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Exclusive: Lightspeed backs EkAnek’s Foxy almost after four years

EntrackrEntrackr · 1y ago
Exclusive: Lightspeed backs EkAnek’s Foxy almost after four years
Medial

Foxy, an online store that offers a wide range of beauty, grooming, and cosmetic products, has raised Rs 21.6 crore from existing investor Lightspeed India Partners. This is the first round of investment for the Delhi-based company since September 2020. Foxy’s parent EkAnek has passed a special resolution to issue 31,638 preference shares at an issue price of Rs 6827.24 each to raise Rs 21.6 crore or $2.6 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The company will use these proceeds for expansion, growth, and general corporate purposes as decided by its board. The round appears to be an ongoing one and Foxy is likely to raise more capital in coming weeks. According to filings, Foxy also increased its ESOP pool by 7,520 stock options which took its total ESOP pool from 22,137 to 28,627 options. As per TheKredible’s estimate, the total pool size is worth around Rs 20 crore or $2.4 million and the company has been valued at around Rs 190 crore or $23 million post-money in the fresh round. Ekanek has raised $21 million to date including a $5.4 million in an extended Series A round led by Alpha Wave and AWI in September 2020. According to startup data intelligence platform TheKredible, Lightspeed India Partners is the largest external stakeholder with 22.4% followed by Peak XV, Alpha Wave, and Matrix Partners. EkAnek’s brand Foxy is a marketplace for beauty, grooming, and cosmetics products. Some notable brands on the platform include Mamaearth, Aqualogica, TheDerma, Garnier, B Blunt, and others. As per a Mint report, Foxy is shifting its focus to offer consultative services, including skincare advice to customers and its existing backers including Peak XV are expected to pump in $10 million in new round. Foxy’s revenue from operations grew 3.8X to Rs 36 crore while its losses stood at Rs 28 crore during the fiscal year ended March 2023. The company is yet to file its financial statements for FY24. Foxy’s early competitor SimSim was acquired by YouTube in July 2021 which shuttered operations in March 2023. Its another competitor BulBul consolidated with The Good Glamm Group.

Exclusive: Binny Bansal’s Oppdoor raises additional $6.4 Mn from 3State Ventures

EntrackrEntrackr · 11d ago
Exclusive: Binny Bansal’s Oppdoor raises additional $6.4 Mn from 3State Ventures
Medial

Exclusive: Binny Bansal’s Oppdoor raises additional $6.4 Mn from 3State Ventures Flipkart co-founder Binny Bansal’s venture firm, 3State Ventures, has made an additional $6.4 million investment in its portfolio company Oppdoor Pte. Ltd, according to regulatory filings in Singapore reviewed by Entrackr. With this latest infusion, the total capital invested by 3State Ventures in Oppdoor has reached $14.35 million, the filings show. The investment has been made through tranches. Oppdoor is a Singapore-headquartered, technology-enabled managed services platform that helps consumer brands expand into global e-commerce markets. Rather than operating as a pure SaaS or logistics player, Oppdoor marked itself as a full-stack cross-border commerce enablement partner, handling marketplace operations for brands selling overseas. The startup reportedly works with emerging online brands looking to enter and scale in developed markets such as the US, UK, Europe, Canada, Japan, and Australia. Its services include managed marketplace operations, international compliance and taxation support, pricing and performance optimization, local partnerships, and operational execution across global marketplaces. The platform enables brands to sell internationally without setting up local entities or building in-house cross-border teams. Queries sent to Binny Bansal remained unanswered at the time of publishing. The company is a key part of Binny Bansal’s entrepreneurial journey after his exit from Flipkart. Following the sale of Flipkart to Walmart and his eventual exit from the company, Bansal launched Three State Ventures, a privately funded investment firm backed largely by his personal capital. The firm invests across sectors, including commerce, logistics, fintech, healthcare, and education.

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