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Exclusive: R for Rabbit to raise $27 Mn in primary and secondary capital

EntrackrEntrackr · 1d ago
Exclusive: R for Rabbit to raise $27 Mn in primary and secondary capital
Medial

Exclusive: R for Rabbit to raise $27 Mn in primary and secondary capital D2C baby products brand R for Rabbit is raising Rs 110 crore (around $13 million) primary capital in a Series B round led by Filter Capital, with participation from 3one4 Capital. As per the company’s regulatory filings sourced via the Registrar of Companies, the board passed a special resolution to issue 1,839 Series B CCPS at an issue price of Rs 5,98,202 per share to raise the above sum. Filter Capital will lead the primary round with an infusion of Rs 70 crore, while 3one4 Capital will chip in with Rs 40 crore in the new round. Alongside the primary round, the company also facilitated a secondary transaction, enabling early investor Xponentia Capital to fully exit with Rs 120 crore, according to regulatory filings reviewed by Entrackr. The exit was led by 3one4 Capital. As per estimates, Xponentia earned a 3X return on its investment in 2021. Prior to the Series B round, R for Rabbit has secured a total of Rs 40 crore from Xponentia Capital partners. In 2023, Negen Capital also invested in the direct-to-customer baby care brand. R for Rabbit declined to comment on the story, while queries sent to 3one4 Capital remained unanswered at the time of publishing. The company will use the funds for the expansion of the business, the filing further added. According to Entrackr’s estimates, R for Rabbit has been valued at approximately Rs 850 crore ($100 million) post-money. Post this round, 3one4 Capital has emerged as the largest external stakeholder with a 14.12% stake, followed by Filter Capital at 10.6%. Co-founders Kunal and Kinjal Popat collectively retain 69.2%. Founded by husband-wife duo Kunal and Kinjal Popat, R for Rabbit caters to the baby products segment with a wide range of offerings, including strollers, car seats, high chairs, and more. According to its website, the company has more than 2,000 offline channel partners and has a customer base of more than 5 million parents. While R for Rabbit has yet to file its FY25 number, its revenue from operations grew 31% year-on-year to Rs 170 crore, with net profits of Rs 2.21 crore during the fiscal year ended March 2024 (FY24).

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Exclusive: Whatfix bags $100 Mn in primary and secondary capital

EntrackrEntrackr · 10m ago
Exclusive: Whatfix bags $100 Mn in primary and secondary capital
Medial

SaaS-based digital adoption solution provider Whatfix has scooped nearly $100 million in primary and secondary funding led by Sweet Nectar Investments (Warburg Pincus) and SoftBank. With this, the Bengaluru-based company has marked its first funding round in the last three years. The board at Whatfix has passed a special resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share to raise Rs 296.74 crore in primary capital, the company’s regulatory filings with the Registrar of Companies show. Additionally, the transaction also includes secondary funding worth nearly Rs 530 crore, the filings reveal. Whatfix aims to use the primary proceeds to expand and grow the business. Sweet Nectar Investments (Warburg Pincus) led the round with Rs 615 crore (Rs 271.7 crore primary and Rs 343.2 crore secondary) while the company’s existing backer SoftBank poured in Rs 210.5 crore (Rs 25 crore primary and Rs 185.5 crore secondary) funding. The secondary funding has been extracted from taking the same issue price under consideration. However, the transaction could also have taken place at a discount rate which reduces the overall amount raised. As per the startup intelligence platform TheKredible, Whatfix has been valued at around Rs 6,871 crore or $820-830 million (post-money). It has raised over $140 million before the fresh funding round. In June, the Economic Times reported that Whatfix is in talks to raise a new round which will see partial exits of early investors Helion Venture Partners and Eight Roads Ventures. Post allotment of the round, SoftBank increased its stake to 15.51% while Warburg Pincus’ Sweet Nectar Investments acquired 8.94% shares in the company (including the secondary transaction). Queries sent to Whatfix did not elicit an immediate response. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools can be used by large companies and organizations, and integrated into their own apps to help guide the workforce in using them more efficiently. Whatfix recorded a 65.7% growth in revenue from operations to Rs 285 crore while its losses also went up 31.2% to Rs 328 crore in FY23. Importantly, Whatfix generated the entire revenue from global markets: America, Europe, Asia Pacific, and the Middle East region. About 61% of the revenue emerged from the US followed by Europe. The company is yet to reveal its FY24 numbers.

Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return

EntrackrEntrackr · 1m ago
Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return
Medial

Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return Vehicle intelligence company Vecmocon Technologies is raising Rs 74 crore (around $8.7 million) from Aavishkaar Capital and existing investors Ecosystem Integrity Fund (EIF), Blume Ventures, in a mix of primary and secondary transactions. This funding is an extension of the $10 million Series A round raised in November last year. Vecmocon’s board has approved a resolution to issue 12,067 preference and equity shares to raise Rs 50.4 crore in a primary capital where Ecosystem Integrity Fund (EIF) will pump Rs 21 crore, and the rest will be injected by Aavishkaar Capital, according to its regulatory filing with the RoC. In a secondary transaction worth Rs 23.7 crore, early backer Tessellate Tech Ventures is making a full exit from EV components startup Vecmocon. The firm has offloaded its 2.97% stake for Rs 15.85 crore, netting over 10X returns on its initial Rs 1.5 crore investment, as per filings. Moreover, individual investors Tina Goyal, Nishit Aggarwal, and Satyam Darmora are making a full exit, while the co-founders will partially offload shares. Together, they are selling shares worth Rs 7.85 crore to Blume and Aavishkaar in a secondary transaction. As per Entrackr’s estimates, the Tiger Global-backed company will be valued at around Rs 533 crore or $63 million (post-allotment). Vecmocon is an electric vehicle (EV) solutions provider that offers a range of products and services to EV manufacturers. Its product lineup includes battery management systems, vehicle intelligence modules, instrument clusters, and chargers. It also provides services such as fleet management and maintenance support. According to startup data intelligence platform TheKredible, Vecmocon has raised approximately $15.7 million to date. Following the latest round, Blume Ventures will be the largest external shareholder with a 13.27% stake, followed by Ecosystem Integrity Fund (EIF) at 12.6%. Aavishkaar Capital and Tiger Global will hold 7.51% and 7.17% stakes, respectively. For the fiscal year ending March 2024, the Delhi-based company recorded nearly a 4X year-on-year surge in operating revenue to Rs 15.87 crore. However, it reported a loss of Rs 6 crore during the same period.

Decoding Atlum Credo’s $40 Mn primary and secondary round

EntrackrEntrackr · 1y ago
Decoding Atlum Credo’s $40 Mn primary and secondary round
Medial

Digital payments company Altum Credo recently announced $40 million in its Series C round led by Z3Partners and Oikocredit. Apart from primary capital, the company also offered partial exit to its backers. While the company didn’t disclose any details besides round size and investors, Entrackr has reviewed its regulatory filings to decode details such as round break up, shareholding, valuation, and secondary component in the deal. The board at Altum Credo has passed a special resolution to issue 300 equity and 1,99,99,700 Series C CCPS at an issue price of Rs 114 each to raise Rs 228 crore or $27 million as a primary capital, its regulatory filing accessed through the Registrar of Companies shows. Oikocredit and Z3 Partners (BII) invested Rs 80 crore and Rs 85 crore while British International Investment, Amicus Capital, and Avishkaar India pumped in Rs 26 crore, 12 crore, and 25 crore, respectively, in primary fundraising. According to the shareholder agreement between investors, there is also a secondary transaction where 1,03,96,040 shares have been sold worth Rs 118.5 or $14 million. Out of Rs 118.5 crore of secondary transactions, ABF (Avishkar Bharat Fund) sold Rs 79 crore worth of shares while promoters sold Rs 13.54 crore worth of shares. PS Pai and family purchased Rs 79 crore worth of shares in the secondary transactions from Avishakkar Bharat Fund and promoters. According to TheKredible’s estimates, the company has been valued at around Rs 1165 crore or $149 million post-allotment. Altum Credo provides financial accessibility for first-home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years. Following the fresh proceeds, Avishkaar remains the largest external stakeholder with 15.92% followed by Amicus Capital. Oikocredit and Z3 Partners command 7.62% and 8.09% stake of the company. Head to TheKredible for the complete shareholding pattern. While the company is yet to file its financial statements for FY24, Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. As per TheKredible, its profit shot up 99% to Rs 8.95 crore during FY23.

Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others

EntrackrEntrackr · 1y ago
Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others
Medial

New-age fashion brand Rare Rabbit has raised Rs 150 crore (approximately $18 million) in primary capital led by A91 Partners. This is the maiden institutional investment for a Bengaluru-based company since its inception in 2015. The board at Rare Rabbit has passed a special resolution to issue 69,230 compulsory convertible preference shares at an issue price of Rs 21,670 each to raise Rs 150 crore, its regulatory filings accessed from the Registrar of Companies show. A91 Partners led the round with Rs 102 crore while Zerodha’s founders NKSquared injected Rs 29 crore. Gruhas Proptech, Ravi Modi Family Trust, and Vendant Modi cumulatively participated with Rs 18.92 crore during the investment. As per TheKredible’s estimates, the company has been valued at around Rs 2,350 crore or $283 million post-allotment. Following the fresh proceeds, the A91 emerging fund will hold 9.65% of the capital while NKSquared and Ravi Modi Family Trust will get 4.15% and 2.13% of the stake in the company, the filing further added. This appears to be a part of a larger round as Rare Rabbit was in talks to raise Rs 500 crore led by A91 partners. Inc42 reported the development first. Rare Rabbit is a high-end fashion brand specializing in designer clothing for men and women. The brand operates more than 100 stores across India and offers collections through its online store. Rare Rabbit demonstrated rapid growth, which is evident from its revenue that scaled 72.3% to Rs 381 crore in FY23 with a positive bottom line of Rs 32 crore in FY23. The company reportedly clocked a revenue of Rs 600 crore in FY24. Rare Rabbit competes with brands like Souled Store, which raised around $29 million and achieved a revenue of Rs 235 crore in FY23. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively. In the past couple of months, a clutch of fashion and apparel brands have raised their maiden institutional round. In May, A91 Partners led a $21 million round in TechnoSport whereas Libas raised $18 million led by ICICI Venture’s fund.

Exclusive: A91 Partners backs Rare Rabbit in new round

EntrackrEntrackr · 5m ago
Exclusive: A91 Partners backs Rare Rabbit in new round
Medial

New-age fashion brand House of Rare (Rare Rabbit) has secured Rs 50 crore (approximately $6 million) from its existing investor, A91 Partners. This fresh funding comes just seven months after its $18 million round. The board at House of Rare has passed a special resolution to allot 23,073 preference shares at an issue price of Rs 21,670 each to raise Rs 50 crore (approximately $6 million), its regulatory filing sourced from the Registrar of Companies shows. In January, the company raised its authorized share capital, citing the need for funds to support expansion and working capital requirements, according to a separate resolution. Following the fresh process, A91 Partners' stake in the company has been increased to 14.17% compared to 9.65% in its previous round. According to Entrackr's estimates, the funding came at a flat valuation of $279 million for the Bengaluru-based company. Rare Rabbit is a premium fashion brand known for its designer clothing for men and women. With a presence in over 100 stores across India, the brand also offers its collections through its online store. Rare Rabbit showcased a 69% revenue growth from Rs 376 crore in FY23 to Rs 636 crore in FY24. Moreover, the company's profits surged over 2X to Rs 74.6 crore in FY24, compared to Rs 32.2 crore in FY23. Rare Rabbit competes with brands like Souled Store, which raised around $30 million and achieved a revenue of Rs 355 crore in FY24. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively.

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