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Zomato-backed AdOnMo raises $7 Mn

EntrackrEntrackr · 1y ago
Zomato-backed AdOnMo raises $7 Mn
Medial

Ad-tech firm AdOnMo has raised Rs 58.21 crore (around $7 million) in its Series B1 round. This is the first major infusion in the Hyderabad-based company after its Series A round led by Zomato last year. The board at AdOnMo has passed a special resolution to issue 36 equity and 4,156 CCPS at an issue price of Rs 1,38,850 each to raise Rs 58.21 crore or $7 million, its regulatory filing with the RoC shows. Healthcare veteran Ravindranath Kancherla and his son Kancherla Pruthvinath injected Rs 16.6 crore while Qatar Insurance Company and ZNL Growth (Z Nation Lab) pumped in Rs 8 crore and Rs 1.80 crore, respectively. Three dozen individual investors including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy also invested in AdOnMo’s Series B round. The company will use these investments for business expansion and to meet working capital requirements, according to the filing. According to the startup data intelligence platform TheKredible, AdOnMo has been valued at around Rs 858 crore or $105 million (post-money). During the ongoing fiscal year, the company also raised Rs 20 crore in debt from Northern Arc and Alteria Capital. Founded in 2016 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo is an ad-tech company which provides targeted digital advertising to outdoor digital screens (residential & corporate parks) across 21 cities. As of now, the company has raised around $25 million across rounds including its $15 million round led by Zomato last year. Before this round, Zomato was the largest external stakeholder with a 17.49% stake followed by BAce Capital and Astarc Ventures. AdOnMo grew at a rapid clip in the last fiscal year as its revenue from operations surged four-fold to Rs 75 crore in FY23. Meanwhile, the company’s losses stood at Rs 38 crore in the same period.

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Byondnxt secures fresh funding, Zomato stake reduced to 6%

EntrackrEntrackr · 7m ago
Byondnxt secures fresh funding, Zomato stake reduced to 6%
Medial

Byondnxt, which operates the kitchen appliances brand Beyond Appliances, has secured additional funding from a group of new investors. Zomato, which recently acquired an 8% stake in the Bengaluru-based startup, did not participate in this latest funding round. In a stock exchange filing on Sunday, Zomato said that the fundraising was completed on November 30, and the Deepinder Goyal-led company’s shareholding in Byondnxt reduced to 6% on a fully diluted basis. In October, Zomato acquired an 8% stake in Byondnxt for about Rs 6,000. Byondnxt, founded by Eshwar Vikas, who also founded Mukunda Foods, is a direct-to-consumer (D2C) brand specializing in the design and manufacturing of kitchen appliances. In March 2022, Zomato invested $5 million to acquire a 16.66% stake in Mukunda Foods, a company that supplies smart kitchen equipment to business-to-business (B2B) clients. Rakesh Patil is the other co-founder and chief technology officer (CTO) of Beyond Appliances. This is the second funding round for a Zomato-backed company in the past three months. In September, adtech startup AdOnMo raised $25 million in a funding round led by the Singapore-based venture capital (VC) firm Rigel Capital and Indonesia-based Sinar Mas. Meanwhile, Zomato chief Goyal also incorporated a new venture named Continue, which will focus on health tracking and mental wellness. Zomato Limited recently raised Rs 8,500 crore (around $1 billion) through a Qualified Institutions Placement (QIP) of equity shares.

