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Exclusive: Wealthy raises fresh capital from Alpha Wave
Entrackr
·
1y ago
Medial
Wealth management platform Wealthy has raised Rs 45 crore ($5.4 million) in a new round led by Falcon Edge’s Alpha Wave Incubation Fund. This is the first round of investment for the Bengaluru-based company this year. The board at Wealthy has passed a special resolution to issue 47,222 compulsory convertible preference shares at an issue price of Rs 9,556 each to raise Rs 45 crore or $5.4 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Alpha Wave led the round with Rs 20.7 crore while Savrola Lakshmi LLC put in Rs 16.38 crore. Good Capital and other individual investors cumulatively participated with Rs 7.92 crore. According to the filings, Wealthy will use these proceeds for expansion and general working capital purposes. As per startup data intelligence platform TheKredible’s estimates, the company has been valued at around Rs 278 crore or $33.5 million post-money. Wealthy has raised over $16 million to date including $7.5 million Series A funding led by Alpha Wave in early 2022. It looks like an ongoing round and the company may raise more capital. Founded in 2015, Wealthy offers investment management and tracking tools to retail investors. It also provides advisory and access to wealth management professionals. According to its website, the firm has facilitated over Rs 4,500 crore of investments through its marketplace. Following the fresh proceeds, existing backer Alpha Wave remains the largest external stakeholder with 24.16% followed by Good Capital which holds 9.69%. Its co-founders Aditya Agarwal and Prashant Gupta jointly command 36.64% of the company. Head to TheKredible for the complete shareholding pattern. Wealthy bled profusely in FY23 as its losses blew 8X to Rs 24 crore while its revenue grew 57.2% to Rs 11.82 crore during the same period. The company is yet to disclose its financial numbers for FY24. It competes with a clutch of wealthtech platforms including Stable Money, Deserv, Cube Wealth and many others.
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Grapevine: Alpha Wave bids for stake in VLCC; Yulu Bikes eyes fresh funds
VCCircle
·
12m ago
Medial
US private equity firm Alpha Wave Global has made a binding bid to acquire a 25% stake in VLCC Healthcare, a wellness company based in New Delhi. If successful, the deal could value VLCC at $600-700 million. Alpha Wave's bid includes the possibility of injecting fresh capital into the company. In another development, Indian bicycle-sharing platform Yulu Bikes is reportedly seeking new funds.
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Alpha Wave is new face in VLCC's beauty parade
Livemint
·
12m ago
Medial
US private equity firm Alpha Wave Global has reportedly submitted a binding bid to acquire a 25% stake in wellness company VLCC Healthcare. The deal, which could value VLCC at $600-700m, is conditional on the company meeting specific milestones and is expected to be completed in the next financial year. Alpha Wave would also provide fresh capital to the company. VLCC is majority-owned by Carlyle Group, which acquired a majority stake in the firm for $300m in January 2023. Other firms, including TPG, were previously in talks to purchase a stake in VLCC.
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Ultrahuman raises $35 Mn in Series B round
Entrackr
·
1y ago
Medial
Wearable tech startup Ultrahuman has raised $35 million in a mix of debt and equity in its Series B round from Blume Ventures, Steadview Capital, Nexus Venture Partners, and Alpha Wave. The fresh investment also saw participation from Zomato’s founder and chief executive Deepinder Goyal. Post this, Ultrahuman has secured around a total of $60 million, including the $17.5 million Series A financing led by Alpha Wave in 2021. Entrackr had exclusively reported the fundraise then. Ultrahuman will use the fresh proceeds to build further manufacturing capacity and deeper research in health tracking, the company said in a press release. Started by Mohit Kumar and Vatsal Singhal, Ultrahuman is a self-quantification platform that provides smart ring called Ring Air, glucose monitoring wearable M1 Live, and blood testing product called Blood Vision, among others. For the uninitiated, Kumar and Singhal were also co-founders of Runnr, which later merged with Zomato in September 2017. According to Ultrahuman, it became the second-largest player in the smart ring market while maintaining profitability in the last 12 months. The company also grew rapidly and expanded into over 150 retail outlets worldwide, including locations like London’s Selfridges on Oxford Street, Changi airport in Singapore, and the Virgin megastore in Dubai. Ultrahuman registered a fourfold growth to Rs 30 crore in FY23 from Rs 7.38 crore in FY22. According to the startup data intelligence platform TheKredible, the firm witnessed a 20.3% increase in its losses to Rs 71 crore in the same period. As of Series A round, Nexus was the largest external stakeholder in Ultrahuman with 20.12% shares followed by Alpha Wave and Blume with 11.14% and 8.89% stakes, respectively. Its co-founders Mohit Kumar and Vatsal Sinhgal hold 38.27% of the company. Check TheKredible for more details. Globally, Ultrahuman competes with the likes of Levels Health, Super Sapiens and Oura.
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Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round
Entrackr
·
1y ago
Medial
Wealthtech startup Stable Money has raised over Rs 123 crore nearly $15 million in a new round from RTP Capital, Lightspeed India, and Matrix Partner. The Bengaluru-based company has become one of the few startups to close two rounds within a year, especially during the so called funding winter. The board at Stable Money has passed a special resolution to issue 77,135 CCPS at price of Rs 16,019 each to raise Rs 123.56 crore or $14.74 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. RTP Capital led the round with Rs 54.26 crore ($6.5 million) while Lightspeed India and Matrix Partners India pumped in Rs 34.64 crore ($4.15 million) each in this round. In August 2023, Stable Money scooped up $5 million in its first equity fundraise led by Matrix Partners and Lightspeed. Titan Capital, Mar Shot Ventures and a clutch of prominent angel investors also participated in the round. As per startup data intelligence platform TheKredible, Stable Money will be valued at around $60 million post money. This is nearly four fold jump in valuation from $16.5 million in the last round. Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is building a fixed-return investment platform to provide financial consultation services to investors. The platform will also publish financial literacy content on its online platform to create awareness among investors. A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. Recently Deserv raked in $32 million in its Series B round led by Premji Invest. In May, wealth management platform Wealthy raised $5.4 million in a new round led by Alpha Wave Incubation Fund.
