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

News on Medial

Prashant Pitti’s Optimo Capital raises Rs 100 Cr from PNB

EntrackrEntrackr · 1d ago
Prashant Pitti’s Optimo Capital raises Rs 100 Cr from PNB
Medial

Prashant Pitti’s Optimo Capital raises Rs 100 Cr from PNB Optimo Capital, a technology-led NBFC focused on MSME lending, has secured Rs 100 crore in debt funding from Punjab National Bank and entered into a co-lending partnership with Godrej Finance Limited to disburse Rs 200 crore over the next 12 months. The development comes six months after the company raised Rs 150 crore in equity funding led by Blume Ventures and Omnivore, with participation from founder Prashant Pitti. Optimo offers digital secured loan-against-property (LAP) products for MSMEs, targeting borrowers who face challenges in accessing formal credit despite owning collateral. Its lending infrastructure is built on a dataset of over 77 lakh mortgage and property transaction records, along with AI-led property inspection and valuation systems. The platform also enables in-principle loan sanctions within a few hours. The company currently manages over Rs 430 crore in assets under management and maintains gross NPAs below 0.7%. It has been profitable for the past 22 months, generating monthly profits in the range of Rs 2–3 crore. Optimo recently received a BBB (Stable) rating from CARE Ratings. Optimo operates 51 branches across Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, and Madhya Pradesh, focusing on MSME borrowers in semi-urban and rural markets. It employs over 500 people across functions. The partnership with Godrej Finance is expected to expand Optimo’s lending capacity, while the debt infusion from Punjab National Bank will support balance sheet growth.

Related News

Optimo Loan raises $10 Mn seed in round

EntrackrEntrackr · 2y ago
Optimo Loan raises $10 Mn seed in round
Medial

MSME-focused lending-tech startup Optimo Loan has raised $10 million in its seed round led by Blume and Omnivore, with additional contribution from Optimo’s founder, Prashant Pitti. The proceeds will be used to expand its operations, enhance its technology, recruit new talent, and broaden its presence to 20 locations in rural India by the end of this year, the startup said in a press release. Founded by Pitti, Optimo facilitates access to quick, easy, and flexible financing options for MSMEs. It supports businesses in investing in new technologies, increasing liquidity, and ensuring business continuity. The startup actively contributes to local job creation, economic growth, and community development. The startup is also building a co-lending platform for MSMEs with a unique underwriting method. This approach allows Optimo to gain deeper insights into the financial health of MSMEs, enabling informed lending decisions and catalyzing entrepreneurship and economic growth in rural communities. That said, early-stage India-focused venture fund Blume Ventures invests in seed and pre-Series A rounds in tech-led startups. It is presently investing via its Fund IV, a $300 million vehicle supported by institutional LPs and family offices. Following the close of Fund IV, Blume now has an AUM (Assets Under Management) of over $600 million.

Lending platform Mannjal raises Rs 17.5 Cr led by Arali Ventures

EntrackrEntrackr · 3m ago
Lending platform Mannjal raises Rs 17.5 Cr led by Arali Ventures
Medial

Snippets Lending platform Mannjal raises Rs 17.5 Cr led by Arali Ventures Full-stack lending platform Mannjal has raised Rs 17.5 crore ($2.1 million) in a seed round led by Arali Ventures and B Capital, with participation from Sparrow Capital and Gemba Capital. The proceeds will be used to expand its lender network and accelerate product development. Founded in 2023 by Prashant Adurty, Aman Bhargava, and Harshit Lingamneni in Bengaluru, Mannjal operates a full-stack lending platform that helps financial institutions distribute priority-sector and impact-linked credit products at scale. The startup provides infrastructure that supports field operations, origination, and credit decisioning. It enables lenders to run digital and physical data journeys, enrich borrower profiles with external information sources, and structure data for analysis and decision support. Institutions can configure custom workflows for teams across risk, operations, and business functions. According to the company, lenders using Mannjal have reduced turnaround times by 50–75% and improved sanction ratios to 85–90%. Over the last 18 months, Mannjal’s platform claims to have enabled disbursements of about Rs 1,000 crore across unsecured business loans, loan against property, and affordable housing finance. The company now works with more than 75 lenders.

Exclusive: KaarTech raises Rs 100 Cr from Playbook Partners

EntrackrEntrackr · 16d ago
Exclusive: KaarTech raises Rs 100 Cr from Playbook Partners
Medial

