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Innoviti kicks off Series E round with Rs 40 Cr led by Bessemer

EntrackrEntrackr · 1y ago
Innoviti kicks off Series E round with Rs 40 Cr led by Bessemer
Medial

Payment gateway and point of sales (PoS) provider Innoviti Technologies has raised Rs 40 crore in Series E round led by Bessemer Venture Partners and Patni Family Office. Several angel investors also joined the financing round. The proceeds will be deployed towards driving the firm’s mid-market expansion and further growing the online business that has scaled 4X in the past 12 months, the company said in a press release. According to Innoviti, this round is an ongoing one and it would raise more funds in the near future. Prior to this, the company raised funds from Bessemer, FMO, Patni and other investors in 2022. Innoviti provides payment gateway and PoS devices to merchants to facilitate online and card-based payments. Service fees charged from these facilitations were the sole source of operating revenue for Innoviti in FY23. According to the startup data intelligence platform TheKredible, Innoviti’s operating revenue grew to Rs 110.2 crore in FY23 while its losses grew 17.8% to Rs 86.5 crore in FY23. Innoviti also received the final nod from RBI to operate as an online payment aggregator earlier this year. The company says it is also aiming to become profitable by September 2024.

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Payment gateway and PoS firm Innoviti closes Series E funding

EntrackrEntrackr · 1y ago
Payment gateway and PoS firm Innoviti closes Series E funding
Medial

Payment gateway and point of sales (PoS) provider Innoviti has Rs 70 crore ($8.5 million) in a combination of equity and debt. The second tranche of Series E round was led by Random Walk Solutions, with participation from existing investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures. The Bengaluru-based company raised the first tranche of Series E in April this year. Post closing Series E, the company will be working towards its IPO within the next 12 months. Innoviti provides payment gateway and PoS devices to merchants to collect card-based payments. Its big ticket-size clients include Reliance, Tanishq, and Shoppers Stop among others. As per Innoviti, its enterprise POS solution, uniPAYNext, is operating at an EBITDA of 20%, and growing at a 23% annualized rate while the electronics EMI solution, GENIEPlus, is growing at 80% annually, and operating at a -18% EBITDA. Meanwhile, GENIEPlus is expected to breakeven by the end of this fiscal year (FY25). Overall, the company claims to be operating at an annualized run-rate of Rs 160 crore with an EBITDA of Rs -8 crore. It targets to become operating profitable in the next couple of quarters. While Innoviti is yet to file audited financials for FY24, its operating revenue grew 48% to Rs 110.2 crore in FY23. The company’s ARR and current EBITDA claims indicate a turnaround as its losses stood at Rs 86.5 crore in FY23. Service fees charged from these facilitations were the sole source of operating revenue for Innoviti in FY23. Earlier this year, Innoviti also received the final authorization from RBI to operate as an online payment aggregator.

Innoviti reports Rs 143 Cr revenue and Rs 62 Cr loss in FY25

EntrackrEntrackr · 8d ago
Innoviti reports Rs 143 Cr revenue and Rs 62 Cr loss in FY25
Medial

Innoviti reports Rs 143 Cr revenue and Rs 62 Cr loss in FY25 Innoviti Technologies reported 35% year-on-year revenue growth for the fiscal year ending March 2025. However, its losses remained high at Rs 62 crore, despite an 11% YoY reduction in FY25. The company’s operating revenue increased to Rs 143 crore in FY25 from Rs 106 crore in FY24, according to its financial statement sourced from the Registrar of Companies (RoC). Innoviti provided payment gateway and PoS devices to merchants for processing online and card-based payments. Service fees from these offerings contributed 86% of its revenue, which rose 47% to Rs 123 crore in FY25 from Rs 84 crore in FY24. The remaining 14% came from lease rentals, which stood at Rs 19 crore during the same period. Including other non-operating activities such as treasury gains, its total income rose marginally to Rs 144 crore during FY25. Innoviti’s total expenses grew 15% to Rs 207 crore in FY25 from Rs 180 crore a year ago, largely guided by a sharp increase in subvention and service fees which accounted for 40% of the total cost. This cost surged 88% to Rs 82.5 crore in FY25 from Rs 44 crore in FY24. Employee benefit expenses, however, declined 19% to Rs 43 crore in FY25 from Rs 53 crore in FY24. On the other hand, depreciation costs rose 32% YoY to Rs 33 crore from Rs 25 crore in FY24. Other expenses, sub-contractor charges and overheads added the rest Rs 49 crore. In the end, Innoviti narrowed its net loss by 11% to Rs 62 crore in FY25, against Rs 70 crore in FY24. The company’s EBITDA loss stood at Rs 26 crore with EBITDA margin improving to -18.2% from -32.1%. Its ROCE margin stood at -62.77% in the same period. On the balance sheet front, Innoviti’s total assets remained stable at Rs 128 crore, with current assets of Rs 100 crore in FY25, including Rs 41 crore in cash and bank balances. According to startup data intelligence platform TheKredible, Innoviti has raised a total of $158 million of funding till date, having Bessemer Venture Partners and FMO as its lead investors. The Noida-based company’s founder Rajeev Agrawal owns 10% of the company. Earlier this year, Agrawal said the company aimed to achieve operating profitability within the next two quarters. He also mentioned that IPO planning had begun, with a target to go public within the next 12 months.

