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Otipy raises $2 Mn in venture debt from Nuvama

EntrackrEntrackr · 4m ago
Otipy raises $2 Mn in venture debt from Nuvama
Medial

Otipy, a farm-to-fork company, has raised $2 million in venture debt from Nuvama Asset Management Limited. This raise comes ahead of its $10 million equity round as reported by Entrackr earlier. Otipy will use these funds for general corporate purposes. Otipy operates a farm-to-fork delivery model by procuring directly from farmers and delivering fresh produce to consumers every morning. Currently, it operates in Delhi-NCR and Mumbai, with plans to launch in Hyderabad, Bengaluru, and Chennai. The Varun Khurana-led company has raised $46 million to date, including its $32 million Series B round led by Westbridge Capital in 2022. According to the startup data intelligence platform TheKredible, SIG Global is the largest external stakeholder in the firm, followed by WestBridge Capital. Recently, Otipy introduced electric carts in Gurugram as part of a pilot project to sell fruits and vegetables offline. The firm plans to organize the pushcarts through a franchise model and expand its services to other cities, including Mumbai. For the fiscal year ending in March 2024 (FY24), Otipy claims to register Rs 175 crore in topline.

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Otipy set to raise $10 Mn from new and existing investors

EntrackrEntrackr · 1y ago
Otipy set to raise $10 Mn from new and existing investors
Medial

Farm-to-fork firm Otipy is set to mop up fresh capital in an extended series B round from new and existing investors, two sources aware of the matter told Entrackr. The fresh funding will hit the company’s coffers 28 months after it raised $32 million in Series B in March 2022. “A new investor along with existing ones are investing $10 million in Otipy,” said one of the sources requesting anonymity. “The company has received a term sheet and the deal is likely to get materialized soon.” Sources say that the capital will be used to strengthen Otipy’s operations in existing cities and expansion. It’s operational in Delhi (NCR) and Mumbai but it may launch in Bengaluru and Hyderabad, said sources. Otipy operates a farm-to-fork delivery model by procuring directly from farmers and delivering fresh produce to consumers every morning. “The firm does Rs 20 crore gross merchandise value (GMV) every month with a Rs 3 crore burn. After establishing itself as a leader in fruits and vegetables, the firm plans to additionally focus on grocery. Otipy is also set to achieve EBITDA breakeven in FY25,” said another source who also requested anonymity as talks are yet to be public. Queries sent to Otipy didn’t elicit any immediate response. Otipy has raised $44 million to date including its $32 million Series B round led by Westbridge Capital in 2022. According to the startup data intelligence platform TheKredible, SIG Global is the largest external stakeholder in the firm followed by WestBridge Capital. Head to TheKredibe for Otipy’s complete shareholding pattern. According to the company’s website, Otipy is supported by more than 20,000 farmers and has over 1,000 partners on board. The Gurugram-based company managed over 50% growth in scale to Rs 173 crore in FY24 from Rs 115 crore in FY23. Moreover, its losses also declined by 21% in the fiscal year ending March 2024.

Neobanking startup Zolve raises $251 Mn in Series B round

EntrackrEntrackr · 4m ago
Neobanking startup Zolve raises $251 Mn in Series B round
Medial

Neobanking startup Zolve raises $251 Mn in Series B round Founded in 2021 by Raghunandan G, Zolve offers immigrants an FDIC-insured US bank account and a credit card without requiring a Social Security number in the United States. Cross-border neobanking startup Zolve has secured $251 million in an equity and debt funding round led by Creaegis, with participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, and existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global. This Series B round includes a $200 million warehouse line (debt) from Community Investment Management to fuel its growing credit portfolio across geographies. In October 2023, the company raised $100 million in a warehouse debt facility from US-based impact investor Community Investment Management (CIM). Zolve has bagged $406 million in equity and debt financing to date. This substantial investment comes as Zolve reaches the 750,000-customer mark, having facilitated the movement of over $1.2 billion. The firm claims that it became customer-level profitable in early 2024 and is on track for company-level profitability by the end of 2025. Zolve plans aggressive expansion into three key areas. Geographically, Canada is next, followed by the UK and Australia. The company will also expand its credit portfolio by launching auto loans, personal loans, and education loans. The firm aims to become a full-stack financial platform for global citizens, enabling seamless international money transfers, insurance, and investment products. This is the largest debt funding raised by an Indian-origin startup in 2025.

Rebel Foods raises $13 Mn debt

EntrackrEntrackr · 1y ago
Rebel Foods raises $13 Mn debt
Medial

Cloud kitchen brand Rebel Foods has raised Rs 110 crore ($13.2 million) in debt from Alteria and InnoVen Capital. This is the fifth debt funding for the parent company of EatSure (previously Faasos) after its last equity round in 2021. The board at Rebel Foods has passed a special resolution to issue 11,000 Series G1 non-convertible debentures at an issue price of Rs 1,00,000 per debenture to raise Rs 110 crore, regulatory filings with the Registrar of Companies (RoC) show. Orbis Trusteeship (through Alteria) has invested Rs 65 crore while Vistra ITCL ( via InnoVen Capital) pumped in Rs 45 crore during the debt round. The tenure of paying Series G1 debt is up to 01 May 2027. According to filings, each debenture issued in the debt round shall be entitled to the interest of 13.90% per annum. The interest shall be payable on a monthly basis. In April last year, it raised Rs 75 crore ($9 million) in debt from Catalyst Trusteeship (Northern Arc) and Stride Ventures. In 2022, the Mumbai-based firm received Rs 230 crore across three debt fundings. Rebel Foods operates food brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, The Good Bowl, and Slay Coffee with more than 450 kitchens in over 70 cities. It has a portfolio of over 45 brands across multiple countries—India, United Arab Emirates (UAE), Saudi Arabia and the UK. The company is planning to take Oven Story Pizza offline and will open 250-300 outlets over the next two-three years. The Jaydeep Barman-led company entered the unicorn club after a $175 million Series F round led by Qatar Investment Authority in October 2021. The Peak XV-backed company raised its last equity round of $14.5 million in November 2021. Rebel Foods’s operating revenue surged to Rs Rs 1,258 crore in FY23 from Rs 856 crore in FY22. According to startup data intelligence platform TheKredible, its losses jumped to Rs 656 crore in FY23 from Rs 564 crore in the previous year. As per media reports, Rebel Foods is planning for an initial public offering (IPO) by 2025, making it the first firm from cloud kitchen space to list on the Indian stock exchange.

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