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Exclusive: Pravega and IIFL invest in GrayQuest’s Series B

EntrackrEntrackr · 1y ago
Exclusive: Pravega and IIFL invest in GrayQuest’s Series B
Medial

Education loans-focused fintech startup GrayQuest is set to raise Rs 53 crore ($6 million) in a Series B round co-led by Pravega Fund and IIFL Fintech Fund. The board of GrayQuest has passed a resolution to offer and issue 6,228 fully paid up and 1,530 partly paid up Series B preference shares at an issue price of Rs 69,062 each to raise Rs 53.57 crore. Pravega Ventures and IIFL Fintech Fund each invested Rs 21.50 crore, while the company’s founder, Rishab Sumer Mehta, also participated with shares worth Rs 10.56 crore. The shares allotted to Rishab are partly paid, meaning the remaining amount will be called upon when the board decides. GrayQuest will utilize the fresh funding to meet financial requirements and support its expansion plan, the firm’s regulatory filings disclosed. The company has also increased its ESOP pool size by adding 1,204 new options, bringing the total ESOP pool to 5,718 options, as per a separate filing. Entrackr estimates that GrayQuest’s ESOP pool is currently valued at $4.5 million. The Mumbai-based startup had raised $7 million in its Series A round back in March last year, and $1.2 million worth pre-Series A round in August 2020. According to the startup data intelligence platform TheKredible, GrayQuest has been valued at around Rs 530 crore ( $64 million) post-allotment. The Series B round appears to be ongoing, and the startup is likely to raise additional funds, which could result in a variation in its valuation. Following the fresh proceeds, Pravega Ventures will hold 10.94% of the company, while IIFL Fintech Fund will own 4.07%. Its Founder Rishab Sumer Mehta will command a handsome 38.59% stake in the company. Seven-year-old GrayQuest is an integrated fee collection platform for educational institutions, allowing parents to pay annual education fees in flexible monthly installments with zero interest. Recently, Grayquest was selected for Co-Lab initiative, which was launched by HDFC Bank in collaboration with Pravega Ventures. For the fiscal year ending in March 2023, the startup reported Rs 8.76 crore in operating revenue with Rs 26.3 crore loss. It has yet to publish FY24 results. According to data compiled by TheKredible, GrayQuest and its competitors, including Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively secured approximately $500 million in funding over the past 24 months. In July, Entrackr exclusively reported that Leap is in talks to raise a new round at unicorn valuation.

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Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B

EntrackrEntrackr · 21d ago
Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B
Medial

Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. Commercial electric vehicle (EV) distribution and financing platform Turno is raising Rs 50 crore or $5.5 million in its pre-Series B round from Stellaris Ventures and with the participation of B Capital, Quona Accion Inclusion Fund, and BII. Turno members at the extraordinary general meeting (EGM) have approved a special resolution to issue 19,604 pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of Rs 25,509 per share, aggregating to a total fundraise of Rs 50.01 crore, according to its regulatory filings accessed from the Registrar of Companies (RoC). Existing investor British International Investment will invest Rs 20 crore, followed by Stellaris Venture Partners with an investment of Rs 15 crore, while B Capital and Quona will invest Rs 10 crore and Rs 5 crore, respectively. As per Entrackr’s estimates, the company will be valued at around Rs 492 crore ($55 million) post-money. The fresh capital will be utilised to support the company’s growth and expansion plans, meet operational requirements, and fund general corporate purposes. Following the pre-series B round, Stellaris Venture Partners will hold a 19.49% stake in Turno, while B Capital, British International Investment, and Quona Accion Investment will hold stakes of 8.63%, 7.03%, and 6.79%, respectively. Founded by Hemanth Aluru and Sudhindra Reddy, Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. It also provides financing options across Delhi, Telangana, and Maharashtra. Turno has raised around $28 million to date, including $5.5 million in May last year and $13.8 million in its Series A round in February 2023. The company is yet to file its FY25 financials. For the fiscal year ended March 2024, Turno posted Rs 3.67 crore in revenue in FY24, while its losses expanded by 18.5% to Rs 31.87 crore.

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

EntrackrEntrackr · 20d 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.