D2C brand Zouk raises $10 Mn led by Aavishkaar Capital

EntrackrEntrackr · 8m ago
D2C brand Zouk raises $10 Mn led by Aavishkaar Capital
Medial

Zouk, a direct-to-consumer bags and luggage brand, has raised $10 million in its Series B funding round, led by Aavishkaar Group. This round also saw participation from Stellaris Venture Partners, Titan Capital, Sharrp Ventures, and the JJ Family, bringing Zouk’s total funding to $14.5 million. Entrackr reported on October 7 about Zouk's new funding round. With the fresh capital, Zouk will focus on expanding its network of exclusive brand outlets, aiming for a total of 75 stores. The firm also plans to enhance its marketing efforts and supply chain while investing in talent across various verticals. Founded in 2015 by Disha Singh and Pradeep Krishnakumar, Zouk specializes in handmade products, including laptop bags, tote handbags, sling bags, and wallets, all crafted from 100% vegan leather sourced in India. With over 700,000 customers served, the startup is also venturing into the luggage segment with new backpacks and trolley bags, anticipating strong growth in this area. Sources indicate that Zouk will be valued in the range of $50 million (approximately Rs 400 crore). According to the startup data intelligence platform TheKredible, the Mumbai-based startup was valued at around $7 million during its last round. At the time of the last funding round, co-founders Disha Singh and Pradeep Krishnakumar each held a 31% stake in the company, while Stellaris was the largest external shareholder with a 19.63% stake. For the fiscal year ending in March 2023, Zouk reported a revenue of Rs 47.41 crore, up from Rs 21.82 crore in FY22. However, the company’s losses increased to Rs 10.55 crore, compared to Rs 77 lakh in the previous year. Zouk has yet to file its numbers for FY24. Lead investor Aavishkaar Capital has previously backed several startups, including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace.

Stock Radar: Hero MotoCorp, Premier Energies, Sun Pharma, Afcons Infrastructure, Zen Technologies in focus on Monday

Money ControlMoney Control · 8m ago
Stock Radar: Hero MotoCorp, Premier Energies, Sun Pharma, Afcons Infrastructure, Zen Technologies in focus on Monday
Medial

Today's stock market news includes upcoming quarterly earnings announcements from various companies such as ABB India, Bata India, and Sun Pharma Advanced Research Company. Other notable events include Hero MotoCorp's increased monthly auto sales, Premier Energies receiving multiple orders totaling Rs 560 crore, and the US District Court of New Jersey delaying the launch of Sun Pharma's Leqselvi due to patent infringement. Lokesh Machines has addressed media reports regarding US sanctions, while Zydus Wellness announced the resignation of their Chief Digital Excellence Officer. Additionally, Adonmo has raised capital, resulting in a decreased stake for Zomato. Rushil Decor will undergo a planned shutdown for maintenance purposes, and Afcons Infrastructure is set to be listed on the mainboard.

Vivriti Asset Management raises $20 Mn from Development Bank of Austria

EntrackrEntrackr · 2m ago
Vivriti Asset Management raises $20 Mn from Development Bank of Austria
Medial

Vivriti Asset Management raises $20 Mn from Development Bank of Austria Launched in March 2023, VIRAF is the country’s first asset-backed securitization (ABS) fund. It aims to boost funding for small loans to micro and small businesses, especially those led by women. Vivriti Asset Management, a credit investment strategies platform, has secured an additional $20 million in senior debt commitments for its Vivriti India Retail Assets Fund (VIRAF) from the Development Bank of Austria (OeEB). The latest investment from OeEB raises total commitments in VIRAF to $165 million, moving it closer to its $250 million target. Launched in March 2023, VIRAF is the country’s first asset-backed securitization (ABS) fund. It aims to boost funding for small loans to micro and small businesses, especially those led by women. The platform focuses on investing in asset-backed securities that are backed by granular retail and MSME loans, thereby supporting NBFCs and other financial institutions serving underserved borrower segments. As of March 2025, VIRAF has grown its assets under management (AUM) to around $140 million. Since launch, it has disbursed $200 million through 25 NBFCs, reaching over 350,000 individuals and 100,000 MSMEs — with more than 75% of the beneficiaries being women. Over the next ten years, VAM plans to invest over $1 billion in retail ABS. OeEB supports impact investments in developing countries by financing private sector projects that foster sustainable economic growth, particularly in green finance, SME development, and financial inclusion.

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

EntrackrEntrackr · 10m 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.

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