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Exclusive: Ranjan Pai’s MEMG-backed Finnable to raise new round

EntrackrEntrackr · 6m ago
Exclusive: Ranjan Pai’s MEMG-backed Finnable to raise new round
Medial

Finnable’s board has approved a special resolution to issue 92,831 preference shares at an issue price of Rs 3,290.95 each, raising Rs 30.55 crore, according to its regulatory filing accessed from the RoC. Digital lending platform Finnable is set to secure Rs 30.55 crore ($3.7 million) in a Series B funding round led by TVS Shriram Growth Fund, with participation from Malpani Retails Private Limited, Harsh Anand Jain, Neha Bagaria, Roopjyot Engineering, and other investors. Finnable’s board has approved a special resolution to issue 92,831 preference shares at an issue price of Rs 3,290.95 each, raising Rs 30.55 crore, according to its regulatory filing accessed from the RoC. TVS Shriram Growth and Malpani Retails will infuse Rs 19.40 crore and Rs 4.70 crore, respectively, while Harsh Anand Jain, Neha Bagaria, and other investors collectively will contribute the remaining Rs 6.45 crore. TVS Shriram Growth Fund is a private equity growth-expansion fund managed by TVS Capital. According to startup data intelligence platform TheKredible, Finnable will be valued at around Rs 866 crore (over $100 million) post-allotment. After the Series B round, MEMG Family Office LLP will hold an 18.69% stake in Finnable, while Matrix Partners India and TVS Shriram Growth will own 14.53% and 8.05%, respectively. Founded in 2016 by ex-bankers Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable is a Bengaluru-based fintech startup offering personal loans to salaried professionals. As of April 2021, Finnable raised $5.77 million over three funding rounds from 12 investors, including Manipal Global and MEMG Family Office. According to TheKredible, MEMG Group held 18.69% of the company as of the last funding round, while CEO Nitin Gupta retained a stake of over 24%. While Finnable has yet to file its annual report for FY24, the firm recorded over Rs 100 crore in revenue and Rs 19.51 crore loss in FY23.

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Ranjan Pai’s MEMG and 360 One get CCI nod to invest in API Holdings

EntrackrEntrackr · 1y ago
Ranjan Pai’s MEMG and 360 One get CCI nod to invest in API Holdings
Medial

Competition Commission of India (CCI) has approved a subscription to CCPS B of API holding by Ranjan Pai’s MEMG (Manipal Education and Medical Group) and 360 One. The decision was followed by CCI’s previous approval where multiple combination proposals entailed investments by marquee investors such as Goldman Sachs, Naspers, Temasek, and CDPQ in API Holdings Ltd., the parent company of PharmEasy. While the size of investment from Manipal Education and Medical Group) and 360 One are unknown, MEMG was reportedly looking to invest Rs 1,000 crore for an 18% stake in API Holdings. Pai backed PharmEasy in its early days and eventually exited from the Mumbai-based firm a few years ago. Pai will have three board seats after the investment, filing added. PharmEasy is trying to raise around Rs 3,500 crore for the past three quarters to repay debt which it took from Goldman Sach. The company defaulted on its loan covenant terms with Goldman Sachs and ever since then its valuation slashed nearly around 50% by its investor Janus Henderson. Prior to this, Neuberger Berman reduced PharmEasy’s valuation by 21.4% to $4.4 billion as of February 2023. The company was valued at $5.6 billion at its peak. PharmEasy had reported improved financials in the last fiscal year as its revenue from operations grew 16% to Rs 6,644 crore in FY23. As per the startup data intelligence platform TheKredible, the cost cutting measures helped PharmEasy control its losses by 16% which stood at Rs 2289 crore in the fiscal year ending March 2023.

Ranjan Pai’s stake buy in Byju's Aakash Educational Services gets CCI green signal

Economic TimesEconomic Times · 1y ago
Ranjan Pai’s stake buy in Byju's Aakash Educational Services gets CCI green signal
Medial

The Competition Commission of India has approved the acquisition of a significant stake in Aakash Educational Services Limited by Manipal Health Systems and MEMG Family Office. The move involves converting debt into equity and follows the approval of the conversion by the board of Aakash Institute. The acquisition comes as Byju's-owned Aakash Institute deals with disputes with investors, with Manipal chairman Ranjan Pai focusing on protecting his investments. Aakash Institute provides coaching classes and materials for medical and engineering entrance exams, as well as other educational programs. It reported strong financial performance for the year ended March 2022.

Exclusive: InCred Capital to raise $50 Mn led by family offices

EntrackrEntrackr · 11m ago
Exclusive: InCred Capital to raise $50 Mn led by family offices
Medial

InCred Capital, the wealth and institutional arm of the InCred Group, is in advanced discussions to raise $50 million, according to two sources familiar with the details of the deal. “The new funding round is driven by the company’s strong performance in the first half of FY25, with an average revenue run rate of Rs 800 crore and a profit before tax of around Rs 200 crore,” said one of the sources, who requested anonymity as talks are private. As a full-stack financial services platform, InCred Capital integrates wealth management, asset management, M&A, capital markets, equity research and broking, as well as equity derivatives. InCred Capital’s investment banking division has been in the news recently for several notable transactions, including capital raises for Oyo, E2E, Ugro, and Indiabulls. The platform has amassed over $5 billion in AUM, spanning family offices, high net worth individuals, corporate treasuries, and institutional clients. Lead investors in InCred Capital’s new round include Ranjan Pai, through the Manipal family office, the Motherson Sumi family office, MMG family office, as well as the founder Bhupinder Singh himself, according to another source who also spoke on the condition of anonymity. “The company’s valuation is expected to range between $550 million and $600 million,” said the above-mentioned source. Entrackr’s queries to InCred on Friday remained unanswered at the time of publication, while inquiries to the aforementioned investor did not receive immediate responses. InCred Group’s lending arm, InCred Finance, was one of two companies to achieve unicorn status in 2023, raising $60 million in a Series D round led by Ranjan Pai of MEMG and others. Entrackr had exclusively reported on the firm’s unicorn round, which valued the company at $1.03 billion. In FY24, InCred Finance’s assets under management (AUM) saw a 49% increase, exceeding Rs 9,000 crore across personal, MSME, and educational loans, with overseas education loans experiencing rapid growth. In an interview with Entrackr, InCred Group founder and CEO Bhupinder Singh highlighted the strong demand for studying abroad, fueled by better exposure and overall growth prospects. In 2022, InCred Finance completed a reverse merger with KKR India’s credit arm, acquiring KKR’s corporate loan book. However, the corporate loan book was wound down shortly after, allowing InCred to shift its focus to building a tech-enabled retail and MSME franchise.

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.

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