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Exclusive: Pilgrim raises $9 Mn with 3X valuation surge

EntrackrEntrackr · 10m ago
Exclusive: Pilgrim raises $9 Mn with 3X valuation surge
Medial

Beauty and personal care D2C firm Pilgrim has raised Rs 75 crore (approximately $9 million) in its extended Series B round led by Fireside and Vertex Ventures. The board at Pilgrim has passed a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77 655 each to raise Rs 75 crore or $9 million, its regulatory filing accessed from the Registrar of Companies shows. Fireside and Vertex Ventures pumped in Rs 25 crore and Rs 23 crore, respectively. NSFO Ventures, Mirabilis Investment, and NABS Vriddhi cumulatively invested Rs 27 crore during the round. The company will use these proceeds for expansion and general corporate purposes as decided by the board, the filings further added. According to the startup data intelligence platform TheKredible, the company’s valuation has soared to approximately Rs 2,075 crore (around $250 million) post-allotment. This marks an over threefold increase from its last funding round, of $20 million where the company was valued at $75 million. The firm may raise more funds in this round. With the recent funding, Fireside Ventures remains the largest external stakeholder with a 23% stake, followed by Vertex Ventures, which holds 11.2%. NSFO Ventures and Mirabilis Investment command 5.57% and 2.81% stakes, respectively. Founded by Anurag Kedia in 2019, Pilgrim offers more than 90 SKUs across face care, haircare, and skincare products, and fragrances in over 25,000 pin codes. The company said that it offers a wide range of products curated with ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. The five-year-old firm has raised around $35 million across rounds including its $20 million Series B led by Vertex Ventures in 2023. The company posted 4.47X growth in scale to Rs 76 crore in FY23 from Rs 17 crore in FY22. In pursuit of growth, its losses also jumped 3X to Rs 23 crore in FY23. Pilgrim is yet to file annual results for FY24.

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Exclusive: Droom India raises funds at $360 Mn valuation

EntrackrEntrackr · 4m 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.

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C

EntrackrEntrackr · 6m ago
Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C
Medial

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C B2B delivery and shared mobility startup Zypp Electric is raising Rs 55.4 crore ($6.5 million) from 16 investors, which seems to be part of the ongoing Series C funding round for the Gurugram-based company. The board at Zypp Electric has passed a special resolution to issue 564 Series C2 CCPS at an issue price of Rs 9,83,005 each to raise Rs 55.4 crore, its regulatory filing accessed from the Registrar of Companies shows. Individuals including Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, Nirmal K Bathwal, and 10 other investors will cumulatively participate during the investment. According to Entrackr’s estimates, the company will be valued at around $335-350 million. This seems to be part of an ongoing round, and the valuation may vary with further injection. According to the company, it may raise up to $50 million in the Series C fundraise. In May last year, Zypp kicked off the new round with a $15 million tranche led by ENEOS. The company was backed by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others. Founded by Akash Gupta and Rashi Agrawal in 2017, Zypp Electric is an EV-as-a-service platform offering electric vehicle rentals along with delivery services through its e-scooter fleet for gig workers. The company claims to have around 22,000 active vehicles in its fleet, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai. Zypp Electric witnessed significant 2.6X growth, with its operating revenue crossing Rs 290 crore during the fiscal year ended March 2024. However, in pursuit of scale, the losses for the firm rose 2.2X to Rs 91 crore in the same period.

Exclusive: PharmEasy raises $216 Mn led by MEMG at $710 Mn valuation

EntrackrEntrackr · 1y ago
Exclusive: PharmEasy raises $216 Mn led by MEMG at $710 Mn valuation
Medial

