offline stores in Gurugram and Mumbai. Culture Circle operates flagship stores in Delhi and Hyderabad and runs a resale marketplace for branded sneakers and luxury fashion. The company is planning its global launch later this year.

KRAFTON acquires majority stake in Nautilus Mobile for Rs 118 Cr

EntrackrEntrackr · 4m ago
KRAFTON acquires majority stake in Nautilus Mobile for Rs 118 Cr
Medial

KRAFTON, the company behind BATTLEGROUNDS MOBILE INDIA (BGMI), has acquired a controlling stake in Pune-based game studio Nautilus Mobile for Rs 118 crore ($13.7 million). This is KRAFTON’s first full-control deal in India. Nautilus Mobile is best known for its popular mobile cricket game, Real Cricket. JetSynthesys fully acquired the studio in 2020, and KRAFTON later invested Rs 40.5 crore in 2022. With this acquisition, KRAFTON aims to boost Indian game development and expand its presence in sports gaming. JetSynthesys will remain a minority investor and continue working with Nautilus, especially in Esports. KRAFTON India CEO Sean Hyunil Sohn said this deal will help India become a global gaming hub. Nautilus Mobile CEO Anuj Mankar said the partnership will help Real Cricket grow internationally. KRAFTON has invested over $200 million in Indian startups since 2021 and continues to support local game developers. With India’s growing love for cricket and gaming, this move strengthens KRAFTON’s position in the country’s gaming ecosystem.

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

EntrackrEntrackr · 2m 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.

Download the medial app to read full posts, comements and news.