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Exclusive: Mintoak to raise fresh funding at Rs 2,500 Cr valuation

EntrackrEntrackr · 2d ago
Exclusive: Mintoak to raise fresh funding at Rs 2,500 Cr valuation
Medial

Exclusive: Mintoak to raise fresh funding at Rs 2,500 Cr valuation Merchant SaaS platform Mintoak is set to raise Rs 53.3 crore (about $6 million) in its ongoing Series A round from its existing investors Paypal and Pravega Ventures. This follows the company’s $8 million secondary transaction completed in January this year. The Mintoak board has approved the issuance of 21,422 Series A2 preference shares at an issue price of Rs 24,879 per share, raising a total of Rs 53.30 crore, according to filings with the Registrar of Companies (RoC). PayPal Ventures will invest Rs 35.53 crore (around $4 million) while Pravega Ventures will contribute with Rs 17.76 crore ($2 million) investment to increase its stake in the firm. As per Entrackr’s estimates, the company will be valued at around Rs 2,500 crore ($280 million) on a post-money basis. The fresh funds will be utilised to support expansion plans and meet the company’s funding requirements. According to startup data intelligence platform TheKredible, Mintoak has raised over $30 million to date including its $20 million Series A round raised in Feb 2023 led by Paypal. Following the allotment of the latest infusion, PayPal Ventures will hold a 9.02% stake in Mintoak, while Pravega Ventures will own 18.3%. Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, the company’s product suite includes a range of SaaS offerings that help banks and merchant acquirers connect with their small and medium enterprise (SME) customers and drive the cross-sell of financial products. For the fiscal year ended March 2025, Mintoak’s revenue from operations grew 27.9% year-on-year to Rs 92.85 crore from Rs 72.59 crore in FY24. The fintech firm also reported a 56% jump in net profit to Rs 35.58 crore during the year, compared to Rs 22.76 crore in FY24. Shortly after the secondary fundraise, Mintoak acquired fintech startup Digiledge, which focuses on bill payments and Central Bank Digital Currency (CBDC) solutions, in a deal whose value was not disclosed. The acquisition supports Mintoak’s strategy to help banks and acquirers deepen merchant engagement, improve retention, and unlock new revenue opportunities.

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Exclusive: Wint Wealth to raise Series B at Rs 700 Cr valuation

EntrackrEntrackr · 4d ago
Exclusive: Wint Wealth to raise Series B at Rs 700 Cr valuation
Medial

Exclusive: Wint Wealth to raise Series B at Rs 700 Cr valuation Wint Wealth is raising Rs 120 crore (approximately $13.3 million) in its Series B funding round led by Vertex Ventures. This marks the Bengaluru-based startup’s first major fundraise in over three and a half years. Wint Wealth’s board has passed a special resolution to issue 94,047 Series B compulsory convertible preference shares at an issue price of Rs 12,804 each to raise Rs 120 crore or $13.3 million, according to the filings sourced from the Registrar of Companies. Vertex Ventures will lead the round with an investment of Rs 77.52 crore, while Unitary Fund, Eight Roads Ventures, and 3one4 Capital will infuse Rs 18.7 crore, Rs 13 crore, and Rs 8.16 crore, respectively. Zerodha’s incubation arm, Rainmatter, will also participate in the Series B with a Rs 3 crore investment. As per filings, the company plans to utilise the proceeds towards capital expenditure, marketing, and general corporate purposes. Based on Entrackr’s estimates, the wealth management startup is raising fresh capital at a post-money valuation of around Rs 707 crore (nearly $80 million). The company may raise additional capital as part of the Series B round, which could lead to changes in its valuation and shareholding structure. Post this round, Vertex Ventures will hold a 10.96% stake in Wint Wealth, while 3one4 Capital, Unitary Fund, Rainmatter, and ERVI Technology, an arm of Eight Roads Ventures, will own 8.54%, 8.32%, 2.55%, and 1.84%, respectively, according to the filings. Wint Wealth is yet to file its FY25 numbers. In FY24, the company posted Rs 17.2 crore operating revenue with a loss of Rs 18 crore.

