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Finfactor raises $15 Mn in Series A led by WestBridge

EntrackrEntrackr · 5h ago
Finfactor raises $15 Mn in Series A led by WestBridge
Medial

Finfactor raises $15 Mn in Series A led by WestBridge The Pune-based company had earlier raised $2.5 million in July 2022 from Varanium Nexgen Fund, IIFL, DMI Sparkle Fund, and others. Finfactor, the parent company of Finvu Account Aggregator, has raised $15 million in its Series A round led by WestBridge Capital, with participation from existing investors Varanium Capital, DMI Sparkle Fund, and IIFL Fintech Fund. According to the company, the new capital will be used to expand its product suite for financial institutions, enhance its analytics capabilities, and advance its goal of becoming a full-stack technology provider for banks and BFSI clients. Co-founded by Manoj Alandkar and Munish Bhatia, Finvu Account Aggregator enables secure data exchange for banks, insurers, stockbrokers, investment advisors, and other financial institutions and claims to have served more than 50 million consumers. Finfactor offers data analytics and artificial intelligence-driven solutions such as a multi AA gateway, bank statement analyser, loan monitoring and collections tools, and wealth management capabilities. It serves more than 150 BFSI clients including HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank, and CRED, supported by a team of more than 120 professionals. WestBridge recently led the $40 million Series B round for credit infrastructure fintech FinBox. It has also backed enterprise AI platform UnifyApps, edtech firm SpeakX, and took part in a secondary transaction in Rapido to facilitate an exit for Swiggy.

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Otipy raises $2 Mn in venture debt from Nuvama

EntrackrEntrackr · 8m 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.

Lucidity raises $21 Mn in Series A led by WestBridge

EntrackrEntrackr · 9m ago
Lucidity raises $21 Mn in Series A led by WestBridge
Medial

Lucidity raises $21 Mn in Series A led by WestBridge Lucidity, a multi-cloud storage management platform, has raised $21 million in a Series A investment led by WestBridge Capital, with participation from existing investor Alpha Wave. The Series A round follows a seed round follow-on investment by BEENEXT in June 2024. Previously, Lucidity had closed a pre-seed round of $500K and a $5.3 million seed round in June 2022. The company has raised a total of $31 million in funding to date. Lucidity plans to expand the go-to-market team and continue innovating the platform to solve key storage management problems for enterprises around the world. Lucidity’s cloud storage platform automatically expands and shrinks block storage based on real-time data needs, reducing costs by up to 70% for large enterprises. Its NoOps, application-agnostic layer integrates seamlessly with existing systems—without any code changes. By automating storage management, Lucidity frees IT and DevOps teams to focus on innovation and efficiency. “Lucidity delivers the only platform for ITOps and DevOps organizations to automatically manage and optimize their block storage in real-time across all three major cloud providers while significantly reducing costs. As a result, we’re honored by the ongoing interest we’ve received and the opportunity to work with some of the largest enterprises in the world to empower them to seamlessly manage their cloud storage for the first time,” said Nitin Bhadauria, co-founder of Lucidity. Since its inception in 2021, Lucidity has grown 400% year-over-year by pioneering automation in cloud block storage. Enterprises like World Market, Dometic, and Fortune 500 companies—including a major airline and a top credit ratings firm—use Lucidity to optimize storage and cut cloud costs. Lucidity has offices in Boston, Bengaluru, and Abu Dhabi, with customers all around the globe.

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

EntrackrEntrackr · 2m 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.

Wooden Street raises $43 Mn in Series C round from Premji Invest

EntrackrEntrackr · 11m ago
Wooden Street raises $43 Mn in Series C round from Premji Invest
Medial

Wooden Street, a furniture and home decor brand, has raised Rs 354 crore (approximately $43 million) in its Series C round from Premji Invest. Before this, the company had raised $30 million led by Westbridge in April 2022 and the latest round takes the total funding to $78 million to date. According to the company’s co-founder Dinesh Pratap Singh, the proceeds will be used to fuel business expansion, scale retail footprint by opening new stores in tier-II and tier-III cities and enhancing the omni-channel presence. Besides funding, Premji Invest will support Wooden Street with strategic insights to help scale its operations. Founded in 2015, Wooden Street operates on a company-owned, company-operated (COCO) model and boasts a network of more than 100 experience stores nationwide. Operating across both online and offline channels, the company has 102 experience stores, over 20 warehouses, and a 15 lakh sq ft manufacturing facility spread across India. For the fiscal year ending in March 2024, Wooden Street reported more than Rs 260 crore in revenue while its losses stood at only Rs 10.9 crore.

Spacetech startup SatSure raises $15 Mn in Series A funding

EntrackrEntrackr · 2y ago
Spacetech startup SatSure raises $15 Mn in Series A funding
Medial

SatSure, a satellite Earth observation data and analytics provider, has secured $15 million in a Series A round led by Baring Private Equity Partners (BPEP) and Promus Ventures, with participation from Omidyar Network India and xto10X, alongside existing investors. The funding will support the launch of four high-resolution satellites by Q4 2025 and expand the company's presence in the US and Asia-Pacific regions. SatSure leverages satellite imagery and AI to provide decision intelligence for industries like agriculture and banking, aiming to enhance profitability and operational efficiency. The funding follows a $5 million pre-Series A round in February 2022 and strategic funding from ICICI and Kotak Mahindra Bank.

Eloelo kicks off Series B round with $13 Mn

EntrackrEntrackr · 7m 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.

Decoding Rapido’s $120 Mn unicorn round

EntrackrEntrackr · 1y ago
Decoding Rapido’s $120 Mn unicorn round
Medial

Mobility startup Rapido recently turned unicorn after raising $120 million in a Series E funding round from WestBridge Capital through its various investment vehicles including SETU AIF and Konark. While the firm didn’t announce the funding officially, Entrackr has sifted through its regulatory filings to decode every detail of the round which was entirely led by WestBridge —an uncommon deal in the ecosystem. The board at Rapido has passed a special resolution to issue 10 equity, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares at Rs 52,467 each to raise Rs 1,002 crore (approximately $120 million) from WestBridge Capital through its 3 investment vehicles including SETU AIF, Konark, and MMPL Trust. Notably, shares issued worth Rs 501 crore were fully paid-up shares while the other 50% is partly-paid up. This essentially means that Rapido will receive the partly paid amount (Rs 501 crore) in tranches. Rapido will use the proceeds for expansion and growth, as per filings. According to the startup data intelligence platform, TheKredible’s estimates, Rapido was valued at around Rs 8,517 crore (approximately $1.02 billion) in the series E round. With this investment, WestBridge remained the largest external stakeholder with 32.88%, followed by Swiggy and Nexus Ventures, which own 12.32% and 8.19%, respectively. See TheKredibe for the complete shareholding pattern. Rapido also claimed to have left Ola behind and became the number two player after Uber in the overall ride-hailing space (bike, auto, and cabs). As of March 2024, Uber processed 19.3 lakh rides on a daily basis while Rapido did 16.5 lakh rides a day followed by Ola which did 13 lakh rides, as per Rapido’s internal documents reviewed by Entrackr. While Rapido is yet to disclose FY24 numbers, the firm’s operating revenue surged 3X to Rs 443 crore during FY23. The steep growth in scale also caused a 54% spike in losses, which stood at Rs 675 crore in FY23.

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