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Wishlink raises $7 Mn from Fundamentum and Elevation

EntrackrEntrackr · 1y ago
Wishlink raises $7 Mn from Fundamentum and Elevation
Medial

Creator-focused commerce startup Wishlink has raised $7 million from The Fundamentum Partnership Fund and Elevation Capital. The fresh investment has come after a gap of 15 months for the Bengaluru-based company. The board at Wishlink has passed a special resolution to issue 12,945 Series A CCPS at an issue price of Rs 44,882 each to raise Rs 58.1 crore, its regulatory filing accessed from the Registrar of Companies shows. According to the startup data intelligence platform TheKredible, the company has been valued at around $30 million (post-allotment). Entrackr was the first to report about this round in November 2023. Including this, the company has raised over $10 million to date. Following the fresh proceeds, Elevation Capital became the largest external stakeholder with 22.93% followed by The Fundamentum Partnership Fund which commands 13.55% of the company. Founded by Chandan Yadav, Shaurya Gupta, and Divyansh Ameta, Wishlink enables creators across social media platforms to drive commerce for brands via their personalized multi-brand storefronts. The platform has created a tech stack to drive creators from social media to brands’ websites, helping them acquire customers. It claims to help over 60 brands like H&M, Westside, Faballey, Indya, Aurelia, Wrogn, Libas, GOAT Brand Labs, Amazon and Flipkart et al. Wishlink closed its seed round of $3 million in October 2022 led by Elevation Capital and several high-profile angels including Vidit Aatrey, Sanjeev Barnwal, Rahul Chaudhary, Ankush Sachdeva, and Ghazal Alagh. During the fiscal ending March 2023, Wishlink posted a revenue of Rs 1.42 crore while its losses stood at Rs 6.67 crore. It directly or indirectly competes with Peepul Tree, HYPD Store, and Redesyn, among others.

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FlexiLoans raises $35 Mn from Accion, Fundamentum, and others

EntrackrEntrackr · 9m ago
FlexiLoans raises $35 Mn from Accion, Fundamentum, and others
Medial

MSMEs-focused fintech lender FlexiLoans has raised Rs 290 crore approximately $35 million in its series C round led by global investors Accion, Nuveen (the investment manager of TIAA), and Fundamentum, along with existing backer Maj Invest. The Mumbai-based NBFC-fintech company will use these proceeds to scale its operations, broaden its product portfolio, and boost its technological infrastructure. Flexi loan also raised a total of $16 million in debt this year i.e. $9 million from JM Financial in August and $7 million from Vivtri AMC. Entrackr exclusively reported both the developments. Founded by Deepak Jain, Manish Lunia, Ritesh Jain and Abhishek Kothari, FlexiLoans provides MSMEs access to collateral-free funds through its digital lending platform. The company uses proprietary technology and risk models to score customers and approve loans within 48 hours. The company has disbursed over Rs 7,000 crore in loans mostly to small and medium businesses to date. FlexiLoans covers more than 2000 cities and has partnerships with over 400 partners. FlexiLoans has secured over Rs 2,500 crore in debt and equity financing to date, including a $90 million Series B round, which was a combination of debt and equity led by Fasanara Capital, MAJ Invest, and the family office of Caravel Group chairman Harry Banga, alongside existing investors such as Sanjay Nayar. The Fundamentum-backed company demonstrated a robust financial standing with a 2.4X year-on-year growth to Rs 262 crore in the previous fiscal year (FY24) from Rs 108.5 crore in FY23. However, in pursuit of growth, the profits of the company declined by 50% to Rs 3.3 crore in the same period.

Apna Mart raises $25 Mn led by Fundamentum and Accel

EntrackrEntrackr · 3m ago
Apna Mart raises $25 Mn led by Fundamentum and Accel
Medial

Exclusive: Apna Mart raises $25 Mn led by Fundamentum and Accel Founded by Abhishek Singh and Chetan Garg, Apna Mart guarantees grocery and FMCG deliveries within 15 minutes, in addition to its brick-and-mortar stores. Apna Mart, a franchise-driven omnichannel grocery and FMCG chain, has raised Rs 214.5 crore (approximately $25 million) in equity and debt led by Fundamentum Partnership Fund and Accel with the participation of existing investors. The board at Apna Mart has passed a special resolution to issue 6,342 Series B compulsory convertible preference shares at an issue price of Rs 2,78,402 to raise Rs 176.5 crore or $20.5 million and 3,800 debentures for Rs 38 crore or $4.5 crore, its regulatory filings sourced from the Registrar of Companies (RoC) show. Fundamentum Partnership Fund is leading the round with Rs 84 crore while Accel India, Peak XV, and Sparrow Capital will invest Rs 60.88 crore, Rs 17.4 crore, and Rs 4 crore, respectively. 2 AM Ventures, Disruptors Capital, and Alteria will invest the rest of the amount. Entrackr estimates Apna Mart's post-allotment valuation at approximately Rs 738 crore ($87 million), an 81% jump from its previous funding round. Founded by Abhishek Singh and Chetan Garg, Apna Mart guarantees grocery and FMCG deliveries within 15 minutes, in addition to its brick-and-mortar stores. Operating across 14 cities—including Ranchi, Hazaribagh, and Bilaspur—the firm utilizes a franchise model to ensure operational efficiency. According to startup data intelligence platform TheKredible, Apna Mart has raised approximately $40 million across multiple funding rounds. Following the latest investment, Accel India remains the largest external stakeholder with a 20.91% stake, followed by Peak XV at 13.06% and Fundamentum at 11.39%. The Bengaluru-based firm recorded an 85.6% year-on-year growth to Rs 59.6 crore of revenue during the previous fiscal year ended March 2024. In pursuit of growth, the losses for the firm also grew 51.4% to Rs 33 crore in the same period. Apna Mart has been working to crack the grocery model through a franchise-led approach with a strong online touch. The company is scaling steadily with solid backing from investors, including Nandan Nilekani’s Fundamentum and Accel, which has doubled down on its investment. Apna Mart certainly seems to be a company to watch in the grocery category for the long haul—a space currently dominated by quick commerce players like Blinkit, Swiggy Instamart, and Zepto.

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