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

EntrackrEntrackr · 8m 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 $690–700 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.

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Exclusive: Servify raises $10 Mn in debt and equity

EntrackrEntrackr · 1y ago
Exclusive: Servify raises $10 Mn in debt and equity
Medial

Post-sales service firm Servify has raised Rs 84 crore ($10 million approximately) in a fresh tranche of a Series D round from Bajaj Holdings, Trifecta, and Innoven Capital in a mix of equity and debt. The board at Servify has passed a special resolution to issue 500 non-convertible debentures and 1,16,555 compulsorily convertible preference shares (CCPS) for a total consideration of Rs 84 crore or $10 million, as per its regulatory filings with the Registrar of Companies (RoC). Bajaj Holdings invested Rs 34 crore through equity, while Trifecta and Innoven Capital contributed the remaining amount equally through debt financing. According to TheKredible estimates, the company has been valued at around Rs 7,074 crore or $852 million post-allotment. 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. The Mumbai-based company has raised around $125 million to date including $65 million in the ongoing Series D round led by Singularity Growth Opportunity Fund in 2022. According to the startup data intelligence platform TheKredible, prior to this tranche, Iron Pillor was the largest external stakeholder with 28.8% followed by Beenext and Blume Ventures which command 9.87% and 8.20% respectively in the company. See TheKredible for the complete shareholding pattern. The device management firm showcased a robust financial standing with over 95% year-on-year growth to Rs 611 crore during the fiscal year ending March 2023. However, the firm’s net losses stood at Rs 229 crore in the same period. The company is yet to file its annual results for FY24.

Exclusive: Wow! Momo set to raise $8.5 Mn in ongoing round

EntrackrEntrackr · 2m ago
Exclusive: Wow! Momo set to raise $8.5 Mn in ongoing round
Medial

Wow! Momo set to raise $8.5 Mn in ongoing round Quick service restaurant chain Wow! Momo is raising Rs 75 crore (approximately $8.5 million) in its ongoing Series D round led by 360 ONE with the participation of Kyrush Investments. This fresh investment comes three months after the company secured Rs 85 crore in debt funding from Stride Ventures, crossing Rs 650 crore in cumulative funding under its Series D round. The board at Wow! Momo has passed a resolution to issue 7,837 Series D6 CCPS at an issue price of Rs 95,699 per share to raise Rs 75 crore, as shown by regulatory filings. 360 One will invest Rs 70 crore, while Kyrush Investments will put in Rs 4.99 crore. Wow! Momo is now valued at around $315-320 million post-money. The company plans to use the proceeds for capital expansion, working capital, and corporate purposes. 360 One Portfolio will hold a 2.53% stake, while Kyrush Investments will own 0.18%. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets in 70 cities and owns brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The company plans to expand its FMCG business to Rs 100 crore, grow its HORECA division, and scale to 1,500 stores across 100 cities in three years. According to TheKredible, Wow! Momo’s revenue grew 13% year-on-year to Rs 470 crore in FY24 from Rs 413 crore in FY23, maintaining steady losses at Rs 114 crore. The company is yet to reveal its FY25 numbers.

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris

EntrackrEntrackr · 6m ago
Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris
Medial

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris Propelld, an education-focused lending platform, is set to secure Rs 260 crore (around $30.5 million) in its Series D round led by WestBridge Capital with the participation of Stellaris Venture Partners. Propelld’s board passed a special resolution to allot 20,732 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 1,25,408 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Westbridge Capital will invest Rs 240 crore ($28 million) via Setu AIF Trust, Konark Trust, and MMPL Trust while Stellaris Venture Partners will contribute Rs 20 crore. The investment will be utilized to meet the company’s working capital needs and capital expenditure for business expansion, the filing added. According to Entrackr’s estimates, the company is valued at around Rs 860 crore or $101 million post-allotment. Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld provides education loan financing through 'Study Now, Pay Later' products and Income Sharing Agreements (ISA) via its NBFC arm. The company also offers collateral-free education financing options. Following the latest fundraise, WestBridge will hold a 46.9% stake in the company while Stellaris Venture Partners will hold a 15.69% stake. Propelld competes with other education loans-focused fintech startups like Leap Finance and Grayquest.

Exclusive: Zepto expands ESOP pool by $169 Mn; total pool at $527 Mn

EntrackrEntrackr · 1m ago
Exclusive: Zepto expands ESOP pool by $169 Mn; total pool at $527 Mn
Medial

Exclusive: Zepto expands ESOP pool by $169 Mn; total pool at $527 Mn Quick commerce company Zepto has expanded its existing ESOP plan by adding additional employee stock options worth over $169 million. The board at Zepto has passed a resolution for approval to add 39.39 lakhs ESOP options to its existing plan, bringing the total ESOP pool to 122.90 lakhs, its regulatory filing with the Registrar of Companies (RoC) shows. According to Entrackr’s estimates, the newly added ESOPs are valued at around Rs 1,486 crore (around $169 million), taking the total ESOP pool to Rs 4,637 crore ($527 million). As per the filings, the company is extending an interest-free loan of up to Rs 700 crore to the Zepto Employee Stock Option Trust to facilitate the purchase or subscription of its equity shares under the Zepto Share Option Plan I (ESOP Plan), as approved by the Board. This ESOP expansion coincides with the company’s $450 million Series H funding led by California Public Employees’ Retirement System (CalPERS). As per filings, the company has received a primary injection of Rs 2,562 crore or $291 million from the likes of GC Holdings, Gladebook, Stepstone, Springblue, Goodwater, Lightspeed, and others. The company has raised a total of $2.3 billion since its inception, including $1.8 billion since January last year. Zepto’s revenue for FY24 was Rs 4,454 crore, more than double the Rs 2,026 crore reported in FY23. The company’s losses narrowed slightly from around Rs 1,272 crore in FY23 to Rs 1,249 crore in FY24. As per filings, Zepto clocked a turnover of Rs 11,110 crore ($1.3 billion) in FY25.

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