🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Exclusive: Suniel Shetty-backed Klassroom converts into public company

EntrackrEntrackr · 26d ago
Exclusive: Suniel Shetty-backed Klassroom converts into public company
Medial

Snippets Exclusive: Suniel Shetty-backed Klassroom converts into public company Education OTT platform Klassroom Edutech has begun preparing for its initial public offering (IPO), joining the growing list of startups going public, after passing a resolution to convert into a public company. Klassroom’s board passed a special resolution to change the company’s status to a public company and rename it from “Fusion Klassroom Edutech Pvt Ltd” to “Fusion Klassroom Edutech Limited,” according to its filing with the Registrar of Companies (RoC). Founded in 2016 by Alka, Dhruv, and Dhumil Javeeri, Klassroom is an O2O (offline to online) tutoring platform for students from 6th to 12th grade, as well as IIT JEE, NEET, CA, and CS aspirants. The platform has over 200 offline partner centers across 600 cities and over 300,000 online learners. Earlier this year in January, the company secured undisclosed funding in a Pre-Series A funding round led by ah! Ventures, along with participation from LetsVenture. For the fiscal year ended March 2024, Klassroom’s operating revenue remained flat at Rs 4.6 crore, while the company turned profitable with a net profit of Rs 28.5 lakh.

Related News

Exclusive: Proxgy raises fresh capital from Manish Patel, Nikhil Kamath, Suniel Shetty, others

EntrackrEntrackr · 1y ago
Exclusive: Proxgy raises fresh capital from Manish Patel, Nikhil Kamath, Suniel Shetty, others
Medial

Deeptech startup Proxgy has raised around $2.2 million in a funding round led by Manish Patel. Nikhil Kamath, Suniel Shetty, Kuldeep Mathur, and others also participated in the round. The board at Proxgy has passed a special resolution to issue 13,998 compulsory convertible preferred shares at an issue price of Rs 13,230 each, raising Rs 18.51 crore, according to its regulatory filing accessed by Entrackr from the Registrar of Companies (RoC). Manish Patel has invested Rs 13.23 crore in the company, while Kuldeep Mathur, Bajranj, Nikhil Kamath, Suniel Shetty, Shruthi Bothra, and other individuals contributed the remaining amount. The company will use these funds for capital expenditures, day-to-day expenses, working capital requirements, and growth objectives. According to the startup data intelligence platform TheKredible, Proxgy has been valued at around Rs 140 crore or $16.86 million post-allotment. The Gurugram-based company has also raised Rs 16 crore ($2 million) in a pre-series A round led by LetsVenture, Planify Angel Fund, Mach Tech Fund, and others in October last year. According to the latest filing, Manish Patel holds 3.12% of the company after leading this round. Founded in 2020 by Pulkit Ahuja, Proxgy is a deep-tech startup focused on developing innovative IoT-based solutions. The company also offers smart wearables and safety products designed to enhance workplace safety and efficiency, particularly for blue-collar workers. SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox are some of the offerings from Proxgy. It was in pre-revenue-stage company until FY23 as its revenue stood at Rs 72 lakh. Meanwhile, the firm posted a loss of Rs 3.2 crore in the same period. The firm is yet to report its annual results for the last fiscal year (FY24).

Exclusive: FabHotels gears up for IPO, converts into public company

EntrackrEntrackr · 27d ago
Exclusive: FabHotels gears up for IPO, converts into public company
Medial

Exclusive: FabHotels gears up for IPO, converts into public company Hospitality chain FabHotels changed its status and converted itself into a public company. The board has passed a resolution and approved its conversion, a move that might signal its preparation for a public listing. FabHotels’ parent company, Travelstack Tech Private Limited (formerly Casa2 Stays Pvt Ltd), has passed a resolution to rename the entity as Travelstack Tech Limited by removing the word “Private,” according to its filing with the Registrar of Companies (RoC). Founded in 2014 by Vaibhav Aggarwal and Adarsh Manpuria, Gurugram-based FabHotels is a hotel chain operating over 1,300 properties across more than 50 major Indian cities, including Mumbai, the National Capital Region, Bengaluru, and Goa. According to startup data platform TheKredible, the company has raised around $68 million to date from investors including Accel and Goldman Sachs. Its most recent funding was a $20 million round led by Panthera Partners in September 2023. In FY25, the Accel-backed company’s revenue increased over 20% to Rs 716 crore in FY25, with narrowing losses by 45% to Rs 62.7 crore compared to Rs 114 crore in FY24. FabHotels competes directly with Treebo and Bloom Hotels. While both are yet to file their FY25 numbers, Treebo crossed Rs 100 crore in revenue in FY24, whereas Bloom Hotels saw a 73.6% rise in operating revenue to Rs 250 crore and posted a profit of Rs 14 crore.

Exclusive: Garuda Aerospace converts into public company

EntrackrEntrackr · 15h ago
Exclusive: Garuda Aerospace converts into public company
Medial

Exclusive: Garuda Aerospace converts into public company Drone technology startup Garuda Aerospace is set to convert into a public company after passing a resolution approving the move, a step that signals its preparation for a potential public listing. According to its filing with the Registrar of Companies (RoC), Garuda Aerospace’s board has passed a resolution to rename the entity as Garuda Aerospace Limited by removing the word “Private”. In line with regulatory requirements, the company has appointed Asha Vijayaraghavan, Mandakulathur Ramachandran Venkatesh, and Rithika Mohan as independent directors, while Vishnu Jayaprakash has been appointed as an additional director and Rithika Mohan has also been designated as a whole-time director. Founded in 2015, Garuda Aerospace is a drone-as-a-service startup that designs, manufactures, and customizes UAVs for uses such as deliveries, disaster management, and agriculture. The company operates India’s largest drone fleet with 400 drones and 500 pilots across 84 cities, offering 30 drone models and 50 related services. According to startup data intelligence platform TheKredible, Garuda Aerospace has raised approximately $44 million to date from investors such as Nagarajan Seyyadurai, Ocgrow Ventures, cricketer MS Dhoni and others. The company recently raised funding from the Narotam Sekhsaria Family Office to scale its manufacturing capacity from 8,000 drones a year to 12,000–15,000 units, and it plans to expand its export presence to 50 countries by year-end. For the fiscal year ended March 2025, the MS Dhoni-backed firm posted profit of Rs 17.5 crore while operating revenue grew 7.3% to Rs 118 crore from Rs 110 crore in FY24. Earlier this year, Garuda's CEO indicated the IPO would not occur in 2025 but the company is in the planning phase to expand manufacturing, research, and development.

Download the medial app to read full posts, comements and news.