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Alteria Capital announces final close of Fund III at Rs 1,550 Cr

EntrackrEntrackr · 1y ago
Alteria Capital announces final close of Fund III at Rs 1,550 Cr
Medial

Mumbai-headquartered venture debt firm Alteria Capital has announced the final close of its third fund at Rs 1,550 crore (approximately $187 million). The fund was oversubscribed with a target size of Rs 1,000 crore and a green shoe option. Alteria Capital, which has backed startups such as Rebel Foods, BlueStone, OneCard, Ather and Captain Fresh, will continue backing startups across consumer brands, e-commerce, fintech, logistics, business-to-business platforms, rural and agritech, healthcare, and climate tech. It will also evaluate companies in the Gen AI and spacetech segments. While it closed the venture debt scheme at Rs 1,550 crore, the shorter duration scheme, currently under subscription, is expected to raise around $105 million. The shorter duration scheme is likely to see its final close by the end of 2024. It will be available to all portfolio companies with the average cheque size ranging between Rs 3 crore and Rs 100 crore. The fund has already deployed 50% of the total capital commitments to portfolio companies, including OneCard, Renee Cosmetics, Samunnati, Blissclub, Rebel Foods, Giva, Lead School, Kissht, Captain Fresh, Traya, BlueStone and Ather.

OneCard posts Rs 1,878 Cr revenue in FY25, cuts losses by 26%

EntrackrEntrackr · 6d ago
OneCard posts Rs 1,878 Cr revenue in FY25, cuts losses by 26%
Medial

OneCard posts Rs 1,878 Cr revenue in FY25, cuts losses by 26% Mobile-first credit card startup OneCard continued to scale and moved close to the Rs 2,000 crore mark, with total revenue crossing Rs 1,900 crore in the fiscal year ended March 31, 2025. The company also reduced its losses during the year. OneCard’s operating revenue increased by 32% to Rs 1,878 crore in FY25 from Rs 1,425.5 crore in FY24, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2019, OneCard (FPL Technologies) provides co-branded credit cards, largely aimed at first-time users, through partnerships with IDFC First Bank, Federal Bank and SBM Bank. It also runs OneScore, an app for credit score tracking and credit management. Revenue from these services was the sole source of income for the company. Despite strong growth, OneCard continued to post losses, although cash burn eased. The company reported a loss of Rs 297.5 crore in FY25, down 26% from Rs 401 crore in FY24. On the cost side, OneCard’s total expenses grew 18% to Rs 2,206 crore in FY25 from Rs 1,866 crore in FY24. However, the company failed to disclose the majority of its expense breakdown, with 73% of its total expenditure being reported under miscellaneous expenses. Advertising and promotional spends saw a notable decline of nearly 40% to Rs 294 crore in FY25 from Rs 488 crore in FY24. Employee benefit expenses increased 26% to Rs 181.5 crore, while IT expenses rose 14% to Rs 67 crore. Finance costs almost doubled to Rs 18 crore during the year. With the company’s revenue outgrowing its expenses, OneCard’s loss decreased 26% to Rs 297.5 crore in FY25 from Rs 401 crore in FY24. Its ROCE and EBITDA margin stood at -41.03% and -15.71% respectively. On a unit basis, OneCard spent Rs 1.17 to earn Re 1 of operating revenue during FY25, better than Rs 1.31 in FY24. The company held cash and bank balances worth Rs 321 crore at the end of FY25 compared to Rs 447.5 crore a year earlier. Its current assets stood at Rs 907 crore in the same period. According to TheKredible, OneCard has raised over $270 million to date. The company is in the process of raising Rs 40 crore (approximately $4.5 million) in debt funding from existing investor Alteria Capital. Recently, OneCard came under the Reserve Bank of India’s (RBI) scrutiny, with the regulator reportedly asking its partner banks to halt the issuance of co-branded credit cards. The RBI is said to be seeking greater clarity on how data is shared between OneCard and its banking partners.

Exclusive: Rebel Foods raises Rs 150 Cr debt from Alteria and InnoVen

EntrackrEntrackr · 3m ago
Exclusive: Rebel Foods raises Rs 150 Cr debt from Alteria and InnoVen
Medial

Exclusive: Rebel Foods raises Rs 150 Cr debt from Alteria and InnoVen Foodtech Unicorn Rebel Foods secured Rs 150 crore ($17 million) in debt funding from existing investors Alteria Capital and InnoVen Capital. The debt comes months after its $25 million funding from Qatar Investment Authority. According to its filing sourced from the Registrar of Companies (RoC), Rebel Foods’ board approved the allotment of 15,000 non-convertible debentures (NCDs) at a face value of Rs 1 lakh each to raise the above-mentioned amount. Alteria Capital invested Rs 90 crore ($10.2 million), while InnoVen Capital contributed Rs 60 crore ($6.8 million). Each debenture carries a coupon rate of 13.9% per annum with a tenure of three years, maturing on September 2, 2028. Rebel Foods declined to comment on the queries sent by Entrackr. Founded in 2011 as a quick-service restaurant, Rebel Foods has grown into one of the largest cloud kitchen operators, with over 450 kitchens across India, the MENA region, Indonesia, the UK, and 75 Indian cities. Its portfolio includes brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, and Wendy’s, among others. In February this year, Rebel Foods announced that it had launched its 15-minute food delivery app, QuickiES. According to TheKredible, the Mumbai-based firm has raised approximately $780 million to date, including a $210 million Series G round led by Temasek, comprising a mix of primary and secondary stake. Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 1,195 crore in FY23. During the same period, the firm cut down its losses by over 42% to Rs 378 crore. It competes with Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.

