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Medial raises $500K in pre-Series A led by OG Capital

EntrackrEntrackr · 8m ago
Medial raises $500K in pre-Series A led by OG Capital
Medial

Professional social media platform Medial has raised $500K in a funding round led by Ortella Global Capital (OG Capital), a fund established by Rajvardhan Mohite and former IFC executive Sayan Ghosh. Medial is one of the few startups to have raised two funding rounds in 2024. The Bengaluru-based firm secured $120K in January during its pre-seed round, which was led by FirstCheque VC. The fresh proceeds will be used to create an integrated professional ecosystem focused on meaningful connections, career growth, and relevant content for the startup and tech community globally, Medial said in a press release. Founded and led by Niket Raj Dwivedi, Aishwarya Raj Pandey, Prateek Kaien, and Harsh Dwivedi, Medial is a content and community-driven platform with a vibrant community across diverse domains such as tech, product, and UI/UX. It serves as a hub of startup news, industry updates, banters, and advice in a non-clickbaity fashion to add value for its community, and enable transparent and inclusive workplace conversations. Medial started as an integrated platform for professionals in the startup sector and plans to grow into a job board and company profile with worldwide relevance. According to the company, the app is creating a community for product managers, UI/UX designers, product analysts, venture capitalists, business analysts, and aspiring entrepreneurs. It claims to have a community of 100,000 entrepreneurs, startup enthusiasts, techies, and investors and over 10,000 daily Active Users within a few months of its alpha launch. Medial is a professional network that incorporates real identities, similar to LinkedIn and GitHub, while also offering an anonymous feature as an additional layer to enhance the platform. It competes, directly or indirectly, with Grapevine, Hood (formerly Zorro), and, to some extent, with FishBowl, Blind, and Reddit.

Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn

EntrackrEntrackr · 1y ago
Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn
Medial

Online astrology platform AstroTalk has raised Rs 78.3 crore or $9.5 million in an extension of its Series A round from existing investors Left Lane Capital and Elev8 Capital. The board at AstroTalk has passed a special resolution to issue 5,067 compulsory Convertible preference shares to raise Rs 78.3 crore or $9.5 million, its regulatory filing accessed from the RoC shows. Left Lane Capital pumped Rs 58.3 crore while Elev8 Capital participated with Rs 20 crore. This seems to be the tranche of a larger round. AstroTalk is reportedly in talks to raise $30 million. As per TheKredible’s estimates, the company has been valued at around Rs 2,478 crore or $300 million post-money which is a 33.3% increase from its last round. The valuation will go up with the flow of funds. AstroTalk has raised Rs 172 crore to date including Rs 166 crore or $20 million in its Series A round in February. Entrackr was the first to report the development. AstroTalk is a platform to consult astrologers via the internet, call, and chat and claims to have 13,000 astrologers, tarot readers, numerologists, and Vastu experts. The platform lets users connect with the aforementioned experts for future predictions related to marriage, love life, career, and health among others. Left Lane Capital baked firm had demonstrated strong financial performance in FY23 as its revenue grew 146% to Rs 283 crore. At the same time, AstroTalk’s profits spiked 41.7% to Rs 8.5 crore. As per the current average revenue run rate, the company is projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. The company is yet to file its audited financial results for FY24. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. The notable names include Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period. SriMandir’s parent company AppsForBharat is also in talks to raise $15 million in a new round. Entrackr exclusively reported the development last month.

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

EntrackrEntrackr · 6m 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.

Exclusive: Chai Shots to raise $5 Mn from General Catalyst and InfoEdge

EntrackrEntrackr · 1m ago
Exclusive: Chai Shots to raise $5 Mn from General Catalyst and InfoEdge
Medial

Exclusive: Chai Shots to raise $5 Mn from General Catalyst and InfoEdge Hyderabad-based microdrama over the top (OTT) platform Chai Shots is raising $5 million in its maiden funding round, two sources aware of the development told Entrackr. “General Catalyst along with Info Edge are in advanced stages of closing a new funding round in Chai Shots,” said a source requesting anonymity. “A few angel investors may also participate.” Chai Shots is a short-video streaming platform with episodes under two minutes, available in several Indian languages. The platform is created by the team behind Chai Bisket, a popular digital media and storytelling company. The Chai Bisket team has built a content ecosystem over nine years, covering reels, podcasts, films, and regional stories through platforms like First Show, Mutiny Talent, Studio Panchatantra, and Chai Shots. The Chai Shots platform is still being developed and is expected to launch soon. “The official launch and funding announcement might take a few weeks,” said another source. The person also mentioned that interest in this space is growing, and a few more startups are likely to raise funds soon. Earlier this week, Flick TV, a similar startup, raised $2.3 million in seed funding led by Stellaris Venture Partners, with participation from Gemba Capital and Titan Capital. Chai Shots will also face competition from Kuku FM’s Kuku TV, ShareChat’s QuickTV, Reel Saga, and Reelies. Queries sent to Chai Shots, General Catalyst, and Info Edge did not elicit a response until publication of the story.

