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Celebal Tech kicks off Series B round with 2X valuation jump

EntrackrEntrackr · 2m ago
Celebal Tech kicks off Series B round with 2X valuation jump
Medial

Celebal Technologies, an IT Service provider, is set to raise Rs 125 crore (around $14.7 million) in its Series B round led by InCred Growth Partners Fund with the participation of existing backer Norwest Venture Partners. In June last year, Celebal Tech raised Rs 80 crore in debt from BlackSoil, following its $32 million Series A funding round in November 2022. According to regulatory filings accessed from the Registrar of Companies (RoC), Celebal Technologies’ board has approved a resolution to issue 1,04,000 Series B CCPS at an issue price of Rs 12,019 each to raise the sum. InCred Growth Partners Fund will lead the round with an investment of Rs 80 crore ($9.4 million), while Norwest Venture Partners will contribute Rs 45 crore ($5.3 million) to increase its stake in the company. The filing further mentioned that the proceeds from this round will be used to expand the company’s business operations, meet working capital needs, and support general corporate purposes. Founded in 2015, Celebal Technologies is a software services firm focused on digital transformation using generative AI, machine learning, cloud integration, and app modernization. It serves clients across the USA, India, APAC, UAE, Europe, and Canada. Following the allotment of this round, the Jaipur-based company’s valuation nearly doubled to Rs 1,795 crore or $211 million, as per Entrackr’s estimates. According to startup data platform TheKredible, Norwest Venture Partners will hold the largest external stake in the company at 28.83%, while new investor InCred will hold a 4.46% stake. In the fiscal year ended March 2024, Celebal Tech reported 43% year-on-year growth in operating revenue to Rs 275 crore. However, its losses ballooned to Rs 60 crore from Rs 1.3 crore. Notably, the Norwest Ventures-backed firm was profitable in FY22, posting a Rs 21.6 crore profit.

Exclusive: Pepperfry to secure fresh funds from existing investors

EntrackrEntrackr · 1m ago
Exclusive: Pepperfry to secure fresh funds from existing investors
Medial

Exclusive: Pepperfry to secure fresh funds from existing investors Omnichannel furniture brand Pepperfry is raising Rs 43.3 crore (approximately $5.1 million) from existing investors including General Electric Pension Fund, Norwest Venture Partners, Goldman Sachs, Panthera Growth Partners, and others. This funding follows its $23 million round raised in September 2023 from the same investors. The Pepperfry’s board passed a resolution to approve the issue of 5,59,463 compulsory convertible preference shares at an issue price of Rs 775 each to raise the aforementioned sum, its regulatory filings accessed from the Registrar of Companies (RoC) show. General Electric will lead the funding with Rs 21.5 crore ($2.5 million) followed by Norwest Venture Partners and Panthera Growth Partners who will infuse Rs 8.52 crore and Rs 6.45 crore, respectively, to increase their stakes in the company. Goldman Sachs, Erste WV Gutersloh GmbH, and Growth Equity Opportunity Fund Cayman Holdings Ltd will cover the rest of the funding amount. According to the filing, the company will utilize the proceeds from this funding for growth, expansion, and general corporate purposes. As per Entrackr estimates, Pepperfry will be valued at Rs 3,120 crore or $367 million (post-allotment). Pepperfry operates on a marketplace model across both online and offline channels. Offering a catalog of over 10,000 products, it connects customers with leading brands like Godrej, Springfit, and Spacewood. The company claims to have a retail presence of more than 200 studios spread across 100+ cities. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised over $270 million to date from investors including Norwest Venture Partners, General Electric, Broad Street Investment, Pidilite, and others. For the fiscal year ending March 2024, Pepperfry’s operating revenue declined 30% to Rs 189 crore while narrowing its losses by over 37% to Rs 117.5 crore during the same period. Pepperfry competes with other heavily funded furniture brands including Reliance-acquired Urban Ladder, which secured over $100 million in funding, and Wooden Street, which raised $77 million funding.

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