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Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt

EntrackrEntrackr · 7m ago
Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt
Medial

Cleantech startup Hygenco has raised Rs 50 crore (approximately $6 million) via non-convertible debentures from Trifecta. This is the first debt investment for the Gurugram-based company this year. The board at Hygenco has passed a special resolution to issue 500 debentures at an issue price of Rs 1,00,000 each to raise Rs 50 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned dentures are issued for a tenure of 24 months and carry an interest rate of 14.5% per annum, the filing added. Hygenco specializes in developing and deploying commercial systems for green hydrogen and ammonia production. Its solutions cater to large-scale process industries, marine and terrestrial transportation, and personal mobility sectors. Hygenco secured its first investment of $25 million from the SBI through (Neev II Fund) in October 2022. Media reports suggest the company aims to raise a total of $100 million by the end of this year. The company also partnered with Jindal Stainless to set up the country's first green hydrogen plant. According to startup data intelligence platform TheKredible, SBI, through its Neev II Fund, holds a 49.6% stake in Hygenco. The company's co-founders—Amit Bansal, Anshual Gupta, and Aashish Gupta—collectively own 46.1% of the company. The company was in the pre-revenue stage till the financial year ended March 2023 with a loss of Rs 6.3 crore. Hygenco has yet to file annual results for the previous fiscal year (FY24).

Medusa Beverages raises Rs 56 Cr in Series A funding

EntrackrEntrackr · 5m ago
Medusa Beverages raises Rs 56 Cr in Series A funding
Medial

Medusa Beverages, a craft and premium beer brand, has raised Rs 56 crore ($6.6 million) in a Series A funding round co-led by Amal N. Parikh and Ashwin Kedia, with participation from Ramesh Damani, Nikhil Garg, Crest Opportunities, and other high-net-worth individuals (HNIs). The proceeds will be used to scale operations and strategically invest in synergistic partnerships across the value chain, Medusa Beverages stated in a press release. Founded in 2017 by Avneet Singh, Medusa Beverages is an Indian beer brand offering high-quality brews with bold flavors. The brand combines distinctive taste profiles with striking aesthetics to create a memorable beer experience. Specializing in a variety of lager beers, it caters to diverse palates, appealing to beer enthusiasts who value both quality and innovation. Medusa claims to have achieved market leadership in Delhi’s crown market within just five years of its product launch. The company aims to strengthen its market presence and continue its trajectory toward becoming a leader in the Indian alco-bev space. Medusa plans to expand operations, build a diverse portfolio of brands, and solidify its presence in key markets. The company is committed to focusing on growth, innovation, and delivering high-quality products to its consumers. The Delhi-based company reports having a presence in Delhi, Punjab, Uttar Pradesh, Chhattisgarh, and Himachal Pradesh. It also operates a brewery in Punjab. It competes with other players in this space, such as Goa Brewing, White Owl, Drink Monday, Bira 91, Amara Breweries, Foo Brew, among others.

Shoe care brand SHOEGR raises $100K from PedalStart

EntrackrEntrackr · 4m ago
Shoe care brand SHOEGR raises $100K from PedalStart
Medial

Mohali-based shoe care brand SHOEGR has raised $100K in a pre-seed round from early-stage startup accelerator PedalStart. The proceeds will be used to grow and scale its product portfolio, improve market and end-user reach, and strengthen its awareness-building initiatives. Additionally, the funds will be used to ramp up SHOEGR’s direct-to-consumer (D2C) presence by enhancing the e-commerce experience on its own website and facilitating new retail partnerships to allow its products to reach a wider audience. Co-founded by Saurabh Gupta, Anuj Sachdeva, and Ankit Roy, SHOEGR has introduced an extensive range of shoe cleaning, protection, and storage solutions. Apart from its website, SHOEGR currently sells its products via platforms like Amazon, Flipkart, Myntra, and Ajio. Notably, in October last year, SHOEGR claims to have achieved Rs 50 lakh monthly sales and is projected to cross Rs 1 crore monthly sales in FY26.

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