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Exclusive: WeRize to raise Rs 64 Cr in debt from existing investors

EntrackrEntrackr · 26d ago
Exclusive: WeRize to raise Rs 64 Cr in debt from existing investors
Medial

WeRize to raise Rs 64 Cr in debt from existing investors Full-stack financial services platform WeRize is set to raise Rs 64 crore (around $6.9 million) in debt led by Sony Innovation Fund. The round also saw participation from its existing investor, 3one4 Capital. According to regulatory filing accessed from the Registrar of Companies (RoC), the company’s board has passed a special resolution to approve the issuance of 10,150 non-convertible debentures at a face value of Rs 63,272.50 each, aggregating to Rs 64 crore. Sony Innovation Fund will infuse nearly Rs 46 crore while 3one4 Capital will contribute the rest Rs 18 crore. The newly secured funds are designated to support general operations, address working capital needs, cover capital expenditures, and facilitate the expansion of business operations. Founded by former Lendingkart executives Vishal Chopra and Himanshu Gupta, WeRize sells and distributes a wide portfolio of customized credit, insurance, and savings products for 300 million individuals spread across more than 4,000 tier II to tier IV towns. The company leverages insights from these data points to create customized credit, group insurance, and savings products. WeRize’s last funding round was in June 2022, in which the company raised $15.5 million at a valuation of $115 million, from British International Investment, Sony Innovation Fund and existing investors. In the last fiscal year ending March 25, the company’s operating revenue increased by 64% to Rs 236 crore in FY25 from Rs 144 crore, and the company also doubled its profit to Rs 10 crore in the same period.

Exclusive: Ranjan Pai’s MEMG-backed Finnable to raise new round

EntrackrEntrackr · 1y ago
Exclusive: Ranjan Pai’s MEMG-backed Finnable to raise new round
Medial

Finnable’s board has approved a special resolution to issue 92,831 preference shares at an issue price of Rs 3,290.95 each, raising Rs 30.55 crore, according to its regulatory filing accessed from the RoC. Digital lending platform Finnable is set to secure Rs 30.55 crore ($3.7 million) in a Series B funding round led by TVS Shriram Growth Fund, with participation from Malpani Retails Private Limited, Harsh Anand Jain, Neha Bagaria, Roopjyot Engineering, and other investors. Finnable’s board has approved a special resolution to issue 92,831 preference shares at an issue price of Rs 3,290.95 each, raising Rs 30.55 crore, according to its regulatory filing accessed from the RoC. TVS Shriram Growth and Malpani Retails will infuse Rs 19.40 crore and Rs 4.70 crore, respectively, while Harsh Anand Jain, Neha Bagaria, and other investors collectively will contribute the remaining Rs 6.45 crore. TVS Shriram Growth Fund is a private equity growth-expansion fund managed by TVS Capital. According to startup data intelligence platform TheKredible, Finnable will be valued at around Rs 866 crore (over $100 million) post-allotment. After the Series B round, MEMG Family Office LLP will hold an 18.69% stake in Finnable, while Matrix Partners India and TVS Shriram Growth will own 14.53% and 8.05%, respectively. Founded in 2016 by ex-bankers Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable is a Bengaluru-based fintech startup offering personal loans to salaried professionals. As of April 2021, Finnable raised $5.77 million over three funding rounds from 12 investors, including Manipal Global and MEMG Family Office. According to TheKredible, MEMG Group held 18.69% of the company as of the last funding round, while CEO Nitin Gupta retained a stake of over 24%. While Finnable has yet to file its annual report for FY24, the firm recorded over Rs 100 crore in revenue and Rs 19.51 crore loss in FY23.

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