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Exclusive: Matrix and Stellaris-backed Dashtoon in talks to raise $10-12 Mn

EntrackrEntrackr · 1y ago
Exclusive: Matrix and Stellaris-backed Dashtoon in talks to raise $10-12 Mn
Medial

AI assisted comic creation platform Dashtoon is in talks to raise a new round from new and existing investors, sources aware of the development told Entrackr. This will be the second funding round for the San Francisco and London-based startup which has offices in Bengaluru. “New investors along with existing ones Matrix Partners India and Stellaris Venture Partners are in late-stage talks to invest around $10-12 million in Dashtoon,” said a source requesting anonymity. In November 2023, Dashtoon had raised $5 million in a seed round led by Matrix and Stellaris with participation from prominent angel investors. Founded in December 2022 by Sanidhya Narain, Lalith Gudipati, and Soumyadeep Mukherjee, Dashtoon leverages Generative AI to turn storytellers into comics artists. Using its proprietary product Dashtoon Studio, storytellers can create digital comics. Narain and Gudipati were part of the founding team of audio entertainment startup Pocket FM and helped the company building and growing the product in the US. Mukherjee also built and scaled deep-tech teams at various startups including solving cancer diagnosis at Morphle Labs. Dashtoon also enables published authors or aspiring writers to distribute and monetize their comics and graphic novels. “The terms of the deal have been agreed upon and it’s likely to get materialized in a few weeks from now,” said another source who also requested anonymity. “Dashtoon is likely to be valued in the range of $5-60 million during the Series A financing.” Queries sent to Dashtoon, Matrix and Stellaris did not elicit any response. We’ll update the post in case they do. In November, the company said that it started monetising in October and expects to make $15,000 in revenue during the first month, with plans to grow to $100,000 per month over the next two to three months. In a long haul, Dashtoon aspires to be a global IP powerhouse by partnering with thousands of creators and readers. Currently, Japanese Manga and Korean Webtoons have been dominating the global comics market which was worth $15.5 billion in 2022 and is expected to be valued at around $27 billion by 2032, according to Allied Market Research.

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Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris

EntrackrEntrackr · 1m ago
Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris
Medial

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris Propelld, an education-focused lending platform, is set to secure Rs 260 crore (around $30.5 million) in its Series D round led by WestBridge Capital with the participation of Stellaris Venture Partners. Propelld’s board passed a special resolution to allot 20,732 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 1,25,408 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Westbridge Capital will invest Rs 240 crore ($28 million) via Setu AIF Trust, Konark Trust, and MMPL Trust while Stellaris Venture Partners will contribute Rs 20 crore. The investment will be utilized to meet the company’s working capital needs and capital expenditure for business expansion, the filing added. According to Entrackr’s estimates, the company is valued at around Rs 860 crore or $101 million post-allotment. Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld provides education loan financing through 'Study Now, Pay Later' products and Income Sharing Agreements (ISA) via its NBFC arm. The company also offers collateral-free education financing options. Following the latest fundraise, WestBridge will hold a 46.9% stake in the company while Stellaris Venture Partners will hold a 15.69% stake. Propelld competes with other education loans-focused fintech startups like Leap Finance and Grayquest.

D2C fashion brand Zouk set to raise $10 Mn led by Aavishkaar Capital

EntrackrEntrackr · 8m ago
D2C fashion brand Zouk set to raise $10 Mn led by Aavishkaar Capital
Medial

