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JCB Salons India raises Rs 40 Cr from Blacksoil for strategic expansion

EntrackrEntrackr · 1y ago
JCB Salons India raises Rs 40 Cr from Blacksoil for strategic expansion
Medial

Salon chain JCB (Jean Claude Biguine) Salons India has raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. JCB Salons has utilised the funds to acquire Spalon, a homegrown salon chain, for expansion into South India, the company said in a press release. The capital will also be used for working capital and creating operational efficiencies for the group. Launched in 2006 in India, JCB Salons operates around 18 salons in Mumbai, Pune, and Bengaluru. The company claims to serve 1,500 customers per month. Globally, it runs operations in 20 countries with 400 salons and spas. Spalon is a spa and salon brand with over 27 branches across Southern India. Combining JCB’s expertise and Spalon’s understanding of the domestic market, the joint entity eyes a foothold in West and South India markets. In February last year, JCB Salon’s long time chief executive Samir Srivastav quit the company to join Looks Salon as CEO. JCB Salons raised Rs 157 crore (nearly $19 million) to date and counts RARE Enterprises, the investment arm of late Rakesh Jhunjhunwala as a key investor. JCB Salon India saw its operating revenue increase to Rs 50.66 crore in FY23 from Rs 34.63 crore in FY22. During the period, the firm turned profitable with Rs 1 crore profit from Rs 57 lakh loss in the previous fiscal year. As per the company, it achieved 5-6% year-on-year growth in FY24. However, the company is yet to file audited annual financial statements for the last financial year. As per industry reports, the Indian beauty market is projected to reach approximately $580 billion by 2027, with an estimated growth of 6% annually. Of late, a clutch of legacy and established businesses have raised strategic money from institutional investors. In May, 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise. In the same month, fast fashion omnichannel ethnic wear brand Libas also raised $18 million by ICICI Venture’s fund IAF Series 5 in its maiden external funding.

Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others

EntrackrEntrackr · 1y ago
Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others
Medial

New-age fashion brand Rare Rabbit has raised Rs 150 crore (approximately $18 million) in primary capital led by A91 Partners. This is the maiden institutional investment for a Bengaluru-based company since its inception in 2015. The board at Rare Rabbit has passed a special resolution to issue 69,230 compulsory convertible preference shares at an issue price of Rs 21,670 each to raise Rs 150 crore, its regulatory filings accessed from the Registrar of Companies show. A91 Partners led the round with Rs 102 crore while Zerodha’s founders NKSquared injected Rs 29 crore. Gruhas Proptech, Ravi Modi Family Trust, and Vendant Modi cumulatively participated with Rs 18.92 crore during the investment. As per TheKredible’s estimates, the company has been valued at around Rs 2,350 crore or $283 million post-allotment. Following the fresh proceeds, the A91 emerging fund will hold 9.65% of the capital while NKSquared and Ravi Modi Family Trust will get 4.15% and 2.13% of the stake in the company, the filing further added. This appears to be a part of a larger round as Rare Rabbit was in talks to raise Rs 500 crore led by A91 partners. Inc42 reported the development first. Rare Rabbit is a high-end fashion brand specializing in designer clothing for men and women. The brand operates more than 100 stores across India and offers collections through its online store. Rare Rabbit demonstrated rapid growth, which is evident from its revenue that scaled 72.3% to Rs 381 crore in FY23 with a positive bottom line of Rs 32 crore in FY23. The company reportedly clocked a revenue of Rs 600 crore in FY24. Rare Rabbit competes with brands like Souled Store, which raised around $29 million and achieved a revenue of Rs 235 crore in FY23. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively. In the past couple of months, a clutch of fashion and apparel brands have raised their maiden institutional round. In May, A91 Partners led a $21 million round in TechnoSport whereas Libas raised $18 million led by ICICI Venture’s fund.

