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WhiteHat Jr founder Karan Bajaj raises $16 Mn for new startup Complement1

EntrackrEntrackr · 7m ago
WhiteHat Jr founder Karan Bajaj raises $16 Mn for new startup Complement1
Medial

WhiteHat Jr founder Karan Bajaj raises $16 Mn for new startup Complement1 WhiteHat Jr was acquired by Byju’s for $300 million three years ago. At the time, its CEO Karan Bajaj went on to lead Byju’s Future School before leaving the company in August 2021. Karan Bajaj, the co-founder of Byju’s-owned WhiteHat Jr, has raised $16 million in seed funding for his new startup Complement1. The round was led by Owl Ventures and Blume Ventures, with participation from other undisclosed investors. Complement1 is a cancer care startup focusing on personalized lifestyle coaching in the United States. According to the company, it is emerging from stealth to launch the first tech-enabled, clinically validated lifestyle modification platform for cancer patients and high-risk individuals—delivering personalized, daily guidance and education through one-on-one dedicated CoActive Coaches. “Lifestyle change is one of the most powerful yet underused tools in cancer care,” said Karan Bajaj, CEO and co-founder of Complement 1. “Every oncologist will tell you patients need more support incorporating clinically recommended physical activity, nutrition and mind-body practices. We’ve cracked the code on daily engagement with personalized, compassionate coaching—helping patients make meaningful, lasting improvements during and beyond treatment.” With this fundraise, Complement 1 plans to scale up its coaching infrastructure and operations across the United States, advance its AI-driven personalization engine, and partner with cancer centers, health plans, and employers to bring the program to their cancer patients, high-risk individuals, and survivors. A part of this funding company will also go towards product development to enhance the digital user experience for both patients and coaches.

B2B procurement startup Prowrrap raises Rs 4 Cr in Seed round

EntrackrEntrackr · 3m ago
B2B procurement startup Prowrrap raises Rs 4 Cr in Seed round
Medial

Prowrrap, a Delhi-based B2B procurement platform for packaging materials, warehouse assets, and turnkey projects, has raised Rs 4 crore in a Seed round led by Calance Software Pvt Ltd and Amit Govil. The brand plans to raise a Series A round in the next 18–24 months to further accelerate growth. The proceeds will be used to strengthen technology capabilities for smarter procurement, scale distribution networks across India, and deepen focus on quick commerce, fresh and natural produce (FnV), e-commerce, and MSMEs. Founded in 2024 by brothers Sagar K. Saxena and Rishabh K. Saxena, Prowrrap operates as a design-to-distribution procurement platform simplifying supply chain operations for MSMEs and high-growth enterprises. The firm already serves clients across tier-I and select tier-II cities and aims to expand to 25 cities by next fiscal year. Its unified platform aims to solve procurement bottlenecks through speed, quality, and cost efficiency, giving MSMEs and enterprises a reliable partner in scaling operations. As per market research, India’s packaging market is valued at $101 billion and projected to reach $170 billion by 2030, along with adjacencies like warehouse automation growing at 16% CAGR.

ShareChat appoints Google’s Neha Markanda as CBO

EntrackrEntrackr · 4m ago
ShareChat appoints Google’s Neha Markanda as CBO
Medial

ShareChat appoints Google’s Neha Markanda as CBO Social media platform ShareChat has onboarded Google’s head of industry and ecommerce Neha Markanda as chief business officer (CBO) for both its ShareChat and Moj platforms. Markanda will be stepping into Gaurav Jain’s role, who quit ShareChat in June. Entrackr had exclusively reported Jain’s departure on June 16. In her new role, Markanda will lead the company’s revenue strategy, boost growth and foster ties with stakeholders across India, said ShareChat in a press release. Earlier, she spearheaded Google India’s health strategy while also driving business transformation and AI-led solutions in both retail and health tech. “Neha Markanda’s expertise at brand building, deep understanding of problems that marketers face, the way brands measure return on spends, and proven ability to deliver business growth make her an invaluable addition to our leadership team,” said ShareChat co-founder Ankush Sachdeva. Having more than 22 years of experience, Markanda has previously served as Meta’s head of business marketing for three years. Her career also spans roles in GSK Consumer Healthcare India, HCL Technologies, and ITC Limited, among others. “I look forward to working with the talented teams here to further enhance our offerings and support the business growth ambitions of our partners…,” said Markanda. Earlier this year, ShareChat went through layoffs, reducing 5% of its workforce as part of a performance review cycle. In 2024, the company raised $65 million in debt across two tranches. It has raised around $1.3 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. ShareChat's operational revenue increased by 29.9% to Rs 718.1 crore in FY24 from Rs 552.73 crore in FY23. During the same period, the company's losses decreased by 41.4% to Rs 1,898.94 crore.

IVY Growth launches Rs 250 Cr Arigato Capital fund

EntrackrEntrackr · 1y ago
IVY Growth launches Rs 250 Cr Arigato Capital fund
Medial

Micro venture capital firm IVY Growth Associates has announced the launch of Arigato Capital, a SEBI-registered Category I AIF Venture Capital (VC) fund, with a target corpus of Rs 250 crore. This sector-agnostic fund is set to invest in startups across a variety of sectors, including agritech, cleantech, generative AI, fintech, consumer brands, and software-as-a-service (SaaS) companies, the fund said in a press release. Arigato Capital aims to begin raising capital in June 2024, with plans to close all commitments over the next 15 to 18 months. The Venture Capital (VC) fund targets a first close at Rs 100 crore and will focus on startups beyond the seed stage or in pre-series A stages, offering an average ticket size of $500,000. Founded by Prateek Toshniwal, Rachit Poddar, Mehul Shah, and Sharad Todi, IVY Growth Associates claims to have invested in over 100 growth-stage startups. The firm has deployed Rs 20 crore from its fund and utilized more than Rs 80 crore from syndicate funds within its network. IVY’s portfolio includes notable brands such as Rupeek, BluSmart, and Zappfresh. In addition to launching Arigato Capital, IVY Growth Associates will host the third edition of its startup summit, 21 BY 72, from June 15 to June 16 in Surat. The summit is expected to attract over 20,000 participants, including more than 200 startup founders, 200 venture capitalists, and over 500 investors.

