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Scrut Automation kicks off Series A round with $9 Mn

EntrackrEntrackr · 1y ago
Scrut Automation kicks off Series A round with $9 Mn
Medial

Risk-focused compliance automation platform Scrut Automation has raised Rs 75 crore or $9 million in its series A round from existing investors. The round also saw the participation of Lightspeed Partners, MassMutual Ventures, and Endiya Partners. The board at Scrut Automation has passed a special resolution to issue 4,977 Series A CCPS at an issue price of Rs 1,50,188 each to raise Rs 75 crore or $9 million, its regulatory filing sourced from the Registrar of Companies shows. Lightspeed India and MassMutual Ventures pumped in Rs 41.5 crore and Rs 24.9 crore, respectively, while the rest of the amount came from Endiya during the round. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 615 crore or $75 million post-allotment. Scrut Automation has secured over $20 million to date. As per TheKredible, Lightspeed India is the largest shareholder in the startup with a 20.74% stake followed by Endiya Partners and MassMutual Investors with 15.34% and 12.55% shares, respectively. Its co-founders Ayush Ghosh Choudhury, Jayesh Gadewar, and Kush Kaushik cumulatively own 38% of the company. Founded in 2020, Scrut streamlines numerous labor-intensive compliance tasks through integration with cloud and SaaS tools. It gathers hundreds of evidence artifacts automatically and helps monitor entity-level risks and controls from a single dashboard. It supports 15 compliances including risk management, vendor risk, policy, continuous compliance, evidence collection, access control, and others. It partnered with 20 auditors and has a presence in more than 25 countries. During the fiscal year that ended March 2023, its revenue from operations was recorded at Rs 7.24 crore, rising from Rs 44 lakh in FY22. The Bengaluru-based company also posted a loss of Rs 15.40 crore in the same period.

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Compliance automation startup Sprinto raises $20 Mn led by Accel

EntrackrEntrackr · 1y ago
Compliance automation startup Sprinto raises $20 Mn led by Accel
Medial

Sprinto, a compliance automation platform for SaaS companies, has secured $20 million in Series B funding round led by Accel along with participation from existing investors Elevation Capital and Blume Ventures. With this, the Bengaluru and San Francisco-based firm has raised a total of $31.8 million to date including a $10 million Series A round in February 2022. The funds will be used for R&D with a focus on intelligent automation and AI, and expansion into new markets, Sprinto said in a press release. Launched in mid-2021 by Girish Redekar and Raghuveer Kancherla, Sprinto helps SaaS companies obtain compliances, such as SOC 2, ISO27001, GDPR and HIPAA in a quick and hassle-free manner. Sprinto helps clients create a real time monitoring system that provides visibility into the processes and policies governed by compliance checklists, and tracks the status of these systems. According to the company, it has amassed more than 1,000 customers and extended its reach to over 75 countries. Majority of its client base are in the US and Europe. It also claimed to have three-fold growth in 2023. Though, the company did not disclose other financial details. In global markets, it competes with the likes of Vanta and Drata. Last week, compliance automation platform Scrut Automation announced that it raised $10 million in a Series A round. Entrackr exclusively reported the development in February.

Exclusive: Neo kicks off Series B with $26.5 Mn

EntrackrEntrackr · 11m ago
Exclusive: Neo kicks off Series B with $26.5 Mn
Medial

Wealth and asset management company Neo has raised Rs 220 crore or $26.5 million in its Series B led by Crystal Investment. This is the second significant round for the Mumbai-based company in the past 9 months. The board at Neo has approved issuing Series B preference shares at an issue price of Rs 3,12,421 each to raise $26.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Crystal investments pumped in Rs 140 crore (approximately $16.8 million) while Mufg Bank and individual investor Deepak Agarwal participated with Rs 78 crore and Rs 2 crore, respectively. This seems to be part of an ongoing round and the firm may raise more funds.. As per TheKredible’s estimates, the company has been valued at around Rs 1,920 crore or $231 million post-allotment. Neo has raised around $104 million to date including its $35 million Series B round led by Peak XV in October last year. According to the startup data intelligence platform TheKredible, Peak VV was the largest external shareholder, holding 22.22% of the company. Meanwhile, its co-founders—Nitin Jain, Varun Bajpai, and Hemant Dogra—collectively held 63.81% prior to this funding round. Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. The three-year-old firm demonstrated supper growth in the fiscal year ending March 2023 as its revenue ballooned 9X to Rs 65.1 crore. Neo achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results.

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

EntrackrEntrackr · 5m 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 Entrackr’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.

