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CredAble raises Rs 30 Cr from SIDBI

EntrackrEntrackr · 1y ago
CredAble raises Rs 30 Cr from SIDBI
Medial

Fintech startup CredAble has raised Rs 30 crore ($3.6 million) in debt funding from SIDBI. The fund will be used to scale up its operations and extend affordable financing solutions to MSMEs and women-led businesses in India, CredAble said in a press release. Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions. Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs. CredAble’s platform hosts over 125 corporate customers, over 3,50,000 small business borrowers, and more than 35 large financial institutions and banks. The company recently had dedicated Rs 200 crore to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months. In March, CredAble raised $10 million in a new round from Singapore-based Equentia Natural Resources. It has raised nearly $60 million to date. CredAble’s revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. In pursuit of growth, the losses of the company surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.

Citykart raises Rs 538 Cr led by TPG NewQuest and A91 Partner

EntrackrEntrackr · 3m ago
Citykart raises Rs 538 Cr led by TPG NewQuest and A91 Partner
Medial

Citykart has raised Rs 538 crore ($63 million) in Series B funding, marking one of the biggest capital infusions in the country’s value fashion segment to date. The round was co-led by TPG NewQuest, a secondary private equity platform for Asia within TPG, and A91 Partners, a homegrown investment firm specializing in growth investments. According to the company, about Rs 120 crore is primary capital, with the remaining Rs 418 crore allocated to secondary transactions. Investcorp, an early backer of Citykart, has made a full exit, while India SME Fund continues to hold a minority stake. As per media reports, Investcorp invested Rs 75 crore in 2019 in Citykart’s seed round and will now exit with about Rs 280–300 crore. The primary infusion will enable the company to accelerate expansion in both footprint and product assortment, Citykart said in a press release. Gurugram-based Citykart has opened 12 new stores across India, bringing its total to 137 stores in 91 cities across 11 states. The brand focuses on reaching underserved, budget-conscious markets. With popular in-house labels like Athiya, Nimes, Fumee, and Remise, Citykart now serves over 15 million customers each year and plans to grow to 300 stores. Led by Sudhanshu Agarwal, Citykart is growing at a rate of more than 40% and is aiming to reach Rs 1,300 crore in annual revenue. Last year, Agarwal shared that accessories and general merchandise made up 22% of Citykart’s sales, while men’s wear accounted for 32%, women’s wear 24%, and kids' wear the remaining 22%. He also added that Citykart is eyeing becoming the Primark of Tier II and Tier III cities in India.

Ex-IFC executive Sayan Ghosh launches Rs 300 Cr OG Capital fund

EntrackrEntrackr · 10m ago
Ex-IFC executive Sayan Ghosh launches Rs 300 Cr OG Capital fund
Medial

Ortella Global Capital (OG Capital) has announced the launch of its Rs 300 crore ($36 million) venture capital fund. The firm positions itself as India’s first and only VC fund dedicated to co-building companies in partnership with founders. OG Capital adopts a co-building model, offering funding and hands-on support to help startups grow and scale into potential unicorns. The fund plans to invest in over 20 companies, up to Rs 15 crore ($2 million) each, and has already backed three promising startups. It aims to deliver a 50% CAGR, targeting 10X returns for its investors. According to the VC firm, it will target early and growth-stage startups across consumer and enterprise solutions. “We are not only targeting 10x returns for our investors but are also co-building companies that prioritize grassroots-level impact, sustainability, and gender diversity,” said Sayan Ghosh, managing partner of OG Capital. Ghosh brings over a decade of experience as an entrepreneur, investment banker, and investor. During his more than three-years tenure at the World Bank, he was instrumental in driving investments and exits for companies like Lenskart, upGrad, 1mg, and BigBasket. According to a press release, Ghosh has a track record of delivering exits worth more than Rs 1,500 crore ($200 million) at a 40% CAGR. In addition, as a limited partner, he has deployed Rs 2,500 crore ($300 million) after evaluating over 350 funds, including venture capital, growth equity, private equity, and venture debt funds across India.

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