Freecharge FY25: Revenue down 35%, slips into red with Rs 42 Cr loss

EntrackrEntrackr · 2m ago
Freecharge FY25: Revenue down 35%, slips into red with Rs 42 Cr loss
Medial

Axis Bank-owned digital payments and financial services firm Freecharge slipped into losses in the fiscal year ending March 2025, reversing its performance from a profit of Rs 79 crore in FY24. The loss came on the back of declining revenues and higher operating costs. Freecharge’s revenue from operations fell 35% to Rs 297 crore in FY25 from Rs 454 crore in FY24, its financial statements sourced from the Registrar of Companies (RoC) show. The company generates income from technology service providers (TSP) and commission fees. Revenue from TSP fees, which contributed nearly 49% of its operating income, dipped by 16% to Rs 145.5 crore. The biggest dip in revenue was in the business support fee collected for providing financial and customer acquisition services to Axis Bank, which fell by 96% to Rs 6 crore in FY25 from Rs 163 crore in FY24. Commission fees, however, surged 2.8X to Rs 111 crore. Freecharge also earned Rs 15 crore from non-operating sources, taking its total income to Rs 312 crore in the last fiscal year. Employee benefit expenses accounted for over 55% of the total cost which rose 19% to Rs 203 crore in FY25 from Rs 171 crore in FY24. Service charges climbed 18% to Rs 115.5 crore in FY25, in contrast, advertising cost fell sharply by 87% to Rs 6 crore during the same period. Legal, professional, and other overheads added another Rs 32.5 crore. Overall, Freecharge’s total expenditure increased 2.2% to Rs 367 crore during the last fiscal year from Rs 359 crore in FY24. With falling revenues and slightly higher costs, the firm lost its profitability and posted a loss of Rs 42 crore in FY25 as compared to a profit of Rs 79 crore in the previous fiscal year. Its ROCE stood at -17.96% and its EBITDA margin declined to -19.2% from 22.7% a year earlier. On a unit basis, Freecharge spent Rs 1.24 to earn a rupee of operating revenue in FY25, compared to 79 paise in FY24. The company’s total assets declined to Rs 445 crore in FY25 from Rs 500 crore, while cash and bank balances increased to Rs 139 crore. As of March 2025, it had current assets of Rs 390 crore. Axis Bank acquired Freecharge from Snapdeal in a Rs 385 crore ($60 million) deal in July 2017. Before that, Freecharge’s original founders Kunal Shah and Sandeep Tandon sold the wallet platform to Snapdeal for about Rs 3,000 crore ($400 million) in April 2015.

IVCA Forum 2025 highlights push to deepen India’s homegrown capital ecosystem

EntrackrEntrackr · 14d ago
IVCA Forum 2025 highlights push to deepen India’s homegrown capital ecosystem
Medial

The Indian Venture and Alternate Capital Association (IVCA) hosted the Domestic Institutional Investors (DII) and Exits Forum 2025 in New Delhi, bringing together leading domestic allocators, policymakers, fund managers, and industry participants to strengthen India’s domestic capital framework. A key highlight of the event was the signing of a Memorandum of Understanding (MoU) between IVCA and BIRAC to deepen collaboration on capacity building, investment awareness, and strengthening India’s science and technology innovation ecosystem. During the forum, Jitendra Singh, Union Minister of State for Science and Technology, described the recently announced Rs 1 lakh crore Research, Development and Innovation (RDI) Fund as “one of the most unique and forward-looking initiatives taken by the government” to support high risk and high reward research in frontier technologies and catalyze a new era of partnership between the government, industry, and investors. “AIF commitments have grown 16 times since 2017, and domestic LPs which include domestic institutional investors and family offices now contribute 52.7 percent of capital in Category I and Category II funds. This shift reflects rising confidence in India’s private markets. As the ecosystem matures, deeper domestic participation will be central to financing India’s next decade of deep tech, innovation, infrastructure, and long-term economic growth,” said Rajat Tandon, President of IVCA. The forum also saw the launch of a report by IVCA, 360 ONE Asset, and CRISIL highlighting the expanding role of domestic institutions in shaping India’s next decade of growth. The study showed that commitments to AIFs have increased sharply from Rs 0.84 lakh crore in 2017 to Rs 13.49 lakh crore in 2025, reflecting both the sector’s depth and the maturity of India’s regulatory framework. The report positions the coming decade as a turning point where India’s own institutions, including pension funds, insurers, banks, family offices, and resident investors, can play a much larger role in financing the country’s innovation, infrastructure, and economic leadership. With improving exits, better performance visibility, and rising governance standards, India is positioned to build a truly homegrown capital ecosystem. IVCA is a not-for-profit apex industry body promoting the alternate capital industry and fostering a vibrant investing ecosystem in India. The association supports the ecosystem through advocacy with the Government of India, policymakers, and regulators. It represents more than 500 funds with a combined asset under management of over 350 billion dollars, investing across emerging companies, venture growth, buyout, special situations, distressed assets, credit, and venture debt.

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