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

News on Medial

Related News

Exclusive: FlexiLoans raises $9 Mn debt from JM Financial

EntrackrEntrackr · 11m ago
Exclusive: FlexiLoans raises $9 Mn debt from JM Financial
Medial

MSMEs-focused fintech lender FlexiLoans has raised Rs 75 crore (approximately $9 million) via non-convertible debt from JM Financial. This is the second debt round for the Mumbai-based company this year. The board at FlexiLoans has passed a resolution to issue 7,500 non-convertible debentures to raise Rs 75 crore, according to the company’s internal documents accessed by Entrackr. The debt has a coupon rate (interest) of 12.05% per annum with a tenure of 24 months. The company intends to utilize the funds for the ongoing business operations, the documents added. The debt infusion has come at a time when the firm is set to secure $35 million in funding from late-stage fund Fundamentum, co-founded by Infosys veteran Nandan Nilekani. Founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, FlexiLoans offers collateral-free loans to MSMEs. The firm has raised over $124 million to date in a mix of equity and debt including a $90 million Series B round from Fasanara Capital, MAJ Invest, Caravel Group, among others in June 2022. As per its website, the company has disbursed over Rs 7,000 crore of loans. Besides partnerships with over 400 partners, Flexiloans also lends through its NBFC — Epimoney. The company gives loans in the range of Rs 50,000 to Rs 1 crore with a maximum tenure of 36 months. The fintech firm grew at a fast pace in the fiscal year ending March 2024 as its collection jumped 2.4X year-on-year. Its operating revenue soared to Rs 262 crore in FY24 from Rs 109 crore in FY23. During the period, the company also maintained its profitability with Rs 3 crore PAT. FlexiLoans competes with a clutch of fintech firms including Lendingkart, Indifi, Incred, Oxyzo and Aye Finance.

Exclusive: Education finance firm Auxilo raises $12 Mn more in debt

EntrackrEntrackr · 11m ago
Exclusive: Education finance firm Auxilo raises $12 Mn more in debt
Medial

Education-focused non-banking financial corporation (NBFC) Auxilo has secured Rs 100 crore (approximately $12 million) in a debt financing round. The board at Auxilo has issued non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each to raise Rs 100 crore ($12 million), its regulatory filing accessed from the Registrar of Companies (RoC) shows. Dezerv Securities pumped in Rs 26.39 crore while MAS Financial Services and CredAvenue Securities (Yubi) participated with Rs 25 crore each. The balance amount will be released by the investors soon. The NCDs issued to MAS Financial and CredAvenue (Yubi) have a tenure of 36 months with an interest rate of 9.65%, while the debentures issued to Dezerv have a tenure of 29 months with an annual coupon rate of 9.90%. The development coincides with Auxilo’s $33.6 million round led by private equity firm LeapFrog Investments. As per Auxilo, LeapFrog invested $30 million while Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II pumped in the remaining capital. The current debt funding appears to be separate from the recent announcement. Auxilo has raised around $145 million across equity and debt since its inception including a $57 million funding round led by Tata Capital Growth in July last year. Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements. Since its inception, Auxilo claims to have provided education loans to over 12,000 students, across more than 1,100 universities and education institutes in over 30 countries. In the next 5 years, it aims to disburse Rs 25,000 crore worth loan to more than 150,000 students in India and overseas. The New Delhi-based company demonstrated strong financial performance, achieving over 2X year-on-year growth to reach Rs 174 crore in FY23. Moreover, its profits doubled to Rs 26 crore in FY23. The company is yet to file its annual results for FY24.

Exclusive: NeoGrowth raises debt from UTI International

EntrackrEntrackr · 7m ago
Exclusive: NeoGrowth raises debt from UTI International
Medial

MSME-focused digital lender NeoGrowth has raised debt funding from UTI International Wealth Creator. This will be the second debt infusion in the Mumbai-based company in the ongoing calendar year. NeoGrowth's board has approved the issuance and allotment of up to 4,200 non-convertible debentures (NCDs) to raise up to Rs 42 crore (approx $5 million), its regulatory filings sourced from the RoC shows. These NCDs will carry an interest rate of 11.7% per annum. UTI International Wealth Creator 4 is a debt fund managed by Mumbai-based UTI Asset Management Company. The debt infusion in the company has come at a time when NeoGrowth is eyeing to raise Rs 500 crore growth capital through private equity investment. The firm managed assets worth Rs 2,750 crore by the end of the last fiscal year, and aims to close FY25 with Rs 4,000 crore AUM. NeoGrowth, an NBFC co-founded by Dhruv Khaitan and Piyush Khaitan, offers short-term unsecured loans to MSMEs, providing amounts of up to Rs 75 lakh with a tenure of up to 100 months. To date, the company has raised approximately $138 million through a mix of equity and debt funding from investors including MicroVest, FMO, Omidyar Network, DFC, and others. Neogrowth registered 57% growth in its gross revenue which spiked to Rs 601 crore in the fiscal year ending March 2024 from Rs 381 crore in FY23. Meanwhile, its profit before tax surged almost 4X to Rs 95 crore in the last fiscal year from Rs 24 crore in FY23.

