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Skydo raises $5 Mn led by Elevation Capital

EntrackrEntrackr · 10m ago
Skydo raises $5 Mn led by Elevation Capital
Medial

Skydo, a cross-border payments platform for enterprises, MSMEs and freelancers, has raised $5 million in its pre-Series A round led by existing backer Elevation Capital. Earlier in 2022, Skydo had raised $5.2 million in a seed round led by Elevation Capital. The new proceeds will be used to ramp up operations and continue to strengthen its risk monitoring and compliance, Skydo said in a press release. Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo’s tech-led platform offers innovative services such as real-time tracking of cross-border payments, allowing customers to monitor the entire payment journey. It supports various payment methods, including payment links, cards, and bank transfers. The platform’s savings calculator provides freelancers and exporters with insights into the hidden costs of foreign transactions. Skydo currently processes payments for over 6,000 Indian SMB exporters and claims to have processed payments of over $100 million since its inception. It connects six global banks and multiple international payment systems seamlessly, enabling customers to collect payments in 32 currencies from key markets such as the US, UK, Canada, Europe, Singapore, and the UAE, which account for 80-90% of remittance inflows into India. Operating under the RBI’s OPGSP (Online Payment Gateway Service Provider) framework, which currently serves as the primary payment method for over 300,000 MSME exporters across India, Skydo has also applied for the Cross-Border Payment Aggregator (PA-CB) license from the RBI.

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Comet raises $5 Mn in Series A round

EntrackrEntrackr · 1y ago
Comet raises $5 Mn in Series A round
Medial

D2C sneaker brand Comet has raised Rs 42.3 crore (approximately $5 million) in its Series A round led by Elevation Capital. This is the first round of investments for the Bengaluru-based company in 2024. The board at Comet has passed a special resolution to issue 10 equity and 50,076 Series A CCPS at an issue price of Rs 8,445 each to raise Rs 42.3 crore or $5 million, its regulatory filing accessed from the Registrar of Companies shows. Elevation Capital led the round with Rs 33.36 crore while existing investors Nexus Ventures and AngelList India participated with Rs 8.34 crore and Rs 60 lakhs respectively. The company will use these proceeds for capital expenditures, marketing, and general corporate purposes as per the business plan, the filing added. According to the startup data intelligence platform TheKredibe, Comet has been valued at around Rs 167 crore or $20 million post-allotment. The startup raised its seed capital in February last year. Following the fresh proceeds, Elevation Capital and Nexus Ventures will hold 20% each while AngelList India will command 2.22% of the capital in the company. Founded in July 2023, Comet is a homegrown, lifestyle sneaker brand for both men and women which sells its products through its website. Its current portfolio includes CometX, Aeon, and Slides. According to Comet, its TAM (total addressable market) is expected to be $22 billion while the company’s serviceable addressable market (SAM) is expected to be $1.5 billion by FY 2030. Comet competes with Wrong, HRX, Redtape, The Roadster, Campus, Sparx and other multinational footwear brands like Nike and Adidas.

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai

EntrackrEntrackr · 21d ago
Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai
Medial

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai Rumik has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. Conversational AI platform Rumik.ai is raising a new round led by Elevation Capital with participation from existing investors, according to two people aware of the matter. "Rumik recently raised $1.5 million from Info Edge, and Elevation is now leading a fresh $5 million in a new round," said a person who requested anonymity, as the details of the deal aren’t public. Sources also indicated that Huddle Ventures and Info Edge invested in April and both are likely to participate in the new round as well. Incorporated in April 2024, Rumik AI focuses on providing its conversational AI platform to enterprises. It has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. The company emphasizes that Ira does more than just process data. It forms memories and experiences to develop human-like intelligence, aiming to bridge the gap between robotic responses and genuine understanding. “The term sheet has been signed, and the money is likely to move soon,” said a second source who requested anonymity. “Given the recent investor interest in conversational AI and speech recognition, Rumik may be targeting a valuation in the range of $25–30 million.” Queries sent to Elevation, Rumik, Info Edge and Huddle did not elicit a response by the time of publication. Last month, Elevation Capital led a $6 million seed funding round in Agentic AI startup Adopt AI, which also features a conversational AI interface that executes tasks using natural language. In December 2024, the venture capital firm appointed former Meta executive Krishna Mehra as a partner to lead investments in software-as-a-service (SaaS) and AI.

MOC Cancer Care raises $18 Mn led by Elevation Capital

EntrackrEntrackr · 4m ago
MOC Cancer Care raises $18 Mn led by Elevation Capital
Medial

MOC Cancer Care raises $18 Mn led by Elevation Capital MOC Cancer Care & Research Centre, a network of community cancer centres, has raised $18 million in funding led by Elevation Capital. Previously, MOC raised $10 million from Tata Capital Healthcare Fund in January 2023 to expand its operations and technological capabilities. The proceeds will be used to expand operations, open new centres, and diversify the range of services offered, said the Mumbai-based company. It operates in the daycare oncology space, focusing primarily on chemotherapy and the medical management of cancer. Founded in 2018 by oncologists Dr Ashish Joshi, Dr Kshitij Joshi, Dr Pritam Kalaskar and Dr Vashishth Maniar, MOC is a concept turned enterprise and a chain of community cancer centres that work to simplify the journey for cancer patients by building an ecosystem that embodies crucial aspects like proximity and affordability. Over the past seven years, MOC claims to have treated over 4.5 lakh cancer patients with a highly qualified team of 47 oncologists while scaling operations to 24 centres in Mumbai, Pune, Rest of Maharashtra, Ahmedabad, Indore, and Chhattisgarh. In May 2024, the company expanded its services by joining hands with Hemato Oncology Clinic (HOC), which was the second-largest independent chain of community cancer care centres in India. This merger has allowed the company to expand its operations in the state of Gujarat. MOC will soon expand its operations in Delhi NCR and other parts of India and develop a molecular oncology lab. Recently, Vivek Mathur, Partner and Chief Operating Officer (COO) at Elevation Capital, left the venture capital firm after 14 years to focus on advisory and mentorship.

Mosaic Wellness raises $20 Mn at $400 Mn valuation

EntrackrEntrackr · 2m ago
Mosaic Wellness raises $20 Mn at $400 Mn valuation
Medial

Exclusive: Mosaic Wellness raises $20 Mn at $400 Mn valuation Mosaic Wellness, the parent firm of Man Matters, Boywise, and Little Joys, has raised Rs 175 crore (approximately $20 million) from Think Investment in a new round. The board at Mosaic Wellness has passed a special resolution to issue 16,279 compulsory convertible preference shares at an issue price of Rs 1,07,500 each to raise Rs 175 crore or $20 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The filings further noted that the company plans to utilize the fresh capital for growth, expansion, and general corporate purposes. According to Entrackr estimates, the company has been valued at around $400 million post-allotment. Following the fresh proceeds, Think Investment will hold 5.04% of the company. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. Mosaic Wellness has raised over $65 million to date, including its $24 million Series A led by Peak XV along with existing investors Elevation Capital and Matrix Partners India in 2021. As per the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder, followed by Peak XV and Matrix Partners. The company has recorded a 61.7% year-on-year growth to Rs 333 crore during the fiscal year ended March 2024, compared to Rs 206 crore in FY23. Moreover, the firm managed to control its losses by 37.1% to Rs 39 crore in the same period.

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