Exclusive: Emiza Supply Chain kicks off new funding round

EntrackrEntrackr · 9m ago
Exclusive: Emiza Supply Chain kicks off new funding round
Medial

Exclusive All Stories Exclusive: Emiza Supply Chain kicks off new funding round Emiza will use these proceeds to meet its growth objectives and to strengthen its financial position by generating long-term resources, the filing added. New Update Third-party logistics and warehousing company Emiza Supply Chain Services has raised Rs 50 crore (approximately $6 million), led by Evolvence India, with the participation of Mirabilis Investment. The board at Emiza has passed a special resolution to issue 4,327 compulsory cumulative preference shares at an issue price of Rs 115,569 each to raise Rs 50 crore or $6 million, its regulatory filing accessed from the Registrar of Companies shows. Evolvence India led the round with Rs 45 crore, while Mirabilis Investment Trust contributed Rs 5 crore during the latest funding. The company will use these proceeds to meet its growth objectives and to strengthen its financial position by generating long-term resources, the filing added. Entrackr estimates that the company will be valued at around Rs 370 crore or $44 million post-allotment. This seems to be part of an ongoing round, and the valuation may vary with further infusion. Emiza offers warehousing and fulfillment services for D2C brands, SMEs, and large businesses selling online. With 27 warehouses across 14 cities in India, it manages storage, picking, packing, and labeling, processing 3 lakh B2B orders daily. Emiza has raised over Rs 130 crore (approximately $16 million) to date, including Rs 37.5 crore (nearly $5 million) led by JM Financial Private Equity in 2022. Before the current investment, Mayfield was the largest external stakeholder with 26.42%, followed by JM Financial. The company has recorded 40% year-on-year growth to Rs 102 crore during the fiscal year ended March 2024. However, the profits for the firm dwindled to Rs 2.6 crore in FY24, compared to Rs 4.98 crore in FY23.

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge

EntrackrEntrackr · 8m ago
Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge
Medial

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge Clean-label health food brand The Whole Truth is raising Rs 133.3 crore (approximately $15.8 million) in a series C round led by Sofina Ventures, with the participation of Peak XV and Matrix Partners. The board at The Whole Truth has passed a special resolution to issue 45,097 Series C preference shares at an issue price of Rs 29,556.5 each to raise Rs 133.3 crore or $15.8 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Sofina Ventures is leading the Series C round with an investment of Rs 65.8 crore, while Peak XV and Matrix Partners will contribute Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund will also participate with an investment of Rs 13 crore. The fresh funds will be used to meet financial requirements and support business expansion. According to Entrackr’s estimates, the Mumbai-based company will have a post-allotment valuation of approximately Rs 2,135 crore ($254 million). This marks a 3.6X increase in valuation compared to its previous Series B round, which closed at $70 million. According to the filings, after the fresh funding round, Peak XV will hold 21.14% of the firm, while Matrix Partners will own 21.4%. Sofina Ventures and Sauce Continuity will hold 3.08% and 3.77%, respectively. The Whole Truth was reportedly in discussions to raise $25 million in a new funding round. The company has secured $15.8 million so far and may raise additional funds as the round progresses. The Whole Truth offers a range of products, including protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The company provides subscription options and claims that 80-85% of its sales come from its website, with the remaining revenue generated through partnerships. The Whole Truth recorded an 81% year-on-year growth, with revenue rising to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. The company reduced its losses by 33% during the same period.

Eloelo kicks off Series B round with $13 Mn

EntrackrEntrackr · 6m 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.

Rapido raises Rs 250 Cr from Prosus as part of Series E round

EntrackrEntrackr · 8m ago
Rapido raises Rs 250 Cr from Prosus as part of Series E round
Medial

Rapido raises Rs 250 Cr from Prosus as part of Series E round Mobility firm Rapido is raising Rs 250 crore (around $29.7 million) from Prosus as part of Series E round. This funding comes just seven months after its $120 million round, which was led by WestBridge. The board at Rapido has passed a special resolution to issue 47,743 Series E preference shares at an issue price of Rs 52,467 each to raise Rs 250 crore or $29.7 million, the company's regulatory filing accessed from the Registrar of Companies shows. Rapido was set to raise approximately $60 million in a mix of primary and secondary funding from Prosus, as exclusively reported by Entrackr in October 2024. The ride-hailing app is raising $200 million in its Series E round at a $1.1 billion valuation. The company has already received two tranches—$120 million and $29.7 million. Following this latest tranche, Prosus will hold around 2.9% of Rapido. Based on Entrackr’s estimates, Rapido is currently valued at approximately Rs 8,726 crore (just over $1 billion). Rapido recorded 46.3% year-on-year growth, with revenue standing at Rs 648 crore in the fiscal year ending March 2024. The company also reduced its losses by 45%, bringing them down to Rs 371 crore during the same period. In Q2 FY25, Rapido reported a 2.5X year-on-year increase in gross order value (GOV), reaching Rs 2,461 crore, up from Rs 977 crore in Q2 FY24. The company also saw a two-fold increase in rides, totaling 207 million.

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