Direct-to-commerce (D2C) fashion brand Zouk is in late-stage talks to raise a new round, sources aware of the development told Entrackr. The new round is coming after more than 18 months for the Mumbai-based startup, which claims to make cruelty-free products. “Aavishkaar Capital has issued a term sheet and has completed due diligence. The impact fund, along with existing backer Stellaris Venture, will invest over $10 million,” said one of the sources, requesting anonymity as discussions are private. Aavishkaar Capital has invested in several startups including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra and Newtrace. Launched in 2015 by Disha Singh and Pradeep Krishnakumar, Zouk majorly deals in laptop, tote handbags, sling bags and chain wallets. As per the company, its products are handmade by its in-house artisans, and are 100% vegan leather sourced and manufactured in India. In March 2023, Zouk raised $3 million led by Stellaris Venture. Angel investors such as Atomberg founder Manoj Meena and founders of Sugar Cosmetics Vineeta Singh and Kaushik Mukherjee also participated in the round. It has raised more than $4.5 million to date including $1.5 million pre Series A round led by Stellaris and an undisclosed seed funding led by Titan Capital in July and January 2021, respectively. Sources added that Zouk will be valued in the range $50 million (Rs 400 crore. As per startup data intelligence platform TheKredible, Zouk was valued at around $7 million during the last financing round. Queries sent to Zouk and Aavishkaar didn’t elicit any response. For the fiscal year ended in March 2023, Zouk registered Rs 47.41 crore revenue against Rs 21.82 crore in FY22. The company’s losses surged to Rs 10.55 crore from Rs 77 lakh during the period. It is yet to file FY24 numbers. As of the last funding, Zouk’s founders Singh and Krishnakuma had 31% stake each in the company while Stellaris was the largest external shareholder with 19.63% stake. Check TheKredible for more details.

Exclusive: Electric mobility startup Matter raises $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Electric mobility startup Matter raises $10 Mn
Medial

Electric mobility startup Matter has raised Rs 82.6 crore (approximately $10 million) in a new round. This is the maiden round of equity funding for the Ahmedabad-based e-bike manufacturer. The board at Matter has issued 1,12,837 CCPS at an issue price of Rs 7,320 each to raise Rs 82.6 crore (approximately $10 million), its regulatory filing accessed from the Registrar of Companies shows. Japan Airlines & Translink Fund invested Rs 25 crore while Info Edge backed Capital 2B Fund poured in Rs 10.8 crore. Helena Special Investments Fund and Abhay P Shah, on behalf of Miracle Carriers are likely to participate in the fundraising. As per TheKredible estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The e-bike manufacturer was reportedly in talks to raise $200 million to expand its operations, distribution and factory setup. Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. A year-old firm was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24. Matter positions itself as a premium brand and this could be evident from its price-range which starts from Rs 1.7 lakh. Unlike Ola Electric and Ather, Matter is not targeting a mass audience and doesn’t compete with the two and other traditional manufacturers. In the e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises controlled Revolt. Tork Motors raised $6 million from Maxis Capital in January this year whereas Ultraviolette has been reportedly in talks to raise a larger round to the tune of $100 million. Ola Electric, which currently manufactures electric scooters, is also planning to enter the e-bike segment by FY26.

Exclusive: SriMandir’s parent AppsForBharat in talks to raise $15-20 Mn

EntrackrEntrackr · 1y ago
Exclusive: SriMandir’s parent AppsForBharat in talks to raise $15-20 Mn
Medial

AppsForBharat, the parent company of devotional app SriMandir, is in talks to raise a new round from new and existing investors, according to three people aware of the development. “AppsForBharat is in late-stage discussion with three new investors to raise $15-20 million,” said one of the sources requesting anonymity. “An Indian growth stage fund and a Singapore-based investor are in the race to lead the round.” Sources outline that the Bengaluru-based growth stage fund has backed companies including Spinny, Pharmeasy, FarEye and Probo. The Bengaluru-based startup had scooped up $10 million Series A in September 2021 and $4 million Seed round in August. As per sources, AppsForBharat is seeking a valuation of close to $100 million. “Existing investors including Peak XV and Elevation will also join the round on a pro-rata basis. The contours of the deal are being chalked out and the deal is likely to materialize later this month,” said another source who also wished not to be named as discussions are private. Queries sent to AppsForBharat didn’t elicit any response. AppsForBharat’s flagship product SriMandir allows users to create their personalized shrines, consume devotional content, connect with prayer groups, and access a large library of spiritual texts, scriptures and videos. Users can also consult with astrologers and priests. It claims to have over 10 million downloads since its inception in 2021. AppsForBharat’s long list of investors includes Peak XV, BEENEXT, Matrix Partners and angels such as Scott Schleifer, Ankush Sachdeva, Farid Ahsan and Bhanu Pratap Singh, Utsav Somani, Vidit Aatrey and Sanjeev Barnwal, Kunal Shah and Sai Srinivas. AppsForBharat registered Rs 3.53 crore in revenue with Rs 45 crore loss in FY23, according to startup data intelligence platform TheKredible. The firm is expected to post a better result in the last fiscal year (FY24). It competes with DevDham, Utsav App, Sutradhar, and 27 Mantra. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. Besides Ustav App and DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period.

