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Exclusive: Vedantu raises debt from Stride Ventures, completes acquisition of Pedagogy

EntrackrEntrackr · 10m ago
Exclusive: Vedantu raises debt from Stride Ventures, completes acquisition of Pedagogy
Medial

Edtech unicorn Vedantu has raised Rs 19.25 crore or $2.3 million in debt and equity capital from Stride Ventures. This is likely the first infusion of funds for the Bengaluru-based company since its $100 million round, which valued it at around $1.1 billion. Vedantu has raised Rs 19.25 Cr from Stride Ventures Debt Fund II, its regulatory filings sourced from the Registrar of Companies show. The firm’s board passed a resolution to allot 1,750 non-convertible debentures to raise Rs 17.5 crore and Rs 1.75 crore in the form of equity. While the raised amount is not substantial, it will extend the runway for Vedantu which is cruising through a tough time like any other edtechs. As of March 2023, the company had a net current asset of Rs 299 crore, including cash and bank balances of Rs 39 crore, as per TheKredible. Not only Vedantu, but Unacademy, Cuemath, and Classplus have also struggled to raise any capital in the past couple of years. Additionally, Vedantu has proposed to completely acquire the Ahmedabad-based Pedagogy by acquiring the remaining 9.32% stake in the company in a share swap deal. Following the deal, Vedantu is issuing 87,198 equity shares worth Rs 1.53 crore, to Archin Shah and Ritesh Gandhi – Co-founders of Pedagogy. The company bought stakes in Pedagogy in July 2021 which was exclusively reported by Entrackr. Pedagogy allows its users access to popular books and digital courses from trusted publishers and coaching centres across the country for JEE, NEET, NET, CTET and other entrance exams. On the lines of other edtechs, Vedantu also entered into an offline fray by partnering with Vignan Institute, and launched six learning centres for higher secondary schools in Andhra Pradesh and Telangana. While the company is yet to disclose FY24 numbers, Vedantu’s revenue from operations slipped 7.8% to Rs 153 crore in FY23. According to startup data intelligence platform TheKredible, the Tiger Global-backed company narrowed down losses by 46.4% to Rs 373 crore in FY23.

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Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
Medial

Ather Energy has continued to raise debt funding before its potential public listing. The Bengaluru-based company has raised Rs 60 crore (over $7 million) in debt from Stride Ventures through its trustee Vistra ITCL. This is the second debt infusion in the electric scooter manufacturer in the past two months. Stride Ventures invested Rs 200 crore via debentures in May. Entrackr had exclusively reported the fundraise which also had equity investment from co-founders. While Ather IPO timeline is yet to be known, it took a definitive step towards public listing by converting itself into a public company in June. Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake. Following a four-fold growth during FY23, Ather’s revenue from operations decreased slightly to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by Hero Moto Corp. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. Ather maintained its position as the fourth largest two-wheeler EV manufacturer with 6,097 units sold in June 2024 and a market share of 7.66%, according to Vahan data. Its arch rival Ola Electric stayed on top with sales of 36,716 units, controlling a market share of 44%. The company recently said that it will set up its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will produce electric two-wheelers as well as battery packs.

Wow! Momo raises Rs 85 Cr in debt from Stride Ventures

EntrackrEntrackr · 1m ago
Wow! Momo raises Rs 85 Cr in debt from Stride Ventures
Medial

Wow! Momo raises Rs 85 Cr in debt from Stride Ventures Quick-service restaurant chain Wow! Momo Foods has raised Rs 85 crore (around $10 million) in debt funding from Stride Ventures. The proceeds will be used to refinance existing loans and drive expansion across its QSR and FMCG verticals. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets in 70 cities, and owns brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. “This support from Stride Ventures will help us scale new heights and introduce more formats to reach wider audiences,” said Sagar Daryani, Co-founder & CEO of Wow! Momo. The company plans to scale its FMCG business to Rs 100 crore, grow its HORECA division, and expand to 1,500 stores across 100 cities in the next three years. As per TheKredible, Wow! Momo’s revenue from operations grew to Rs 470 crore in FY24 from Rs 413 crore in FY23. It maintained steady losses at Rs 114 crore in FY24.

