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Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others

EntrackrEntrackr · 1y ago
Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others
Medial

Rooftop solar startup SolarSquare has raised $4.2 million from existing investors Zerodha’s Rainmatter Capital, Abhijeet Pai and Nikhil Kamath’s Gruhas Proptech, Lowercrabon Capital, Climate Angels and Good Capital. The board at SolarSquare has passed a special resolution to allot 7,589 Series B compulsory convertible debentures at an issue price of Rs 46,710 to raise Rs 35.44 crore, its regulatory filing shows. Lowercarbon and Good Capital invested Rs 20.74 crore and 3.32 crore while Gruhas Proptech and Rainmatter separately pumped in Rs 6.22 crore and Rs 3.98 crore, respectively. The funding will be used for the expansion, working capital requirements, and general corporate purposes, according to the filings. Every debenture issue during the round will be converted into a preference share at the next qualified funding round and the investors are considering the same to take place at a valuation of $75 million, the filings further added. As per TheKredible estimates, the company has been valued at around Rs 394 crore or $48 million post-allotment. The company is likely to raise more funds in this round and the valuation may vary after the final tranche. SolarSquare has raised over $20 million to date including its Rs 100 crore ($12 million) Series A round led by Elevation Capital and Lowercarbon in November 2022. According to the startup data intelligence platform TheKredible, Lowercrabon is the largest external stakeholder with 20.29% followed by Elevation Capital which holds 14.99%. Rainmatter and Gruhas Proptech own 3.84% and 2.50% respectively in SolarSquare. Head to TheKredible for the complete shareholding pattern. Founded by Neeraj Jain and Nikhil Nahar, SolarSquare designs, installs, and finances rooftop solar systems for homes. It also provides rooftop solar solutions for housing societies and commercial establishments. The company is yet to file its financial statements for FY24 but its revenue from operations grew 35.4% to Rs 107 crore in FY23. It posted Rs 35 crore loss in the same period. SolarSquare competes with Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. In February, the company acquired PV Diagnostics, a company with expertise in the utility scale solar power sector. Update: The story and headline have been updated to reflect Zerodha Technology as Zerodha’s Rainmatter Capital.

Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others

EntrackrEntrackr · 1y ago
Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others
Medial

New-age fashion brand Rare Rabbit has raised Rs 150 crore (approximately $18 million) in primary capital led by A91 Partners. This is the maiden institutional investment for a Bengaluru-based company since its inception in 2015. The board at Rare Rabbit has passed a special resolution to issue 69,230 compulsory convertible preference shares at an issue price of Rs 21,670 each to raise Rs 150 crore, its regulatory filings accessed from the Registrar of Companies show. A91 Partners led the round with Rs 102 crore while Zerodha’s founders NKSquared injected Rs 29 crore. Gruhas Proptech, Ravi Modi Family Trust, and Vendant Modi cumulatively participated with Rs 18.92 crore during the investment. As per TheKredible’s estimates, the company has been valued at around Rs 2,350 crore or $283 million post-allotment. Following the fresh proceeds, the A91 emerging fund will hold 9.65% of the capital while NKSquared and Ravi Modi Family Trust will get 4.15% and 2.13% of the stake in the company, the filing further added. This appears to be a part of a larger round as Rare Rabbit was in talks to raise Rs 500 crore led by A91 partners. Inc42 reported the development first. Rare Rabbit is a high-end fashion brand specializing in designer clothing for men and women. The brand operates more than 100 stores across India and offers collections through its online store. Rare Rabbit demonstrated rapid growth, which is evident from its revenue that scaled 72.3% to Rs 381 crore in FY23 with a positive bottom line of Rs 32 crore in FY23. The company reportedly clocked a revenue of Rs 600 crore in FY24. Rare Rabbit competes with brands like Souled Store, which raised around $29 million and achieved a revenue of Rs 235 crore in FY23. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively. In the past couple of months, a clutch of fashion and apparel brands have raised their maiden institutional round. In May, A91 Partners led a $21 million round in TechnoSport whereas Libas raised $18 million led by ICICI Venture’s fund.

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