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Renewbuy raises $10 Mn from Apis Partners and 360 One: Report

EntrackrEntrackr · 27d ago
Renewbuy raises $10 Mn from Apis Partners and 360 One: Report
Medial

Renewbuy raises $10 Mn from Apis Partners and 360 One: Report Insurtech firm Renewbuy has reportedly raised $10 million (approximately Rs 86 crore) in fresh funding from its existing investors, London-based Apis Partners and 360 One (formerly IIFL Wealth). The proceeds will be used to support Renewbuy’s business operations and expansion until the merger is finalized. The round comes as the company continues to progress toward its planned merger with rival InsuranceDekho, which could value Renewbuy between $300–350 million and is expected to create a billion-dollar entity in India’s insurance broking space. The merger is currently pending approval from the Insurance Regulatory and Development Authority of India (IRDAI). According to information from RenewBuy’s regulatory filings with the Registrar of Companies, the company has raised Rs 45 crore ($5 million) in fresh funding from Apis and individual investors, including Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza. Founded in 2014, Renewbuy enables the sale of motor, health, and life insurance policies through a network of point-of-sale agents. In July 2023, the Gurugram-based company had secured $40 million in its Series D funding round from Japanese insurance major, Dai-ichi Life Holdings Inc. For FY24, Renewbuy reported revenue of Rs 410 crore against Rs 287 crore in FY23. During the period, the firm managed to control its losses to Rs 114 crore from Rs 197 crore.

Infra.Market raises $125 Mn led by Tiger Global

EntrackrEntrackr · 5m ago
Infra.Market raises $125 Mn led by Tiger Global
Medial

Infra.Market raises $125 Mn led by Tiger Global Building materials platform Infra.Market is raising Rs 1,049 crore (around $125 million) in its Series F funding round. This follows the completion of the final tranche of its Series E round in September 2024. The board at Infra.Market has passed a special resolution to issue 49,149 compulsory convertible preference shares at an issue price of Rs 2,13,439 each to raise Rs 1,049 crore or $125 million, its regulatory filing sourced from the Registrar of Companies shows. The Rs 1,049 crore Series F funding round appears to be a pre-IPO initiative, structured in two tranches: Rs 498 crore (Series F) and Rs 551 crore (Series F1), respectively. According to the filings, the first tranche of Rs 498 crore ($60 million) is led by Tiger Global, contributing Rs 211 crore, with additional participation from Evolvence Group and Fundamental Fund, which invested Rs 168 crore and Rs 119 crore, respectively. This marks a significant investment from existing investor Tiger Global, especially given its relatively low activity in recent times. For context, Tiger Global made only two investments in 2024—Wiz Freight and Jupiter’s NBFC arm—both as an existing investor. The second tranche of Rs 551 crore is yet to be completed. Capri Global, Eudora Ventures, Kangaro Industries, SVV Limited, Premratan Exports, and Verity Knowledge, along with individual investors Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Dimpy Kanwar, and Sapna Vig, are expected to participate. Tiger Global, Evolvence, and Fundamental Fund may also contribute to this tranche. According to Entrackr’s estimates, the company has been valued at around Rs 24,000 crore or $2.8 billion post-allotment. Infra.Market, through its platform, offers a range of building material products, including Structural Products (Concrete, Steel, Construction Chemicals), Finishing Products (AAC blocks, MDF, Plywood, Pipes and Fittings), and Lifestyle Products (Tiles, Sanitaryware, Laminates, Paints, Fans, Lights, Appliances, Modular Kitchens, Consumer Durables). Infra.Market generates revenue from the sale of the aforementioned products. Its consolidated gross revenue rose to Rs 14,530 crore in FY24 from Rs 11,847 crore in FY23. The firm also reported a 2.4X jump in its profit to Rs 378 crore in the last fiscal year.

Exclusive: Droom India raises funds at $360 Mn valuation

EntrackrEntrackr · 4m ago
Exclusive: Droom India raises funds at $360 Mn valuation
Medial

