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

EntrackrEntrackr · 8m 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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Exclusive: Finnable to raise Rs 250 Cr in new round

EntrackrEntrackr · 1m ago
Exclusive: Finnable to raise Rs 250 Cr in new round
Medial

Exclusive: Finnable to raise Rs 250 Cr in new round Digital lending platform Finnable is set to raise Rs 250 crore (approximately $29 million) in its pre-series C round from Matrix Partners, TVS Capital, and India Nippon Electricals Limited. The company has passed a board resolution and allotted 3,35,238 Pre-Series C preference shares at an issue price of Rs 3,788.35 each and secured Rs 127 crore or $14.7 million. During the first tranche of the pre-series C round of Rs 127 crore, Matrix Partners has injected Rs 125 crore, while India Nippon pumped in Rs 2 crore. The remaining funds are expected to be infused shortly, completing the round. The development comes six months after Ranjan Pai’s family office invested Rs 40 crore in the company. According to Entrackr’s estimates, the company would be valued at Rs 1,300 crore or $150 million post-money. Before this round, MEMG Family Office LLP held 18.69% in Finnable, while Matrix Partners India and TVS Shriram Growth owned 14.53% and 8.05%, respectively. Co-founder and CEO Nitin Gupta retained over 24%. The cap table is set to shift with the fresh infusion from Matrix and TVS, alongside dilution of the founders’ stake. 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. The company is at the AUM of Rs 3,000 crore and has served over 2.7 lakhs customers. Finnable has yet to file its FY25 numbers. In FY24, the company posted a revenue of Rs 181.7 crore with losses of Rs 5.88 crore.

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.

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.

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

EntrackrEntrackr · 1y 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: Rupeek raises fresh funds at 60% valuation cut

EntrackrEntrackr · 1y ago
Exclusive: Rupeek raises fresh funds at 60% valuation cut
Medial

Online gold loan platform Rupeek has raised Rs 50 crore from 360 One Large Value Fund (formerly IIFL Wealth Management). Significantly, the company’s valuation nosedived by 60% in the new round. The board at Rupeek has passed a board resolution to issue 1,307 compulsory convertible preference shares at an issue price of Rs 3,82,492 each to raise Rs 50 crore, its regulatory filing shows. The company will use these funds for growth, expansion, and general corporate activities, as the company’s board decides. During FY24, the company also raised around Rs 43 crore from existing investors such as Peak XV, Bertelsmann, Accel India, and GGV Investments, the filing further shows. According to Fintrackr‘s estimates, the company has been valued at around Rs 2,050 crore or $250 million post-allotment. This implies that the company raised new money at a 60% haircut in its valuation as compared to Rupeek’s peak valuation of $634 million in January 2022. Recently, an ET report said that Rupeek was in talks to raise funds from Ranjan Pai’ investment office Claypond Capital and Axis Bank at a valuation of $200-250 million. Rupeek provides gold loan services and claims to streamline the entire processing from underwriting to disbursal in 30 minutes. The Binny Bansal-backed company has raised around $150 million to date. As per startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder followed by Accel and Bertelsmann. Its new investor 360 One Large Value Fund holds 2.44% (post-allotment). The Bengaluru-based company is yet to report FY24 numbers but its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the fiscal year ending March 2023. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold. There should be no issues on the valuation haircut for Rupeek, considering that its peak valuation was not just at the peak of the funding cycle, but subsequent performance has also failed to justify those numbers. There are far too many founders who get hung up on a specific valuation number, before it is too late to raise fresh funding. Rupeek has clearly focused on the next steps, rather than dwell on the past too much. That it found backers at the new valuation figure also speaks about the credibility the founders retain, despite the tough times in the recent past.

Exclusive: Spinny in talks to mop up over $100 Mn in internal round

EntrackrEntrackr · 9m ago
Exclusive: Spinny in talks to mop up over $100 Mn in internal round
Medial

Exclusive: Spinny in talks to mop up over $100 Mn in internal round Tiger Global-backed Spinny is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. Used car platform Spinny is preparing for a new round almost after a gap of over three years. The Tiger Global-backed company is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. “Spinny could raise up to $120 million from internal investors including Elevation Capital, Abu Dhabi Growth Fund, General Catalyst and Accel among others,” said one of the sources on condition of anonymity. Sources assert that the talks are in an early stage and it may take a quarter to materialize. If the deal gets through, Spinny would be the first used car platform to raise a new round since late 2021. As per sources, its valuation more or less remains unchanged in the potential round. Market analysts point out that Spinny has emerged as a clear leader with a large delta in the used car retail space as the company appears to have cracked demand first transaction model. It has achieved this on the back of one of the lowest consumer acquisition costs and better gross margin. The Gurugram-based company also scaling auction-based verticals for dealers and car-financing businesses. Most of the money from the new round is likely to be deployed to grow the lending biz, said sources. “Spinny sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5000 more cars every month on its B2B auction platform,” said the source mentioned above. Queries sent to Spinny, Accel, Elevation and General Catalyst did not elicit an immediate response. According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date. Tiger Global and Accel are its largest stakeholders with 14.25% and 13.25% holding respectively. For the fiscal year ended in March 2024, Spinny’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23​. During the period, its losses reduced by 28% to Rs 590.37 crore.

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