Exclusive: Powerplay valuation halves in fresh funding

EntrackrEntrackr · 4m ago
Exclusive: Powerplay valuation halves in fresh funding
Medial

Exclusive: Powerplay valuation halves in fresh funding Construction management startup Powerplay is set to raise fresh capital from its existing backers, Accel India and Surge Ventures, after a three-year funding gap, but at a steep 57% valuation markdown. The board at Powerplay has passed a special resolution to issue 1,739 Series A2 CCPS at an issue price of Rs 98,512.12 per share, to raise Rs 17.13 crore (approximately $2 million), according to the company’s regulatory filings with the Registrar of Companies (RoC). Accel India and Surge Ventures will participate in Powerplay’s new round with Rs 8.56 crore each. According to the startup data intelligence platform TheKredible, the company will be valued at around Rs 258 crore or $30 million post-money, marking a 57% valuation cut, compared to its previous $7 million funding round in August 2022 led by Accel, which valued the company at around Rs 600 crore or $75 million. The company has raised Rs 117 crore to date. As per the filing, after this round, Accel will be the largest external stakeholder with a 21.25% stake, followed by India Quotient and Surge Ventures, which will hold 15.70% and 15.47%, respectively. Its co-founders, Iesh Dixit and Shubham Goyal, will cumulatively own 38.22% of the company. Founded in 2019 by Iesh Dixit and Shubham Goyal, Powerplay simplifies site-to-office communication to manage construction and architectural projects. It enables construction companies to track progress, attendance, material management, invoices, issue tracking, and budget management. Powerplay is yet to file its financial statements for FY25. The Bengaluru-based startup saw its revenue grow 43% to Rs 4.39 crore in FY24 from Rs 3.07 crore in FY23. At the same time, its losses reduced by 14% to Rs 31.92 crore.

Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation

EntrackrEntrackr · 7m ago
Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation
Medial

Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation D2C menswear fashion brand Snitch is set to raise Rs 278.93 crore or $33 million, led by 360 One Asset Management Fund with the participation of existing investors SWC Global and IvyCap Ventures. This will be the second major funding round for the Bengaluru-based fashion brand, following its $13 million Series A raised in December 2023. The Snitch’s board passed a special resolution to approve the issue of 1,755 Series B CCPS at an issue price of Rs 15,89,385 to raise Rs 278.9 crore or approximately $33 million, its regulatory filings accessed from the Registrar of Companies (RoC) show. 360 One will spearhead the round with Rs 220 crore or $25.9 million, while existing backers SWC Global and IvyCap Ventures will contribute with Rs 29.4 crore or $3.5 million respectively. As per Entrackr’s estimates, Snitch will be valued at around Rs 2,400-2500 crore or $294 million post-allotment, marking a nearly 5X spike in its valuation from Rs 500 crore in its previous round. Snitch, founded in 2019 by Siddharth Dungarwal, is a direct-to-consumer (D2C) fashion brand specializing in fast fashion for men. The company offers trendy and affordable apparel through its own website, mobile application, and an expanding network of offline retail stores. As of now, Snitch has established 58 physical stores across India, with a presence in major cities such as Bengaluru, Mumbai, Delhi, and locations in Gujarat, among others. The company claims to open over 100 offline stores across India by 2028. Snitch featured during the second season of Shark Tank India and raised Rs 1.5 crore against 1.5% equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at Rs 100 crore valuation. According to startup data intelligence platform TheKredible, IvyCap Ventures and SWC Global are the largest external shareholders, holding 10.39% and 10.17% stakes respectively, while new investor 360 One will hold a 9.67% stake in the company. For the fiscal year ending March 2024, Snitch reported a 100% year-on-year increase in its revenue to Rs 241 crore with Rs 4.39 crore profits. The company has yet to release its annual results for FY25. Snitch operates in a competitive D2C fashion landscape, going head-to-head with brands like The Souled Store, which achieved profitability in FY24. It also competes with Rare Rabbit, which recently secured $6 million in funding from A91 Partners, and Wrogn, which raised $9 million in October last year from Aditya Birla Digital Fashion.