Exclusive: Gauri Khan Family Trust to back Pandorum in ongoing Series B

EntrackrEntrackr · 27d ago
Exclusive: Gauri Khan Family Trust to back Pandorum in ongoing Series B
Medial

Exclusive: Gauri Khan Family Trust to back Pandorum in ongoing Series B Pandorum Technologies, a Bengaluru-based biotechnology startup, is raising an additional Rs 71.5 crore ($8 million) in its ongoing Series B round, led by Trufort Fund Limited, with participation from Gauri Khan Family Trust and others. Pandorum Technologies is raising additional funds in its Series B round, led by Trufort Fund Limited, and including contributions from Gauri Khan Family Trust and existing investors like Protons Corporate and Noblevast Advisory. Previously, they raised a $10 million tranche led by Protons Corporate. The board has issued 29,893 Series B cumulative compulsory convertible preference shares at Rs 23,920 each, according to the Registrar of Companies (RoC). Trufort Fund Ltd will invest Rs 20 crore, Protons Corporate and Saumik Doshi Rs 10 crore each, Noblevast Advisory Rs 9.5 crore, and Gauri Khan Family Trust Rs 5 crore. Avinya Ventures and others will cover the remaining Rs 27 crore. The fresh capital will support operational needs, expansion initiatives, and subsidiaries. The company’s valuation is expected to be around Rs 822 crore ($91 million) post-money. Founded in 2011 by Arun Chandru and Tuhin Bhowmick, Pandorum Technologies develops lab-grown human tissues for drug discovery and regenerative medicine, offering engineered liver and corneal models for pharmaceutical testing. To date, the company has raised around $43 million, including $11 million as an extension of its Series A. Pandorum is yet to file FY25 numbers. In FY24, the company remained pre-revenue with losses of Rs 28.2 crore.

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B

EntrackrEntrackr · 7m ago
Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B
Medial

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B Electric mobility startup Kazam is raising Rs 51 crore (around $6 million) in its Series B round, led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital. The board at Kazam has passed a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will jointly invest $4.9 million, while Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively. According to Entrackr’s estimates, the company will be valued at around $51 million post-allotment. Kazam plans to deploy the funds towards business growth, expansion initiatives, and general corporate purposes. After this funding round, Vertex Ventures and IFC VVSEA Co-Invest together will hold a 22.89% stake, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that develops smart and affordable charging networks. Its technology supports a wide variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. It claims to power over 25,000 charging points. The Bengaluru-based firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company is yet to file its annual results for FY25. According to the startup data intelligence platform TheKredible, its revenue from operations surged 3.3X to Rs 12.19 crore during the fiscal year ended in March 2024 while its losses stood at Rs 10.2 crore in the same fiscal year.

Exclusive: Giva raises $12 Mn from Premji Invest in extended Series B

EntrackrEntrackr · 1y ago
Exclusive: Giva raises $12 Mn from Premji Invest in extended Series B
Medial

Omnichannel jewelry startup Giva has raised Rs 100 crore ($12 million approximately) in an extended Series B round from Premji Invest. With this, the company has marked its first fundraise in 2024. Giva’s board has passed a resolution to offer and issue 68,028 Series B1 compulsorily convertible preference shares (CCPS) at a price of Rs 14,700 per share to PI Opportunities Fund II (Premji Invest). This marks the third investment by Premji Invest in the Bengaluru-based Giva. The family office of Wipro founder Azim Premji had previously led a Rs 270 crore Series B round in Giva in July last year. According to TheKredible’s estimates, Giva has been valued at approximately Rs 2,000 crore. This appears to be part of an ongoing funding round, and with the infusion of additional capital, the company’s valuation is expected to adjust accordingly. Following the fresh capital, the company has raised over $60 million to date from the likes of Aditya Birla Venture, A91 Partners and others. Giva, which initially launched as an affordable jewelry brand, has since expanded its offerings to include gold jewelry and lab-grown diamonds. In addition to its website and app, the Ishendra Agarwal-led company now operates around 110 physical stores across the country. Giva’s revenue from operations saw a significant growth of 96.4%, reaching Rs 165 crore in FY23. However, the company’s expenditure doubled, rising to Rs 212 crore in FY23. This sharp increase in costs led to a 2.36X spike in its losses which widened to Rs 45 crore in FY23. The company has not disclosed its FY24 numbers officially. Of late, the omnichannel jewelry space has garnered significant investor attention. Lab-grown jewelry brand Aukera recently raised Rs 26.7 crore (approximately $3.2 million) in its Series A round, while Vermeil jewelry brand Trisu secured an undisclosed amount in pre-seed funding. Giva competes with several notable players: Melorra, Bluestone, CaratLane, and a range of other funded and family-led brands.

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