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Exclusive: Lightspeed backs EkAnek’s Foxy almost after four years

EntrackrEntrackr · 1y ago
Exclusive: Lightspeed backs EkAnek’s Foxy almost after four years
Medial

Foxy, an online store that offers a wide range of beauty, grooming, and cosmetic products, has raised Rs 21.6 crore from existing investor Lightspeed India Partners. This is the first round of investment for the Delhi-based company since September 2020. Foxy’s parent EkAnek has passed a special resolution to issue 31,638 preference shares at an issue price of Rs 6827.24 each to raise Rs 21.6 crore or $2.6 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The company will use these proceeds for expansion, growth, and general corporate purposes as decided by its board. The round appears to be an ongoing one and Foxy is likely to raise more capital in coming weeks. According to filings, Foxy also increased its ESOP pool by 7,520 stock options which took its total ESOP pool from 22,137 to 28,627 options. As per TheKredible’s estimate, the total pool size is worth around Rs 20 crore or $2.4 million and the company has been valued at around Rs 190 crore or $23 million post-money in the fresh round. Ekanek has raised $21 million to date including a $5.4 million in an extended Series A round led by Alpha Wave and AWI in September 2020. According to startup data intelligence platform TheKredible, Lightspeed India Partners is the largest external stakeholder with 22.4% followed by Peak XV, Alpha Wave, and Matrix Partners. EkAnek’s brand Foxy is a marketplace for beauty, grooming, and cosmetics products. Some notable brands on the platform include Mamaearth, Aqualogica, TheDerma, Garnier, B Blunt, and others. As per a Mint report, Foxy is shifting its focus to offer consultative services, including skincare advice to customers and its existing backers including Peak XV are expected to pump in $10 million in new round. Foxy’s revenue from operations grew 3.8X to Rs 36 crore while its losses stood at Rs 28 crore during the fiscal year ended March 2023. The company is yet to file its financial statements for FY24. Foxy’s early competitor SimSim was acquired by YouTube in July 2021 which shuttered operations in March 2023. Its another competitor BulBul consolidated with The Good Glamm Group.

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Exclusive: A91 Partners backs Rare Rabbit in new round

EntrackrEntrackr · 5m ago
Exclusive: A91 Partners backs Rare Rabbit in new round
Medial

New-age fashion brand House of Rare (Rare Rabbit) has secured Rs 50 crore (approximately $6 million) from its existing investor, A91 Partners. This fresh funding comes just seven months after its $18 million round. The board at House of Rare has passed a special resolution to allot 23,073 preference shares at an issue price of Rs 21,670 each to raise Rs 50 crore (approximately $6 million), its regulatory filing sourced from the Registrar of Companies shows. In January, the company raised its authorized share capital, citing the need for funds to support expansion and working capital requirements, according to a separate resolution. Following the fresh process, A91 Partners' stake in the company has been increased to 14.17% compared to 9.65% in its previous round. According to Entrackr's estimates, the funding came at a flat valuation of $279 million for the Bengaluru-based company. Rare Rabbit is a premium fashion brand known for its designer clothing for men and women. With a presence in over 100 stores across India, the brand also offers its collections through its online store. Rare Rabbit showcased a 69% revenue growth from Rs 376 crore in FY23 to Rs 636 crore in FY24. Moreover, the company's profits surged over 2X to Rs 74.6 crore in FY24, compared to Rs 32.2 crore in FY23. Rare Rabbit competes with brands like Souled Store, which raised around $30 million and achieved a revenue of Rs 355 crore in FY24. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively.

Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round

EntrackrEntrackr · 12m ago
Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round
Medial

Wealthtech startup Stable Money has raised over Rs 123 crore nearly $15 million in a new round from RTP Capital, Lightspeed India, and Matrix Partner. The Bengaluru-based company has become one of the few startups to close two rounds within a year, especially during the so called funding winter. The board at Stable Money has passed a special resolution to issue 77,135 CCPS at price of Rs 16,019 each to raise Rs 123.56 crore or $14.74 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. RTP Capital led the round with Rs 54.26 crore ($6.5 million) while Lightspeed India and Matrix Partners India pumped in Rs 34.64 crore ($4.15 million) each in this round. In August 2023, Stable Money scooped up $5 million in its first equity fundraise led by Matrix Partners and Lightspeed. Titan Capital, Mar Shot Ventures and a clutch of prominent angel investors also participated in the round. As per startup data intelligence platform TheKredible, Stable Money will be valued at around $60 million post money. This is nearly four fold jump in valuation from $16.5 million in the last round. Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is building a fixed-return investment platform to provide financial consultation services to investors. The platform will also publish financial literacy content on its online platform to create awareness among investors. A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. Recently Deserv raked in $32 million in its Series B round led by Premji Invest. In May, wealth management platform Wealthy raised $5.4 million in a new round led by Alpha Wave Incubation Fund.

Harsha Bhogle backs cricket gaming startup Hitwicket

EntrackrEntrackr · 1y ago
Harsha Bhogle backs cricket gaming startup Hitwicket
Medial

Strategy-driven cricket gaming startup Hitwicket partners with cricket commentator Harsha Bhogle to enhance the cricket gaming experience of fans worldwide. Harsha Bhogle will play the role of a strategic investor and infuse his expert insights to craft cricket content with Hitwicket, merging his cricketing knowledge with the virtual world of mobile gaming. Founded in 2020 by Keerti Singh and Kashyap Reddy, Hitwicket is a cricket strategy gaming startup aiming to become a global cricket gaming brand from India. The Hyderabad-based startup had raised $3 million in its seed round from Prime Venture Partners in 2022. With over 5 million downloads globally, Hitwicket is a virtual world where every user plays the role of an owner, coach, and captain of a cricket team, ensuring enduring engagement. Harsha Bhogle’s involvement is expected to enhance Hitwicket’s global outreach to 50 million downloads within the next two years. The strategy-based cricket game is played in 109 countries around the world with the top four markets being India, the UK, USA, and Australia.

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