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Celebal Tech kicks off Series B round with 2X valuation jump

EntrackrEntrackr · 4m ago
Celebal Tech kicks off Series B round with 2X valuation jump
Medial

Celebal Technologies, an IT Service provider, is set to raise Rs 125 crore (around $14.7 million) in its Series B round led by InCred Growth Partners Fund with the participation of existing backer Norwest Venture Partners. In June last year, Celebal Tech raised Rs 80 crore in debt from BlackSoil, following its $32 million Series A funding round in November 2022. According to regulatory filings accessed from the Registrar of Companies (RoC), Celebal Technologies’ board has approved a resolution to issue 1,04,000 Series B CCPS at an issue price of Rs 12,019 each to raise the sum. InCred Growth Partners Fund will lead the round with an investment of Rs 80 crore ($9.4 million), while Norwest Venture Partners will contribute Rs 45 crore ($5.3 million) to increase its stake in the company. The filing further mentioned that the proceeds from this round will be used to expand the company’s business operations, meet working capital needs, and support general corporate purposes. Founded in 2015, Celebal Technologies is a software services firm focused on digital transformation using generative AI, machine learning, cloud integration, and app modernization. It serves clients across the USA, India, APAC, UAE, Europe, and Canada. Following the allotment of this round, the Jaipur-based company’s valuation nearly doubled to Rs 1,795 crore or $211 million, as per Entrackr’s estimates. According to startup data platform TheKredible, Norwest Venture Partners will hold the largest external stake in the company at 28.83%, while new investor InCred will hold a 4.46% stake. In the fiscal year ended March 2024, Celebal Tech reported 43% year-on-year growth in operating revenue to Rs 275 crore. However, its losses ballooned to Rs 60 crore from Rs 1.3 crore. Notably, the Norwest Ventures-backed firm was profitable in FY22, posting a Rs 21.6 crore profit.

Astrotalk In Talks To Raise $50 Mn At Unicorn Valuation

Inc42Inc42 · 2m ago
Astrotalk In Talks To Raise $50 Mn At Unicorn Valuation
Medial

Astrotalk, the astrology startup, is currently in talks to raise $50 million in its Series B round, targeting a valuation between $1.3 billion and $1.5 billion, according to sources cited by Inc42. The company is in active discussions with multiple investors for this round, although the deal hasn’t been finalized yet. If successful, this would mark Astrotalk’s debut into the unicorn club. Founded by Puneet Gupta, Astrotalk has grown rapidly by offering astrology consultations via chat and call. The platform claims strong profitability and a growing user base, which is attracting both domestic and global investor interest. The upcoming round follows its earlier $20 million Series A raised in early 2024. This new capital is expected to fuel product growth, global expansion, and hiring. The fundraise comes amid renewed investor interest in profitable consumer-tech plays in India.

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