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Sedna HoReCa raises Rs 50 Cr led by Anicut Capital

EntrackrEntrackr · 2m ago
Sedna HoReCa raises Rs 50 Cr led by Anicut Capital
Medial

Sedna HoReCa, a business-to-business (B2B) platform for the hotel, restaurant, and catering (HoReCa) industry, has raised Rs 50 crore ($5.8 million) in a new funding round led by Anicut Capital. The Hyderabad-based company had previously raised $1.44 million. The proceeds will be utilized to build “India’s first integrated, technology-driven B2B solutions platform” for the HoReCa ecosystem and expand across 20 cities in the next 12 months, Sedna said in a press release. Co-founded in July 2022 by Mahadevan Narayanamoni and Saurabh Pandey, Sedna unifies software, distribution, and food product solutions under one roof. Its offering is structured around three verticals: B2B SaaS, commerce and distribution, and ready-to-cook or ready-to-serve food products. According to Sedna, its SaaS vertical includes SupplyNote, a widely used inventory management software, and BillNote, a point-of-sale (POS) software for restaurants and cafés. The commerce and distribution vertical includes Vyap, a supply distribution platform, and SupplyLink, a third- and fourth-party logistics (3PL/4PL) solution tailored for HoReCa businesses. These offerings aim to solve operational pain points such as high procurement costs, erratic supply chains, and inventory losses. Sedna intends to foray into the food segment with ready-to-cook and ready-to-serve offerings aimed at HoReCa businesses, food courts, direct-to-consumer (D2C) brands, and commercial kitchens. It is setting up a new food production facility in Bengaluru and will scale HU’s existing facility. Sedna aims to eliminate the hassles the HoReCa industry has been facing, such as escalating purchase costs, erratic fill rates, long lead times, and inventory loss due to pilferage.

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CapGrid Solutions raises $5 Mn led by Anicut Capital

EntrackrEntrackr · 4m ago
CapGrid Solutions raises $5 Mn led by Anicut Capital
Medial

CapGrid Solutions raises $5 Mn led by Anicut Capital B2B manufacturing startup CapGrid Solutions has raised $5 million (around Rs 45 crore) in a funding round led by Anicut Growth Fund. The round also saw participation from existing investors Nexus Venture Partners and Axilor Ventures. Earlier in January 2023, CapGrid had raised $7 million led by Nexus Venture Partners. The round closed at a valuation of Rs 305 crore after the investment, according to an ET report. The proceeds will be used for global expansion and investments in technology to improve supply chain and operational efficiencies. Founded in 2020 by Tiwari and Himanshu Singh Raghuvanshi, CapGrid helps car part makers and suppliers by making it easier to find and buy the materials they need. It helps OEMs procure precision parts and components from suppliers that it has tied up with. CapGrid currently operates around 11 fulfilment centres and has 50 strategic supply manufacturing partners. The Gurugram-based startup claims to have recorded a revenue of around Rs 99 crore in the last fiscal year and expects to reach Rs 220 crore in FY25.

Anicut raises $11 Mn via GIFT City Structure for Private Credit Fund 3

EntrackrEntrackr · 8m ago
Anicut raises $11 Mn via GIFT City Structure for Private Credit Fund 3
Medial

Alternative investment firm Anicut Capital has announced the receipt of $11 million in dollar-denominated investments via GIFT City Structure in its Private Credit Fund 3. In September last year, Anicut Capital secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund. Within the first year of operations, the fund has already invested in six companies including Earth Rhythm, Neemans, Wheelocity, The Ayurveda Experience, Blue Tokai Coffee and XYXX. The investment structure aims at attracting dollar-denominated investments into India from a diverse group of institutional investors, family offices, and high-net-worth individuals (HNIs) from key global markets including the US, UK, Europe, and the Middle East. The funds are raised in the International Financial Services Centres Authority (IFSC), a statutory authority established by the Government of India to facilitate international investments. The funds received via GIFT City Structure feed into the overall corpus of Rs 1,500 crore that Anicut Capital is currently raising for its third private credit fund. In private credit, Anicut claims to have deployed Rs 3,200 crore to date across mid-sized enterprises since inception.

