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Exclusive: Onsurity raises over $26 Mn in new round led by Creaegis

EntrackrEntrackr · 10m ago
Exclusive: Onsurity raises over $26 Mn in new round led by Creaegis
Medial

Employee healthcare platform Onsurity has raised Rs 219 crore or $26.4 million in a new round led by Creaegis, with the participation of existing investors Nexus Venture Partners and Quona Capital. The board at Onsurity has passed a special resolution to issue 10 equity and 6,302 series B1 CCPs at an issue price of Rs 3,48,089 each to raise Rs 219 crore or $26.4 million, its regulatory filing accessed for the Registrar of Companies (RoC) shows. Creaegis spearheaded the round with Rs 176.4 crore while existing investors Nexus Ventures and Quona Capital injected Rs 31.4 crore and Rs 11.9 crore, respectively. The company will use proceeds for growth, expansion, working capital requirements and general corporate purposes, as decided by the board. According to the startup data intelligence platform TheKredible, OnSurity has been valued at around Rs 1,032 crore or $124 million post-allotment. Following the fresh proceeds, Creaegis will hold 17.10% of the company while Nexus and Quona will command 28.22% and 12.82%, respectively. Founded in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based services that its customers can purchase and offer it to their full-time employees, contractors, interns and consultants. The company, through its subsidiary, offers business products including cyber insurance, D&O liability insurance, and commercial general liability insurance, among others. Onsurity has raised over $66 million to date including $24 million Series B round in October last year, and $16 million Series A in August 2021. Creaegis, the lead investor, recently closed its inaugural fund of about $426 million to support Indian startups. Its investment portfolio includes companies like Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics.

EV startup Kazam raises $6.2 Mn from IFC, Vertex and Avaana Capital

EntrackrEntrackr · 17d ago
EV startup Kazam raises $6.2 Mn from IFC, Vertex and Avaana Capital
Medial

EV startup Kazam raises $6.2 Mn from IFC, Vertex, and Avaana Capital Bengaluru-based EV energy-tech platform Kazam has raised $6.2 million in Series B funding from the International Finance Corporation (IFC), along with existing investors Vertex Ventures Southeast Asia & India and Avaana Capital. This round takes Kazam’s total capital raised to $19.2 million, including $13 million in equity from previous rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures. The investment will fuel Kazam’s expansion across markets with its energy transition tools to accelerate adoption of sustainable mobility, the company said in a press release. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is building a device-agnostic digital infrastructure platform that enables EV charging and battery-swapping operators, vehicle OEMs, fleets, and power utilities to manage and analyze charging assets. Kazam’s platform claims to have onboarded over 68,000 chargers and facilitated over 5 million charging sessions. The firm also saw its revenue grow 4X from $1.5 million in FY24 to $6 million in FY25 and is targeting $12 million in revenue with EBITDA positivity this fiscal. Kazam works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette.

D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 10m ago
D2C luggage brand uppercase raises $9 Mn led by Accel
Medial

D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel. As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners. The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release. Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. Its products are priced in the range of Rs 3,500-5,000. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June. As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss. The company is targeting to more than double its revenue to Rs 150 crore by FY25, up from Rs 70 crore in FY24.

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B

EntrackrEntrackr · 1m ago
Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B
Medial

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B Electric mobility startup Kazam is raising Rs 51 crore (around $6 million) in its Series B round, led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital. The board at Kazam has passed a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will jointly invest $4.9 million, while Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively. According to Entrackr’s estimates, the company will be valued at around $51 million post-allotment. Kazam plans to deploy the funds towards business growth, expansion initiatives, and general corporate purposes. After this funding round, Vertex Ventures and IFC VVSEA Co-Invest together will hold a 22.89% stake, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that develops smart and affordable charging networks. Its technology supports a wide variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. It claims to power over 25,000 charging points. The Bengaluru-based firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company is yet to file its annual results for FY25. According to the startup data intelligence platform TheKredible, its revenue from operations surged 3.3X to Rs 12.19 crore during the fiscal year ended in March 2024 while its losses stood at Rs 10.2 crore in the same fiscal year.

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