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Exclusive: ZappFresh converts into public company

EntrackrEntrackr · 1y ago
Exclusive: ZappFresh converts into public company
Medial

Joining the league of many companies such as Swiggy, FirstCry, Cars24, Pine Labs, and Pepperfry, meat delivery platform ZappFresh is preparing to go public. Taking the first step towards the process, the Gurugram-based firm is now converting into a public entity. The new name of the company is ‘DSM Fresh Foods Limited’, regulatory filings show. According to Entrackr’s sources, the company is likely to go IPO in the last leg of the ongoing financial year (FY25). Queries sent to ZappFresh didn’t elicit any immediate response. Founded in 2015 by Deepanshu Manchanda, ZappFresh sells fresh meat, seafood, and ready-to-cook items through its app and website. The company obtains its meat and fish from local farms, processes them at plants and customizes pieces before delivering them to the customers. Last year, it completed its first acquisition — Dr. Meat from Sukos Foods. Dr. Meat specializes in providing sustainably bred chicken from the outskirts of Bengaluru. It is also operational in Delhi-NCR. Zappfresh has also increased its authorized capital concerning the IPO and announced bonus shares in the ratio of 725:1 i.e. 725 equity shares for every 1 equity shares held by the shareholders, the filing added. Zappfresh proposed the appointment of Anchal Kapoor and Suman Chaudhary as independent directors, with Manchanda proposed to serve as Managing Director and Chairman of the company. The company has raised around $14 million to date including its $4.3 million funding from Ah! Ventures, HT Media and others in November last year. According to the startup data intelligence platform TheKredible, SIDBI Venture Capital is the largest external stakeholder in the nine-year-old firm followed by other investors. The company is yet to file its financial results for FY24 but its revenue from operations was flat at Rs 56 crore during the fiscal year ended March 2023. The firm posted a profit of Rs 11 crore in the same period.

Awign bags $24.5 Mn in series C, Mynavi now holds 73% stake

EntrackrEntrackr · 1y ago
Awign bags $24.5 Mn in series C, Mynavi now holds 73% stake
Medial

Awign has raised Rs 203.5 crore or $24.5 million from Japan-based Mynavi Corporation, which will now control a 73% stake in the Bengaluru-based HR tech startup, according to the company’s filings with RoC. In May, the board at Awign passed a special resolution to issue 11,485 Series C CCPS at an issue price of Rs 1,77,206 each to raise Rs 203.5 crore or $24.5 million, its regulatory filings show. This coincided with Awign’s public announcement that MyNavi will control the majority stake in the former. However, the startup had not divulged more details of the transaction at the time. Sifting through Awign’s filings, Entrackr has learned that the company also passed a separate resolution to buy back 2,641 Series A CCPS representing 7% of the capital at a cumulative amount of Rs 43.1 crore. Mynavi Corporation purchased 24,018 shares from existing investors worth around Rs 393 crore to Rs 490 crore. The investors who got partial or full exit include Unitus Ventures, Pinnacle Investment, Dell Foundation, and the company co-founders. As per Fintrackr’s estimates, Awign has been valued at around Rs 828 crore or $100 million (post-allotment). Entrackr has reached out to Awign to learn more about the transaction. We’ll update the story in case we hear from them. Awign will use these proceeds for general operations, meeting working capital needs, and business expansion, filing revealed. Founded by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah in 2016, Awign helps enterprises run their businesses via outcome-based execution along with discovery, deployment, and payroll. Awign continued to post solid performance in terms of financial growth in FY23. Its scale spiked over 2X to Rs 134.35 crore in the fiscal year ending March 2023. Akin to its revenue growth, the firm’s losses also grew around 2X to Rs 39.6 crore in the same period. The company is yet to file annual results for FY24. As per the startup intelligence platform TheKredible, funding in the HR tech space shrank over 70% to $90 million in 2023 from $315 million in 2021. In 2022, the space received a funding infusion of $341 million.

Exclusive: Decentro to kick off Series B round led by Info Edge

EntrackrEntrackr · 1m ago
Exclusive: Decentro to kick off Series B round led by Info Edge
Medial

Exclusive: Decentro to kick off Series B round led by Info Edge Y-Combinator-backed fintech startup Decentro is set to raise Rs 26.3 crore (around $3 million) in its Series B round led by Info Edge, with participation from Stargazer Ventures and Infinyte Club Angel Fund. This funding comes nearly 2.5 years after the company raised $4.7 million in a round led by Rapyd Ventures, Leonis VC, and Uncorrelated Ventures, with participation from Kunal Shah (Founder and CEO of CRED), Lalit Keshre (Co-founder and CEO of Groww), and other angel investors. The Decentro’s board passed a resolution to approve the issue of 2 equity shares and 14,260 Series B CCPS at an issue price of Rs 18,442 each, to raise Rs 26.3 crore or $3 million, its regulatory filings accessed from the Registrar of Companies (RoC) show. Info Edge is set to lead the round with an investment of Rs 25 crore, while Stargazer Ventures and Infinyte Club Angel Fund will contribute Rs 1 crore and Rs 30 lakh, respectively. Founded in 2020, Decentro is an API platform that simplifies banking integrations for businesses, enabling them to quickly launch and scale financial products. It offers a full-stack solution for onboarding, account creation, payments, and other banking services, allowing companies to focus on their core offerings. This will be the first instance for the Singapore-based company to raise funding via an Indian entity. As per its consolidated financial statements filed with the Registrar of Companies (RoC), Decentro reported a 47% year-on-year increase in operating revenue to Rs 17.7 crore in FY24, up from Rs 12 crore in FY23. However, the company slipped into a loss of Rs 2.46 crore during the same period, after posting a profit in the previous fiscal.

