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Exclusive: Scaler to raise $40 Mn at reduced valuation

EntrackrEntrackr ยท 2m ago
Exclusive: Scaler to raise $40 Mn at reduced valuation
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Exclusive: Scaler to raise $40 Mn at reduced valuation Upskilling platform Scaler is finalizing a $40 million fundraise, according to people familiar with the matter. This would be its first funding round in over three years, with the last one, a Series B, in February 2022. โ€œLighthouse is likely to lead a new funding round in Scaler, with some existing investors also participating. The deal is in its final stages and, barring any last-minute changes, is expected to close in a few weeks,โ€ said a source requesting anonymity due to the private nature of the discussions. Scaler has so far raised over $75 million across rounds from the likes of Lightrock India, Peak XV Partners, and Tiger Global. The firm last raised $55 million in Series B in February 2022 at a valuation of $710 million. However, sources indicated that this will be a down round, with Scaler's valuation expected to plunge to $350โ€“$370 million after the new funding. In response to Entrackrโ€™s queries, Scaler said it does not comment on market speculation, while Peak XV declined to comment. Lighthouse had not responded by the time of publication. Scaler specializes in upskilling college students and technology professionals by offering an intensive six-month computer science program. The course is delivered through live classes led by experienced tech leaders and subject matter experts. While Scaler has yet to disclose its FY25 numbers, the companyโ€™s revenue from operations grew to Rs 384.5 crore in FY24 from Rs 316.7 crore in FY23. Optimization of major expense categories helped the company reduce its overall losses by 58% to Rs 139 crore in FY24. At the beginning of FY25, Scaler laid off around 150 employees citing long-term growth and sustainability. It competes with Newton School, Masai School, and to some extent with Simplilearn. Many growth and late-stage startups are operating in a challenging funding environment, raising capital at flat or reduced valuations.

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Exclusive: Droom India raises funds at $360 Mn valuation

EntrackrEntrackr ยท 5m 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 Entrackrโ€™s estimates, the Gurugram-based firm will be valued at approximately Rs 3,097 crore or $360 million post-allotment. โ€œWe 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,โ€ said Sandeep Aggarwal, Founder and CEO of Droom, in response to queries about the company's valuation. โ€œWe plan to raise a bit more capital in the near term at much higher valuation both in Singapore and Indiaโ€ฆโ€ 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: PharmEasy raises $216 Mn led by MEMG at $710 Mn valuation

EntrackrEntrackr ยท 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 Paiโ€™s Manipal Education and Medical Group (MEMG) and existing investors. The fresh money, however, has come with a 90% haircut in valuation from the firmโ€™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 CCPSโ€“issued into equity shares in the ratio of (1:20), the filings added. As per TheKredibleโ€™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 Paiโ€™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 firmโ€™s valuation was reduced by around 50% by its investor Janus Henderson. Neuberger Berman also cut PharmEasyโ€™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. PharmEasyโ€™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. Itโ€™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.

Exclusive: EatClub to raise $22 Mn led by Tiger Global

EntrackrEntrackr ยท 21d ago
Exclusive: EatClub to raise $22 Mn led by Tiger Global
Medial

Exclusive: EatClub to raise $22 Mn led by Tiger Global EatClub operates a multi-brand cloud kitchen model. It operates sixteen brands, including Box8 and Mojo Pizza, Bhatti Chicken, NH1 Bowls, ZAZA Biryani, and others. EatClub, which owns and operates several popular cloud kitchen brands such as Box8 and Mojo Pizza, is raising Rs 185 crore (nearly $22 million) led by Tiger Global with the participation of A91 Partners and 360 ONE Asset Management. The board at EatClub has passed a special resolution to issue 11,830 preference shares to potential investors to raise the aforementioned amount, its regulatory filing accessed from the Registrar of Companies (RoC) shows. As per the filing, Tiger Global is set to lead the round with an investment of Rs 126 crore, followed by A91 Partners with Rs 37.5 crore. 360 One Asset Management, through its Monopolistic and Opportunity Fund, will contribute Rs 21.2 crore. The company may raise more capital in this round. The company will use these proceeds for the growth and expansion of the company, the filing further added. According to Entrackrโ€™s estimates, the company will be valued at around Rs 4,585 crore or $540 million post-money. This marks an 80% increase in the valuation when compared to its last fundraise of $40 million at $300 million in December 2021. EatClub also concluded a $30 million secondary transaction at an undisclosed valuation in March 2022. Founded by Anshul Gupta and Amit Raj, the company operates a multi-brand cloud kitchen model. It operates sixteen brands, including Box8 and Mojo Pizza, Bhatti Chicken, NH1 Bowls, ZAZA Biryani, and others. For the fiscal year ended March 2024, EatClub reported an operating revenue of Rs 515.5 crore and reduced its losses by around 77% to Rs 15.77 crore from Rs 69 crore in the previous year. The company has yet to file its annual report for FY25. EatClub stands out as one of the rare startups to receive a Tiger Global-led round in 2025. Prior to this, the investment firm had led a $125 million tranche in Infra.Market in January. EatClub directly competes with Rebel Foods, which raised $210 million last year through a mix of primary and secondary funding and reported Rs 1,420 crore in revenue with a loss of Rs 378 crore in FY24. Other notable rivals include Freshmenu, Curefoodsโ€™ Eatfit, and BBK. 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: Bonito Designs to raise $9.5 Mn from Tomorrow Capital

