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Exclusive: Spinny in talks to mop up over $100 Mn in internal round

EntrackrEntrackr · 11m ago
Exclusive: Spinny in talks to mop up over $100 Mn in internal round
Medial

Exclusive: Spinny in talks to mop up over $100 Mn in internal round Tiger Global-backed Spinny is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. Used car platform Spinny is preparing for a new round almost after a gap of over three years. The Tiger Global-backed company is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. “Spinny could raise up to $120 million from internal investors including Elevation Capital, Abu Dhabi Growth Fund, General Catalyst and Accel among others,” said one of the sources on condition of anonymity. Sources assert that the talks are in an early stage and it may take a quarter to materialize. If the deal gets through, Spinny would be the first used car platform to raise a new round since late 2021. As per sources, its valuation more or less remains unchanged in the potential round. Market analysts point out that Spinny has emerged as a clear leader with a large delta in the used car retail space as the company appears to have cracked demand first transaction model. It has achieved this on the back of one of the lowest consumer acquisition costs and better gross margin. The Gurugram-based company also scaling auction-based verticals for dealers and car-financing businesses. Most of the money from the new round is likely to be deployed to grow the lending biz, said sources. “Spinny sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5000 more cars every month on its B2B auction platform,” said the source mentioned above. Queries sent to Spinny, Accel, Elevation and General Catalyst did not elicit an immediate response. According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date. Tiger Global and Accel are its largest stakeholders with 14.25% and 13.25% holding respectively. For the fiscal year ended in March 2024, Spinny’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23​. During the period, its losses reduced by 28% to Rs 590.37 crore.

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Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down

EntrackrEntrackr · 17d ago
Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down
Medial

Exclusive: Spinny to raise $165 Mn as Accel Leaders Fund doubles down Used car retailing platform Spinny is in late-stage talks to raise a $160–165 million round co-led by its existing investor, Accel Leaders Fund, according to three people aware of the development. With this, the Gurugram-based company will end up raising over $320 million in 2025. “This will be a fresh round, separate from the $160 million raised earlier this year including the $30 million top up,” said one of the sources, requesting anonymity. “A significant portion of the primary infusion is earmarked for payouts related to Spinny’s recent acquisition of GoMechanic and to support its smooth operations.” According to sources, about $90 million of the new round will be primary capital, while the remaining proceeds will facilitate complete or partial exits for some early and mid-stage investors. Entrackr has reviewed the company’s latest regulatory filings, which show Spinny’s board approving the issuance of 10.45 lakh Series G preference shares to raise Rs 395 crore. As indicated earlier, the primary capital from the broader $160–165 million round is expected to land soon. As per sources, the round also keeps Spinny’s valuation flat at $1.5 to $1.8 billion post-money. “Apart from Accel Leaders Fund, a new investor is likely to participate in the round,” said the person quoted above. Messages to Spinny CEO Niraj Singh went unanswered, and Accel did not offer an immediate response. The company operates a full stack model covering inspection, refurbishment, documentation and financing of used cars. Spinny currently sells more than 12,000 cars a month, combining both B2B and B2C, with an average transaction value of about Rs 6 lakh. Data sourced from the startup data intelligence platform TheKredible shows Spinny has raised about $676 million prior to this round. Tiger Global and Accel are its largest shareholders. Spinny’s operating revenue rose by 25% to Rs 4,657 crore from Rs 3730 crore in the fiscal year ending March 2025, while its losses narrowed 28% to Rs 423 crore during the last fiscal year.

Exclusive: SriMandir’s parent AppsForBharat in talks to raise $15-20 Mn

EntrackrEntrackr · 1y ago
Exclusive: SriMandir’s parent AppsForBharat in talks to raise $15-20 Mn
Medial