Exclusive: Droom India raises funds at $360 Mn valuation IPO-bound used car marketplace Droom is raising Rs 25 crore (approximately $2.9 million) in a fresh funding round co-led by India Accelerator (IA), and Rameshchandra Shah. The board at Droom has passed a special resolution to issue 15,62,500 preference shares at an issue price of Rs 160 each to raise Rs 25 crore or $2.9 million, its regulatory filings sourced from the Registrar of Companies (RoC) shows. India Accelerator and Shah both will invest Rs 5 crore each, Shirish Patel, CEO of Prudent Corporate Advisory (wealth management company) will invest Rs 3 crore and the remaining amount will be invested by other individual investors. The firm will use these proceeds for general corporate purposes, the filings said. As per Entrackr’s estimates, the Gurugram-based firm will be valued at approximately Rs 3,097 crore or $360 million post-allotment. “We deliberately kept the valuation very low for the Indian subsidiary as a strategic move to give material upside to Indians who did not have opportunity to participate in the making of Droom in the past one decade,” said Sandeep Aggarwal, Founder and CEO of Droom, in response to queries about the company's valuation. “We plan to raise a bit more capital in the near term at much higher valuation both in Singapore and India…” Droom is an online marketplace for buying and selling used vehicles, including cars, motorcycles, and electric vehicles. It also offers rental services. According to startup data intelligence platform TheKredible, Droom has raised approximately $330 million from investors including 57 Stars, Seven Train Ventures, Lightbox, and Beenext. Droom reported Rs 85 crore in revenue for FY24, a 66% decline from Rs 253 crore in FY23. It managed to reduce its losses by 35% to Rs 40 crore in FY24. Droom is reportedly planning to file draft papers for a Rs 1,000 crore IPO in 2027, targeting a valuation between $1.2 billion and $1.5 billion.

Zomato-backed AdOnMo raises $7 Mn

EntrackrEntrackr · 1y ago
Zomato-backed AdOnMo raises $7 Mn
Medial

Ad-tech firm AdOnMo has raised Rs 58.21 crore (around $7 million) in its Series B1 round. This is the first major infusion in the Hyderabad-based company after its Series A round led by Zomato last year. The board at AdOnMo has passed a special resolution to issue 36 equity and 4,156 CCPS at an issue price of Rs 1,38,850 each to raise Rs 58.21 crore or $7 million, its regulatory filing with the RoC shows. Healthcare veteran Ravindranath Kancherla and his son Kancherla Pruthvinath injected Rs 16.6 crore while Qatar Insurance Company and ZNL Growth (Z Nation Lab) pumped in Rs 8 crore and Rs 1.80 crore, respectively. Three dozen individual investors including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy also invested in AdOnMo’s Series B round. The company will use these investments for business expansion and to meet working capital requirements, according to the filing. According to the startup data intelligence platform TheKredible, AdOnMo has been valued at around Rs 858 crore or $105 million (post-money). During the ongoing fiscal year, the company also raised Rs 20 crore in debt from Northern Arc and Alteria Capital. Founded in 2016 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo is an ad-tech company which provides targeted digital advertising to outdoor digital screens (residential & corporate parks) across 21 cities. As of now, the company has raised around $25 million across rounds including its $15 million round led by Zomato last year. Before this round, Zomato was the largest external stakeholder with a 17.49% stake followed by BAce Capital and Astarc Ventures. AdOnMo grew at a rapid clip in the last fiscal year as its revenue from operations surged four-fold to Rs 75 crore in FY23. Meanwhile, the company’s losses stood at Rs 38 crore in the same period.

Exclusive: Kitchenware firm The Indus Valley raises fresh funds led by DSG

EntrackrEntrackr · 7m ago
Exclusive: Kitchenware firm The Indus Valley raises fresh funds led by DSG
Medial

D2C kitchenware startup The Indus Valley has raised Rs 23.1 crore in its pre-Series A round, led by DSG Ventures. This marks the first investment for the Chennai-based firm after a 25-month hiatus. The board at Indus Valley has passed a board resolution to issue 41,485 pre-series A CCPS at an issue price of Rs 5,580.4 each to raise Rs 23.1 crore or $2.75 million, its regulatory filing sourced from the RoC shows. DSG Consumer Partners invested Rs 14.5 crore, while the White Whale Venture fund has put in Rs 3.52 crore. Candle Advisors, Zend Advisors. Individual investors including Shavak Srivastava, Rajiv Pillai, and Girish Gupte invested the rest of the amount. The company has already received Rs 18.62 crore from the specified amount, with the remaining capital is expected to get wired soon. According to the data intelligence platform TheKredible, the company has been valued at Rs 303 crore or $36 million post-money. This marks a around threefold increase from its previous funding round, where it was valued at Rs 116 crore. The round appears to be an ongoing one, and the firm may raise more capital. The Indus Valley specializes in toxin-free kitchenware, offering safe alternatives to chemically coated products. Its products are made from cast iron, iron, copper, clay, and wood. During the fiscal year ended March 2023, the company recorded a 68% year-on-year growth to Rs 38.81 crore. The firm’s losses grew 2.8X to Rs 8.98 crore in the same period. The company has yet to file its annual report for the previous fiscal year (FY24).

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