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Exclusive: Lendingkart set to raise $100 Mn in Series F

EntrackrEntrackr · 1m ago
Exclusive: Lendingkart set to raise $100 Mn in Series F
Medial

Exclusive: Lendingkart set to raise $100 Mn in Series F Lendingkart, a non-banking financial company (NBFC), provides working capital and business loans to SMEs across India, typically with average ticket sizes ranging between Rs 5–6 lakh. Temasek-owned Fullerton’s newly acquired fintech firm Lendingkart is set to raise Rs 850 crore (about $100 million) in its Series F round. This will be the company’s first significant fundraise since Fullerton bought a majority stake in March. As per regulatory filings sourced from the Registrar of Companies, the board of Lendingkart has approved the issuance of 9,04,160 Series F preference shares at Rs 9,401 per share to mop up the proposed capital. Fullerton Financial will spearhead the round with Rs 511 crore, while Bertelsmann Nederland, Mayfield India, and Saama Capital will contribute Rs 71 crore, Rs 60 crore, and Rs 47 crore, respectively. Grand Anicut, Sistema Asia Fund, India Quotient, Darrin Capital, and a clutch of angels such as co-founders Raichand Lunia and Harshvardhan Lunia, along with Mukul Sachan, will also join the round. According to the filing, the proceeds will be deployed towards expansion and growth initiatives across the firm and its subsidiaries, including its wholly owned unit Lendingkart Finance, along with general corporate purposes. Post-allotment, Fullerton Financial will command 58.35% of the company’s shareholding, while Bertelsmann Nederland, Mayfield India, and Saama Capital will hold 8.20%, 7.25%, and 5.40%, respectively. In a response to Entrackr's queries, a Lendingkart spokesperson said, "Fullerton Financial Private Limited acquired a circa 56% stake in Lendingkart on 27 March 2025. Lendingkart is proposing to raise up to INR 850 crores in its latest capital raise vide preferential offer led by Fullerton Financial Private Limited for its expansion and growth." Lendingkart, a non-banking financial company (NBFC), provides working capital and business loans to SMEs across India, typically with average ticket sizes ranging between Rs 5–6 lakh. The firm claims to have disbursed over Rs 18,700 crore to 300,000+ businesses to date. Before the acquisition, Lendingkart 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. For FY24, the company reported a 36% year-on-year rise in revenue to Rs 1,090 crore, while its profits dipped 5.9% to Rs 175 crore. The firm has not yet filed its FY25 financials.

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Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation

EntrackrEntrackr · 10m ago
Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation
Medial

Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation Logistics firm Shadowfax has secured Rs 34.2 crore (around $4 million) in its Series F round. The development has come nearly 11 months after raising $100 million in its last funding round. The board at Shadowfax has passed a special resolution to allot 5773 Series F compulsory cumulative preference shares at an issue price of Rs 59,320 each to raise Rs 34.2 crore or $4 million, its regulatory filing accessed from the Registrar of Companies shows. Mirae Asset invested Rs 17.4 crore, while Nokia Growth Partners contributed Rs 16.79 crore in the round. Shadowfax is reportedly aiming to raise $50 million, with this investment being part of a larger raise. According to Entrackr’s estimates, the Flipkart-backed company has been valued at around Rs 5,981 crore or $712 million post-allotment. The valuation might change with the flow of more funds. Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It boasts a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users. The Bengaluru-based company has raised over $200 million to date. According to the startup data intelligence platform TheKredible, Eight Road Ventures is the largest external stakeholder followed by Flipkart, Newquest Asia and Nokia Growth Partners. Shadowfax reportedly plans to raise Rs 2500-3000 Cr IPO in the second half of the ongoing calendar year and the company also tapped JM Financial, Morgan Stanley and ICICI Securities as the lead bankers for the initial public offering. Shadowfax has reported a 33.2% year-on-year growth to Rs 1,415 crore during the previous fiscal year ended March 2024. Moreover, the company has managed to reduce its losses significantly by 91.7% to Rs 11.8 crore from Rs 142.6 crore in FY23. In terms of competition, Delhivery, a publicly listed company, reported Rs 8,594 crore in revenue for FY24. Ecom Express posted Rs 2,609 crore in revenue for FY24 and has secured board approval for a Rs 2,600 crore IPO. Other key competitors for Shadowfax include XpressBees, Shiprocket, and Blue Dart.

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: Zetwerk raises $20 Mn from Wheelhouse Ventures

EntrackrEntrackr · 1y ago
Exclusive: Zetwerk raises $20 Mn from Wheelhouse Ventures
Medial

Business-to-business e-commerce unicorn Zetwerk has raised Rs 166 crore or $20 million from Wheelhouse Venture Capital in the ongoing Series F funding round. This is the maiden investment for Wheelhouse Venture in the Bengaluru-based firm. The board at Zetwerk has passed a special resolution to allot 40,81,593 Series F2 CPPS at an issue price of Rs 407.39 each to raise Rs 166.28 crore or $20 million, its regulatory filing sourced from the Registrar of Companies shows. As per startup data intelligence platform TheKredible, the firm has been valued at $2.8 billion in the new round, slightly higher than the $2.7 billion reported in its previous round of $120 million. Entrackr had exclusively reported the development in October 2023. Following the fresh proceeds, Wheelhouse got a little less than 1% stake in Zetwerk while Greenoaks remained the largest stakeholder with 21.63% followed by Peak XV partners and Lighspped. Its co-founders Srinath Ramakkrushnan and Amrit Acharya cumulatively command 15.56% of the company. Head to TheKredible for the complete cap table. Zetwerk partners with offline suppliers engaged in the fabrication, machining, casting, forging, and galvanizing of machine parts. Operational in over 15 countries, it claims to serve over 100 customers across more than 25 industries in India, North America, MEA, et al. Continuing its growth trajectory in the last fiscal year, Zetwerk’s GMV (gross revenue) surged 2.3X to Rs 11,448 crore while its losses grew 81% to Rs 109 crore in the same period (FY23).

Exclusive: Wow! Momo set to raise $8.5 Mn in ongoing round

EntrackrEntrackr · 3m ago
Exclusive: Wow! Momo set to raise $8.5 Mn in ongoing round
Medial

Wow! Momo set to raise $8.5 Mn in ongoing round Quick service restaurant chain Wow! Momo is raising Rs 75 crore (approximately $8.5 million) in its ongoing Series D round led by 360 ONE with the participation of Kyrush Investments. This fresh investment comes three months after the company secured Rs 85 crore in debt funding from Stride Ventures, crossing Rs 650 crore in cumulative funding under its Series D round. The board at Wow! Momo has passed a resolution to issue 7,837 Series D6 CCPS at an issue price of Rs 95,699 per share to raise Rs 75 crore, as shown by regulatory filings. 360 One will invest Rs 70 crore, while Kyrush Investments will put in Rs 4.99 crore. Wow! Momo is now valued at around $315-320 million post-money. The company plans to use the proceeds for capital expansion, working capital, and corporate purposes. 360 One Portfolio will hold a 2.53% stake, while Kyrush Investments will own 0.18%. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets in 70 cities and owns brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The company plans to expand its FMCG business to Rs 100 crore, grow its HORECA division, and scale to 1,500 stores across 100 cities in three years. According to TheKredible, Wow! Momo’s revenue grew 13% year-on-year to Rs 470 crore in FY24 from Rs 413 crore in FY23, maintaining steady losses at Rs 114 crore. The company is yet to reveal its FY25 numbers.

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: FlexiLoans raises $9 Mn debt from JM Financial

EntrackrEntrackr · 1y 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.

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