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Exclusive: Gaana acquired by Radio Mirchi’s parent for Rs 25 lakh

EntrackrEntrackr · 11m ago
Exclusive: Gaana acquired by Radio Mirchi’s parent for Rs 25 lakh
Medial

After a potential merger and acquisition talks with Airtel Wynk fell through, Times Internet and Tencent-backed Gaana consolidated with Times Group’s listed subsidiary Entertainment Network India Limited (ENIL) in December 2023. However, the deal somehow managed to bypass major media attention as of now. Significantly, Gaana was acquired for Rs 25 lakh, as per ENIL’s filings with the National Stock Exchange (NSE). ENIL is promoted by Bennett Coleman, and operates popular FM radio brand ‘Radio Mirchi’. For context, Gaana raised over $200 million in its lifetime, and was last valued at around $580 million, according to Entrackr’s data. Gaana’s consolidation with ENIL indicates that it’s a distress sale and the firm has given up on hopes of a third-party acquisition. The details of the acquisition are limited at the moment, and there is no clarity about Tencent’s holding in the 14-year-old platform. Entrackr’s queries sent to Times Internet and ENIL on Friday didn’t elicit any response. We will update the story in case they do. According to Entrackr’s data, Times Internet used to own a majority in Gaana whereas Tencent had around 35% stake until September 2020. To keep the platform up and running, Times Internet has also been injecting debt in Gaana at regular intervals. In July 2023, the music and podcast streaming platform received Rs 100 crore debt from Times Internet that eventually got converted into equity shares. Now, Times Internet has committed to inject up to Rs 10 crore debt in Gaana, as per its regulatory filings with the RoC this week. As per ENIL’s chief executive officer Yatish Mehrishi, the firm also invested Rs 15 crore in the first quarter of FY25. As the equity investments in India from its bordering companies aren’t allowed, Ganna received back-to-back debt rounds worth $90 million led by WeChat-owner Tencent in September 2020 and June 2021. The downfall of Gaana could also be ascertained from erosion of its scale which nosedived by over 80% to Rs 12.5 crore of revenue during the previous fiscal year (FY24), Mehrishi disclosed Gaana’s FY24 revenue numbers during investors’ call in May. After the acquisition, ENIL put Gana completely behind a paywall, and also doubled the subscription fee to Rs 599. These changes were reflected in its collection in the last quarter of FY24, which stood at Rs 9.5 crore. On the other hand, ENIL’s consolidated operating revenue shrank 25.79% Q-o-Q to Rs 113.46 crore but the Mumbai-based company slipped into red with Rs 5.45 crore losses in Q1 FY25. Gaana also went through a management rejig as it replaced its long time chief executive officer (CEO) Prashan Agarwal with Sandeep Lodha in mid-2021. Lodha also quit the firm in July 2023. At present, Gaana is being run by ENIL’s chief executive officer Mehrishi. Amidst the split of Times Group assets between Samir and Vineet Jain, Times Internet has been selling out its portfolio and incubated companies for the past three years. It recently sold its subsidiary ETMoney to 360 One (formerly IIFL Wealth) for about $44 million. This was the seventh subsidiary from which Times Internet took exit since 2021. In June, Amazon acquired the assets of MX Players from Times Internet. In February 2022, The Gurugram-based company sold MX TakaTak to ShareChat while DineOut was acquired by Swiggy in May 2022. In the same year, Times Internet sold its three companies MensXP, iDiva, and Hypp to e-commerce roll-up unicorn Mensa.

Ola Electric gets $50 million in debt financing from EvolutionX Cap

Economic TimesEconomic Times · 1y ago
Ola Electric gets $50 million in debt financing from EvolutionX Cap
Medial

Indian electric two-wheeler manufacturer, Ola Electric Mobility, has raised ₹410 crore (approximately $50 million) through non-convertible debentures from EvolutionX Debt Capital, as per regulatory filings. EvolutionX, backed by DBS and Temasek, has previously invested in Indian internet companies such as Udaan, Mensa Brands, PharmEasy, and LendingKart. This funding comes after Ola Electric had secured $240 million in debt financing from the State Bank of India in 2023. The company aims to raise up to ₹5,500 crore ($737 million) through its upcoming IPO, targeting a valuation between $7-8 billion. Ola Electric also plans to invest ₹500 crore into its subsidiary, Ola Electric Technologies.

Evenflow raises bridge round, eyes public listing by 2027

EntrackrEntrackr · 9m ago
Evenflow raises bridge round, eyes public listing by 2027
Medial

E-commerce roll-up platform Evenflow has raised an undisclosed amount in a bridge round from serial entrepreneur Shail Patel and some existing investors as part of its ongoing $5 million Series A round. The funds will be used to expand operations and grow its seven acquired homegrown brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro, and Frenchware. The company aims to increase these brands’ global presence by entering new markets. This fundraise follows recent efforts to strengthen supply chain, marketplaces, D2C, and quick commerce, with new appointments and the elevation of Shashank Ranjan to co-founder. Evenflow operates in India and the U.S., claiming 350% growth on marketplaces like Amazon, Flipkart, CRED, Zepto, and Instamart. The company has outlined a long-term plan to increase revenue by 10X and profits six-fold by 2027. However, these projections may be challenging to achieve, as many roll-up platforms face scaling difficulties. In a media statement, co-founder and CEO Utsav Agarwal shared that the firm aims to prepare for an IPO by the end of 2027. Ecommerce roll-up companies were hot in 2021 and the space also delivered two unicorns —Mensa and Globalbees in the year along with 10club which raised $40 million in one of India’s largest seed rounds. However, the euphoria subsided with the wind up of global posterboy Tharasio and tougher funding environment. As a result, funding for these firms sharply declined over the past two years, from $540 million in 2021 to $70 million in 2022, $78 million in 2023, and $39 million in the current calendar year. While some, like Mensa, secured additional debt, GlobalBees and Goat Brand Labs took over 24 months to do so. 10club shifted focus to consumer brands, and Powerhouse91 and Upscalio haven’t raised funds in over two years. Amazon aggregator Thrasio faced near bankruptcy but recently emerged from Chapter 11 and appointed Stephanie Fox as its new CEO.

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