Exclusive: Fintech startup Zype secures debt

EntrackrEntrackr · 1m ago
Exclusive: Fintech startup Zype secures debt
Medial

**Title:** Exclusive: Fintech startup Zype secures debt Fintech platform Zype secured Rs 34 crore ($4 million) in debt funding from existing investors Xponentia Capital through Xponentia Opportunities Fund II. The Zype’s board has allotted 34,000 non-convertible debentures having face value of Rs 10,000 apiece to Xponentia Capital to raise the above mentioned amount, according to its filing with Registrar of Companies (RoC). The proceeds of this debt funding will be used to augment the long-term working capital needs of the company, the filing added. Founded in 2022 by Yogi Sadana, Zype is a fintech platform that provides instant personal loans of up to Rs 2 lakh with flexible repayment options. In addition to lending, it offers a credit analyzer to help users monitor their spending and a bill payment feature that rewards users with cashback. The company claims to have disbursed over 4.5 lakh loans and recorded more than 4.5 million app downloads across iOS and Android platforms. The fintech platform last raised funds in December 2022, securing Rs 146 crore (approximately $17.7 million) from its existing investor, Xponentia Capital. The Mumbai-based company reported Rs 20.3 crore in operating revenue for the fiscal year ending March 2024, while posting a loss of Rs 7.3 crore during the same period. Zype competes with several established personal loan platforms, including KreditBee, which reported a profit of Rs 200 crore in FY24 through its NBFC arm KrazyBee; CASHe, which posted Rs 651 crore in revenue; and Kissht, which recorded Rs 1,674 crore in operating revenue along with a profit of Rs 197 crore in FY24.

Exclusive: Waycool raises $12 Mn debt from Grand Anicut

EntrackrEntrackr · 9m ago
Exclusive: Waycool raises $12 Mn debt from Grand Anicut
Medial

Waycool, the Chennai-based agriculture supply chain firm, has raised Rs 100 crore (about $12 million) in debt financing from Grand Anicut. This is the first major infusion in the company in the last two years. The board at 1,000 Series B6 debentures at an issue price of Rs 10,00,000 each to raise Rs 100 crore or $12 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The debt carries a coupon rate (interest) of 18% per annum with a tenure of 18 months. The company plans to use the funds for ongoing business operations, according to the filings. This debt round is a significant breakthrough for Waycool, as the company has been struggling to raise an equity round. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for fast moving consumer goods or FMCG companies. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. It was also negotiating for more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. To cut costs, the firm also laid off 200 employees across departments as the company was eyeing profitability by July this year. Waycool registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 whereas its losses surged by 89% to Rs 685 crore during the same period. It’s yet to file an annual report for FY24. The debt funding for Waycool highlights the scarcity of equity capital for agritech startups. Notably, three companies—Waycool, Dehaat, and Ninjacart—have been close to achieving unicorn status for the past couple of years. However, the sector has yet to produce its first unicorn. According to startup data intelligence platform TheKredible, agritech remains one of the least funded segments in 2024, with over 30 startups raising only $150 million by September. This follows a challenging trend, as last year saw just $178 million in agritech funding, a steep decline from $772 million in 2022 and $636 million in 2021. On Monday, agritech firm Greenikk shut down its operations due to operational challenges.

Exclusive: Infra.Market raises $27 Mn in equity and debt

EntrackrEntrackr · 10m ago
Exclusive: Infra.Market raises $27 Mn in equity and debt
Medial

Construction goods and services platform Infra.Market is raising up to Rs 150 crore (approximately $18 million) in its Series E2 funding round. The new money hit the company’s coffers just three months after the announcement of $50 million from the Mars Fund. The board at Infra.Market has passed a resolution to issue 7,028 Series E2 preference shares at an issue price of Rs 213438.7 each to raise Rs 150 crore or $18 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Out of the total sum of Rs 150 crores, the company has already received Rs 76.3 crores. Amit Vijaysinh Barad and Barad Sanjay Amarsinh have invested Rs 45 crores together, with the remaining funds contributed by various individual shareholders. Importantly, the Tiger Global-backed company also secured Rs 75 crore ($9 million) in debt funding from Innoven Capital. The firm also closed its Rs 150 crore debt round Yubi In July. According to TheKredible estimates, the company has been valued at around $2.6 billion post-allotment. The new funding seems to be part of a $150-200 million round that the company is eyeing. The firm is also preparing for an initial public offering (IPO), and may file its draft red herring prospectus (DRHP) soon. Infra.Market has raised around $540 million across equity and debt To date. According to the startup intelligence data platform TheKredible, Tiger Global remains the largest external stakeholder followed by Accel and Nexus Ventures after the allotment of the fresh infusion. 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. 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. Its profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Market’s competition includes OfBusiness, Moglix, and Zetwerk, MetalBook, among others. Notably, OfBusiness is also eyeing to get listed on stock exchanges in the next fiscal year (FY26).

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