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Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi

EntrackrEntrackr · 1y ago
Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi
Medial

Infra.Market has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. The debt infusion for the Mumbai-based firm follows the $50 million equity round from the Mars Unicorn Fund — a joint venture of Liquidity Group and MUFG. The board at Infra.Market has approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. Previously, the committee had approved a resolution to raise up to Rs 500 crore through debentures. The new infusion is the tranche of Rs 500 crore. Yubi has invested Rs 80 crore while Raymond Limited, IKF Home Finance, and Samunnati Financial participated with Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and also exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. To date, Infra.Market has raised around $520 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which own 16.87% and 8.46%, respectively, before this round. While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23. Tiger global-backed firm’s profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Market’s competition includes OfBusiness, Moglix and Zetwerk, among others. OfBusiness recorded nearly Rs 20,000 crore in revenue and Rs 603 crore profit in FY24. Entrackr exclusively reported the firm’s financial numbers on July 8. Meanwhile, Zetwerk and Moglix are yet to report last fiscal year (FY24) numbers.

Garuda Aerospace posts Rs 17.5 Cr profit in FY25, revenue at Rs 118 Cr

EntrackrEntrackr · 1m ago
Garuda Aerospace posts Rs 17.5 Cr profit in FY25, revenue at Rs 118 Cr
Medial

Garuda Aerospace posts Rs 17.5 Cr profit in FY25, revenue at Rs 118 Cr Drone technology startup Garuda Aerospace reported a modest growth in the last financial year ending March 31, 2025. The Bengaluru-based firm maintained profitability, supported by steady revenue growth and cost discipline. Garuda’s revenue from operations increased 7.3% to Rs 118 crore in FY25 from Rs 110 crore in FY24, as per its unaudited financial statements filed with the Registrar of Companies (RoC). Garuda Aerospace designs, manufactures and customizes Unmanned Aerial Vehicle (UAVs or drones) for various use cases such as deliveries, disaster management and agriculture. The company made additional Rs 7 crore from other income, which increased its total income to Rs 125 crore in FY25, from Rs 111 crore in FY24. Looking at the expenses, the cost of materials, which formed the largest expense, rose 14% to Rs 56 crore in FY25 from Rs 49 crore a year ago. Employee benefit expenses declined 12% to Rs 9.23 crore, while finance costs halved to Rs 1 crore during the same period. Depreciation, however, increased to Rs 3 crore in FY25 from Rs 2 crore in FY24. Overall, Garuda’s total expenses grew 13% to Rs 100.5 crore in FY25 as against Rs 89 crore in FY24. Despite higher spending, the company managed to expand its bottom line, with profit after tax (PAT) rising 9.4% to Rs 17.5 crore in FY25, from Rs 16 crore in FY24. Its ROCE and EBITDA margin stood at 14.37% and 22.4% respectively. On a unit level, Garuda spent Rs 0.85 to earn a rupee of revenue during the fiscal year. The company recorded current assets worth Rs 179 crore. According to startup data intelligence platform TheKredible, Garuda Aerospace has raised approximately $44 million to date from investors such as Nagarajan Seyyadurai, Ocgrow Ventures, cricketer MS Dhoni and others. Garuda operates a fleet of 400 drones and 500 pilots across 84 cities. The company recently raised funds from Narotam Sekhsaria Family Office to scale up manufacturing capacity from the current 8,000 drones annually to between 12,000 and 15,000 units. It will also expand its export presence to 50 countries by the year-end.

Dronetech startup Airbound raises $1.7 Mn in seed capital

EntrackrEntrackr · 11m ago
Dronetech startup Airbound raises $1.7 Mn in seed capital
Medial

Drone technology startup Airbound has raised $1.7 million in a seed round led by Lightspeed, with additional participation from gradCapital and other angel investors. The Bengaluru-based company had previously raised $50.1K. Airbound plans to deploy the fresh funds towards R&D efforts, initially focusing on medical deliveries, such as routine supply transportation from health centers to testing labs. The company also aims to expand into other applications, including food and grocery delivery, where reducing logistics costs can significantly boost profitability, according to a press release. Founded in 2020 by Naman Pushp, Airbound is a drone delivery company focused on building next-generation drones that can reduce last-mile delivery costs by over two orders of magnitude. The company claims to overcome key technological bottlenecks, condensing 30 kg of hardware into 1 kg, which improves safety, scalability, and operational costs. Its proprietary blended wing body tailsitter design, known as TRT, aims to transform logistics. Airbound states that its TRT design will produce the lightest, safest, and most economically viable delivery drone, reducing delivery costs to just a few cents. The company asserts that its drone is over three times lighter than conventional alternatives, with four times the aerodynamic efficiency, significantly lowering both upfront and operational expenses. Airbound meticulously examines every vehicle system to reduce weight, enhance safety and reliability, and maximize efficiency. It has introduced innovative carbon fiber manufacturing methods, allowing the weight of the airframe to be reduced from 6 pounds to just 400 grams. In India, Airbound competes with Red Wing and Tech Eagle, while it competes with companies like Wing and Zipline globally.

