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Frendy raises Rs 2 Cr in debt from UC Inclusive Credit

EntrackrEntrackr · 1y ago
Frendy raises Rs 2 Cr in debt from UC Inclusive Credit
Medial

Retail tech small format grocery chain Frendy has raised Rs 2 crore or about $239K in a debt round led by UC Inclusive Credit. The startup has collectively raised a total of Rs 42 crore to date including the debt. Frendy’s existing investors include Auxano Capital, AT Capital (Singapore), Desai Ventures, Let’s Venture, MARV Capital (New York), and Metara Ventures (Singapore) The proceeds will be used to fund its central inventory needs to feed its network of Frendy Marts & Micro Kiranas in tier III towns of Gujarat The firm claims to have a revenue of Rs 82 Cr for FY23 and aims to double its sales in the next 12 months as the brand expands its geographical footprint. Founded in 2019 by Sameer Gandotra, Frendy is building a network of modern neighbourhood grocery mini marts for consumers in small towns and villages of India. Ahmedabad-based Frendy currently operates 25 marts and 2,000 micro kiranas across rural Gujarat. It aims to scale it’s business to 100 marts and 3,000 micro kiranas in the next 12 months. Frendy’s marts are also digitally connected to a cluster of micro-kiranas (mom-and-pop stores) and their end customers, allowing Frendy to build a last mile digital commerce bridge to serve a wider range of rural consumers.

SaaS unicorn Icertis to raise $50 Mn

EntrackrEntrackr · 10m ago
SaaS unicorn Icertis to raise $50 Mn
Medial

US-based contract management SaaS firm Icertis is set to raise $50 million in a new funding round, according to a Form D filed with the US Securities and Exchange Commission (SEC). The filing did not disclose the names of the investors. Last year, an ET report indicated that SoftBank was likely to invest in Icertis' new funding round, which might conclude at $150 million. This round follows Icertis' previous $150 million funding in October 2022 consisting of a revolving credit facility and convertible financing from Silicon Valley Bank. Icertis is an enterprise contract management software provider offering AI-powered solutions to enhance risk management, compliance, and efficiency across departments like finance, legal, procurement, and sales. According to startup data intelligence platform TheKredible, Icertis has raised $522 million prior to this round, including both debt and equity, from investors such as Silicon Valley Bank, B Capital, Premji Invest, and others. Icertis became a unicorn in July 2019 after raising $119 million in its Series E round led by Premji Invest. It was last valued at around $5 billion. In India, the company is headquartered in Pune. Icertis Indian entity reported 33% growth in its operating revenue to Rs 863 crore in FY24 from Rs 649 crore in FY23. The company registered Rs 97 crore profit in FY24 compared to Rs 71 crore in the previous fiscal year.

Neobanking platform Kaleidofin raises $5.3 Mn led by IDH Farmfit Fund

EntrackrEntrackr · 8m ago
Neobanking platform Kaleidofin raises $5.3 Mn led by IDH Farmfit Fund
Medial

Neobanking platform Kaleidofin raises $5.3 Mn led by IDH Farmfit Fund The Chennai-based startup had previously raised $13.8 million in September 2024. It is backed by Rabo Partnerships, the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish Ventures. The company has raised $42 million to date. Fintech neobanking platform Kaleidofin has raised $5.3 million (about Rs 44.5 crore) in a new funding round led by the IDH Farmfit Fund. The fresh funds will be used to scale up its lending portfolio as well as expand credit scoring, middleware, and risk services through new partnerships, Kaleidofin said in a press release. Co-founded in 2017 by Sucharita Mukherjee and Puneet Gupta, Kaleidofin is a fintech company that focuses on democratizing finance and providing inclusive financial solutions to underbanked individuals and businesses. It offers a technology platform that combines investments, credit, and insurance, customized to the needs of its customers, and utilizes a "click and brick" approach, integrating both online and offline channels. The company aims to empower everyone with financial services through technology and a network of partners. Kaleidofin aims to reach 600 million underbanked Indians with tailor-made financial solutions. It has developed a tech platform that reduces the cost of providing financial services, making them accessible to customers with very small savings. The platform combines online solutions with a network of partners—such as banks, MFIs, and NGOs—to provide trusted, last-mile connectivity. Kaleidofin states that it works with various partners, including banks, MFIs, NBFCs, and corporations, to expand its reach and offer a wider range of financial services. It utilizes advanced machine learning and suitability engines to offer goal-based financial solutions, catering to different life stages.