Exclusive: InMobi’s Glance set to raise Rs 200 Cr debt

EntrackrEntrackr · 5m ago
Exclusive: InMobi’s Glance set to raise Rs 200 Cr debt
Medial

Glance, a mobile-first content platform, is raising Rs 200 crore (around $23 million) in debt from Stride Ventures. This marks its first debt financing and the first fund infusion in three years, following its $200 million Series D round from Jio Platforms in February 2022. The company’s board has passed a special resolution to issue 20,000 non-convertible debentures to Stride Ventures at an issue price of Rs 1,00,000 each to raise Rs 200 crore, according to its regulatory filing accessed from the Registrar of Companies. The Singapore-incorporated company will utilize the proceeds for growth, expansion, and general corporate activities, as per filings. Glance is a mobile-first content platform that powers Glance Lock Screen, offering content and ads directly on mobile lock screens. Its Home Screen feature lets users personalize displays with news, movies, sports, travel, and games, among others. According to startup data intelligence platform TheKredible, Glance has raised a total of $390 million in equity funding from investors, including Reliance-owned Jio Platforms, Google, and Mithril. Glance reported a nearly 90% surge in operating revenue to Rs 600 crore in FY24 while incurring a loss of Rs 929 crore. Glance became a unicorn in December 2020 after raising $145 million from Google and US-based VC Mithril. The company was reportedly in talks to secure $250 million, led by Google. In 2023, Glance’s parent company, InMobi, raised $100 million in debt financing from MARS Growth Capital, a joint venture between MUFG and Liquidity Group.

Exclusive: HyugaLife’s parent Pratech Brands raises $6.3 Mn in Seed round

EntrackrEntrackr · 1y ago
Exclusive: HyugaLife’s parent Pratech Brands raises $6.3 Mn in Seed round
Medial

Pratech Brands, a digital-first retailer and parent entity of HyugaLife, has raised Rs 52 crore or $6.3 million in a seed funding round led by Spring Marketing Capital and Stride Ventures. The round also saw participation from Peak XV Partners’ Surge Ventures among others. The board at Pratech Brands has passed a special resolution to issue 21,77,817 Seed compulsory convertible preference shares (Seed CCPS) at an issue price of Rs 168.15 each for a consideration of Rs 36.62 crore or $4.4 million. In a separate resolution, the company also issued 29,735 partly paid CCPS at Rs 168.15 per share and 1,500 non-convertible debentures (NCDs) Rs 1,00,000 each to Stride Ventures to raise Rs 15.5 crore, the company’s regulatory filings with the Registrar of Companies show. Stride Venture and Spring Marketing Capital led the funding round with Rs 15.5 crore and Rs 12.5 crore investments, respectively. This was followed by Surge Ventures which infused Rs 10 crore. Oorumane Mercantile, Patni Wealth Advisors, Eco Power Systems, AS Desaai Consultants, AMD Consultancy Services and individuals namely Nihir Parikh, Dhaval Parikh, Sandhya Shah, Rohan Mehta, Suhagi Parikh, Nimish Shah, Prakash Shah, Nitesh Jha, Simraan Teckchandani, Priya Ujgaonkar and Karan Jindal invested the remaining sum. As per startup intelligence platform TheKredible’s estimates, Pratech Brands has been valued at around Rs 160 crore or a little over $19 million. To date, the company has raised around $9.3 million. Note: The information is based on the three separate regulatory filings filed in June, October and December 2023. Pratech Brands is a tech-first house of brands that focuses on products relating to home and health by uncovering consumer needs and building consumer brands. Its health and wellness brand HyugaLife recently raised $1 million from Stride Ventures, and Getvantage in January. The brand is also backed by Indian cricketer K L Rahul and actress Katrina Kaif. For context, HyugaLife operates under Hyuga Health & Wellness Private Limited and Hyuga Ecommerce Ventures Private Limited, the both entities are subsidiaries of Pratech Brands Private Limited. Additionally, Pratech Brands also owns Neesan Ventures and a natural healthcare brand for female hormones, Inaari. Following the fresh capital infusion, promoters of the company Neehar Modi, Sandhya Shah, Sachin Parikh, Shruti Parikh and Anvi Shah collectively own over 52% of the company. Surge Ventures owns an 18.6% stake while Spring Marketing Capital has a 9.4% stake in the company. For the complete shareholding pattern, click here. Pratech Brands’ revenue from operations grew to Rs 4.87 crore in FY23 from Rs 1.71 lakh in FY22. As per TheKredible, the company’s losses soared to Rs 25.39 crore during FY23 as compared to Rs 99 lakh in FY22.

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