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Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods

EntrackrEntrackr · 1y ago
Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods
Medial

Cloud kitchen startup Curefoods has raised an additional capital of $25 million in its Series D round from Three State Ventures, a fund launched by Flipkart co-founder Binny Bansal. The company raised $36 million in the first tranche of Series D and is now valued at $375 million, according to Curefoods founder and CEO Ankit Nagori. As per data intelligence platform TheKredible, it has raised more than $190 million to date. Bansal made the investment by buying out Cultfit’s remaining stake in the cloud-kitchen platform and from some angel investors, according to an ET report. Four-year-old Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. Also Read: Decoding the financial health of leading cloud kitchen startups Besides fundraising, the company also acquired two brands – YumLane Pizza and Millet Express in 2023. Curefoods competes with Rebel Foods and Box8, FreshMenu, and a host of independent brands such as Biryani Blues and Biryani by Kilo. Among the cloud kitchen brands, Curefoods is the second largest brand in terms of revenue after Rebel Foods. While Rebel Foods’ revenue from operations grew 39.2% to Rs 1,195 crore in FY23, Curefoods reported Rs 384 crore in revenue followed by EatClub with revenues exceeding Rs 300 crore in the same period. Biryani By Kilo also claims a revenue of around Rs 300 crore in the last fiscal year.

Nected raises $1.5 Mn led by Binny Bansal’s Three State Ventures

EntrackrEntrackr · 1y ago
Nected raises $1.5 Mn led by Binny Bansal’s Three State Ventures
Medial

Nected, a next-generation low-code platform, has raised $1.5 million in its seed round led by Binny Bansal’s Three State Ventures. The round saw participation from Endurance Capital, Relentless VC, Climber Capital, Lykke Capital, and Forward Slash Capital. Additionally, over 15 founders and CXOs participated in the round, including Nitin Gupta from PayU, Pallav Pandey from Uolo and Knowlarity, Archit Gupta from Clear, Tonmoy Shingal from Mettl, Ravi Bhushan from BrightCHAMPS, Akshay Saxena from Avanti Fellows, Puneet Kumar from Supr Daily (acquired by Swiggy), and Prashant Kumar from Unbxd. The proceeds will be used to enhance product usability, simplify integration, and scale operations to meet the growing demands of Nected’s user base, particularly on the international front. Founded by Prabhat Gupta and Mukul Bhati, Nected helps businesses overcome inefficiencies and inherent delays in traditional software development. It serves as a toolkit that provides pre-built tech building blocks such as rule engines, workflow automation, and A/B testing tools that saves companies time and money and keeps them from requiring additional technical expertise. The platform is currently used by over 20 customers spread across 5 countries. Prior to this, Prabhat Gupta co-founded TravelTriangle, an online travel marketplace while Mukul Bhati co-founded FastFox, a real-estate company, in 2015 and sold it to Elara Group (the parent company of Housing.com) in 2019.

Scapia raises $40 Mn in Series B led by Peak XV

EntrackrEntrackr · 8m ago
Scapia raises $40 Mn in Series B led by Peak XV
Medial

Scapia raises $40 Mn in Series B led by Peak XV Travel fintech company Scapia has raised $40 million in its Series B round led by Peak XV Partners, with participation from existing investors, Elevation Capital, Z47, and 3State Ventures. The funding will enable Scapia to strengthen its team, enhance its product offerings, harness the power of AI, and accelerate its ambitious growth plans, Scapia said in a press release. According to the company’s regulatory filings, it has secured Rs 289 crore ($34 million) so far, with the remaining funds expected soon. In this round, Peak XV Partners took the lead, investing Rs 218 crore ($25.6 million), followed by Elevation Capital with Rs 62.28 crore ($7.3 million) and 3State Ventures contributing Rs 8.65 crore ($1.02 million). According to a separate resolution, the Bengaluru-based company also expanded its ESOP pool by 3,460 ESOP options. The newly added ESOP will be valued at Rs 22 crore, while the total pool now stands at Rs 132 crore (approximately $15.5 million). Entrackr estimates that the company’s post-money valuation stands at Rs 1,645 crore or $193.5 million. The valuation may vary after completion of the round. Founded by Anil Goteti, Scapia operates as a fintech-travel platform, offering a lifetime-free credit card with travel rewards. It generates revenue through interchange fees, interest on EMIs, and partner commissions from travel bookings. Scapia’s co-branded card with Federal Bank offers great value with no joining or annual fees, zero forex markup, and free unlimited domestic lounge access and airport perks based on monthly spending. Cardholders get 10% rewards on all purchases and 20% rewards on travel bookings made through Scapia. Scapia has raised over $70 million to date, including its $23 million Series A round led by Elevation Capital and 3State Ventures in November 2023. According to startup data intelligence platform TheKredible, Peak XV Partners became the largest external shareholder with a 13.74% stake, followed by Matrix Partners at 13.68%. Its FY24 appeared to be the first operational year, recording a revenue of Rs 17 crore while incurring a loss of Rs 88 crore during the same period. The company competes with the likes of One Card, which posted Rs 1,425 crore revenue, and Zolve, which stood at a revenue of Rs 67.8 crore in the fiscal year ended March 2024.

Exclusive: Neo raises $25 Mn led by Crystal Investment

EntrackrEntrackr · 7d ago
Exclusive: Neo raises $25 Mn led by Crystal Investment
Medial

Exclusive: Neo raises $25 Mn led by Crystal Investment Consumer-facing wealth and asset management firm Neo has raised Rs 221 crore (about $25 million) in a follow-on round led by Crystal Investment Advisors. This is the second fundraise for the Mumbai-based company in the past four months. According to a regulatory filing sourced from the Registrar of Companies (RoC), Neo’s board approved a board resolution to allot 2,571 equity shares at Rs 8,60,410 each, to raise the above-mentioned amount. Crystal Investment Advisors led the tranche with Rs 193 crore, while Morde Foods Private Limited contributed Rs 28 crore. The firm plans to deploy the capital towards growth initiatives and operational requirements. As per Entrackr’s estimates, the latest infusion values Neo at around $700 million post-money. The new raise lands barely three months after Neo mopped up Rs 162 crore ($19 million) through equity shares in a round led by VT Capital, with participation from 17 other investors. The development was earlier exclusively reported by Entrackr. During that $19 million round, Neo clarified to Entrackr that it had also raised $20 million in February (Q1 CY2025) from MUFG, Peak XV Partners, Euclidean Capital, and a large Indian family office at a pre-money valuation of Rs 5,500 crore (around $640 million). The current tranche has also been closed at the same valuation. Neo offers advisory and yield-based investment products to high-net-worth and ultra-high-net-worth individuals, including family offices. Earlier this year, Neo Assets marked the first close of its second private credit fund at Rs 2,000 crore. Registered with SEBI, the fund provides credit solutions to unlisted companies and acquires secondary positions. The company is yet to file its financials for FY25. For the fiscal year ended March 2024, Neo recorded a 2.7X year-on-year jump in revenue to Rs 177 crore, even as its losses widened to Rs 13.7 crore during the period.

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