Exclusive: XYXX raises fresh funds led by Niveshaay Sambhav Fund

EntrackrEntrackr · 4m ago
Exclusive: XYXX raises fresh funds led by Niveshaay Sambhav Fund
Medial

Men-focused premium innerwear and lifestyle brand XYXX is raising Rs 30 crore ($3.6 million) in a funding round led by Niveshaay Sambhav Fund, with participation from Anicut Capital, DSG Consumer Fund, and Sauce Continuity Fund. The board at XYXX has passed a special resolution to issue 1,81,818 Series B2 CCPS at an issue price of Rs 1,650 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies shows. Niveshaay Sambhav Fund will invest Rs 9.93 crore, while Anicut Capital, Sauce Continuity Fund, and DSG Consumer Partners will contribute Rs 7.95 crore, Rs 4.96 crore, and Rs 1.99 crore, respectively. The remaining amount will be invested by Singularity Growth, Selenium Trust, Veena Merchants, and Arun Venkatachalam HUF. XYXX will use these proceeds to meet the capex and working capital requirements for the ongoing operations. According to Entrackr's estimates, it will be valued at around Rs 820 crore post-allotment. XYXX is a lifestyle brand specializing in underwear, loungewear, and athleisure, crafted from premium fabrics. The company claims to have built a network of over 18,000 retailers across 50 cities. Besides its own website, XYXX retails on various marketplaces and claims to be among the top three innerwear brands. In FY23, the company launched its first store in central Mumbai and now plans to expand with new outlets in Indore and Bangalore. XYXX has raised Rs 250 crore to date, including Rs 110 crore led by Amazon Smbhav Venture Fund in May 2023. According to the startup data intelligence platform TheKredible, before this round, Sauce.vc was the largest external stakeholder, followed by DSG Consumer Fund and Amazon Smbhav Venture Fund. XYXX recorded a 25% year-on-year revenue growth, rising from Rs 105 crore in FY23 to Rs 131 crore in FY24. Simultaneously, the company trimmed its losses by 22.2% to Rs 35 crore in FY24.

The Bear House raises Rs 50 Cr in Series A round led by JM Financial

EntrackrEntrackr · 3m ago
The Bear House raises Rs 50 Cr in Series A round led by JM Financial
Medial

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CredAble raises Rs 30 Cr from SIDBI

EntrackrEntrackr · 1y ago
CredAble raises Rs 30 Cr from SIDBI
Medial

Fintech startup CredAble has raised Rs 30 crore ($3.6 million) in debt funding from SIDBI. The fund will be used to scale up its operations and extend affordable financing solutions to MSMEs and women-led businesses in India, CredAble said in a press release. Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions. Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs. CredAble’s platform hosts over 125 corporate customers, over 3,50,000 small business borrowers, and more than 35 large financial institutions and banks. The company recently had dedicated Rs 200 crore to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months. In March, CredAble raised $10 million in a new round from Singapore-based Equentia Natural Resources. It has raised nearly $60 million to date. CredAble’s revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. In pursuit of growth, the losses of the company surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.

Anicut Capital leads Rs 60 Cr round in BlueBinaries

EntrackrEntrackr · 11m ago
Anicut Capital leads Rs 60 Cr round in BlueBinaries
Medial

Engineering and technology services company BlueBinaries has raised Rs 60 crore ($7.2 million) in a mix of debt and equity round led by Anicut Capital. The proceeds will be deployed towards building its existing customer base of OEM’s and tier I automotive suppliers across geographies, enhancing SDV and digital capabilities, BlueBinaries said in a press release. Co-founded in 2017 by Srinivas Aravapalli and Kishore LM, BlueBinaries focuses on accelerating the development of software defined vehicles (SDVs) with E/E Architecture design & development services and Digital technologies like cloud, Devops, AI/ML, cyber security and IOT solutions for its customers. According to market research, the automotive electronics and software market is expected to grow to over $80B by the end of 2030. According to the Chennai-based company, it serves a diverse customer base in Europe, UK, USA and APAC. The platform aims to deliver cutting-edge technological solutions and services for the mobility industry. As per media reports, Anicut Capital is in the process of raising its third credit fund with a target corpus of Rs 1,300-1,500 crore. The firm is also on the verge of closing its first debt fund under the GIFT City structure.

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