EntrackrEntrackr ยท 25d ago
Exclusive: Bonito Designs to raise $9.5 Mn from Tomorrow Capital
Medial

Exclusive: Bonito Designs to raise $9.5 Mn from Tomorrow Capital Interior designing company Bonito Designs is set to raise Rs 81 crore (approximately $9.5 million) from its holding company Tomorrow Capital. This funding comes after a two-year hiatus since it last raised Rs 40 crore in June 2023 from HDFC, Tomorrow Capital, and Lodha Ventures. The board at Bonito Designs passed a special resolution in May this year to issue 28,357 class A equity shares at an issue price of Rs 28,564 to Tomorrow Capital to raise Rs 81 crore or $9.5 million, its regulatory filing accessed from Registrar of Companies (RoC) shows. As per its filing, the company has already received Rs 51 crore, the rest of the amount is expected to follow shortly. The company will be valued at around Rs 531 crore ($62.5 million) post-allotment, marking an 18% drop from its Rs 650 crore valuation in the previous round. Founded in 2012 by Sameer AM and Vathsala CR, Bonito Design offers end-to-end solutions and caters to both luxury and budget homes through curated, cost-effective designs. The Bengaluru-based company has so far raised around $22 million to date. Following the allotment, Tomorrow Capital will extend its stake in the company to 67% (on a fully diluted basis), as per startup data intelligence platform TheKredible. Bonito Designs recorded a nearly 50% increase in operating revenue to Rs 153.4 crore in the fiscal year ended March 2024 from Rs 104 crore in FY23. However, the companyโ€™s losses more than doubled to Rs 66.9 crore during the same period. The company competes with leading players in the space, including Livspace, HomeLane, and DesignCafe, which was recently acquired by HomeLane.

Exclusive: Servify valued at around $700 Mn in Series D

EntrackrEntrackr ยท 4m ago
Exclusive: Servify valued at around $700 Mn in Series D
Medial

Exclusive: Servify valued at around $700 Mn in Series D Post-sales service firm Servify is raising Rs 66.27 crore (approximately $7.8 million) in its ongoing Series D round led by BEENEXT Capital with the participation of Singularity Growth Opportunities Fund. The board Servify has passed a special resolution to issue 2,27,170 Series D3 CCPS at an issue price of Rs 2,917 each to raise Rs 66.27 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. BEENEXT Capital, through its BEE Accelerate Fund2, will invest Rs 48.27 crore, with the remaining amount coming from the Singularity Growth Opportunities Fund. According to the valuation report attached by the company, its post-money valuation will be around $690โ€“700 million. Last year, the firm secured $10 million through a mix of equity and debt at a valuation of $852 million. Servify offers brand-authorized after-sales support for mobile phones, personal gadgets, electronics, and home appliances. The platform allows consumers to add their household electronic gadgets onto the platform, store the bills, and access authentic brand-authorized service during or beyond the warranty period. Servify recorded a 23.6% year-on-year growth, with revenue rising to Rs 755 crore during the last fiscal year (FY24) from Rs 611 crore in FY23. However, the company's losses declined sharply by 59% to Rs 94 crore in the same period.

Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation

EntrackrEntrackr ยท 6m ago
Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation
Medial

Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation Logistics firm Shadowfax has secured Rs 34.2 crore (around $4 million) in its Series F round. The development has come nearly 11 months after raising $100 million in its last funding round. The board at Shadowfax has passed a special resolution to allot 5773 Series F compulsory cumulative preference shares at an issue price of Rs 59,320 each to raise Rs 34.2 crore or $4 million, its regulatory filing accessed from the Registrar of Companies shows. Mirae Asset invested Rs 17.4 crore, while Nokia Growth Partners contributed Rs 16.79 crore in the round. Shadowfax is reportedly aiming to raise $50 million, with this investment being part of a larger raise. According to Entrackrโ€™s estimates, the Flipkart-backed company has been valued at around Rs 5,981 crore or $712 million post-allotment. The valuation might change with the flow of more funds. Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It boasts a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users. The Bengaluru-based company has raised over $200 million to date. According to the startup data intelligence platform TheKredible, Eight Road Ventures is the largest external stakeholder followed by Flipkart, Newquest Asia and Nokia Growth Partners. Shadowfax reportedly plans to raise Rs 2500-3000 Cr IPO in the second half of the ongoing calendar year and the company also tapped JM Financial, Morgan Stanley and ICICI Securities as the lead bankers for the initial public offering. Shadowfax has reported a 33.2% year-on-year growth to Rs 1,415 crore during the previous fiscal year ended March 2024. Moreover, the company has managed to reduce its losses significantly by 91.7% to Rs 11.8 crore from Rs 142.6 crore in FY23. In terms of competition, Delhivery, a publicly listed company, reported Rs 8,594 crore in revenue for FY24. Ecom Express posted Rs 2,609 crore in revenue for FY24 and has secured board approval for a Rs 2,600 crore IPO. Other key competitors for Shadowfax include XpressBees, Shiprocket, and Blue Dart.

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