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Swiggy files updated prospectus, to raise Rs 3,750 crore
Economic Times
·
10m ago
Medial
Food delivery company Swiggy has submitted an updated prospectus for its initial public offering (IPO), consisting of a fresh capital raise of Rs 3,750 crore and an offer for sale of 185.3 million shares. The IPO has received approval from the Securities and Exchange Board of India. Investors such as Prosus, Accel, Norwest Venture Partners, Tencent, Elevation Capital, and Alpha Wave Global will sell part of their stakes in the IPO, while SoftBank will not be selling any shares.
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CCI clears Manipal Group's stake purchase in Aakash, Bain Capital's deal with Manappuram Finance
Economic Times
·
1m ago
Medial
The Competition Commission of India (CCI) approved several transactions including Bain Capital's stake acquisition in Manappuram Finance and Asset Finance. Additionally, it approved the Manipal Group's purchase of a stake in Aakash Educational Services from its founder. Haldiram Snacks Food also saw less than a 10% stake acquisition by Alpha Wave Ventures. These approvals reflect growing investment activities in India, involving significant stakeholders like Bain Capital, Manipal Group, and Alpha Wave Global in diverse sectors.
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Wealthy’s revenue shots up over 2X with sound economics
Entrackr
·
10m ago
Medial
Wealthtech platform Wealthy has grown over two-fold in the fiscal year ending March 2024. Moreover, the Bengaluru-based startup also brought down losses by one-fourth in FY24 as compared to FY23. Wealthy’s revenue from operations increased 2.3X to Rs 8.94 crore in FY24, its consolidated financial statement with the RoC shows. Wealthy provides investment management and tracking tools for retail investors, along with advisory services. It claims to have facilitated over Rs 4,500 crore of investments through its platform, with income from service sales as its sole source of operating revenue. Looking at expenses, employee benefits accounted for 50% of Wealthy’s total costs, decreasing by 21% to Rs 13 crore in FY24. Depreciation made up 20% of the cost and doubled in FY24. Commissions paid to vendors represented 11% of expenses, while marketing accounted for 5.2%. Overall, its total costs decreased by 5.6% to Rs 25.7 crore in FY24. The Good Capital-backed firm reported a loss of Rs 16.75 crore in FY24, down by 25%. Its ROCE stood at -33.06%, and EBITDA margin at -60.64%. Wealthy spent Rs 3.03 to generate a rupee in operating income. FY23-FY24 FY23 FY24 EBITDA Margin -392.09% -128.64% Expense/₹ of Op Revenue ₹7.63 ₹3.03 ROCE -60.64% -33.06% Wealthy has raised a total of Rs 117.27 crore including Rs 45 crore in Series B round led by Falcon Edge’s Alpha Wave Incubation Fund. According to startup data intelligence platform TheKredible, Alpha Wave is the largest stakeholder with close to 23% as of the firm’s Series A round. Wealthtech in India is experiencing significant growth, with startups raising over $200 million in the past year, as reported by TheKredible. Leading the way is Peak XV-backed Neo, which secured $48 million. Mumbai’s Dezerv followed with $32 million in Series B funding, while Singapore’s Syfe raised $27 million from its tech hub in Gurugram. Other noteworthy fundraisers include Stable Money, Fisdom, InvestorAi, Wealthy, Powder, Infynite Club, and Vijya Fintech.
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CCI approves acquisition of certain issued and paid-up equity share capital of Haldiram
Economic Times
·
1m ago
Medial
The Competition Commission of India (CCI) has approved the acquisition of certain shares of Haldiram Snacks Food Private Limited by Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP. This approval follows Haldiram's announcement of selling a stake to International Holding Company (IHC) and Alpha Wave Global. Temasek, a Singapore-based investment firm, previously acquired a minority stake in Haldiram. Alpha Wave focuses on private equity, private credit, and public markets, while UAE's IHC is a leading investment firm.
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Multiples, Alpha Wave, VLCC, 360 One WAM, LEAD Group, NTPC, and Arohan in news
VCCircle
·
9m ago
Medial
Grapevine: Multiples Alternate Asset Management and Alpha Wave Global are making moves in the Indian market, while VLCC, 360 One WAM, LEAD Group, NTPC, and Arohan are also making headlines. Multiples and SHV Energy are looking to sell their stake in Indian assets, and Alpha Wave Global is in talks to acquire a stake in a beauty and wellness company. Meanwhile, LEAD Group and 360 One WAM plan to raise capital.
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KKR-backed Advanta Enterprises adds Alpha Wave to its cap table
VCCircle
·
8m ago
Medial
Alpha Wave Global, a US-based private equity firm, will acquire a 12.5% stake in Advanta Enterprises for $350 million. The investment will be made through a combination of primary and secondary share purchases. This comes after KKR made a $300 million investment in Advanta in 2022. Alpha Wave's capital infusion will support Advanta's organic and inorganic growth. UPL, the parent company of Advanta, will sell 8.93% of its stake to Alpha Wave to reduce its balance sheet leverage. Advanta is a hybrid seeds company engaged in plant genetic research and development.
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