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Rupeek raises $15 Mn from Elevation; readies for secondary

EntrackrEntrackr · 1y ago
Rupeek raises $15 Mn from Elevation; readies for secondary
Medial

Online gold loan platform Rupeek has secured Rs 125 crore (approximately $15 million) in primary funding from Elevation Capital. This is the second tranche of the new round in which 360 One Large Fund had already put in $6 million during May. The board at Rupeek has passed a special resolution to issue 5,801 compulsory convertible preference shares at an issue price of Rs 2,15,467 each to raise Rs 125 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The Bengaluru-based firm appears to close this round at around Rs 250 crore, according to sources aware of the details of the funding. While Rupeek already raised Rs 175 crore ($21 million) from Elevation and 360 One Large Fund, the remaining Rs 75 crore ($9 million) is likely to come from Ranjan Pai’s investment office Claypond Capital, as per sources. “Sumit Maniyar along with employees and Rupeek’s early backer Bertelsmann may dilute around $8-10 million worth shares to Claypond Capital,” said one of the sources requesting anonymity. Queries sent to Maniyar didn’t elicit any response. The Binny Bansal-backed company has raised around $165 million to date. As per the startup data intelligence platform TheKredible, PeakXV was the largest external stakeholder followed by Accel and Bertelsmann as of the last tranche. 360 One Large Value Fund holds 2.44% of the firm before this tranche. Rupeek, which provides gold loans, has been struggling to scale and faced 60% erosion in its value. The company’s peak valuation stood at $634 million in January 2022 but its worth nosedived to $250 million in the ongoing round. Entrackr was first to report Rupeek’s down-round. The massive cut in valuation came on the back of Rupeek’s falling scale. Its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the same period. The company is yet to file its annual statements for FY24. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold.

RailYatri tops up Series C round with over $3 Mn funding

EntrackrEntrackr · 1y ago
RailYatri tops up Series C round with over $3 Mn funding
Medial

Train ticketing platform RailYatri has raised Rs 28.58 crore or $3.44 million in a mix of equity and debt funding round led by Mirabilis Investment Trust. The round also saw participation from NRJN Family Trust, Omidyar Network, and Blacksoil. The board at RailYatri has passed special resolutions to issue 26,663 Series C CCPS at an issue price of Rs 4,720 each and 21,107 Series C CCPS for 5,685 per share for a total consideration of Rs 24.58 crore or $3 million. In a separate resolution, the company also issued 80 non-convertible debentures (NCDs) at Rs 5,00,000 per debenture to raise Rs 4 crore as per the company’s regulatory filings with the Registrar of Companies. Mirabilis Investment Trust spearheaded the round with an infusion of Rs 12 crore. Nandan Nilekani’s NRJN Family Trust and Omidyar Network injected Rs 6.9 crore and Rs 5.69 crore, respectively. Blacksoil joined the round with Rs 4 crore debt funding. As per the startup intelligence platform TheKredible, RailYatri has already raised Rs 13.5 crore from existing investors in the Series C round across multiple tranches during 2022. The company also raised Rs 10 crore in debt from Alteria Capital during the same period. As per TheKredible’s estimates, the company has been valued at around Rs 912 crore or $110 million (post-money). RailYatri has raised over $50 million to date. For more information about the company, visit here. Online travel aggregator (OTA) RailYatri offers train ticket information along with intercity bus service — IntrCity SmartBus which runs on routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore among others. RailYatri also launched a ‘flexi-ticket’ feature that allows users to make last-minute changes to their plans when finding a reservation on trains isn’t available. Post-allotment of the round, the NRJN Family Trust is the leading stakeholder in the company with a 22.82% stake. Omidyar Network follows with around 15% shares while co-founder Manish Rathi owns a 13.12% share of the company. For more information, visit here. RailYatri’s revenue from operations surged 2.3X to Rs 273.7 crore during FY23 from Rs 117.2 crore in FY22. Along with improved scale, the company also managed to control its losses which shrank 58.6% to Rs 18.18 crore in FY23 from Rs 43.87 crore in FY22.

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