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Jindal Stainless invests $18 Mn in Amazon-backed M1xchange

EntrackrEntrackr · 6m ago
Jindal Stainless invests $18 Mn in Amazon-backed M1xchange
Medial

Jindal Stainless invests $18 Mn in Amazon-backed M1xchange Following this investment, M1xchange will provide working capital access to MSMEs and corporates, contributing to the growth of the digital supply chain financing ecosystem in India. Jindal Stainless, along with its wholly-owned subsidiary Jindal Stainless Steelway Limited, has acquired a 9.62% stake in M1xchange, a platform that facilitates digital invoicing and discounting for MSMEs, corporates, and financiers. The deal included primary capital and a secondary purchase of shares from existing shareholders, the company said in a press release. According to Jindal Stainless, the cost of acquiring a 5.03% stake is approximately Rs 102.7 crore ($12 million). The total cost for acquiring a 9.62% stake, including the stake acquired by JSSL, is around Rs 154 crore ($18 million). The partnership will help Jindal Stainless digitize financing operations, streamline payment processes, accelerate digitalization efforts, and reduce the working capital cycle. Founded in 2017, M1xchange is a digital invoicing and discounting platform that ensures working capital requirements are met without the need for extensive bank processes. The company generates revenue through professional fees for these services. Since its inception, M1xchange claims to have onboarded more than 65 banks, 2,000 corporates, and over 48,000 MSMEs and has facilitated the discounting of invoices worth more than Rs 160,000 crore. M1xchange has raised over $19 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore.

Amazon-backed M1xchange raises $10 Mn from Filter Capital

EntrackrEntrackr · 4m ago
Amazon-backed M1xchange raises $10 Mn from Filter Capital
Medial

M1xchange has raised Rs 84 crore ($10 million) from Filter Capital through a secondary transaction to support its digital supply chain finance operations targeting micro, small, and medium enterprises (MSMEs). The latest funding round comes two months after Jindal Stainless and its subsidiary, Jindal Stainless Steelway Limited, acquired a 9.62% stake in M1xchange. The firm has raised over $47 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. Founded by Sundeep Mohindru and Vivek Misra, M1xchange operates as a Trade Receivables Discounting System (TReDS) platform, facilitating invoice financing of approximately Rs 10,000 crore ($1.2 billion) monthly for MSMEs, corporates, and financiers. Since its inception in April 2017, the platform claims to have facilitated over Rs 1.75 lakh crore ($20 billion) in invoice discounting and onboarded 50,000 MSMEs, 2,800 corporates, and 66 financial institutions, including banks and NBFCs. The firm reported a 100% year-on-year growth in transaction volumes. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore. Filter Capital, a growth investment firm, focuses on technology-driven businesses in India, including fintech, SaaS, and logistics. Its portfolio includes Capillary Technologies, Chalo Mobility, LoadShare Networks, and THB.

Nazara invests Rs 196 Cr in five firms including Funky Monkeys Play

EntrackrEntrackr · 10m ago
Nazara invests Rs 196 Cr in five firms including Funky Monkeys Play
Medial

Nazara Technologies Limited, India's premier listed gaming and esports company, has invested Rs 196 crores in four gaming companies. The company acquired a 60% stake in Funky Monkeys Play for Rs 43.7 crore. This investment in Funky Monkeys Play is aimed to expand Nazara’s footprints into physical entertainment. Nazara also invested Rs 4.2 crores in LearnTube.ai, an AI-driven educational platform with over 20 lakh users, to improve gamified learning experiences. The rest of the Rs 148 crore has been allocated to existing subsidiaries, including Nodwin Gaming, Sportskeeda, and Datawrkz at Rs 64 crore, Rs 69 crore and Rs 15 crore, respectively. “These initiatives align with our vision of creating a diversified global gaming and entertainment platform,” said Nitish Mittersain, CEO, Nazara. Nazara continues to dominate India's esports landscape with back to back acquisitions through main and subsidiaries. Recently, Nazara-backed NODWIN Gaming acquired a gaming agency Trinity Gaming for $2.8 million. In October, Nazara' subsidiary Datawrkz acquired a 100% stake in UK-based Space & Time. It also invested Rs 982 crore in PokerBaazi’s parent Moonshine Technology and acquired stakes in e-sports companies such as Stan, Fusebox Games, Kiddopia’s developer Paper Boat Apps, Ultimate Teen Patti, and DeltiasGaming. Last month, the Mumbai-based firm also raised Rs 855 crore (approximately $100 million) through a preferential issue. Nazara’s revenue from operations reported a modest growth of 7.4% Q-o-Q to Rs 319 crore in Q2 FY25 with profits increasing only 2.4% to Rs 21.75 crore in the same period. Before the market closed on Monday, the company’s shares were trading at Rs 1,012, with a total market capitalization of Rs 7,747 crore (approximately $922 million).

IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58%

EntrackrEntrackr · 2m ago
IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58%
Medial

IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58% IndiQube, a provider of managed workspace solutions, submitted its red herring prospectus (RHP) to SEBI for a proposed Rs 700 crore Initial Public Offering (IPO) last week. The company's financial report indicates a 57% reduction in net loss, attributed to revenue growth and controlled costs. Indiqube’s revenue from operations increased by 28% to Rs 1,059 crore in FY25 from Rs 830 crore in FY24, according to its restated financial statement filed in the RHP. IndiQube derives the majority of its income from rental services, which accounted for Rs 870 crore or over 82% of its total operating revenue. Other income sources included the sale of goods (Rs 66 crore), maintenance charges (Rs 51 crore), electricity charges (Rs 33 crore), and others (Rs 39 crore). The company also made additional Rs 44 crore from non-operating sources, which pushed its total revenue to Rs 1,103 crore in FY25. For the managed space providing firm, depreciation cost related to lease stood at Rs 487 crore, accounting for 39% of the total expense, followed by finance costs, which were recorded at Rs 330 crore. Employee benefit expenses rose to Rs 76 crore while material cost stood at Rs 52 crore during the year. Overall, total expenses remained largely flat at Rs 1,260 crore in FY25 from Rs 1,252 crore a year ago. Despite the high depreciation and finance costs, IndiQube’s near-flat expenses coupled with its top-line expansion helped the company to cut losses by 58% to Rs 141 crore in FY25, as compared to Rs 341 crore in FY24. The Bengaluru-based company spent Rs 1.2 to earn a Rupee of operating revenue in FY25. The company recorded current assets worth Rs 210 crore in FY25, including Rs 61 crore in Cash and bank balances. IndiQube’s equity shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The issue will open for subscription on July 23, 2025, and close on July 25, with the anchor book opening on July 22.

Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar

EntrackrEntrackr · 1m ago
Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar
Medial

Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar Goldi Solar, a solar photovoltaic (PV) module manufacturer, has raised Rs 137.5 crore from Zerodha co-founder Nikhil Kamath. The proceeds will be used for its expansion into solar cell production, Goldi Solar said in a press release. Established in 2011 by Ishverbhai Dholakia, Goldi Solar manufactures solar PV modules, with a significant presence in India and global exports to over 20 countries. The company has a large module manufacturing capacity, currently at 14.7 GW, and is expanding its cell manufacturing capabilities as well. Besides module manufacturing, the Surat-based company also offers Engineering, Procurement, and Construction (EPC) services for solar projects. It is involved in Corporate Social Responsibility (CSR) initiatives, including supporting educational institutions and providing mid-day meals for students. Goldi Solar claims to have increased its module manufacturing capacity from 3 GW to 14.7 GW in the last 12 months. The company is also focused on backward integration with plans to establish a large-scale cell manufacturing facility by 2026. It aims to achieve a 1 GW Solar Park (IPP) by FY 2025-26. According to the company, it will focus on introducing high-efficiency modules and advanced cell technologies, targeting both domestic and export markets. For the fiscal year ending in March 2024, Goldi Solar reported Rs 1756.36 crore in revenue with a profit of Rs 59.38 Cr. The company has yet to file its annual report for FY25. “Renewable energy in India is a massive sector, and there is an equally massive opportunity to build global-scale companies right here on our home ground. It is imperative that we back these companies to accelerate the country’s clean energy transition,” said Nikhil Kamath, co-founder of Zerodha.

The Wealth Company invests Rs 460 Cr in Ahmedabad-based Amnex

EntrackrEntrackr · 1m ago
The Wealth Company invests Rs 460 Cr in Ahmedabad-based Amnex
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Wealth Company Asset Management, the asset management arm of Pantomath Group, has invested Rs 460 crore (about $52 million) into Ahmedabad-based Amnex Infotechnologies through its Bharat Value Fund (BVF). This marks Amnex’s first growth capital round. The company aims to design connected systems that anticipate human needs and enable inclusive, resilient infrastructure. The fresh capital will help scale solutions across sectors. Founded in 2008 by Aditya Shah and Tapan Gosaliya, Amnex builds AI, IoT, GIS, and blockchain-driven technology solutions for mission-critical sectors. Its offerings span traffic, mobility, utilities, mining, logistics, agriculture, and smart cities. The company has developed over 18 proprietary platforms that combine open digital infrastructure with in-house technology for large-scale impact. Amnex claims to have grown rapidly, delivering a 75% CAGR over the past three years. It operates on an asset-light model with ROCE consistently above 40%. With a strong order book and deep penetration across industries, it has positioned itself as one of India’s fastest-growing players in digital infrastructure. The Wealth Company’s founder and MD, Madhu Lunawat, said India’s digital infrastructure investment touched Rs 1.19 lakh crore in 2024, boosted by initiatives like Digital India, India Stack, and the National AI Mission. She added that Amnex’s proven capabilities make it a strong bet in this expanding market. BVF has been an active investor, recently backing companies including Haldiram Bhujiawala and Prisma Global.