Hero Enterprise-backed Corvi LED raises $8 Mn in Series B

EntrackrEntrackr · 1y ago
Hero Enterprise-backed Corvi LED raises $8 Mn in Series B
Medial

Consumer lighting company Corvi LED has raised $8 million in a growth capital round led by Enam Investments. The fresh funding has come after a hiatus of seven years for the Mumbai-based firm. This infusion will allow Corvi LED to expand into new geographies, diversify its product portfolio, and refine its technological capabilities, the company said in a press release. Corvi LED will also strengthen its market presence in B2C and B2B segments and is set to introduce a range of new LED products that meet the modern demand. Founded in 2012 by Vimal Soni, Corvi offers a portfolio of more than 100 products spanning across 7 categories like bulbs, tubes, flat, surface and others. As per the company, it has set global benchmarks with top efficiency ratings and features such as eliminating metal bodies, drivers, and heat sinks. The company claims to hold over 100 patents and registrations and has exported to 24 countries across Europe, the Middle East, Africa and South-East Asia. In 2017, Hero Enterprise had invested $10 million for a significant stake in Corvi LED Light. For the fiscal year ending in March 2023 (FY23), Corvi reported a minor decline in operating revenue to Rs 15.5 crore from Rs 16.65 crore in FY22. During the period, its losses increased to Rs 9.74 crore from Rs 7.41 crore. The firm is yet to file its annual financial statements for FY24. In the past couple of months, a clutch of established companies announced raising strategic money after a long gap or their maiden fundraise. In May, 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise while fast fashion omnichannel ethnic wear brand Libas also raised $18 million in its first ever external financing. Last month, 18-year-old Salon chain JCB (Jean Claude Biguine) Salons India raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. Around the same time, consumer electronics startup Indkal also announced $36 million in its first venture capital funding.

Exclusive: DaMENSCH raises fresh capital from existing investors at flat valuation

EntrackrEntrackr · 1y ago
Exclusive: DaMENSCH raises fresh capital from existing investors at flat valuation
Medial

D2C men’s lifestyle brand DaMENSCH has raised Rs 21.62 crore (approximately $2.5 million) in its extended Series B round from existing investors. The fresh investment, which came after a gap of two years, appears to be a bridge round for the Bengaluru-based company. The board at DaMENSCH has passed a special resolution to issue 1,017 shares at an issue price of Rs 2,12,515 each to raise Rs 21.6 crore, its regulatory filing accessed from the Registrar of Companies shows. Existing investors including Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund also participated during the round. The bridge round has flown in at a flat valuation. As per TheKredible estimates, it has been valued at around $70-75 million (post-money). DaMENSCH has raised over $25 million to date including its $16.6 million Series B round led by A91 Partners in February 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder followed by Matrix and Saama Capital. Started in 2018 by Anurag Saboo and Gaurav Pushkar, DaMENSCH offers a range of innerwear and casual wear. It leverages its own website and marketplaces such as Amazon, Flipkart, and Myntra for distribution. While the company is yet to file its financial statements for FY24, DaMENSCH’s revenue grew 22.7% year-on-year to Rs 77.57 crore in FY23. Unlike its scale, the firm’s losses surged twofold to Rs 62.34 crore in the fiscal year ending March 2023. DaMENSCH directly competes with Bummer which secured Rs 9.25 crore from Gruhas Collective Consumer Fund in March. XYXX seems to be the most funded player in the space as it raised over $36 million to date including $13.5 million from Amazon Sambhav Fund in May last year.

IPO-bound Unimech Aerospace raises $30 Mn in maiden funding

EntrackrEntrackr · 1y ago
IPO-bound Unimech Aerospace raises $30 Mn in maiden funding
Medial

Unimech Aerospace has raised Rs 250 crore ($30 million) from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd as a part of its private placement round. This is the maiden funding round for the Bengaluru-based company since its inception in 2016. As per the company, it has raised the funds at a post-money valuation of Rs 3,250 crore ($390 million). The proceeds will be used to pursue both organic and inorganic growth and refine products, the company said in a press release. Led by Anil Puthan, Unimech Aerospace specializes in manufacturing of high precision tooling for aero-engines and airframes, along with complex high precision components, assemblies, and for the aerospace, defence, energy, and semiconductor industries. Its key clients include top aerospace, energy, defence and semiconductor OEMs. The firm has also established itself as an export-oriented company with a presence in the USA, Europe, and the United Kingdom. For the fiscal year ended in March 2023(FY23), Unimech’s revenue jumped to Rs 28 crore from Rs 16 crore while it maintained its profitability with Rs 2.81 crore in FY23 from Rs 1.69 crore in FY22. Unimech claims to have grown to over Rs 200 crore ($24 million) in revenue by FY24. The company also said that it is in the process of filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. Since January 2021, 26 tech startups have gone public and Unimech will become the first venture funded aerospace manufacturing company to go public in India. In the last couple of months, several established startups and companies have raised their maiden external or venture capital funding. The list includes workspace solution provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.

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