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Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return

EntrackrEntrackr · 3m ago
Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return
Medial

Exclusive: Vecmocon to raise $8.7 Mn; Tessellate Ventures exits with 10X return Vehicle intelligence company Vecmocon Technologies is raising Rs 74 crore (around $8.7 million) from Aavishkaar Capital and existing investors Ecosystem Integrity Fund (EIF), Blume Ventures, in a mix of primary and secondary transactions. This funding is an extension of the $10 million Series A round raised in November last year. Vecmocon’s board has approved a resolution to issue 12,067 preference and equity shares to raise Rs 50.4 crore in a primary capital where Ecosystem Integrity Fund (EIF) will pump Rs 21 crore, and the rest will be injected by Aavishkaar Capital, according to its regulatory filing with the RoC. In a secondary transaction worth Rs 23.7 crore, early backer Tessellate Tech Ventures is making a full exit from EV components startup Vecmocon. The firm has offloaded its 2.97% stake for Rs 15.85 crore, netting over 10X returns on its initial Rs 1.5 crore investment, as per filings. Moreover, individual investors Tina Goyal, Nishit Aggarwal, and Satyam Darmora are making a full exit, while the co-founders will partially offload shares. Together, they are selling shares worth Rs 7.85 crore to Blume and Aavishkaar in a secondary transaction. As per Entrackr’s estimates, the Tiger Global-backed company will be valued at around Rs 533 crore or $63 million (post-allotment). Vecmocon is an electric vehicle (EV) solutions provider that offers a range of products and services to EV manufacturers. Its product lineup includes battery management systems, vehicle intelligence modules, instrument clusters, and chargers. It also provides services such as fleet management and maintenance support. According to startup data intelligence platform TheKredible, Vecmocon has raised approximately $15.7 million to date. Following the latest round, Blume Ventures will be the largest external shareholder with a 13.27% stake, followed by Ecosystem Integrity Fund (EIF) at 12.6%. Aavishkaar Capital and Tiger Global will hold 7.51% and 7.17% stakes, respectively. For the fiscal year ending March 2024, the Delhi-based company recorded nearly a 4X year-on-year surge in operating revenue to Rs 15.87 crore. However, it reported a loss of Rs 6 crore during the same period.

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Exclusive: Pilgrim raises $9 Mn with 3X valuation surge

EntrackrEntrackr · 1y ago
Exclusive: Pilgrim raises $9 Mn with 3X valuation surge
Medial

Beauty and personal care D2C firm Pilgrim has raised Rs 75 crore (approximately $9 million) in its extended Series B round led by Fireside and Vertex Ventures. The board at Pilgrim has passed a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77 655 each to raise Rs 75 crore or $9 million, its regulatory filing accessed from the Registrar of Companies shows. Fireside and Vertex Ventures pumped in Rs 25 crore and Rs 23 crore, respectively. NSFO Ventures, Mirabilis Investment, and NABS Vriddhi cumulatively invested Rs 27 crore during the round. The company will use these proceeds for expansion and general corporate purposes as decided by the board, the filings further added. According to the startup data intelligence platform TheKredible, the company’s valuation has soared to approximately Rs 2,075 crore (around $250 million) post-allotment. This marks an over threefold increase from its last funding round, of $20 million where the company was valued at $75 million. The firm may raise more funds in this round. With the recent funding, Fireside Ventures remains the largest external stakeholder with a 23% stake, followed by Vertex Ventures, which holds 11.2%. NSFO Ventures and Mirabilis Investment command 5.57% and 2.81% stakes, respectively. Founded by Anurag Kedia in 2019, Pilgrim offers more than 90 SKUs across face care, haircare, and skincare products, and fragrances in over 25,000 pin codes. The company said that it offers a wide range of products curated with ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. The five-year-old firm has raised around $35 million across rounds including its $20 million Series B led by Vertex Ventures in 2023. The company posted 4.47X growth in scale to Rs 76 crore in FY23 from Rs 17 crore in FY22. In pursuit of growth, its losses also jumped 3X to Rs 23 crore in FY23. Pilgrim is yet to file annual results for FY24.

Exclusive: Wondrlab to raise fresh funds at $90 Mn valuation

EntrackrEntrackr · 3d ago
Exclusive: Wondrlab to raise fresh funds at $90 Mn valuation
Medial

Exclusive: Wondrlab to Raise Fresh Funds at $90 Mn Valuation Martech platform Wondrlab is set to raise Rs 40.8 crore (around $4.6 million) in a fresh funding round led by Wildflower Private Trust with the participation of existing investors Pi Ventures, Tanas Capital, and others. This is the first funding in four years for the marketing firm since it raised $7 million in its seed round in October 2021. The Wondrlab’s board passed a resolution to approve the issue of 7,744 preference shares and 500 equity shares at an issue price of Rs 49,472 each to raise the mentioned sum, according to its regulatory filing from Registrar of Companies (RoC). Wildflower Private Trust will be leading the round with a Rs 12.5 crore investment, while existing investors Pi Ventures and Tanas Capital will infuse Rs 9.85 crore and Rs 6.7 crore, respectively. The rest of the amount will be contributed by a group of angel investors including Nazara’s promoters Nitish Mittersain and Vikash Mittersain. The company will also allot equity shares to the co-founders of its recently acquired firm, BigStep Tech. According to Entrackr’s estimates, the Mumbai-based company will be valued at around Rs 796 crore or $90 million post-money. Founded in 2020 by Saurabh Varma, Vandana Verma, and Rakesh Hinduja, Wondrlab is a platform-first martech startup specializing in technology, digital, and programmatic advertising. Following the latest allotment, Pi Ventures will hold an 11.5% stake, while Tanas Capital will own 7.82%. New investor Wildflower Private Trust will acquire 1.5%, and the promoters will collectively retain a 60.53% stake. For the fiscal year ended March 2024, Wondrlab’s operating revenue tripled to Rs 189 crore from Rs 63 crore in FY23, while profit surged to Rs 11 crore. It has yet to file its FY25 numbers.

Eloelo kicks off Series B round with $13 Mn

EntrackrEntrackr · 5m ago
Eloelo kicks off Series B round with $13 Mn
Medial

Social gaming and live streaming platform Eloelo is raising Rs 114 crore (approximately $13 million) in its Series B round led by Play Ventures Investments with participation from Gameskarft Technologies, Kalaari Capital, and WestBridge Capital. The board has passed a resolution to issue 1,696 Series B compulsory convertible preferred shares at Rs 6,73,997 each to raise the funds, according to a regulatory filing. Play Ventures is investing Rs 34.7 crore, Gameskraft Technologies Rs 21.7 crore, WestBridge Capital Rs 8.7 crore, and Kalaari Capital Rs 13 crore. Additional investments are being made by Countryside Ventures, Rocket Capital, MIXI Global, and Veenita and Vinay Mittal. Eloelo has raised over $50 million to date, including a $22 million pre-series B round co-led by Courtside Ventures and Griffin Gaming Partners. Post-transaction, Play Ventures will hold 3.38%, Countryside Ventures 4.46%, Gameskraft 2.12%, and Kalaari Capital 6.35%. Founded by Saurabh Pandey and Akshay Dubey, Eloelo offers live games and entertainment with native activities like tambola and antakshari. It features over 50 live games and more than 1,000 daily live streams. The social gaming and live streaming space in India is evolving with platforms like Loco, Rooter, and Turnip in gaming, while Chingari, ShareChat, and Bolo Live expand into live and casual gaming.

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