Exclusive: Rupeek raises fresh funds at 60% valuation cut

EntrackrEntrackr · 1y ago
Exclusive: Rupeek raises fresh funds at 60% valuation cut
Medial

Online gold loan platform Rupeek has raised Rs 50 crore from 360 One Large Value Fund (formerly IIFL Wealth Management). Significantly, the company’s valuation nosedived by 60% in the new round. The board at Rupeek has passed a board resolution to issue 1,307 compulsory convertible preference shares at an issue price of Rs 3,82,492 each to raise Rs 50 crore, its regulatory filing shows. The company will use these funds for growth, expansion, and general corporate activities, as the company’s board decides. During FY24, the company also raised around Rs 43 crore from existing investors such as Peak XV, Bertelsmann, Accel India, and GGV Investments, the filing further shows. According to Fintrackr‘s estimates, the company has been valued at around Rs 2,050 crore or $250 million post-allotment. This implies that the company raised new money at a 60% haircut in its valuation as compared to Rupeek’s peak valuation of $634 million in January 2022. Recently, an ET report said that Rupeek was in talks to raise funds from Ranjan Pai’ investment office Claypond Capital and Axis Bank at a valuation of $200-250 million. Rupeek provides gold loan services and claims to streamline the entire processing from underwriting to disbursal in 30 minutes. The Binny Bansal-backed company has raised around $150 million to date. As per startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder followed by Accel and Bertelsmann. Its new investor 360 One Large Value Fund holds 2.44% (post-allotment). The Bengaluru-based company is yet to report FY24 numbers but its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the fiscal year ending March 2023. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold. There should be no issues on the valuation haircut for Rupeek, considering that its peak valuation was not just at the peak of the funding cycle, but subsequent performance has also failed to justify those numbers. There are far too many founders who get hung up on a specific valuation number, before it is too late to raise fresh funding. Rupeek has clearly focused on the next steps, rather than dwell on the past too much. That it found backers at the new valuation figure also speaks about the credibility the founders retain, despite the tough times in the recent past.

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge

EntrackrEntrackr · 10m ago
Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge
Medial

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge Clean-label health food brand The Whole Truth is raising Rs 133.3 crore (approximately $15.8 million) in a series C round led by Sofina Ventures, with the participation of Peak XV and Matrix Partners. The board at The Whole Truth has passed a special resolution to issue 45,097 Series C preference shares at an issue price of Rs 29,556.5 each to raise Rs 133.3 crore or $15.8 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Sofina Ventures is leading the Series C round with an investment of Rs 65.8 crore, while Peak XV and Matrix Partners will contribute Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund will also participate with an investment of Rs 13 crore. The fresh funds will be used to meet financial requirements and support business expansion. According to Entrackr’s estimates, the Mumbai-based company will have a post-allotment valuation of approximately Rs 2,135 crore ($254 million). This marks a 3.6X increase in valuation compared to its previous Series B round, which closed at $70 million. According to the filings, after the fresh funding round, Peak XV will hold 21.14% of the firm, while Matrix Partners will own 21.4%. Sofina Ventures and Sauce Continuity will hold 3.08% and 3.77%, respectively. The Whole Truth was reportedly in discussions to raise $25 million in a new funding round. The company has secured $15.8 million so far and may raise additional funds as the round progresses. The Whole Truth offers a range of products, including protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The company provides subscription options and claims that 80-85% of its sales come from its website, with the remaining revenue generated through partnerships. The Whole Truth recorded an 81% year-on-year growth, with revenue rising to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. The company reduced its losses by 33% during the same period.

Exclusive: Incred to raise Rs 1,500 Cr via fresh issue in IPO

EntrackrEntrackr · 3m ago
Exclusive: Incred to raise Rs 1,500 Cr via fresh issue in IPO
Medial

**Exclusive: Incred to raise Rs 1,500 Cr via fresh issue in IPO** InCred Holdings is preparing for an IPO with a total issue size pegged at $460-560 million. As part of the offer, the fintech firm is set to raise Rs 1,500 crore (around $172 million) via a fresh issue of shares. According to the internal documents reviewed by Entrackr, the company’s board will approve a resolution to issue equity shares worth up to Rs 1,500 crore in a fresh issue. The firm is also planning to raise Rs 300 crore through a pre-IPO placement, which will be counted as part of the fresh issue. The documents further indicate that InCred Holdings is in the process of submitting its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company’s shares will be listed on both the BSE and NSE following regulatory approvals. Founded by Bhupinder Singh, InCred operates as a tech-first non-banking financial company (NBFC), focusing on consumer, SME, and education lending. The group claims to leverage proprietary risk analytics, data science, and digital-first operations to serve retail and MSME borrowers across India. The InCred Group operates three entities: InCred Finance, InCred Capital, and InCred Money. InCred Finance has raised over $370 million to date, including $60 million in its Series D round, which also marked its entry into the unicorn club. Meanwhile, InCred Capital, which oversees wealth and asset management, M&A advisory, capital markets, equity research, and broking, secured $50 million in funding, led by a clutch of family offices. On the financial side, InCred Finance has reported a 47% year-on-year increase in its revenue to Rs 1,872 crore in FY25 from Rs 1,270 crore in FY24. At the same time, the profits of the firm grew 18% to Rs 374 crore. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each

