🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation

EntrackrEntrackr · 1y ago
Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation
Medial

Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation Hospitality major Oyo has raised Rs 550 crore (approximately $65 million) from Redsprig Innovation Partners, an affiliate entity of the company’s founder Ritesh Agarwal. The board at Oyo has passed a special resolution to issue 12,91,07,982 equity shares at an issue price of Rs 42.6 each to raise Rs 550 crore or $65 million, its regulatory filing accessed from the Registrar of Companies shows. After the recent funding injection, the company's valuation rose to $3.79 billion, reflecting a 59.2% increase from Oyo's previous Series G round, when the firm was valued at $2.38 billion. As per the filings, the company plans to use these funds for growth, supporting global expansion (including acquisitions), strengthening business strategies, and other corporate initiatives. The funding will also result in a 1.728% dilution of the company's total stake. This is the second major capital infusion by Agarwal in Oyo. In August 2024, he led a $175 million round through his Singapore-based fund, Patient Capital. Last month, a CNBC TV18 report suggested that Nuvama Wealth & Investment Limited (formerly Edelweiss Securities) purchased shares worth Rs 100 crore in Oyo’s parent Oravel Stays Limited. During FY24, IPO-bound Oyo posted a flat scale which stood at Rs 5,389 crore, as compared to Rs 5,464 crore in FY23. Despite the stagnant revenue, the company managed to control its expenditure by 16% which resulted in Oyo posting a net profit after tax (PAT) of Rs 230 crore in the last fiscal (FY24). In May, the Gurugram-based company withdrew its draft papers (DRHP) for the second time due to unfavorable conditions. The firm also said that it will refile the IPO papers after concluding a large funding round, which is about to close after the latest fundraises.

Oyo raises $50 Mn from InCred at $2.38 Bn valuation

EntrackrEntrackr · 1y ago
Oyo raises $50 Mn from InCred at $2.38 Bn valuation
Medial

Oyo has raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment. The funding is coming after a gap of almost three years for the Gurugram-based hospitality unicorn. The board at Oyo has passed a special resolution to issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each to raise Rs 416.85 crore or $50 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Oyo will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans, according to the filings. As per TheKredible estimates, the company has been valued at around Rs 19,756 crore or $2.38 billion post-allotment. Importantly, the new investor will command a 2.11% stake in the company (post allotment). In August 2021, US-based tech giant Microsoft had invested $5 million in the Lightspeed-backed firm at a valuation of $9.6 billion. The latest capital has come at a valuation haircut of more than 70% from its peak. Recently, Oyo’s founder Ritesh Aggarwal said that the firm posted its maiden annual net profit of Rs 100 crore in FY24. The company didn’t disclose its revenue for the last fiscal. In FY23, its revenue from operations grew 14.3% to Rs 5,464 crore from Rs 4,871 crore in FY22. During the period, the firm cut down losses by 33.7% to Rs 1,287 crore. Recently, Oyo withdrew its draft papers (DRHP) for the second time in the wake of unfavorable conditions. The firm may refile the IPO papers after the conclusion of the ongoing round in which Oyo is likely to raise more capital. Oyo’s major investor SoftBank first reduced its valuation to $3.4 billion in 2022. However, the firm rejected the markdown then.

Exclusive: Anushka Sharma-backed Slurrp Farm raises fresh funds at $90 Mn valuation

EntrackrEntrackr · 9d ago
Exclusive: Anushka Sharma-backed Slurrp Farm raises fresh funds at $90 Mn valuation
Medial

Exclusive: Anushka Sharma-backed Slurrp Farm raises fresh funds at $90 Mn valuation Children-focused snacking and meal brand Slurrp Farm has raised Rs 30 crore (around $3.3 million) in its extended Series C round from Scarlet Ventures. The fundraise comes after a nearly two-year gap for the Gurugram-based startup. The company previously raised Rs 60 crore ($7.2 million) from Fireside Ventures, Raed Capital, and others in January 2024. Entrackr exclusively reported the development then. The board at Wholsum Food Private Limited, the parent company of Slurrp Farm, has allotted 1,04,457 Series C1 preference shares at an issue price of Rs 2,872 each to raise Rs 30 crore from Scarlet Ventures, according to the filing sourced from the Registrar of Companies (RoC). The company will use the new investment amount to augment the long-term financial resources of the company, the filing further added. According to Entrackr’s estimates, the firm’s valuation grew 59% to Rs 810 crore (around $90 million) post-money, compared to Rs 510 crore valuation in its previous $7.2 million round. Following the latest round of allotment, new investor Scarlet Ventures holds a 3.7% stake in the company. Slurrp Farm has raised around $18 million across multiple funding rounds, including a $7 million Series B round led by the Investment Corporation of Dubai. Following this round, Bollywood actress Anushka Sharma came on board as an investor and brand ambassador. Founded in 2016, the company makes millet-based snacks and meals for young children. Its portfolio products include porridges and cereals, puffed snacks for children, millet pancakes, millet dosa, cake mixes, and others. Slurrp Farm’s parent reported over 30% YoY growth in its operating revenue to Rs 95.6 crore in FY25 from Rs 72.5 Cr in FY24. However, its losses also increased by 29% to Rs 32.7 crore in the same period.

Download the medial app to read full posts, comements and news.