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KisanKonnect raises Rs 72 Cr led by Bajaj Finserv Group

EntrackrEntrackr · 3d ago
KisanKonnect raises Rs 72 Cr led by Bajaj Finserv Group
Medial

KisanKonnect raises Rs 72 Cr led by Bajaj Finserv Group Farm-to-fork company KisanKonnect has raised Rs 72 crore (around $8 million) in a pre-Series B funding round led by Bajaj Finserv Group, with participation from Mistry Ventures, Desai Foods, Dhanuka Agritech, and Action Tessa Family Office. In May, KisanKonnect raised $4.5 million in a Series A funding round led by Mistry Ventures. The fresh proceeds will be used to scale its fresh produce supply chain intelligence and omni-channel D2C model. Co-founded in 2020 by Vivek and Nidhi Nirmal, KisanKonnect sources directly from farmers and delivers to over 1 lakh customers in Mumbai and Pune through its app and farm stores. It works closely with farmer communities to grow food sustainably while leveraging proprietary technology to deliver fresh vegetables and fruits. Vivek Nirmal, co-founder, said, “We have built proprietary tech tools and strong farmer partnerships that transform perishables logistics into a predictable, scalable, and consumer-friendly model. This fundraise will help us expand our technology stack, deepen our farmer network, and scale both our digital and offline presence.” KisanKonnect has developed supply chain intelligence tools covering IoT and RFID-based traceability, AI-driven demand forecasting, a farmer advisory app, and real-time dashboards, allowing it to handle over 650 SKUs of temperature-sensitive produce while reducing wastage. Its digital app caters to younger customers with 60-minute delivery across Mumbai and Pune, while KisanKonnect Farm Stores serve those who prefer to shop offline.

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Quicklend raises Rs 6.75 Cr in pre-seed round

EntrackrEntrackr · 7m ago
Quicklend raises Rs 6.75 Cr in pre-seed round
Medial

Quicklend, a secured lending platform, has raised Rs 6.75 crore (around $774K) in its pre-seed round led by Inuka Capital, Eximius Ventures, Upsparks Capital, GrowX, and a group of strategic angel investors. The proceeds will be used to scale its operations, enhance its technological capabilities, and introduce innovative features that redefine the lending experience. The company is set to allocate significant resources towards research and development. Founded by Arunkumar Jadhav, Abhishek Uppala, and Raghuram Trikutam, Quicklend offers fast, transparent, and easy lending solutions for borrowers while equipping lenders with advanced portfolio management tools. The Bengaluru-based startup also launched its Loan Against Mutual Funds (LAMF) product in collaboration with Bajaj and a consortium of prominent NBFCs. LAMF is a loan that enables borrowing by pledging Mutual Fund units as collateral. Similar to other asset-backed loans, it offers financial flexibility with the added advantage of a fully digital process.

Sachin Bansal’s Navi raises Rs 150 Cr via NCDs

EntrackrEntrackr · 1y ago
Sachin Bansal’s Navi raises Rs 150 Cr via NCDs
Medial

Financial services platform Navi Finserv has raised Rs 150 crore through the issue of non-convertible debentures (NCDs) from six individual investors including top brass of Dadachanji Group. The board at Navi has passed a special resolution to allot 15,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 per debenture for a consideration of Rs 150 crore, the company’s regulatory filings with the Registrar of Companies show. Kairus Shavak Dadachanji, Pervin Kairus Dadachanji, and Rishad Kairus Dadachanji invested Rs 110 crore while Rohit Kapadia, Sandhya Kapadia and Yash Kapadia cumulatively invested Rs 40 crore in this debt round. Kairus Shavak is a chairman of Dadachanji Group which owns and operates several companies including Kaisha Packaging and Kaisha Lifesciences and Sovereign Pharma. In February, Navi had said that it plans to raise Rs 600 crore through a public issue of NCDs. As per Navi, the NCDs will be offered with maturities of 18 months, 27 months, and 36 months, with yields ranging from 10.47% to 11.19%. The Sachin Bansal-led firm will use the funds towards lending, financing, loan repayments, and general corporate requirements. The Morning Context report highlighted that Navi turned to crowdfunding a Rs 250-crore fundraise as the firm failed to raise equity capital at a desired valuation. Navi has been raising funds through NCDs in the past couple of years. In May 2022, it raised Rs 600 crore and got Rs 500 crore more in July 2023. Navi filed its draft red herring prospectus (DRHP) in March 2022 with SEBI to raise up to Rs 3,350 crore. However, the firm had to delay the IPO plan citing the market conditions even after receiving approval from the market regulator. The firm also laid off nearly 200 employees after delaying the listing plan. Navi recorded Rs 421.5 crore in revenue from operations for the quarter ending September 2023 or Q2 FY24. As per the company’s unaudited financial statement on its website, it posted a profit of Rs 10.86 crore during the quarter. As per startup data intelligence platform TheKredible, Bansal owns nearly 98% stake in Navi.

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