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Exclusive: Gauri Khan Family Trust to back Pandorum in ongoing Series B

EntrackrEntrackr · 9d ago
Exclusive: Gauri Khan Family Trust to back Pandorum in ongoing Series B
Medial

Exclusive: Gauri Khan Family Trust to back Pandorum in ongoing Series B Pandorum Technologies, a Bengaluru-based biotechnology startup, is raising an additional Rs 71.5 crore ($8 million) in its ongoing Series B round, led by Trufort Fund Limited, with participation from Gauri Khan Family Trust and others. Pandorum Technologies is raising additional funds in its Series B round, led by Trufort Fund Limited, and including contributions from Gauri Khan Family Trust and existing investors like Protons Corporate and Noblevast Advisory. Previously, they raised a $10 million tranche led by Protons Corporate. The board has issued 29,893 Series B cumulative compulsory convertible preference shares at Rs 23,920 each, according to the Registrar of Companies (RoC). Trufort Fund Ltd will invest Rs 20 crore, Protons Corporate and Saumik Doshi Rs 10 crore each, Noblevast Advisory Rs 9.5 crore, and Gauri Khan Family Trust Rs 5 crore. Avinya Ventures and others will cover the remaining Rs 27 crore. The fresh capital will support operational needs, expansion initiatives, and subsidiaries. The company’s valuation is expected to be around Rs 822 crore ($91 million) post-money. Founded in 2011 by Arun Chandru and Tuhin Bhowmick, Pandorum Technologies develops lab-grown human tissues for drug discovery and regenerative medicine, offering engineered liver and corneal models for pharmaceutical testing. To date, the company has raised around $43 million, including $11 million as an extension of its Series A. Pandorum is yet to file FY25 numbers. In FY24, the company remained pre-revenue with losses of Rs 28.2 crore.

Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation

EntrackrEntrackr · 11m ago
Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation
Medial

Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation Hospitality major Oyo has raised Rs 550 crore (approximately $65 million) from Redsprig Innovation Partners, an affiliate entity of the company’s founder Ritesh Agarwal. The board at Oyo has passed a special resolution to issue 12,91,07,982 equity shares at an issue price of Rs 42.6 each to raise Rs 550 crore or $65 million, its regulatory filing accessed from the Registrar of Companies shows. After the recent funding injection, the company's valuation rose to $3.79 billion, reflecting a 59.2% increase from Oyo's previous Series G round, when the firm was valued at $2.38 billion. As per the filings, the company plans to use these funds for growth, supporting global expansion (including acquisitions), strengthening business strategies, and other corporate initiatives. The funding will also result in a 1.728% dilution of the company's total stake. This is the second major capital infusion by Agarwal in Oyo. In August 2024, he led a $175 million round through his Singapore-based fund, Patient Capital. Last month, a CNBC TV18 report suggested that Nuvama Wealth & Investment Limited (formerly Edelweiss Securities) purchased shares worth Rs 100 crore in Oyo’s parent Oravel Stays Limited. During FY24, IPO-bound Oyo posted a flat scale which stood at Rs 5,389 crore, as compared to Rs 5,464 crore in FY23. Despite the stagnant revenue, the company managed to control its expenditure by 16% which resulted in Oyo posting a net profit after tax (PAT) of Rs 230 crore in the last fiscal (FY24). In May, the Gurugram-based company withdrew its draft papers (DRHP) for the second time due to unfavorable conditions. The firm also said that it will refile the IPO papers after concluding a large funding round, which is about to close after the latest fundraises.

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