Exclusive: Spinny in talks to mop up over $100 Mn in internal round

EntrackrEntrackr · 5m ago
Exclusive: Spinny in talks to mop up over $100 Mn in internal round
Medial

Exclusive: Spinny in talks to mop up over $100 Mn in internal round Tiger Global-backed Spinny is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. Used car platform Spinny is preparing for a new round almost after a gap of over three years. The Tiger Global-backed company is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. “Spinny could raise up to $120 million from internal investors including Elevation Capital, Abu Dhabi Growth Fund, General Catalyst and Accel among others,” said one of the sources on condition of anonymity. Sources assert that the talks are in an early stage and it may take a quarter to materialize. If the deal gets through, Spinny would be the first used car platform to raise a new round since late 2021. As per sources, its valuation more or less remains unchanged in the potential round. Market analysts point out that Spinny has emerged as a clear leader with a large delta in the used car retail space as the company appears to have cracked demand first transaction model. It has achieved this on the back of one of the lowest consumer acquisition costs and better gross margin. The Gurugram-based company also scaling auction-based verticals for dealers and car-financing businesses. Most of the money from the new round is likely to be deployed to grow the lending biz, said sources. “Spinny sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5000 more cars every month on its B2B auction platform,” said the source mentioned above. Queries sent to Spinny, Accel, Elevation and General Catalyst did not elicit an immediate response. According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date. Tiger Global and Accel are its largest stakeholders with 14.25% and 13.25% holding respectively. For the fiscal year ended in March 2024, Spinny’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23​. During the period, its losses reduced by 28% to Rs 590.37 crore.

D2C brand Zouk raises $10 Mn led by Aavishkaar Capital

EntrackrEntrackr · 8m ago
D2C brand Zouk raises $10 Mn led by Aavishkaar Capital
Medial

Zouk, a direct-to-consumer bags and luggage brand, has raised $10 million in its Series B funding round, led by Aavishkaar Group. This round also saw participation from Stellaris Venture Partners, Titan Capital, Sharrp Ventures, and the JJ Family, bringing Zouk’s total funding to $14.5 million. Entrackr reported on October 7 about Zouk's new funding round. With the fresh capital, Zouk will focus on expanding its network of exclusive brand outlets, aiming for a total of 75 stores. The firm also plans to enhance its marketing efforts and supply chain while investing in talent across various verticals. Founded in 2015 by Disha Singh and Pradeep Krishnakumar, Zouk specializes in handmade products, including laptop bags, tote handbags, sling bags, and wallets, all crafted from 100% vegan leather sourced in India. With over 700,000 customers served, the startup is also venturing into the luggage segment with new backpacks and trolley bags, anticipating strong growth in this area. Sources indicate that Zouk will be valued in the range of $50 million (approximately Rs 400 crore). According to the startup data intelligence platform TheKredible, the Mumbai-based startup was valued at around $7 million during its last round. At the time of the last funding round, co-founders Disha Singh and Pradeep Krishnakumar each held a 31% stake in the company, while Stellaris was the largest external shareholder with a 19.63% stake. For the fiscal year ending in March 2023, Zouk reported a revenue of Rs 47.41 crore, up from Rs 21.82 crore in FY22. However, the company’s losses increased to Rs 10.55 crore, compared to Rs 77 lakh in the previous year. Zouk has yet to file its numbers for FY24. Lead investor Aavishkaar Capital has previously backed several startups, including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace.

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