Oncare bags $1 Mn in seed round led by Huddle Ventures

EntrackrEntrackr · 1y ago
Oncare bags $1 Mn in seed round led by Huddle Ventures
Medial

Oncare, a cancer care startup, has raised $1 million in its seed round led by Huddle Ventures. The round also saw participation from marquee institutional VCs such as TRTL Ventures, Cloud Capital, and DeVC. The proceeds will be used to expand its operations to 10 new centres across Delhi NCR, Bangalore, and Jaipur over the next two years. The funds will also be channelled towards team expansion and marketing efforts to raise awareness about the brand’s affordable cancer care solutions. Founded in 2023 by Deepak Kumar and Amar Sneh, Oncare is partnering with 50-100 bedded hospitals to create dedicated oncology wings. Through these partnerships, Oncare is reducing treatment costs by up to 40%. The brand claims to offer an affordable yet high-quality alternative to the expensive cancer treatment—often exceeding Rs 10 lakh in corporate hospitals. It also offers on-call nursing support to help patients manage side effects and anxiety associated with cancer therapies, without having to make unnecessary hospital visits. The startup is operational in South Delhi for the past 10 months and it has provided over 2,500 patients with guidance on treatment plans and claims to have completed over 500 treatment sessions. According to the annual Health of Nation report by Apollo Hospitals, the cancer burden in India is staggering, with yearly cases expected to rise from 1.39 million in 2020 to 1.57 million by 2025. However, high treatment costs, limited availability of oncology centres, and a shortage of specialised professionals are making cancer care inaccessible to millions.

Funding and acquisitions in Indian startup this week [29 Jul - 3 Aug]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [29 Jul - 3 Aug]
Medial

