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Apna Mart raises $25 Mn led by Fundamentum and Accel

EntrackrEntrackr · 8m 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.

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

EntrackrEntrackr · 1y 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.

Exclusive: Manufacturing startup Whizzo to raise $11 Mn at 3.5x valuation jump

EntrackrEntrackr · 3d ago
Exclusive: Manufacturing startup Whizzo to raise $11 Mn at 3.5x valuation jump
Medial

Whizzo, a materials science manufacturing company, has begun its Series A round by raising Rs 97.36 crore ($11 million), led by The Fundamentum Partnership with participation from existing investors Lightspeed India and BEENEXT. This is the company’s second fundraise in 2025. It previously secured $4.2 million in its seed round from Lightspeed and BEENEXT in January. The board at Whizzo passed a resolution to approve the issue of 60,317 Series A compulsory convertible preference shares (CCPS) at an issue price of Rs 16,140 each to raise the above-mentioned amount, as per its filing from Registrar of Companies (RoC). New investor, The Fundamentum Partnership will lead the round with a Rs 70 crore investment, while existing backers Lightspeed and BEENEXT will invest Rs 19 crore and Rs 8.3 crore respectively. According to the filing, the funds will be used for capital expenditure, marketing, working capital needs, and general corporate purposes. According to Entrackr’s analysis, Whizzo’s valuation is set to rise nearly 3.5x to Rs 435 crore ($49.4 million) post-money from about Rs 125 crore in its $4.2 million seed round. Founded in 2024 by former Zetwerk executive Shrestha Kukreja, Whizzo develops proprietary textile blends, including cellulosic and polymer based fibers, tailored for diverse industry applications and faster time to market. According to startup data platform TheKredible, Lightspeed India will remain the largest external shareholder with a 19.5% stake after the latest infusion. The Fundamentum Partnership will hold 16.11%, while BEENEXT will own 8.48%. Founder Shrestha Kukreja will retain 48.22% ownership, and the company has an ESOP pool of 7.52%. The one-year-old company is yet to disclose its financials for the fiscal year ended March 2025.

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