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Cornerstone Ventures leads Rs 15 Cr round in Nitro Commerce

EntrackrEntrackr · 1y ago
Cornerstone Ventures leads Rs 15 Cr round in Nitro Commerce
Medial

Nitro Commerce, a revenue-as-a-service platform for ecommerce and D2C brands, has secured Rs 15 crore ($1.8 million) in a seed funding round led by Cornerstone Ventures. The round also saw participation from Warmup Ventures, Lead Angels, Dholakia Ventures, India Accelerator as well as individual investors Arjun Vaidya , Kunal Khattar, Nikunj Jain and Piyush Jain. The proceeds will be deployed towards developing core technologies that support the sourcing and enrichment for ecommerce and D2C brands, Nitro Commerce said in a statement. Co-founded in 2023 by Umair Mohammed, Atyab Mohammed, Shamail Tayyab, and Pratik Anand, Nitro Commerce is a full-stack revenue-as-a-service platform for the ecommerce and D2C markets. The platform aims to provide technologies to the industry that aid the top and middle of the funnel in order to help customers seamlessly increase revenue and super-charge their growth. The co-founders had previously launched Wigzo which was acquired by Shiprocket back in 2021. Nitro also aims to reach profitability by 2025 by democratising its technology, making it easy for merchants to access and deploy, and offering it as an outcome-as-a-service. The startup claims that it has on boarded more than 100 D2C brands in the past six months and aims to grow this number to over 1,000 brands by the end of the year. According to the Gurugram-based company, it will introduce an innovative approach to integrate e-commerce and digital advertising with bespoke and intelligent data-driven offerings. It competes with the other players in this space such as Klaviyo, Elastic Path Software, Bango, Yotpo, Rokt and others.

IPO-bound OfBusiness raises Rs 100 Cr led by Cornerstone Ventures

EntrackrEntrackr · 3m ago
IPO-bound OfBusiness raises Rs 100 Cr led by Cornerstone Ventures
Medial

OfBusiness, an industrial goods and services procurement platform set to launch its IPO in the second half of 2025, has raised Rs 100 crore (about $11.7 million) led by Cornerstone Ventures. Previously, OfBusiness raised over $650 million across various rounds, including a $325 million round led by Alpha Wave, Tiger Global, and SoftBank, at a valuation of $5 billion. The proceeds from the new investment will be used to drive digital adoption and financing access for SMEs. Co-founded in 2016, OfBusiness provides raw material procurement and financing solutions to SMEs in the manufacturing and infrastructure sectors. The company reported a 25.8% year-on-year increase in revenue to Rs 19,296 crore for FY24, with a 30.2% profit growth to Rs 603 crore. OfBusiness competes with firms like Zetwerk, Infra.Market, and Moglix.

Deconstruct raises Rs 65 Cr from L’Oréal’s VC fund BOLD and others

EntrackrEntrackr · 5m ago
Deconstruct raises Rs 65 Cr from L’Oréal’s VC fund BOLD and others
Medial

Deconstruct raises Rs 65 Cr from L’Oréal’s VC fund BOLD and others Deconstruct, a D2C skincare brand, has secured Rs 65 crore ($7.7 million) in funding from L’Oréal’s VC fund BOLD, V3 Ventures, and DSG Consumer Partners, with participation from existing investors Kalaari Capital and Beenext. The funds will support product innovation, leadership in sunscreen and serums, the gentle actives space, and expansion into quick commerce and retail. Founded by Malini Adapureddy, Deconstruct offers skincare for all skin types, focusing on products tailored for India's climate. Deconstruct states it saw 1,000% growth in FY25, achieving annualized net revenue of Rs 200 crore, while reducing losses by 33% during FY24.

Exclusive: Even Healthcare raises $20 Mn led by Khosla Venture

EntrackrEntrackr · 11m ago
Exclusive: Even Healthcare raises $20 Mn led by Khosla Venture
Medial

Healthcare company Even Healthcare has raised Rs 169 crore (approximately $20 million) in a new round led by Khosla Ventures. The fresh funding for the Bengaluru-based firm has come after a gap of 20 months. The board at Even has passed a resolution to issue 2,17,589 preference shares at an issue price of Rs 7,762 each to raise Rs 169 crore or $20 million, its filing sourced from the Registrar of Companies shows. Khosla Ventures led the round with Rs 83.4 crore or $10 million while Pathfinder and Mercury Fund invested Rs 21.3 crore and 26.9 crore, respectively. Simon Fiduciaria, DLB Ventures, Lex Italia, 8 VC, Rainmatter fintech, and others cumulatively injected the rest amount. Even Healthcare has also expanded its employee stock option (ESOP) pool, adding new options that bring the total pool size to 1,35,000, according to a separate resolution filed by the company. According to Entrackr’s estimates, its ESOP size is worth $12 million. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 753 crore or $91 million post-allotment. Even offers subscription-based plans to cover diagnostics, consultations, and hospitalization costs of up to Rs 50 lakh. According to the company, it only partners with those hospitals that guarantee the care of its members in exchange for a recurring payment. Launched by Mayank Banerjee, Matilde Giglio and Alessandro Lalongo, Even also offers personalized managed care programs and provides Even cards which can be used to pay bills at its partner hospitals and labs. Even claims to have an advantage over medical insurance as it provides unlimited OPD consultations and diagnostics. The company has raised approximately $40 million to date, including $15 million from Alpha Wave and Aspada in November 2022, and an initial $5 million in seed capital led by Khosla Ventures in 2021. Entrackr exclusively reported about its seed funding in July 2021.

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