During the week, equivalent to 32 Indian startups raised around $341 million in funding. These deals count 6 growth-stage deals and 22 early-stage deals while 4 early-stage startups kept their transaction details undisclosed. During the previous week, 22 early and growth-stage startups cumulatively raised $113.39 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $216.8 million in funding this week. Mobility startup Rapido spearheaded with its $120 million worth of unicorn round. Fintech firm Navi, NBFC Clix Capital, Trade financing startup Vayana Network, fintech firm BharatPe, and sportstech company KheloMore followed with $38 million, $26.3 million, $20.5 million, $10 million, and $2 million in funding, respectively. [Early-stage deals] Further, 22 early-stage startups secured funding worth $124.24 million during the week. Renewable energy services company BluPine led the list followed by EV startups Simple Energy and Kinetic Green while wedding services company Meragi, and a platform for sourcing and manufacturing of specialty chemicals Scimplifyare are next on the list. As many as 4 startups did not disclose the funding amount raised are; BoldFit, Game Theory, Cogniquest, and Vitra.ai. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 16 deals followed by Delhi-NCR, Mumbai, Jaipur, Pune, Bicholim, and Surat. Segment-wise, Fintech startups grabbed the top spot with 6 deals. SaaS, AI, E-commerce, and EV startups followed this list among others. [Series-wise deals] During the week, Series A funding deals are on top with 11 deals each followed by 7 pre-Series A, 5 Seed, 2 pre-Seed, and 2 Debt deals. Angel, Series B, Series C, Series D, and Series E are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding surged 200% to $341.04 million as compared to around $113.39 million raised during the previous week. The average funding in the last eight weeks stands at around $316.78 million with 29 deals per week. [Fund launches] Trifecta Capital, known for its investments in companies like Atomberg, BigBasket, and BlueStone, has launched its fourth fund with a potential corpus of Rs 2,500 crores. Gemba Capital is also expanding its portfolio with a second fund of up to Rs 250 crore. [Key hirings and departures] Hero Vired, the Hero Group’s online education platform, has appointed Prakhar Kasar as its new CEO. CoinDCX has elevated Mridul Gupta to the role of founding partner. Meanwhile, e-commerce firm Meesho has strengthened its board with the addition of four independent directors: Hari S Bhartia, founder of Jubilant Bhartia Group; Kalpana Morparia, former JP Morgan Chairman; Rohit Bhagat, non-executive Chairman of PhonePe; and Surojit Chatterjee, a former Flipkart executive. While, Prashant Sinha, co-founder and chief revenue officer of Metadome.ai, announced his exit from the company. [Mergers and Acquisitions] Infibeam Avenues, a financial services company, acquired a majority stake in Rediff.com. Additionally, SaveDesk, another financial services company, acquired a majority stake in the Bengaluru-based fintech startup Fairexpay. Nazara Technologies, a gaming company, acquired the intellectual property rights of the popular mobile game “Ultimate Teen Patti”. [Shutdowns] Apollo Tyres faced a short-lived run with its doorstep car service initiative, Trumigo. Launched just six months ago, the service was discontinued due to a lack of customer traction and competition from established businesses in the market. Meanwhile, CarTrade, after acquiring OLX India’s business last year, decided to streamline its operations. The company will be shutting down its used car retail segment (C2B) to focus on the core classifieds business (Olx.in). [Potential deals] Raise Financial Services, the parent company of stock trading platform Dhan, is in talks to raise around $100 million in a new funding round. This investment is expected to propel the company’s valuation to between $1.2 billion and $1.5 billion, securing its unicorn status. Another fintech player, M2P Fintech, is on the verge of closing a $80 million funding round, which will value the company at $900 million. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Delhivery to launch dark stores for e-commerce players Zomato to launch District app for dining out, events, ticketing biz [Financial results this week] Delhivery turns profitable with Rs 52 Cr PAT in Q1 FY25 Infibeam Avenue reports 43% growth in PAT in Q1 FY25 Zomato crosses $25 Bn market cap with Rs 253 Cr profits in Q1 FY25 Freshworks cuts losses by 14% in Q2; eyes $713 Mn revenue in CY24 CarTrade revenue and profit slip in Q1 FY25; shuts down used car retail biz Ideaforge’s profits dwindle 89% in Q1 FY25 Ixigo records 78% quarterly growth in PAT in Q1 FY25 Auxilo’s profit jumps 2.5X in FY24; revenue grows double Ola Electric reports Rs 5,010 Cr revenue in FY24 FirstCry FY24 revenue crosses Rs 6,500 Cr; GlobalBees contributes 18.6% [News flash this week] Unicommerce and FirstCry files RHP as it gears up for IPO launch on Aug 6 PhysicsWallah launches Rs 250 Cr Scholarship Fund for JEE/NEET aspirants InsuranceDekho secures composite broking license Byju’s, BCCI settle payment dispute MapMyIndia accuses Ola Electric of copying data; Aggarwal calls them ‘Opportunist’ MCA imposed penalty on Zerodha AMC and Nithin Kamath for delay In appointing CFO Avanse Financial Services refiles DRHP to SEBI for Rs 3,500 Cr IPO Infra.Market and Fractal are next in line to file DRHP soon [Conclusion] After a dip in funding, the weekly funding again rose up nearly 3X to $341 million across 32 deals. The week saw two VC fund launches namely Gemba Capital and Trifecta Capital. Logistics platform Delhivery plans to establish a network of multi-tenant dark stores to facilitate rapid in-city deliveries for e-commerce businesses. This move, coupled with their focus on shortening delivery times to 2-4 hours, aims to enhance the overall customer experience. Meanwhile, foodtech platform Zomato is diversifying its portfolio. It has introduced a new app called ‘District’, dedicated to its “going-out” business. This app will encompass dining, movie ticketing, and event bookings, expanding Zomato’s reach beyond food delivery. The Indian IPO market is witnessing a surge in activity with multiple companies gearing up for their public debuts. E-commerce SaaS platforms Unicommerce and BrainBees Solutions, the parent company of FirstCry, are set to launch their IPOs on August 6th. Avanse Financial Services has refiled its IPO papers after addressing regulatory concerns, while Infra.Market is exploring investment banks for its public listing. Adding to the pipeline, SaaS unicorn Fractal is planning to file its DRHP soon. Byju’s has reached a settlement with the BCCI. The edtech giant has agreed to pay a Rs 158 crore debt to the cricket board in installments by August 9th. This comes after the BCCI initiated insolvency proceedings against Byju’s due to non-payment. While the settlement offers temporary relief to the embattled company, the NCLAT has imposed conditions to ensure the funds are not misappropriated. MapMyIndia has sent a legal notice to Ola Electric alleging that the latter copied its data after launching its own mapping service. Ola Electric had previously used MapMyIndia’s services for its electric scooters. Ola Electric’s founder, Bhavish Aggarwal, has dismissed the allegations as opportunistic.

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