EntrackrEntrackr · 5m ago
Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each
Medial

Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each Logistics startup Shadowfax is set to raise Rs 2,000 crore (around $235 million) through its upcoming IPO, as per its RoC filing. The public offering will include a fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of Rs 1,000 crore. Logistics startup Shadowfax is set to raise Rs 2,000 crore ($235 million) through its upcoming initial public offering (IPO), according to its filing with the Registrar of Companies (RoC). The IPO will comprise a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale (OFS) of shares worth Rs 1,000 crore. ICICI Securities, JM Financial, and Morgan Stanley are acting as advisors to the public issue. This development comes after the company recently filed its draft red herring prospectus (DRHP) with SEBI via the confidential route. The Flipkart-backed company has also strengthened its board with the appointment of co-founders Gaurav Jaithlia as whole-time directors. Additionally, in line with regulatory requirements, the company has also appointed Bijou Kurien, Ruchira Shukla, Pirojshaw Sarkari, and Dinkar Gupta as independent directors. Shadowfax is reportedly aiming for a post-issue valuation of Rs 8,500 crore. The company is currently valued at around Rs 5,981 crore (approximately $712 million) following a $16.8 million investment from Mirae Asset and Nokia Growth Partners in the first tranche of its Series F round in February this year. Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Bengaluru-based Shadowfax offers last-mile delivery services with a focus on e-commerce and hyperlocal logistics. The company claims to have a network of over 1.25 lakh monthly active delivery partners catering to segments such as grocery, food, and medicine delivery. According to data from TheKredible, Shadowfax has raised approximately $246 million to date. Eight Roads Ventures is the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners. While its FY25 numbers are yet to be filed, the company posted a revenue of Rs 1,885 crore in FY24, marking a 33.2% year-on-year growth. It also managed to narrow its losses by 91% to Rs 11.8 crore in FY24 from Rs 142 crore in FY23. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

Exclusive: Droom India raises funds at $360 Mn valuation

EntrackrEntrackr · 9m ago
Exclusive: Droom India raises funds at $360 Mn valuation
Medial

Exclusive: Droom India raises funds at $360 Mn valuation IPO-bound used car marketplace Droom is raising Rs 25 crore (approximately $2.9 million) in a fresh funding round co-led by India Accelerator (IA), and Rameshchandra Shah. The board at Droom has passed a special resolution to issue 15,62,500 preference shares at an issue price of Rs 160 each to raise Rs 25 crore or $2.9 million, its regulatory filings sourced from the Registrar of Companies (RoC) shows. India Accelerator and Shah both will invest Rs 5 crore each, Shirish Patel, CEO of Prudent Corporate Advisory (wealth management company) will invest Rs 3 crore and the remaining amount will be invested by other individual investors. The firm will use these proceeds for general corporate purposes, the filings said. As per Entrackr’s estimates, the Gurugram-based firm will be valued at approximately Rs 3,097 crore or $360 million post-allotment. “We deliberately kept the valuation very low for the Indian subsidiary as a strategic move to give material upside to Indians who did not have opportunity to participate in the making of Droom in the past one decade,” said Sandeep Aggarwal, Founder and CEO of Droom, in response to queries about the company's valuation. “We plan to raise a bit more capital in the near term at much higher valuation both in Singapore and India…” Droom is an online marketplace for buying and selling used vehicles, including cars, motorcycles, and electric vehicles. It also offers rental services. According to startup data intelligence platform TheKredible, Droom has raised approximately $330 million from investors including 57 Stars, Seven Train Ventures, Lightbox, and Beenext. Droom reported Rs 85 crore in revenue for FY24, a 66% decline from Rs 253 crore in FY23. It managed to reduce its losses by 35% to Rs 40 crore in FY24. Droom is reportedly planning to file draft papers for a Rs 1,000 crore IPO in 2027, targeting a valuation between $1.2 billion and $1.5 billion.

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