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Exclusive: Nikhil Kamath-backed Gruhas invests in Shark Tank fame Bummer

EntrackrEntrackr · 1y ago
Exclusive: Nikhil Kamath-backed Gruhas invests in Shark Tank fame Bummer
Medial

Shark Tank fame direct-to-consumer (D2C) innerwear brand Bummer has raised Rs 9.25 crore led by Gruhas Consumer Fund along with the participation of Fluid Ventures Fund. The board at Bummer has passed a special resolution to issue 2,16,121 pre-series A1 CCPS at an issue price of Rs 428 each to raise Rs 9.25 crore, its regulatory filing sourced from the RoC shows. Gruhas Consumer Fund pumped in Rs 8 Cr while Fluid Ventures Fund participated with Rs 1.25 crore in the new round. Gurhas is a venture capital fund co-founded by Nikhil Kamath and Abhijeet Pai. The company will use the proceeds to expand and develop its categories, according to the filings. Founded in 2019, Bummer sells comfort wear and innerwear for both men and women. The company claims that its products use 47% less water for manufacturing and reduce carbon footprint by 18%. Following the fresh proceeds, Gruhas became the largest stakeholder with 17.3%, followed by Beenext Asia, Fluid Ventures, and Thapar Vision LLP. Its founder and CEO Sulay Lavsi along with his family command 45.97% of the company. As per TheKredible’s estimates, the company has been valued at around Rs 46.5 crore or $5.6 million post-allotment. Before this, Bummer had raised 180K from Singapore’s Beenext and Rs 75 lakh on TV show Shark Tank India led by Aman Gupta, co-founder and CMO of boAt and Namita Thapar, CEO of Emcure Pharmaceuticals. During the previous fiscal year that ended March 2023, Bummer’s revenue from operations surged three-fold to Rs 7.83 crore while the losses of the firm spiked 2.8X to Rs 2.94 crore in the same period.

Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others

EntrackrEntrackr · 1y ago
Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others
Medial

Rooftop solar startup SolarSquare has raised $4.2 million from existing investors Zerodha’s Rainmatter Capital, Abhijeet Pai and Nikhil Kamath’s Gruhas Proptech, Lowercrabon Capital, Climate Angels and Good Capital. The board at SolarSquare has passed a special resolution to allot 7,589 Series B compulsory convertible debentures at an issue price of Rs 46,710 to raise Rs 35.44 crore, its regulatory filing shows. Lowercarbon and Good Capital invested Rs 20.74 crore and 3.32 crore while Gruhas Proptech and Rainmatter separately pumped in Rs 6.22 crore and Rs 3.98 crore, respectively. The funding will be used for the expansion, working capital requirements, and general corporate purposes, according to the filings. Every debenture issue during the round will be converted into a preference share at the next qualified funding round and the investors are considering the same to take place at a valuation of $75 million, the filings further added. As per TheKredible estimates, the company has been valued at around Rs 394 crore or $48 million post-allotment. The company is likely to raise more funds in this round and the valuation may vary after the final tranche. SolarSquare has raised over $20 million to date including its Rs 100 crore ($12 million) Series A round led by Elevation Capital and Lowercarbon in November 2022. According to the startup data intelligence platform TheKredible, Lowercrabon is the largest external stakeholder with 20.29% followed by Elevation Capital which holds 14.99%. Rainmatter and Gruhas Proptech own 3.84% and 2.50% respectively in SolarSquare. Head to TheKredible for the complete shareholding pattern. Founded by Neeraj Jain and Nikhil Nahar, SolarSquare designs, installs, and finances rooftop solar systems for homes. It also provides rooftop solar solutions for housing societies and commercial establishments. The company is yet to file its financial statements for FY24 but its revenue from operations grew 35.4% to Rs 107 crore in FY23. It posted Rs 35 crore loss in the same period. SolarSquare competes with Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. In February, the company acquired PV Diagnostics, a company with expertise in the utility scale solar power sector. Update: The story and headline have been updated to reflect Zerodha Technology as Zerodha’s Rainmatter Capital.

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