DeHaat cuts losses by 15% to Rs 207 Cr in FY25

EntrackrEntrackr · 3d ago
DeHaat cuts losses by 15% to Rs 207 Cr in FY25
Medial

Fintrackr All Stories DeHaat cuts losses by 15% to Rs 207 Cr in FY25 Full-stack agritech marketplace DeHaat has crossed the Rs 3,000 crore gross merchandise value (GMV) in FY25, riding on a steady uptick in its agri-output business. The growth also helped the company narrow its losses by 15% during the fiscal year ended March 2025. According to its consolidated annual financial statements filed with the Registrar of Companies (RoC), DeHaat’s gross revenue grew 12.5% to Rs 3,010 crore in FY25, up from Rs 2,675 crore in FY24. The bulk of DeHaat’s earnings came from the sale of agri-outputs, including spices such as red chili, turmeric, cumin, and coriander, marketed under its in-house brand Farm Plus. This vertical contributed close to 80% of its overall revenue, while the sale of seeds, fertilizers, and pesticides (agri-inputs) accounted for the remaining share. DeHaat also earned Rs 30 crore from interest on deposits and gains on investments, pushing its total revenue to Rs 3,040 crore in FY25 against Rs 2,720 crore in FY24. On the expense side, procurement of agri materials remained the largest cost driver, forming 83% of overall expenditure. This cost went up by 11% to Rs 2,708 crore in FY25, in line with the company’s scale. The agritech firm also trimmed its employee benefit expenses by 15% during the year, while spending on promotions, branding, freight, legal, and other overheads took the total expenditure to Rs 3,257 crore in FY25. Caveat: We have not considered the income and expense of Rs 576 crore and Rs 888 crore from fair value adjustment of preference shares in both FY25 and FY24 due to their non-cash nature. As per the filings, DeHaat reported a net profit of Rs 370 crore in FY25. However, after accounting for the fair value adjustments, the firm ended the fiscal year with a net loss of Rs 207 crore, an improvement over the Rs 245 crore loss it posted in FY24. At the unit level, DeHaat spent Rs 1.08 to earn a rupee of revenue in FY25. Its ROCE and EBITDA margin stood at -36% and -5.78%, respectively. The company closed the year with total current assets of Rs 1,149 crore, including Rs 78 crore in cash and bank balances. Earlier this year, DeHaat acquired AgriCentral from Olam Agri in an all-cash transaction. According to startup data platform TheKredible, the agritech firm has raised $230 million to date and is valued at over $700 million. The company counts Peak XV, Prosus, Sofina Ventures, Lightrock, RTP Global, and Temasek, among others, as its investors. The numbers tell the story of a firm on the verge of sustainable profits, but not the arduous route it has had to take to get there. Dehaat’s mainstay now, of selling spices and staples including lentils, is a business capable of delivering steady, but low margin growth at best. That will not thrill investors looking for a bigger breakthrough in the agritech space from the firm. Like many other firms that started off with a model closer to farmers than consumers, Dehaat has also found itself veering towards the latter to make the numbers add up. A higher share of e-commerce also doesn't bode well for long-term margins. Dehaat needs to pull out a higher margin and sustainable win soon to provide an exit that delivers for its investors.

Shalabh Shrivastava quits Swiggy; Saurav Goyal takes over Driver Org

EntrackrEntrackr · 3m ago
Shalabh Shrivastava quits Swiggy; Saurav Goyal takes over Driver Org
Medial

Shalabh Shrivastava quits Swiggy; Saurav Goyal takes over Driver Org On Tuesday, Swiggy announced that Saurav Goyal will now lead its Driver and Delivery operations. He will fill Shrivastava's position, but the firm didn’t mention his (Shrivastava) resignation. Shalabh Shrivastava, the senior vice president of Driver Org at Swiggy, has quit the company, according to sources aware of the development. Before joining Swiggy in November last year, Shrivastava worked at Flipkart for over 10 years and was promoted to VP and National Head of Large and Furniture Supply Chain, a role he held for nearly three years. On Tuesday, Swiggy announced that Saurav Goyal will now lead its Driver and Delivery operations. He will fill Shrivastava's position, but the firm didn’t mention his (Shrivastava) resignation. Queries sent to Swiggy did not receive a response. Goyal, who joined Swiggy in 2020, will continue in the role of senior vice president of Business Finance until a replacement is named. He has over 18 years of experience across firms, including Ola, and has supported Swiggy’s IPO efforts. Driver and Delivery operations is a critical function for foodtech platforms like Swiggy, as it manages relationships with delivery partners who are the backbone of their logistics network. The Bengaluru-based company partners with over 2.5 lakh restaurants across 700 cities and works with more than 5 lakh delivery workers. With growing competition in food and quick-commerce, efficient delivery coordination is essential to ensuring speed and service quality. Amid rising competition from Blinkit and Zepto, Swiggy continues to operate in the red. While its operating revenue grew 45% year-on-year to Rs 4,410 crore in Q4 FY25, losses jumped 95% to Rs 1,081 crore.

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