AppsForBharat, the parent company of devotional app SriMandir, is in talks to raise a new round from new and existing investors, according to three people aware of the development. “AppsForBharat is in late-stage discussion with three new investors to raise $15-20 million,” said one of the sources requesting anonymity. “An Indian growth stage fund and a Singapore-based investor are in the race to lead the round.” Sources outline that the Bengaluru-based growth stage fund has backed companies including Spinny, Pharmeasy, FarEye and Probo. The Bengaluru-based startup had scooped up $10 million Series A in September 2021 and $4 million Seed round in August. As per sources, AppsForBharat is seeking a valuation of close to $100 million. “Existing investors including Peak XV and Elevation will also join the round on a pro-rata basis. The contours of the deal are being chalked out and the deal is likely to materialize later this month,” said another source who also wished not to be named as discussions are private. Queries sent to AppsForBharat didn’t elicit any response. AppsForBharat’s flagship product SriMandir allows users to create their personalized shrines, consume devotional content, connect with prayer groups, and access a large library of spiritual texts, scriptures and videos. Users can also consult with astrologers and priests. It claims to have over 10 million downloads since its inception in 2021. AppsForBharat’s long list of investors includes Peak XV, BEENEXT, Matrix Partners and angels such as Scott Schleifer, Ankush Sachdeva, Farid Ahsan and Bhanu Pratap Singh, Utsav Somani, Vidit Aatrey and Sanjeev Barnwal, Kunal Shah and Sai Srinivas. AppsForBharat registered Rs 3.53 crore in revenue with Rs 45 crore loss in FY23, according to startup data intelligence platform TheKredible. The firm is expected to post a better result in the last fiscal year (FY24). It competes with DevDham, Utsav App, Sutradhar, and 27 Mantra. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. Besides Ustav App and DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period.

Exclusive: Lendingkart set to raise $100 Mn in Series F

EntrackrEntrackr · 1m ago
Exclusive: Lendingkart set to raise $100 Mn in Series F
Medial

Exclusive: Lendingkart set to raise $100 Mn in Series F Lendingkart, a non-banking financial company (NBFC), provides working capital and business loans to SMEs across India, typically with average ticket sizes ranging between Rs 5–6 lakh. Temasek-owned Fullerton’s newly acquired fintech firm Lendingkart is set to raise Rs 850 crore (about $100 million) in its Series F round. This will be the company’s first significant fundraise since Fullerton bought a majority stake in March. As per regulatory filings sourced from the Registrar of Companies, the board of Lendingkart has approved the issuance of 9,04,160 Series F preference shares at Rs 9,401 per share to mop up the proposed capital. Fullerton Financial will spearhead the round with Rs 511 crore, while Bertelsmann Nederland, Mayfield India, and Saama Capital will contribute Rs 71 crore, Rs 60 crore, and Rs 47 crore, respectively. Grand Anicut, Sistema Asia Fund, India Quotient, Darrin Capital, and a clutch of angels such as co-founders Raichand Lunia and Harshvardhan Lunia, along with Mukul Sachan, will also join the round. According to the filing, the proceeds will be deployed towards expansion and growth initiatives across the firm and its subsidiaries, including its wholly owned unit Lendingkart Finance, along with general corporate purposes. Post-allotment, Fullerton Financial will command 58.35% of the company’s shareholding, while Bertelsmann Nederland, Mayfield India, and Saama Capital will hold 8.20%, 7.25%, and 5.40%, respectively. In a response to Entrackr's queries, a Lendingkart spokesperson said, "Fullerton Financial Private Limited acquired a circa 56% stake in Lendingkart on 27 March 2025. Lendingkart is proposing to raise up to INR 850 crores in its latest capital raise vide preferential offer led by Fullerton Financial Private Limited for its expansion and growth." Lendingkart, a non-banking financial company (NBFC), provides working capital and business loans to SMEs across India, typically with average ticket sizes ranging between Rs 5–6 lakh. The firm claims to have disbursed over Rs 18,700 crore to 300,000+ businesses to date. Before the acquisition, Lendingkart mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient. For FY24, the company reported a 36% year-on-year rise in revenue to Rs 1,090 crore, while its profits dipped 5.9% to Rs 175 crore. The firm has not yet filed its FY25 financials.

Exclusive: WestBridge to join Spinny’s ongoing round with $35-40 Mn

EntrackrEntrackr · 6m ago
Exclusive: WestBridge to join Spinny’s ongoing round with $35-40 Mn
Medial

Used car platform Spinny has expanded its ongoing funding round to $170 million with new backing from WestBridge Capital, according to two sources familiar with the matter. “WestBridge has joined the round with $35–40 million in primary capital, which will push the total fundraise to around $170 million,” said one of the sources, requesting anonymity. The investment follows Entrackr’s earlier report from May, which said that Spinny is raising $131 million led by the US-based Accel Leaders Fund. According to the sources, the valuation of the Niraj Singh-led company remained flat at $1.5–1.7 billion. The Gurugram-based firm became a unicorn in July 2021 with a valuation of $1.8 billion. So far, Spinny has raised more than $500 million from investors including Tiger Global, Elevation Capital, General Catalyst, and Fundamentum, among others. In December 2021, the company also roped in cricket icon Sachin Tendulkar as a strategic investor and brand ambassador. The firm enables both the buying and selling of quality used cars through a full-stack retail model. It manages the entire supply chain, including vehicle inspection, refurbishment, documentation, and financing. According to industry estimates, Spinny sells nearly 11,000 cars each month through its retail and B2B auction platforms. Recently, the company also acquired auto media and car content platform Autocar India and kicked off operations of its NBFC which is a fully owned subsidiary of the parent company. For the fiscal year ending March 2024, the firm’s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23. During the same period, its losses decreased by 28% to Rs 590.37 crore. Spinny’s core competitor Cars24 reported a 25% year-on-year increase in revenue in FY24 to Rs 6,917 crore. The SoftBank-backed company posted a net loss of Rs 498 crore and an adjusted EBITDA loss of Rs 318 crore for the same period.

Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn

EntrackrEntrackr · 1y ago
Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn
Medial

Online astrology platform AstroTalk has raised Rs 78.3 crore or $9.5 million in an extension of its Series A round from existing investors Left Lane Capital and Elev8 Capital. The board at AstroTalk has passed a special resolution to issue 5,067 compulsory Convertible preference shares to raise Rs 78.3 crore or $9.5 million, its regulatory filing accessed from the RoC shows. Left Lane Capital pumped Rs 58.3 crore while Elev8 Capital participated with Rs 20 crore. This seems to be the tranche of a larger round. AstroTalk is reportedly in talks to raise $30 million. As per TheKredible’s estimates, the company has been valued at around Rs 2,478 crore or $300 million post-money which is a 33.3% increase from its last round. The valuation will go up with the flow of funds. AstroTalk has raised Rs 172 crore to date including Rs 166 crore or $20 million in its Series A round in February. Entrackr was the first to report the development. AstroTalk is a platform to consult astrologers via the internet, call, and chat and claims to have 13,000 astrologers, tarot readers, numerologists, and Vastu experts. The platform lets users connect with the aforementioned experts for future predictions related to marriage, love life, career, and health among others. Left Lane Capital baked firm had demonstrated strong financial performance in FY23 as its revenue grew 146% to Rs 283 crore. At the same time, AstroTalk’s profits spiked 41.7% to Rs 8.5 crore. As per the current average revenue run rate, the company is projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. The company is yet to file its audited financial results for FY24. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. The notable names include Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period. SriMandir’s parent company AppsForBharat is also in talks to raise $15 million in a new round. Entrackr exclusively reported the development last month.

Exclusive: Fintech startup CredAble scores $10 Mn in new round

EntrackrEntrackr · 1y ago
Exclusive: Fintech startup CredAble scores $10 Mn in new round
Medial

Fintech startup CredAble has raised $10 million in a new round from Singapore-based Equentia Natural Resources. The fresh investment has come after a gap of 15 months for the Mumbai-based company. The board at CredAble has passed a special resolution to issue 11,963 preference shares in November 2023, at an issue price of Rs 69,384 each to raise Rs 83 crore or $10 million, its regulatory filing sourced from the Registrar of Companies shows. The company will use these proceeds to meet the working capital requirements, growth/expansion, and general corporate activities, as per filings. CredAble has raised over $55 million across rounds including its last round of $9 million in August 2022, led by private sector lender Axis Bank and with the participation of Oaks Assets Management. As per TheKredible’s estimates, the company has been valued at $177 million post-allotment. Founded in 2017, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions. According to the company website, it has over 125 enterprise customers and more than 3 lakh small business borrowers. The company also partnered with over 35 large financial institutions. It reportedly disbursed Rs 45,000 crore of working capital in the calendar year 2023, registering a 100% growth from the previous calendar year (FY22). The company is reportedly in talks to raise $50-70 million in its Series C round. CredAble’s revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. In pursuit of growth, the losses of the company surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.

Exclusive: Pristyn Care raises $4 Mn to scale in-house hospitals, preps for larger round

EntrackrEntrackr · 5m ago
Exclusive: Pristyn Care raises $4 Mn to scale in-house hospitals, preps for larger round
Medial