API Holdings, the parent company of online drug dispenser PharmEasy, has raised Rs 1,804 crore ($216 million) led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) and existing investors. The fresh money, however, has come with a 90% haircut in valuation from the firm’s peak worth. The board at API Holdings passed a special resolution to allot 18,63,74,897 cumulative convertible preference shares at an issue price of Rs 96.8 each to raise Rs 1,804 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. MEMG family office led the round with Rs 800 crore while Prosus, Temasek, and 360 One Portfolios pumped in Rs 221 crore, Rs 183 crore, and Rs 200 crore, respectively. CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital cumulatively participated with Rs 400 crore in the new investment. The company will further convert the CCPS–issued into equity shares in the ratio of (1:20), the filings added. As per TheKredible’s estimates, the company has been valued at around Rs 5,904 crore or $710 million (post-allotment). This is a nearly 90% haircut in valuation of PharmEasy which was once valued at $5.6 billion in 2021. Last month, the Competition Commission of India (CCI) cleared Ranjan Pai’s investment in PharmEasy. The Mumbai-based firm has been trying to raise around Rs 3,500 crore since August last year to repay debt which it took from Goldman Sachs. PharmEasy defaulted on its loan terms with Goldman Sachs in June last year. Around the same time, the firm’s valuation was reduced by around 50% by its investor Janus Henderson. Neuberger Berman also cut PharmEasy’s valuation by 21.4% to $4.4 billion as of February 2023. The Dharmil Shah-led company is also among a list of startups which postponed its IPO plan after filing draft papers with market regulator SEBI. The firm filed DRHP in November 2021 and pulled back its listing plan in August 2022 citing tough market conditions. For the fiscal year ending in March 2023, PharmEasy saw a 16% growth in its revenue to Rs 6,644 crore against Rs 5,729 crore in FY22. As per startup data intelligence platform TheKredible, the company also curbed its losses to Rs 2,289.8 crore in FY23 as compared to Rs 2,731.7 crore in FY22. PharmEasy’s travails have been well documented, especially post its acquisition of Thyrocare. The latest fundraising should put at rest any lingering doubts about the future of the firm. The move to expand into diagnostics has delivered very poor results for the firm, and the funding now will result in the promoters being diluted way more than they ever hoped to be. It’s a salutary lesson for many other startups, and the only silver lining is that the firm itself has survived, hopefully to get a second chance at making history.

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge

EntrackrEntrackr · 1m ago
Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge
Medial

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge Feminine hygiene brand Plush to raise its Series B funding round, led by angel investor Ajay Kumar Aggarwal, with participation from Careernet Technologies, OTP Ventures, Blume Ventures, and 11 other investors. The board at Plush has passed a special resolution to issue 4,099 Series B preference shares to raise Rs 30.56 crore or $3.6 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. Ajay Kumar Aggarwal will lead the round with an investment of Rs 6 crore, while existing investors Careernet Technologies, OTP Ventures, and Blume Ventures will contribute Rs 5 crore, Rs 3 crore, and Rs 4 crore respectively. The remaining amount will be collectively invested by Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven other investors. According to Entrackr’s estimates, the company’s valuation is expected to reach around Rs 281 crore (approximately $33 million) post-allotment. This marks nearly a 3X spike in its valuation, compared to its previous pre-Series B round. Following the fresh proceeds, Angel Investor Ajay Kumar Aggarwal will hold 19.64% stake in the company followed by Careerner Technologies and Blume Ventures which holds 16.37% and 13.08% respectively. Founded in 2019, the Chennai-based startup focuses on feminine care products, offering a range that includes period care, hair removal, intimate wellness, and skincare solutions. According to the company, its products are currently available in 500 stores across Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad, with plans to expand retail presence to 2,000 stores over the next six months. Plush reported an 84% year-on-year revenue growth to Rs 28.87 crore in the fiscal year ending March 2024. During the same period, the company posted a loss of Rs 4.4 crore. The startup is projected to close FY25 with Rs 60 crore revenue.

Exclusive: Doceree raises $13.6 Mn from Creaegis

EntrackrEntrackr · 1y ago
Exclusive: Doceree raises $13.6 Mn from Creaegis
Medial

Healthcare startup Doceree has raised Rs 113.5 crore (approximately $13.6 million) from Indian private equity firm Creaegis. The board at Doceree has passed a special resolution to issue 10 equity and 2,4300 CCPS at an issue price of Rs 4,672 per share to raise Rs 113.5 crore, its regulatory filing accessed from the Registrar of Companies shows. Importantly, Doceree has received its investments in its local India entity for the first time. Prior to this round, the company had used its holding entity in the US to receive all fundings. Doceree has raised over $50 million to date including $35 million in its Series B round led by Creaegis. Previously, it raised $11 million in a Series A round led by Eight Road Ventures in 2022. Four-year-old Doceree aims to empower pharmaceutical and life-sciences companies and healthcare media agencies with solutions that reach HCPs (healthcare professionals) on their networks to achieve better patient health outcomes. In May last year, Doceree collaborated with Hello Health Group to foray into eight Southeast Asian countries including Vietnam, Indonesia, Malaysia, Cambodia, Myanmar, Singapore, Philippines and Taiwan. As per startup data intelligence platform TheKredible, Doceree registered 60% surge in its operating revenue to Rs 26.6 crore in FY23 from Rs 16.6 crore in FY22. During the period, its losses increase to only Rs 1.53 crore from Rs 38 lakh. Creaegis closed its maiden fund at about $426 million (Rs 3,500 crore) last year. Its portfolio includes Medikabazaar, Zopper, and Kale Logistics among others. Creaegis also has made its major investments in Third Wave Coffee and Zopper.

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