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Exclusive: Kunal Shah-backed Punch to raise fresh funds

EntrackrEntrackr · 11m ago
Exclusive: Kunal Shah-backed Punch to raise fresh funds
Medial

Stock broking platform Punch is raising Rs 26 crore (approximately $3 million) in its extended seed round from new and existing investors. This comes just after 7 months of its $7 million seed round. The board at Punch has passed a special resolution to issue 1,27,650 pre-Series A4 CCPS at an issue price of Rs 2,036 each to raise Rs 26 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Existing investors Stellaris Venture Partners and SIG Venture Partners will invest Rs 8.66 crore each, while new investor Four SB Ltd (Mauritius-based) will also participate with Rs 8.66 crore during the round. The company will use the proceeds for growth, expansion, and general corporate activities, as per filings. Entrackr estimates that Punch will be valued at around Rs 157 crore or $18.5 million (post-money). According to the startup data intelligence platform TheKredible, existing investors Stellaris Venture Partners and SIG Venture Partners will each hold a 15.9% stake in the company, while Four SB will own 5.5% (post-allotment). Punch is a mobile-first stock trading platform designed to make options trading seamless for both beginners and seasoned traders. It enables users to trade index options, stock options, and equities on the NSE and BSE exchanges. Punch has raised over $13 million to date across rounds including its $7 million seed round from Stellaris Venture Partners, Susquehanna Asia VC, Prime Venture Partners, and Innoven Capital. Its notable angel investors include Kunal Shah (Cred), Vatsal Singhal (Ultrahuman), and Nitish Mittersain (Nazara). For the fiscal year ending March 2024, Punch reported an operating revenue of Rs 7.2 crore, up from Rs 6.96 crore in FY23, while incurring a loss of Rs 1.68 crore during the last fiscal year.

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ixigo-backed Fresh Bus raises $10.5 Mn in Series A round

EntrackrEntrackr · 1y ago
ixigo-backed Fresh Bus raises $10.5 Mn in Series A round
Medial

All-electric intercity bus startup Fresh Bus has raised Rs 87.5 crore ($10.5 million) in Series A funding round led by international early-stage transportation-focused VC fund Maniv, with participation from Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings. Last month, Entrackr exclusively reported about Fresh Bus’ new round. Fresh Bus will utilize the new funds to add 15 routes and deploy 150 new electric buses, the firm said in a press release. Besides scaling ops, the funds will also be deployed towards raising technological capabilities, and strengthening its team. Fresh Bus was previously backed by notable industry leaders such as CRED founder Kunal Shah, TVS Motors MD Sudarshan Venu, and Rivigo CEO Deepak Garg. Earlier, the firm also secured Rs 16 crore ($2 million) from public company ixigo. FreshBus, which offers ticketing, real-time tracking of buses, loyalty program, among other services, was founded by Sudhakar Reddy Chirra. Chirra had built bus aggregator Abhibus which was acquired by ixigo in August 2021 in a cash and stock deal. The Bengaluru-based company claims to have ferried over 4 lakh passengers to date. According to Chirra, the firm expects to scale to 1000 electric buses pan-India over the next four years. As per startup data intelligence platform TheKrediblle, FreshBus was a pre-revenue stage firm with a loss of Rs 2.1 crore during FY23. The company is yet to file its annual financial results for FY24. Fresh Bus competes with IntrCity SmartBus, ZingBus, Yolobus, and gogoBus, among several organized travel agencies across regions.

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