Exclusive: KaarTech raises Rs 100 Cr from Playbook Partners Digital transformation consulting company KaarTech has raised around $11 million (Rs 100 crore) from Playbook Partners, the backer of Renee Cosmetics. The new round came on the back of its profitability and 56% year-on-year growth in FY25, with revenue surpassing Rs 700 crore. KaarTech’s regulatory filings with the Registrar of Companies (RoC) show that its board approved the issuance of 4,00,520 Series B CCPS at an issue price of Rs 2,496.75 apiece to raise Rs 100 crore from Playbook Partners. The proceeds will be utilised towards capital expenditure, business expansion, and general working capital requirements, the filings said. According to Entrackr’s estimates, KaarTech is valued at around Rs 2,100 crore or around $231 million (post-money). In July 2023, KaarTech raised $30 million from A91 Partners. Founded in 2006 by Maran Nagarajan, Ratnakumar N, Selvakumaran M, and Guardian George, KaarTech is a technology and consulting company focused on SAP-led digital transformation. It provides services like SAP implementation and support, cloud and data services, AI and automation, analytics, and managed services to help enterprises manage and optimize business operations. A91 Partners continued to be the largest external shareholder with a 32.78% stake, while Playbook Partners held 4.76% following the allotment of this round. The company’s co-founders Maran Nagarajan, Ratnakumar N, Selvakumaran Manickam, and Guardian George held 14.90%, 9.99%, 7.31%, and 8.01% stakes, respectively. The Chennai-based firm’s revenue grew 56.8% to Rs 718 crore in FY25 from Rs 458 crore in FY24. It also turned profitable in FY25, reporting a net profit of Rs 7.74 crore in FY25 compared to a loss of Rs 66.93 crore in FY24.

Groww raises Rs 2,984 Cr from anchor investors ahead of IPO

EntrackrEntrackr · 4m ago
Groww raises Rs 2,984 Cr from anchor investors ahead of IPO
Medial

News All Stories Groww raises Rs 2,984 Cr from anchor investors ahead of IPO Investment platform Groww, operated by Billionbrains Garage Ventures Ltd, has raised Rs 2,984.5 crore from anchor investors ahead of its initial public offering (IPO). Investment platform Groww, operated by Billionbrains Garage Ventures Ltd, has raised Rs 2,984.5 crore from anchor investors ahead of its initial public offering (IPO). The company’s IPO committee approved the allocation of 29.85 crore shares at Rs 100 per share, comprising a face value of Rs 2 and a premium of Rs 98, as per the company’s regulatory filing accessed from the stock exchange. According to the company’s filing, Groww attracted participation from a strong line-up of marquee investors, including HDFC Mutual Fund, Kotak Mutual Fund, SBI Mutual Fund, Nippon India, Axis Mutual Fund, and Aditya Birla Sun Life, among others. Global institutions such as the Government of Singapore, Monetary Authority of Singapore, Abu Dhabi Investment Authority, Goldman Sachs, New York State Teachers Retirement System, and Norway’s Government Pension Fund Global also came on board. Out of the total anchor allotment, around 46.6% (Rs 1,389.8 crore) was allocated to 17 domestic mutual funds spread across 54 schemes. The anchor allotment for Groww’s IPO will open for public subscription today and will close on November 7. The company has set a price band of Rs 95–100 per share. Backed by Peak XV Partners, Tiger Global, Ribbit Capital, and ICONIQ Growth, Groww’s public issue will include a fresh issue of shares worth Rs 1,060 crore and an offer for sale (OFS) of Rs 5,572.3 crore at the upper price band of Rs 100 per share, with early major investors participating in the OFS. According to Entrackr’s recent report, existing investors in Groww are set to pocket massive gains through the partial offer for sale. Kauffman Fellows Fund will clock an impressive 196X return, while Nirman Ventures and Y Combinator will reap 126.6X and 29X returns, respectively. Major backers such as Peak XV Partners, Tiger Global, and Ribbit Capital are also expected to book substantial profits from the IPO. The Bengaluru-based firm’s operating revenue surged nearly 50% year-on-year to Rs 3,902 crore in FY25, while its profit soared to Rs 1,824 crore during the same period. However, in Q1 FY26, Groww’s revenue declined nearly 10% YoY to Rs 904.4 crore, with the company posting a profit of Rs 378.36 crore.

Ultrahuman raises Rs 100 Cr in debt from Alteria Capital

EntrackrEntrackr · 3m ago
Ultrahuman raises Rs 100 Cr in debt from Alteria Capital
Medial

Ultrahuman raises Rs 100 Cr in debt from Alteria Capital Ultrahuman has raised Rs 100 crore ($11.2 million) in venture debt from Alteria Capital, the company said in a statement. The Bengaluru-based wearable and health-tech firm will use the capital to expand its product stack, strengthen software-led revenue, and support its sports and research partnerships. Ultrahuman has raised over $71.2 million to date, including a $35 million Series B round led by Zomato founder and CEO Deepinder Goyal alongside existing backers. Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures, while co-founders Mohit Kumar and Vatsal Singhal jointly own 28.9% of the company. Ultrahuman generated Rs 565 crore in operating revenue in FY25, with the US contributing close to 60% of the total. The company reported a net profit of Rs 73 crore during the fiscal, compared to a loss of Rs 38 crore in FY24, supported by scale in the US market. In a recent interaction with Entrackr, Ultrahuman founder Mohit Kumar said the firm expects to more than double its revenue to around Rs 1,100 crore in FY26, based on its current annualised run rate (ARR). The fundraise comes at a time when Ultrahuman is dealing with a legal and regulatory challenge in the United States, its largest market. In May, Oura said Ultrahuman copied its smart ring design and patents, which led to a US order blocking Ultrahuman rings from entering the country. Ultrahuman has filed its own case in Delhi, saying Oura copied its sensor technology and health features. The company is also seeking confirmation on whether devices manufactured at its Texas facility would fall outside the scope of the import ban, which could determine the pace at which supply resumes.

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