Evify brings last-mile delivery to non-metro cities with EV logistics

EntrackrEntrackr · 1y ago
Evify brings last-mile delivery to non-metro cities with EV logistics
Medial

India’s electric vehicle market is set to be worth nearly $114 billion in 2029 with a CAGR of 66.5%, according to a report by Fortune Business Insights. The exponential growth in the EV space comes on the back of the government focus on sustainable mobility, increased VC capital infusion in the industry, and consumers’ wide embrace. Surat-based Evify is one of the relatively new startups that is looking to stand out with its strategy to focus on logistics in non-metro cities. Founded in 2021, Evify has essentially set up a facility where riders can come to their hub, pick up an EV to start deliveries, and return the vehicle at the end of the day. The company takes care of the maintenance of the vehicles. The startup currently operates in Surat and Ahmedabad, and has facilitated 11 lakh deliveries in the last one year. We spoke to the company co-founder and CEO Devrishi Arora to learn more about Evify, the idea behind the logistics EV startup, business model, and more. Here are the edited excerpts. What do you think are the key challenges in the emobility space? Since we come from a non-metro city, where the EV eco system is still at the nascent stage, there is no infrastructure available for the smooth functioning of the vehicles. There’s a scarcity of charging stations, inconveniencing EV users. Secondly, delivery riders lack awareness of EV benefits and savings. Thirdly, high initial EV costs, compounded by elevated RTO charges in states like Gujarat, and a scarcity of repair stations inflate expenses. Fourthly, concerns about EV range and charging infrastructure persist, particularly in Tier II cities with longer distances. Fifthly, limited availability of EVs and components, coupled with inadequate after-sales service, hampers adoption. Lastly, overcoming perceptions of EVs as less reliable requires client confidence, which we foster through pilot projects. How are you using technology to solve these challenges? We have also installed all the vehicles with telematics devices which helps us to geofence the vehicles, remote immobilization, study the rider driving pattern as well as idle time pattern of the riders. This has helped us to have control on our fleet as well as the riders. We have also been creating a full stack tech platform which will help us to study the rider analytics, battery analytics, BMS , IOT data, clients data, vendor data, ancillary industry data, repairs and maintenance, charging stations, etc under one single platform. How has your startup performed since inception? We started in September 2021 with just 30 vehicles and one client in Surat ie. Big Basket. Today, we have close to 500 vehicles servicing six major clients Zomato, Swiggy, Big Basket, Bluedart, Ecom Express, Flipkart in Surat and Ahmedabad. We are also launching our operations in Vadodara soon in the coming months. We have so far raised $1.3 million from GVFl and Piper Serica as the VC investors. The target is to have a fleet of 10,000 vehicles in the coming 2 years spread across 10 cities of Bharat. What are your short-term and long term goals? Our goals for the upcoming year involve expanding our presence in the four major cities of Gujarat and achieving a fleet size of 5,000 vehicles by the end of the next financial year. Additionally, we aim to establish the necessary EV ecosystem in these cities through collaborations with other EV players, fostering synergies, and raising awareness about this segment in Tier II cities. Looking ahead, our broader vision is to evolve into a green logistics service provider. This encompasses implementing green warehousing practices and facilitating first-mile, mid-mile, and last-mile deliveries using electric vehicles. Furthermore, we intend to partner with drop delivery services to offer comprehensive mid-mile delivery solutions to our clients.

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