Exclusive: OneCard to raise debt from Alteria

EntrackrEntrackr · 26d ago
Exclusive: OneCard to raise debt from Alteria
Medial

Mobile-first credit card startup OneCard is raising Rs 40 crore (approximately $4.5 million) in debt funding from existing investor Alteria Capital. This debt funding follows the company’s $28.5 million round raised last December from QED Investors, Better Tomorrow Ventures, Peak XV, and Z47, which valued the company at $1.4 billion post-money, as exclusively reported by Entrackr. The board at OneCard has passed a special resolution to approve the issue of 4,000 non-convertible debentures (NCDs) at a face value of Rs 1 lakh each to raise the above-mentioned amount, according to its filing with the Registrar of Companies (RoC). The said debentures carry an interest rate of 13.85% per annum with a tenure of three years. Founded in 2019, OneCard (FPL Technologies) provides co-branded credit cards, largely aimed at first-time users, through partnerships with IDFC First Bank, Federal Bank, and SBM Bank. It also runs OneScore, an app for credit score tracking and credit management. According to startup data intelligence platform TheKredible, OneCard has raised over $270 million to date, including the $100 million round in July 2022 when it became a unicorn. On the financial front, the fintech unicorn recorded more than 2.6X year-on-year revenue growth in FY24, reaching Rs 1,426 crore, while losses stood at Rs 401 crore during the period. It is yet to disclose its FY25 numbers. Recently, OneCard came under the Reserve Bank of India’s (RBI) scrutiny, with the regulator reportedly asking its partner banks to halt the issuance of co-branded credit cards. The RBI is said to be seeking greater clarity on how data is shared between OneCard and its banking partners.

Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge

EntrackrEntrackr · 20h ago
Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge
Medial

Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge Climate-focused deeptech startup Ecozen is raising Rs 95 crore (approximately $10.7 million) in debt funding from Momentum Capedge Limited. This is the third debt injection for the Pune-based company in the past 12 months. Before this, Ecozen had raised $12.5 million in debt from UTI International and Spark Capital, as well as $23 million from responsAbility Investments AG, Northern Arc Capital Limited, and others. The board at Ecozen has passed a special resolution for approval to issue 950 Series E non-convertible debentures (NCDs) at a face value of Rs 10 lakh each to raise Rs 95 crore, including a green shoe option of up to Rs 25 crore, according to its filing with the Registrar of Companies (RoC). According to the filing, the debentures carry an interest rate of 11.5% per annum with a tenure of 27 months, and the debt proceeds will be used for immediate capital requirements to aid the growth of the business. Founded by Devendra Gupta, Ecozen provides climate-smart deep-tech solutions built on core technology stacks such as motor controls, IoT, and energy storage, leveraging solar power. The company's key products include Ecotron (solar pump controller), Ecofrost (solar cold storage), solar AC, solar panels. According to startup data intelligence platform TheKredible, Ecozen has raised over $76 million to date through a mix of debt and equity. Nuveen Global and Omnivore are the company’s lead investors. For the fiscal year ended March 2025, the Pune-based company’s operating scale expanded over 2.3X to Rs 889 crore from Rs 377 crore in FY24, while profits surged 4.7X to Rs 95 crore. Ecozen competes with Powerflex, Inficold, and Khetworks.

Ultrahuman raises Rs 100 Cr in debt from Alteria Capital

EntrackrEntrackr · 1m ago
Ultrahuman raises Rs 100 Cr in debt from Alteria Capital
Medial

Ultrahuman raises Rs 100 Cr in debt from Alteria Capital Ultrahuman has raised Rs 100 crore ($11.2 million) in venture debt from Alteria Capital, the company said in a statement. The Bengaluru-based wearable and health-tech firm will use the capital to expand its product stack, strengthen software-led revenue, and support its sports and research partnerships. Ultrahuman has raised over $71.2 million to date, including a $35 million Series B round led by Zomato founder and CEO Deepinder Goyal alongside existing backers. Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures, while co-founders Mohit Kumar and Vatsal Singhal jointly own 28.9% of the company. Ultrahuman generated Rs 565 crore in operating revenue in FY25, with the US contributing close to 60% of the total. The company reported a net profit of Rs 73 crore during the fiscal, compared to a loss of Rs 38 crore in FY24, supported by scale in the US market. In a recent interaction with Entrackr, Ultrahuman founder Mohit Kumar said the firm expects to more than double its revenue to around Rs 1,100 crore in FY26, based on its current annualised run rate (ARR). The fundraise comes at a time when Ultrahuman is dealing with a legal and regulatory challenge in the United States, its largest market. In May, Oura said Ultrahuman copied its smart ring design and patents, which led to a US order blocking Ultrahuman rings from entering the country. Ultrahuman has filed its own case in Delhi, saying Oura copied its sensor technology and health features. The company is also seeking confirmation on whether devices manufactured at its Texas facility would fall outside the scope of the import ban, which could determine the pace at which supply resumes.

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