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FinBox raises $40 Mn in Series B round led by WestBridge

EntrackrEntrackr ยท 13h ago
FinBox raises $40 Mn in Series B round led by WestBridge
Medial

FinBox, a credit infrastructure fintech, has raised $40 million in a Series B round led by WestBridge Capital, with participation from existing investors A91 Partners and Aditya Birla Ventures. The funding round also included $5 million in secondary to provide partial exits to early investors. Earlier in June 2022, it had raised $15 million in a Series A round led by A91 Partners. The company also counts Flipkart among its early backers. The Bengaluru-based company will use the funds to accelerate product innovation, fuel international expansion, and deepen its AI-driven credit intelligence stack. Founded in 2017 by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar, FinBox builds B2B credit infrastructure for banks, NBFCs, and fintechs. Its modular platform powers digital loan origination, underwriting, fraud detection, and embedded lending. FinBox is betting big on Sentinel BRE (its AI-native digital lending platform), Partnership Lending Stack (Prism), and fraud intelligence products, while strengthening its BankConnect, DeviceConnect, and KYC API suite. Currently, more than 130 large clients use its solutions, including HDFC Bank, Kotak Mahindra Bank, Aditya Birla Capital, Tata Capital, and Poonawalla Fincorp. As per TheKredible, FinBox grew its revenue by 47% in FY24 to Rs 53 crore, but its losses also rose to about Rs 34 crore. The firm has yet to file FY25 results. Since inception, it has processed more than $9 billion in loan applications. The company claims to be growing 100% year-on-year across product lines. It competes with players like Perfios, Signzy, and Fibe.

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Otipy raises $2 Mn in venture debt from Nuvama

EntrackrEntrackr ยท 6m ago
Otipy raises $2 Mn in venture debt from Nuvama
Medial

Otipy, a farm-to-fork company, has raised $2 million in venture debt from Nuvama Asset Management Limited. This raise comes ahead of its $10 million equity round as reported by Entrackr earlier. Otipy will use these funds for general corporate purposes. Otipy operates a farm-to-fork delivery model by procuring directly from farmers and delivering fresh produce to consumers every morning. Currently, it operates in Delhi-NCR and Mumbai, with plans to launch in Hyderabad, Bengaluru, and Chennai. The Varun Khurana-led company has raised $46 million to date, including its $32 million Series B round led by Westbridge Capital in 2022. According to the startup data intelligence platform TheKredible, SIG Global is the largest external stakeholder in the firm, followed by WestBridge Capital. Recently, Otipy introduced electric carts in Gurugram as part of a pilot project to sell fruits and vegetables offline. The firm plans to organize the pushcarts through a franchise model and expand its services to other cities, including Mumbai. For the fiscal year ending in March 2024 (FY24), Otipy claims to register Rs 175 crore in topline.

Eloelo kicks off Series B round with $13 Mn

EntrackrEntrackr ยท 5m ago
Eloelo kicks off Series B round with $13 Mn
Medial

Social gaming and live streaming platform Eloelo is raising Rs 114 crore (approximately $13 million) in its Series B round led by Play Ventures Investments with participation from Gameskarft Technologies, Kalaari Capital, and WestBridge Capital. The board has passed a resolution to issue 1,696 Series B compulsory convertible preferred shares at Rs 6,73,997 each to raise the funds, according to a regulatory filing. Play Ventures is investing Rs 34.7 crore, Gameskraft Technologies Rs 21.7 crore, WestBridge Capital Rs 8.7 crore, and Kalaari Capital Rs 13 crore. Additional investments are being made by Countryside Ventures, Rocket Capital, MIXI Global, and Veenita and Vinay Mittal. Eloelo has raised over $50 million to date, including a $22 million pre-series B round co-led by Courtside Ventures and Griffin Gaming Partners. Post-transaction, Play Ventures will hold 3.38%, Countryside Ventures 4.46%, Gameskraft 2.12%, and Kalaari Capital 6.35%. Founded by Saurabh Pandey and Akshay Dubey, Eloelo offers live games and entertainment with native activities like tambola and antakshari. It features over 50 live games and more than 1,000 daily live streams. The social gaming and live streaming space in India is evolving with platforms like Loco, Rooter, and Turnip in gaming, while Chingari, ShareChat, and Bolo Live expand into live and casual gaming.

Farmley raises $40 Mn in Series C round led by L Catterton

EntrackrEntrackr ยท 4m ago
Farmley raises $40 Mn in Series C round led by L Catterton
Medial

Farmley raises $40 Mn in Series C round led by L Catterton Farmley, a Noida-based healthy snacking brand, has raised $40 million in its Series C funding round led by global consumer-focused investment firm L Catterton, with participation from existing investor DSG Consumer Partners. The proceeds will be used for capital expenditure, expanding distribution channels across India, enhancing exports, and investing in product formulations and technologies, Farmley said in a press release. According to an ET report, the funding includes 30% secondary sales by early-stage investors, including Insitor and Samunnati, along with employee stock ownership plans (ESOPs). Founded in 2017 by Akash Sharma and Abhishek Agarwal, Farmley offers snacks such as makhana-based munchies, date bites, seeds, trail mixes, and roasted nuts. The firm sources directly from over 5,000 farmers across multiple regions and operates five processing units. According to TheKredible, Farmley recorded a revenue of Rs 230.66 crore in FY24 while posting a net loss of Rs 26.5 crore. While the company has yet to file its audited financial report for FY25, it claims to have clocked Rs 370 crore in revenue for the last fiscal year. Since its inception, Farmley has raised around $55 million, which includes a $2 million seed round in 2020 from Omnivore and Insitor, a $6 million Series A round in August 2022 led by DSG Consumer Partners and Alkemi Growth Capital, and a $6.7 million pre-Series B round in December 2023 led by the BC Jindal Group. Farmley is currently piloting its products in international markets, including the United States, Australia, Canada, and Singapore, as part of its global expansion strategy. It competes with other healthy snacking brands such as Happilo, which raised $25 million from Motilal Oswal Private Equity in 2022, and True Elements, in which Marico acquired a 53.98% stake in the same year.

Ultrahuman in talks to raise $120 Mn

EntrackrEntrackr ยท 4m ago
Ultrahuman in talks to raise $120 Mn
Medial

Ultrahuman is reportedly in talks to raise $120 million in a new round led by WestBridge Capital. The development comes a year after the Bengaluru-based companyโ€™s $35 million Series B round. Moneycontrol, which reported the development first, said that some private equity funds may also participate in the round at a valuation of $550โ€“600 million. According to TheKredible's estimates, the company was valued at $125 million after its Series B round. It has raised over $60 million to date from investors including Zomato founder and chief executive Deepinder Goyal, Nexus Ventures, Blume Ventures, and Alpha Wave. Ultrahuman is a self-quantification platform that offers a smart ring called Ring Air, a glucose monitoring wearable called M1 Live, and a blood testing product called Blood Vision, among others. The company also launched its luxury Rare smart ring collection earlier this year. The Mohit Kumar-led company recorded a significant jump in its operating scale to $74.5 million (approximately Rs 620 crore) for the calendar year 2024 (CY24). It claimed to have reported an 11% profit before tax (PBT) and an 8% EBITDA during the same period.

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