Eloelo kicks off Series B round with $13 Mn

EntrackrEntrackr · 3m ago
Eloelo kicks off Series B round with $13 Mn
Medial

Social gaming and live streaming platform Eloelo is raising Rs 114 crore (approximately $13 million) in its Series B round led by Play Ventures Investments with participation from Gameskarft Technologies, Kalaari Capital, and WestBridge Capital. The board has passed a resolution to issue 1,696 Series B compulsory convertible preferred shares at Rs 6,73,997 each to raise the funds, according to a regulatory filing. Play Ventures is investing Rs 34.7 crore, Gameskraft Technologies Rs 21.7 crore, WestBridge Capital Rs 8.7 crore, and Kalaari Capital Rs 13 crore. Additional investments are being made by Countryside Ventures, Rocket Capital, MIXI Global, and Veenita and Vinay Mittal. Eloelo has raised over $50 million to date, including a $22 million pre-series B round co-led by Courtside Ventures and Griffin Gaming Partners. Post-transaction, Play Ventures will hold 3.38%, Countryside Ventures 4.46%, Gameskraft 2.12%, and Kalaari Capital 6.35%. Founded by Saurabh Pandey and Akshay Dubey, Eloelo offers live games and entertainment with native activities like tambola and antakshari. It features over 50 live games and more than 1,000 daily live streams. The social gaming and live streaming space in India is evolving with platforms like Loco, Rooter, and Turnip in gaming, while Chingari, ShareChat, and Bolo Live expand into live and casual gaming.

Exclusive: Ixigo-backed FreshBus kicks off Series A round

EntrackrEntrackr · 1y ago
Exclusive: Ixigo-backed FreshBus kicks off Series A round
Medial

Ixigo-backed EV bus startup FreshBus has raised Rs 43.7 crore (approximately $5.3 million) in its Series A round. This is the first round of funding for the Bengaluru-based company this year. The board at Fresh Bus has passed a special resolution to issue 2 equity shares and 63,825 CCPS at an issue price of Rs 6,845 each to raise Rs 43.7 crore or $5.3 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Maniv Mobility led the round with Rs 35.68 crore while the remaining sum has been invested by Riverwalk Holdings during the Series A round. The company was in discussions to raise Rs 100 crore in its Series A round. This appears to be an ongoing fundraising and the company is likely to mop up more funds in this round. According to the startup data intelligence platform TheKredible, Fresh Bus has been valued at around $20 million (post-allotment) in this round. The valuation may vary with the further capital injection. FreshBus has raised around $9 million to date including Rs 7.5 crore from Kunal Shah, TVS Motors MD Sudarshan Venu, and Rivigo CEO and founder Deepak Garg in October last year. FreshBus was founded by Sudhakar Reddy Chirra, who earlier built bus aggregator Abhibus which was acquired by ixigo in August 2021 in a cash and stock deal. According to the startup data intelligence platform TheKrediblle, the company was still in pre-revenue stage with a loss of Rs 2.1 crore during the fiscal year ending March 2023. The company is yet to file its annual financial results for FY24.

Phi Commerce kicks off Series B at over $150 Mn valuation

EntrackrEntrackr · 3m ago
Phi Commerce kicks off Series B at over $150 Mn valuation
Medial

Omnichannel payment solutions provider Phi Commerce is set to raise Rs 42.74 crore (approximately $5 million) through a rights issue from its existing investors, likely including BEENEXT and Opus Technologies. The board at Phi Commerce has passed a special resolution to issue 69,840 Series B compulsory convertible shares at an issue price of Rs 6,120 each to raise Rs 42.74 crore or $5 million. According to the filings, Phi Commerce plans to utilize the fresh capital for general corporate purposes. Entrackr estimates that the company’s valuation rose over 2X to Rs 1,310 crore or $154 million, compared to Rs 592 crore in its previous Series A1 round. Phi Commerce is a digital payment solutions provider offering a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, simplifies complex digital transactions across online, in-store, on-the-go, and doorstep channels. Phi Commerce has raised $14 million to date, including a $10 million Series A1 round led by BEENEXT and Opus Technologies in November 2023. As per the startup data intelligence platform TheKredible, prior to this round, Opus Technologies was the largest external shareholder holding a 25.91% stake, followed by BEENEXT, which commands 23.61% capital in the company. While Phi Commerce has yet to file its financial statements for FY25, the Pune-based company recorded a 2.3X surge in operating revenue to Rs 81.7 crore in FY24 from Rs 35.7 crore in FY23. The Beenext-backed firm recorded a loss of Rs 29 crore during the same period. In the payments space, Phi Commerce competes with major players such as Razorpay, which reported a revenue of Rs 2,500 crore in FY24, and Pine Labs, which posted Rs 1,384 crore in the same period, along with Cashfree and several other emerging fintechs.

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