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

News on Medial

Related News

Exclusive: Leap Finance in talks to raise $100 Mn; seeks over $1 Bn valuation

EntrackrEntrackr · 11m ago
Exclusive: Leap Finance in talks to raise $100 Mn; seeks over $1 Bn valuation
Medial

Leap Finance, a fintech platform for Indian students pursuing higher education overseas, is in talks to raise around $70–100 million in a new round, according to two sources aware of the development. The company is seeking fresh investment after more than two years of its Series D round. “Leap has been doing well for the past two years which attracted interest from several investors including internals,” said one of the sources requesting anonymity as talks are private. “The firm is in talks with at least three new investors to raise up to $100 million in Series E round.” Leap is likely to become a unicorn with this round, said sources. San Francisco-incorporated Leap last raised $75 million in its Series D round led by Owl Ventures with participation from Steadview, Paramark Ventures, Jungle Ventures and Peak XV in June 2022 in a valuation range of $850-900 million. Its exact valuation, shareholding and revenue couldn’t be ascertained as the firm parent entity isn’t registered in India. “The terms of the deal are currently being negotiated with two of the three new investors and Leap would finalise lead for the new round in a few weeks,” said another source who also wished not to be named. “It’s seeking $1 to 1.2 billion valuation in the Series E.” Sources assert that Leap has grown multi-fold since its Series D round. The firm enables educational loans for students keen on pursuing education in overseas universities. It offers test prep apps for IELTS, TOEFL, SAT; admissions and visa counseling as well as financial offerings through LeapScholar, LeapFinance, and Yocke. It also assists with international bank accounts, credit cards, and money remittance. “The new round will be a mix of primary and secondary capital, and some early investors including angels may take partial or full exit from the company,” said the source quoted above. Leap has declined to offer comment on the story. Queries sent to Owl Ventures, Jungle Ventures, Steadview and Peak XV did not elicit any response until publication of the story. The five-year-old firm has raised $175 million until Series D round and claims to have funded more than 3,000 students since 2021. It largely focuses on institutes in the US, Canada, UK and Australia. While edtech startups have been struggling to raise funds for the past couple of years, overseas education-focused finance platforms have cornered decent funding during the period. As per data compiled by TheKredible, Leap and its competitors such as Auxilo, Avanse Financial, Financepeer, Propelld, Grayquest, and Eduvanz collectively cornered around $500 million in the last 24 months. The strong preference to study abroad for superior exposure is a significant growth driver for companies like Leap, Leverage Edu, and CollegeDekho. Incred, a prominent player in the overseas educational loan space, reported that such loans accounted for 21% of its total disbursal in FY24. According to InCred’s founder, Bhupinder Singh, the growth prospects and increasing awareness in this segment have contributed to its [overseas educational loan] rapid expansion.

The Good Glamm Group raises $30 Mn in a new round

EntrackrEntrackr · 1y ago
The Good Glamm Group raises $30 Mn in a new round
Medial

Content-to-commerce company The Good Glamm Group has raised Rs 245.5 crore (approximately $30 million) in a bridge round from the existing investors via right issue. This is the first major infusion in the Delhi-based company after its Series D round in November 2021. The board at Good Glamm has passed the special resolution to allot 1,832 preference shares at an issue price of Rs 13,40,000 each to raise Rs 245.5 crore or $30 million, its regulatory filing sourced from RoC shows. Warburg Pincus led the round with Rs 129 crore while Prosus pumped in Rs 95.73 crore. Bessemer India and Accel Partners also participated with Rs 12.46 crore and Rs 8.31 crore, respectively. Good Glamm will use these proceeds to meet the working capital requirements and activities of the company, as per the business plan approved by the board and mentioned by the firm in the filings. The nine-year-old firm gave an offer to other existing shareholders to participate in the ongoing round, a separate filing from January shows. Good Glamm Group is likely to raise more money in this round. According to the startup data intelligence platform TheKredible, the Good Glamm Group has been valued at around $1.26 billion post this tranche. It was anticipated that the firm’s valuation would go down in the new round but its valuation remained unchanged. Founded by Darpan Sanghvi, and later joined by Priyanka Gill and Naiyya Saggi, the Good Glamm Group is a content-creator commerce conglomerate that comprises a portfolio of innovative and fast-growing direct-to-consumer beauty and personal care brands, powered by its proprietary digital ecosystem of content and creator assets. Before this bridge round, L’Occitane International was the largest external stakeholder in the firm with 15.67% followed by Bessemer India, Warburg Pincus, and Prosus with 14.09%, 8.17%, and 7.60% respectively. See TheKredible for the complete shareholding. While the company is yet to file its financial results for FY23, its top line crossed Rs 250 crore with almost a 5X year-on-year surge in FY22. Its losses also jumped to Rs 273 crore in the same period.

WLDD in talks to acquire ScoopWhoop from The Good Glamm Group

EntrackrEntrackr · 4m ago
WLDD in talks to acquire ScoopWhoop from The Good Glamm Group
Medial

Marketing company Wubba Lubba Dub Dub (WLDD) is in talks to acquire the digital media platform ScoopWhoop from The Good Glamm Group (GGG). Livemint, which first reported the development, stated that WLDD has issued a term sheet, and due diligence is currently in progress. The report also mentioned that The Good Glamm Group is planning to sell ScoopWhoop for Rs 18-20 crore. It’s worth noting that ScoopWhoop was acquired by The Good Glamm Group in a deal worth around Rs 100 crore in October 2021. The Good Glamm Group declined to comment on the story. Last week, Sirona repurchased its brand from The Good Glamm Group to operate independently. According to sources, the buyback occurred at a significantly lower price than the original acquisition deal. The Darpan Sanghvi-led company may allocate proceeds from selling its digital media vertical to cover salaries, vendor payouts, and other payment obligations. Over the past year, Good Glamm has struggled financially, experiencing salary delays and layoffs. Media reports indicate that the group is now negotiating a funding round at a substantially lower valuation. The Delhi-based firm became a unicorn in 2021 with a $250 million funding round. Since then, it has raised $30 million in a bridge round in March last year. Last month, The Good Glamm Group witnessed the exit of key representatives, including Anand Daniel (Accel Partners), Vishal Gupta (Bessemer), and Gaurav Kothari (Prosus Ventures), who resigned as independent directors. In January 2024, Priyanka Gill, co-founder of The Good Glamm Group, also decided to step down from her active role at the New Delhi-based company.

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