Exclusive: Slice set to raise over $35 Mn in funding via convertible debt

EntrackrEntrackr · 10m ago
Exclusive: Slice set to raise over $35 Mn in funding via convertible debt
Medial

Consumer lending and payments startup Slice is set to raise Rs 300 crore or nearly $36 million via convertible debt co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. While Blume Ventures and 8i Ventures also invest a significant chunk. The board at Slice has passed a special resolution to raise Rs 300 crore or around $36 million via the issue of up to 30,000 compulsory convertible debentures at an issue price of Rs 100,000 each, the company’s regulatory filings with the Registrar of Companies show. Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust co-leading the round with an investment of Rs 30 crore each. Blume Ventures and 8i Ventures (Eight Innovate Investment Trust) followed with Rs 27 crore and Rs 25 crore, respectively. Other participating investors are Inland Financial Services, Mintcap Enterprises, Stargazer Ventures, Roger Bravo Advisors, and Broadbridge Capital Management. Individuals such as Krishna Kumar Karwa, Aditya Jadhav, Aryaman Jadhav, Zahir Merchant, Shikha Begwani, Nilesh Mahendra Popat, Khyati Vyas, Simran Jhaveri, Kalpana Kiran Maniar, and seven other individuals also joined the debt financing round. Founded by Rajan Bajaj, Slice provides a physical and virtual card focused on millennials. It enables students and salaried professionals to buy collateral-free products and services online on estimated monthly installments (EMIs) through an app and helps them build credit scores. While the firm is yet to report FY24 numbers, Slice grew threefold to Rs 847 crore during FY23 as compared to Rs 283 crore in FY22. With the 3X spike in employee benefits and NPAs, Slice’s losses grew 59.8% to Rs 406 crore in FY23 compared to Rs 254 crore in FY22. The Bengaluru-based firm raised nearly $400 million to date including a massive $220 million Series B round led by Tiger Global and Insight partners. According to the data intelligence platform TheKredible, Tiger Global and Insight Partners hold 7.9% and 6.6% stake, respectively while its founder and CEO Rajan Bajaj commands a 9.3% stake. The company also made headlines when it received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). Both the companies announced their merger in October 2023. In March last year, Slice acquired a 5% stake in Guwahati-headquartered bank for about $3.42 million.

Park+ reports Rs 131 Cr revenue in FY24 with stable losses

EntrackrEntrackr · 8m ago
Park+ reports Rs 131 Cr revenue in FY24 with stable losses
Medial

Following over 2.5X revenue growth in FY22 and FY23, Gurugram-based Park+ reported a 36.5% year-on-year revenue increase for the fiscal year ending March 2024. Despite its rapid expansion, the five-year-old company maintained tight control on expenses as its losses increased only 4% in the last fiscal year. Park+ revenue from operations grew to Rs 131 crore in FY24 from Rs 96 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded by Amit Lakhotia, Park+ provides car cleaning, parking solutions for homes, malls, and offices, fine (challan) payments, insurance management, and car service. It also expanded into ancillary offerings like FASTag issuance and EV charging networks. The sale of services which includes commissions of FASTags, rental of access control, advertisement, valet service, and parking formed 80% of the total operating income which increased by 44% to Rs 104 crore in FY24. The rest of the collections came from the sale of products such as access control, FASTtag, radio frequency tag, and others. Employee benefits was the largest cost center for Park+, accounting for 41% of the overall expenditure. This cost increased 29.5% to Rs 101 crore in FY24 from Rs 78 crore in FY23. This includes Rs 27 crore as ESOP cost. The cost of materials consumed including the procurement of FASTags, radio frequency and related materials grew 65.7% to Rs 58 crore in FY24. Advertising, legal, technology, conveyance and other overheads took the overall expenditure to Rs 245 crore in FY24 from Rs 202 crore in FY23. A sharp rise in ESOP costs and material expenses resulted in a 4% increase in losses, bringing them to Rs 103 crore in FY24. Its ROCE and EBITDA margins stood at -72% and 68% respectively. On a unit level, it spent Rs 1.87 to earn a rupee in FY24. Park+’s total current assets were recorded at Rs 160 crore in FY24 including the cash and bank balances of Rs 102 crore. Park+ has secured $54 million in funding across various rounds and was valued at around $355 million during its Series C round in December 2022. According to the data intelligence platform TheKredible, Peak XV is the largest external stakeholder, followed by Matrix and Epiq Capital. Its founder and CEO Lakhotia owns 45% stake in the company. Park+ competes with Get My Parking, Park Smart, and Parky, among others. In June, the company ventured into the on-demand driver services segment with Drive+, positioning it as a potential competitor to DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24. The segment, while high on activity and startups, remains in its infancy, with rules, technology and users still evolving. One feels the truly ‘killer’ use case is still not in hand, even as volumes continue to rise. However, much like fuel deregulation that allowed a huge rise in credit cards powered by discounts on fuel purchases, somehow, the idea of parking or toll charges driving the same sort of opportunity escapes this writer. Most of the aggregation also remains nowhere close to an ‘essential’ for a driver, further placing retention at risk, and driving up user acquisition costs. Could this be a case of problems that seemed big only in the rarefied world of well off VC’s? It won’t be the first time (or the last) VC’s confused a problem they face with a broader market demand. We should know soon enough over the next few quarters.

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