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Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt

EntrackrEntrackr · 7m ago
Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt
Medial

Cleantech startup Hygenco has raised Rs 50 crore (approximately $6 million) via non-convertible debentures from Trifecta. This is the first debt investment for the Gurugram-based company this year. The board at Hygenco has passed a special resolution to issue 500 debentures at an issue price of Rs 1,00,000 each to raise Rs 50 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned dentures are issued for a tenure of 24 months and carry an interest rate of 14.5% per annum, the filing added. Hygenco specializes in developing and deploying commercial systems for green hydrogen and ammonia production. Its solutions cater to large-scale process industries, marine and terrestrial transportation, and personal mobility sectors. Hygenco secured its first investment of $25 million from the SBI through (Neev II Fund) in October 2022. Media reports suggest the company aims to raise a total of $100 million by the end of this year. The company also partnered with Jindal Stainless to set up the country's first green hydrogen plant. According to startup data intelligence platform TheKredible, SBI, through its Neev II Fund, holds a 49.6% stake in Hygenco. The company's co-founders—Amit Bansal, Anshual Gupta, and Aashish Gupta—collectively own 46.1% of the company. The company was in the pre-revenue stage till the financial year ended March 2023 with a loss of Rs 6.3 crore. Hygenco has yet to file annual results for the previous fiscal year (FY24).

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.

Zolostays sells college accommodation biz to Good Host Spaces for Rs 108 Cr

EntrackrEntrackr · 3m ago
Zolostays sells college accommodation biz to Good Host Spaces for Rs 108 Cr
Medial

In October 2023, Alta Capital is said to have acquired the entire 100% stake held by Goldman Sachs and Warburg Pincus in Good Host Spaces for a reported $320 million. Co-living and home rental startup Zolostays has sold its student housing business, which manages accommodation for colleges and universities, to Good Host Spaces, as part of the firm’s move to focus on its core offerings. The board of Zolo Stays has approved a special resolution to sell the undertaking through a slump sale valued at Rs 107.8 crore (approximately $12.5 million), according to regulatory filings sourced from the Registrar of Companies. Of the total consideration of Rs 107.8 crore, Rs 97.02 crore (90%) will be paid in cash, while the remaining Rs 10.78 crore will be settled through debentures issued by Good Host Spaces to Zolo Stays. Good Host Spaces owns and operates third-party, purpose-built student accommodations located within leading university campuses such as Manipal University, OP Jindal Global University, and Shoolini University. “The sale will enable the company to focus on its core business operations and pursue growth opportunities in those areas. The lump sum consideration will improve the company’s liquidity position and strengthen its balance sheet,” the company added in the filings. Zolostays also raised Rs 20 crore debt by issuing non-convertible debentures to VentureSoul Managers India LLP for business expansion, meeting working capital and others, a separate resolution shows. Zolostays has secured over $110 million in funding to date, including a $56 million Series C round led by Investcorp and Mirae Asset. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder, followed by Investcorp and Mirae Asset. Zolo Stays recorded an 11.4% year-on-year growth in revenue to Rs 204.4 crore during the fiscal year ended March 2024, while its losses narrowed by 17.4% to Rs 57 crore in the same period. The sale is an interesting development in the segment, where Good Host Spaces has stolen a march over competition in more ways than one. From funding to significant tie-ups with fast-expanding University campuses, it has built a strong business that might have convinced existing ZoloStays stakeholders to opt out. The distinct approaches taken by the acquired and the acquirer, in terms of offering independent PG accommodation versus captive campuses, is a good indicator of where the market has shifted, and it should be interesting to see how GHS handles the acquired business now.

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.

Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures

EntrackrEntrackr · 1y ago
Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
Medial

Small and medium enterprises focused digital lending platform Lendingkart has secured Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures. This is the second major debt closure by the Ahmedabad-based firm in the past year. The board at Lendingkart has passed a board resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs 108 crore or $13 million, its regulatory filing accessed from the RoC shows. As per the filings, the Temasek-backed company has raised Rs 318 crore ($38 million) in debt to date. Lendingkart will receive the debt fund in two tranches of Rs 50 crore ($6 million) each and it will carry a coupon rate of 14% per annum. According to the startup data intelligence platform TheKredible, the company has been valued at around $690 million post-allotment. Just last month, LendingKart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. As of now, Lenskart has mopped up Rs 1,050 crore ($126 million) in equity capital from investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia and India Quotient. Lendingkart disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners. As per its website, it has disbursed over Rs 18,700 crore to over 300,000 businesses present in 4,100 cities. Lendingkart performed well in FY23 as its revenue from operations grew by 33.4% to Rs 858 crore. Meanwhile, the firm also posted Rs 119 crore profit in the same period. It’s yet to file annual financial results for FY24. As per a media report, the company is planning for an initial public offering (IPO) by next year. Lenskart is targeting to cross Rs 10,000 crore in assets under management before going public.

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