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: Pristyn Care raises $4 Mn to scale in-house hospitals, preps for larger round

EntrackrEntrackr · 9d ago
Exclusive: Pristyn Care raises $4 Mn to scale in-house hospitals, preps for larger round
Medial

Pristyn Care, a surgery-focused hospital chain, has raised $4 million as part of a larger funding round to support its expansion of owned hospitals, according to company sources and internal documents seen by Entrackr. Entrackr has also gone through its regulatory filing, where the company board has passed a resolution to approve the issue of 34,280 Series E1 CCPS at an issue price of 10,038.16 each to raise the aforementioned sum. Existing investors Peak XV Partners and Hummingbird Ventures are investing in this fresh investment. The company was reportedly in talks to raise $100 million from new and existing investors. Pristyn Care has completed this infusion at an effective share price of Rs 10,038, the same as the last round, indicating the valuation remains unchanged. Pristyn Care has also increased its authorised capital to facilitate future fundraises and strengthen its financial foundation for continued growth. In the last four months, the company has opened eight owned hospitals. Pristyn now operates roughly 200,000 sq ft with about 450 beds. According to the company, more than 10 additional hospitals are slated to launch in the coming months, and the footprint is expected to double by December 2025. According to startup data intelligence platform TheKredible, Pristyn Care has raised approximately $180 million to date from investors including Peak XV Partners, Tiger Global, Epiq Capital, and others. In the fiscal year ended March 2024, the firm recorded over 30% growth in operating revenue to Rs 600 crore, while its losses remained steady at Rs 381 crore during the same period.

Exclusive: Speciality chemicals startup Scimplify to raise $5 Mn

EntrackrEntrackr · 1y ago
Exclusive: Speciality chemicals startup Scimplify to raise $5 Mn
Medial

Scimplify, a platform for all sourcing and manufacturing of specialty chemicals, is raising a new round to the tune of $5 million, sources aware of the development told Entrackr. The new round is coming just after six months for the Bengaluru-based firm. “Omnivore is leading $5 million in Scimplify while existing backers will also double down,” said one of the sources requesting anonymity. Scimplify raised $3.67 million in its seed round from 3one4 Capital and Beenext in December last year. Founded by Salil Srivastava and Sachin Santhosh, Scimplify is a B2B fulfillment platform operating across the product life cycle from contract research to commercial chemical manufacturing across industries such as pharmaceutical, personal care, and agrochemical. During the last fundraise, Scimplify had said that it plans to expand its reach to 20 countries and 4 new categories in chemicals. Currently, it has manufacturing facilities in Karnataka, Hyderabad and Gujarat. “The deal is almost finalized and it will value Scimplify in the range of $20-25 million,” said another source. As per sources, Omnivore saw potential in Scimplify’s product portfolio of agrochemicals. According to the company’s website, it offers emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers, among others. As per startup data intelligence platform TheKredible, 3one4 Capital controls 17% in Scimplify while Beenext had 7% holding as of seed round. Co-founders collectively hold nearly 65% stake in the company. Queries sent to Scimplify co-founder Srivastava and Omnivore did not elicit response until publication of the story. Scimplify competes with Atomgrid and Covvalent. Bengaluru-based Atomgrid raised $1.2 million in its seed round led by Merak Ventures in May this year while Covvalent scooped up $4.3 million led by Nexus Venture Partners in November 2022. In June 2023, impact venture capital firm Omnivore announced the first close of its third fund at $150 million to make 25-30 new investments in seed and Series A rounds. Some of its portfolio companies include DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel.

Exclusive: Waycool to raise $13 Mn debt from Grand Anicut

EntrackrEntrackr · 6m ago
Exclusive: Waycool to raise $13 Mn debt from Grand Anicut
Medial

Exclusive: Waycool to raise $13 Mn debt from Grand Anicut B2B food and agritech platform Waycool raises Rs 110 crore (approximately $13 million) in debt from Grand Anicut. This will be the second debt round for the Chennai-based company in the last four months. The board at Waycool has passed a special resolution to issue 1,100 non-convertible debentures at an issue price of Rs 1,00,000 each to raise Rs 100 crore or $13 million, its regulatory filing accessed from the Registrar of Companies shows. The debt investment will come with an annual coupon rate of 18% and a tenure of 18 months. In addition to the 18% interest, an additional 4% interest, mutually agreed upon by the company and the lender, will also be applied, according to the explanatory statement filed by the company. According to the filings, Waycool plans to use the funds for general corporate business purposes. These back-to-back loans with high interest rates indicate that the company is facing challenges in securing an equity round and urgently needs capital. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. It was also negotiating for more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for fast-moving consumer goods or FMCG companies. Waycool registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 whereas losses of the firm surged 89% to Rs 685 crore during the same period. The company has yet to file its annual report for FY24.

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

EntrackrEntrackr · 1y 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.

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