Pristyn Care, a surgery-focused hospital chain, has raised $4 million as part of a larger funding round to support its expansion of owned hospitals, according to company sources and internal documents seen by Entrackr. Entrackr has also gone through its regulatory filing, where the company board has passed a resolution to approve the issue of 34,280 Series E1 CCPS at an issue price of 10,038.16 each to raise the aforementioned sum. Existing investors Peak XV Partners and Hummingbird Ventures are investing in this fresh investment. The company was reportedly in talks to raise $100 million from new and existing investors. Pristyn Care has completed this infusion at an effective share price of Rs 10,038, the same as the last round, indicating the valuation remains unchanged. Pristyn Care has also increased its authorised capital to facilitate future fundraises and strengthen its financial foundation for continued growth. In the last four months, the company has opened eight owned hospitals. Pristyn now operates roughly 200,000 sq ft with about 450 beds. According to the company, more than 10 additional hospitals are slated to launch in the coming months, and the footprint is expected to double by December 2025. According to startup data intelligence platform TheKredible, Pristyn Care has raised approximately $180 million to date from investors including Peak XV Partners, Tiger Global, Epiq Capital, and others. In the fiscal year ended March 2024, the firm recorded over 30% growth in operating revenue to Rs 600 crore, while its losses remained steady at Rs 381 crore during the same period.

Exclusive: Easebuzz in talks to raise around $30 Mn at over $250 Mn valuation

EntrackrEntrackr · 6d ago
Exclusive: Easebuzz in talks to raise around $30 Mn at over $250 Mn valuation
Medial

Exclusive: Easebuzz in talks to raise around $30 Mn at over $250 Mn valuation Full-stack payments solutions provider Easebuzz is in advanced discussions to raise $30 million in a new funding round, according to two people familiar with the matter. The discussions come just months after the company wrapped up its $30 million Series A round in April. As per sources, the round is expected to see participation from both new and existing investors, including Bessemer Venture Partners. “The valuation being discussed is close to $250 million post-money,” said one of the sources, requesting anonymity as the talks are private. A second source confirmed the funding size and added that the company has held conversations with multiple global funds over the past quarter. The potential fundraise follows several recent regulatory and business developments for the Pune-based company. Last month, the Reserve Bank of India allowed Easebuzz to offer online, offline and cross-border payment solutions, expanding its product offerings. The company has also posted strong financial growth and saw a 2.3X increase in operating revenue in FY25, with profit after tax at Rs 19 crore. During the last funding led by Bessemer, Easebuzz said it was exploring an IPO in the next 2–3 years. The upcoming fundraise is likely to accelerate these plans, sources indicated. Launched in 2016, Easebuzz serves more than 2.5 lakh merchants and processes over 3 million transactions each day. Its annualized Gross Transaction Value (GTV) is more than $50 billion. “With regulatory clarity and product expansion, Easebuzz wants to scale rapidly across SMBs and mid-market enterprises,” said the second source. “The company sees opportunity in sector-specific payments and reconciliation stacks where traditional gateways have gaps.” Responding to Entrackr’s queries, a company spokesperson Easebuzz does not comment on speculative information. Queries sent to Bessemer last week remained unanswered. Easebuzz has raised $34 million to date. As per TheKredible, 8i Ventures is the largest external shareholder with 10.88% stake followed by Varanium Capital and Bessemer Venture Partners with 8.48% and 8.47%, respectively. If the deal goes through, this will be one of the largest growth-stage raises in India’s payments infrastructure segment in recent months. It competes with Razorpay, Cashfree, PayU, Pine Labs, CC Avenue, among others.

Exclusive: upGrad raises $35 Mn debt from EvolutionX

EntrackrEntrackr · 1y ago
Exclusive: upGrad raises $35 Mn debt from EvolutionX
Medial

Edtech unicorn upGrad has raised Rs 287.5 crore (approximately $35 million) from EvolutionX. This is the first debt funding for the Mumbai-based company this year. The board at upGrad has passed a special resolution to issue 28,75,000 debentures at an issue price of Rs 1,000 each to raise Rs 287.5 crore or $35 million, its regulatory filing accessed from the Registrar of Companies shows. The company will use these funds for growth, operating expenses, and general corporate purposes, according to the filings. upGrad has raised over $650 million to date including $36.5 million via right issue from Teamsek, founder Ronnie Screwala, and other in March last year. The Temasek-backed company was reportedly in talks to raise $100 million to close the acquisition of online education firm Udacity. According to the startup data intelligence platform TheKredible, Temasek is the largest external stakeholder with 20.7% while Upgrad’s co-founder and chairperson Ronnie Screwvala holds a major 22.4% of the company. upGrad forayed into the offline higher education space in 2022 and invested $30 million to set up ten global campuses across India, the US, and other regions. upGrad experienced notable growth as its operational revenue increased by 72% to Rs 1,194 crore in FY23, up from Rs 692 crore in FY22. However, alongside this growth, the company’s losses also rose by 82% to Rs 1,114 crore in FY23. The company is yet to file its annual results for FY24.

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