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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.

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Rupeek raises $15 Mn from Elevation; readies for secondary

EntrackrEntrackr · 1y ago
Rupeek raises $15 Mn from Elevation; readies for secondary
Medial

Online gold loan platform Rupeek has secured Rs 125 crore (approximately $15 million) in primary funding from Elevation Capital. This is the second tranche of the new round in which 360 One Large Fund had already put in $6 million during May. The board at Rupeek has passed a special resolution to issue 5,801 compulsory convertible preference shares at an issue price of Rs 2,15,467 each to raise Rs 125 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The Bengaluru-based firm appears to close this round at around Rs 250 crore, according to sources aware of the details of the funding. While Rupeek already raised Rs 175 crore ($21 million) from Elevation and 360 One Large Fund, the remaining Rs 75 crore ($9 million) is likely to come from Ranjan Pai’s investment office Claypond Capital, as per sources. “Sumit Maniyar along with employees and Rupeek’s early backer Bertelsmann may dilute around $8-10 million worth shares to Claypond Capital,” said one of the sources requesting anonymity. Queries sent to Maniyar didn’t elicit any response. The Binny Bansal-backed company has raised around $165 million to date. As per the startup data intelligence platform TheKredible, PeakXV was the largest external stakeholder followed by Accel and Bertelsmann as of the last tranche. 360 One Large Value Fund holds 2.44% of the firm before this tranche. Rupeek, which provides gold loans, has been struggling to scale and faced 60% erosion in its value. The company’s peak valuation stood at $634 million in January 2022 but its worth nosedived to $250 million in the ongoing round. Entrackr was first to report Rupeek’s down-round. The massive cut in valuation came on the back of Rupeek’s falling scale. Its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the same period. The company is yet to file its annual statements for FY24. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold.

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: Pagarbook turns cashflow positive amid steep valuation drop

EntrackrEntrackr · 3m ago
Exclusive: Pagarbook turns cashflow positive amid steep valuation drop
Medial

Exclusive: Pagarbook turns cashflow positive amid steep valuation drop Pagarbook is raising Rs 10 crore (approximately $1.2 million) in its Series A5 round from Peak XV Partners, at a valuation of Rs 163 crore — representing an 85% drop from its previous funding round. In the current funding environment, survival has become the top priority for startups — even if it means raising capital at a steep discount. This appears to be the case for Pratilipi, which recently raised fresh funds at a valuation more than two-thirds lower than before. Similarly, Pagarbook is raising a small round, accepting an 85% drop in its valuation to stay afloat. Importantly, the firm has also turned cashflow positive as of March 2025, signaling a shift toward sustainable growth alongside the valuation cut. The board at Pagarbook passed a special resolution to issue 1,826 Series A5 CCCPS at an issue price of Rs 54,764.5 to raise the aforementioned sum, according to its recent regulatory filing reviewed by Entrackr. Pagarbook plans to use the fresh capital to support its expansion and growth, as per filings. Entrackr estimates that the company’s valuation has dropped by approximately 85%, from Rs 1,084 crore ($127 million) in its Series A4 round to Rs 163 crore ($19 million) in this round. The round appears to be ongoing, and the Bengaluru-based company is likely to raise additional capital as part of its Series A5 round. Founded in 2019, PagarBook is a staff management platform that helps SMEs streamline HR processes by simplifying attendance tracking, speeding up payment cycles, reducing disputes, eliminating human errors in wage calculations, and facilitating salary payments — all through its flagship workforce management app. It pivoted in 2022 from financial service to software as a service solution provider for Indian SMEs. According to co-founder Rupesh Mishra, Pagarbook currently has an average revenue run rate (ARR) of Rs 60 crore. “We turned cash flow positive in March 2025,” he said. As per the startup data intelligence platform TheKredible, Pagarbook has raised nearly $22 million to date. Following the allotment, Peak XV Partners will have a 21.62% stake in the company. For the fiscal year ending March 2024, the Bengaluru-based company reported an operating revenue of Rs 13 crore and a loss of Rs 70.4 crore, which includes an exceptional item expense of Rs 36.4 crore. Looking at the numbers, two things are obvious. One, that Pagarbook has struggled in the quicksand that is monetising from the Indian SME sector. The sector, for all its numbers in the millions, remains hopelessly disorganised, and plagued by off book transactions. Two, in the course of its struggles and the burn down of an impressive amount of funding, Pagarbook might have discovered something of value or promise to manage a little more funding to test that thesis. It is not the first, or the last firm where this has happened. When you back a bunch of smart people on breaking open an opportunity, even if they fail, they will usually come out with valuable learnings, and sometimes, a different opportunity. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

Exclusive: Anant Goel’s Handpickd raises fresh funds

EntrackrEntrackr · 1m ago
Exclusive: Anant Goel’s Handpickd raises fresh funds
Medial

Exclusive: Anant Goel’s Handpickd raises fresh funds Fresh produce startup Handpickd (formerly Sorted) is raising Rs 21.7 crore in an extended seed round led by Nitin Gupta and Genesia Ventures, with participation from BEENEXT and others. Fresh farm produce and supply chain startup Handpickd (previously Sorted) is raising Rs 21.7 crore in an extended seed round led by Nitin Gupta and Genesia Ventures with the participation of BEENEXT, Stargazer Ventures, Eximius Ventures, Sunrise Sunset Family Trust, and others. The Handpickd’s board passed a resolution to approve the issue of 10,547 Series Seed B CCPS at an issue price of Rs 20,566 to raise Rs 21.7 crore or around $2.5 million, according to recent filings accessed from March 2025 from the Registrar of Companies (RoC) shows. Nitin Gupta, Partner at GG Enterprises and Genesia Ventures, led the round with an investment of Rs 6.48 crore and Rs 6 crore, respectively, followed by existing investor BEENEXT, which is contributing Rs 2.16 crore. Sunrise Sunset Family Office will invest Rs 2 crore, while the remaining amount will be covered by Infinyte Club Angel Fund and Eximius Ventures, Stargazer Ventures and Ankit Agarwal. As per filings, the company has already received around Rs 10.16 crore, with the remaining amount expected to follow shortly. The Blume Venture-backed company will be valued at around Rs 300 crore or $35 million, according to Entrackr’s estimates. Founded by Anant Goel along with Nitin Gupta and Sahil Madan, Handpickd operates on a B2B2C model, delivering fresh fruits and vegetables through a tech-enabled supply chain. The company sources produce directly from local farmers and vendors, leveraging a network of micro-entrepreneurs for efficient last-mile delivery. According to startup data intelligence platform TheKredible, Handpickd has raised around $9 million from investors including BEENEXT, Blume Ventures, Kunal Bahl, Rohit Kumar Bansal. The company recorded over 2.3X year-on-year growth in operating revenue, rising to Rs 17.5 crore in FY24 from Rs 7.4 crore in FY23. Its losses remained flat at Rs 2.1 crore during the fiscal year ending March 2024. Handpickd competes with other farm-to-fork funded startups including Otipy ($49 million), Fraazo ($61 million), Deep Rooted ($20 million) which shut their operations. Handpickd also competes with Kareena Kapoor-backed startup Pluckk which is set to raise $10 million.

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