๐Ÿš€ Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. ๐Ÿ”ฅ
Login

News on Medial

Related News

Otipy raises $2 Mn in venture debt from Nuvama

EntrackrEntrackr ยท 3m ago
Otipy raises $2 Mn in venture debt from Nuvama
Medial

Otipy, a farm-to-fork company, has raised $2 million in venture debt from Nuvama Asset Management Limited. This raise comes ahead of its $10 million equity round as reported by Entrackr earlier. Otipy will use these funds for general corporate purposes. Otipy operates a farm-to-fork delivery model by procuring directly from farmers and delivering fresh produce to consumers every morning. Currently, it operates in Delhi-NCR and Mumbai, with plans to launch in Hyderabad, Bengaluru, and Chennai. The Varun Khurana-led company has raised $46 million to date, including its $32 million Series B round led by Westbridge Capital in 2022. According to the startup data intelligence platform TheKredible, SIG Global is the largest external stakeholder in the firm, followed by WestBridge Capital. Recently, Otipy introduced electric carts in Gurugram as part of a pilot project to sell fruits and vegetables offline. The firm plans to organize the pushcarts through a franchise model and expand its services to other cities, including Mumbai. For the fiscal year ending in March 2024 (FY24), Otipy claims to register Rs 175 crore in topline.

Rapido raises Rs 250 Cr from Prosus as part of Series E round

EntrackrEntrackr ยท 4m ago
Rapido raises Rs 250 Cr from Prosus as part of Series E round
Medial

Rapido raises Rs 250 Cr from Prosus as part of Series E round Mobility firm Rapido is raising Rs 250 crore (around $29.7 million) from Prosus as part of Series E round. This funding comes just seven months after its $120 million round, which was led by WestBridge. The board at Rapido has passed a special resolution to issue 47,743 Series E preference shares at an issue price of Rs 52,467 each to raise Rs 250 crore or $29.7 million, the company's regulatory filing accessed from the Registrar of Companies shows. Rapido was set to raise approximately $60 million in a mix of primary and secondary funding from Prosus, as exclusively reported by Entrackr in October 2024. The ride-hailing app is raising $200 million in its Series E round at a $1.1 billion valuation. The company has already received two tranchesโ€”$120 million and $29.7 million. Following this latest tranche, Prosus will hold around 2.9% of Rapido. Based on Entrackrโ€™s estimates, Rapido is currently valued at approximately Rs 8,726 crore (just over $1 billion). Rapido recorded 46.3% year-on-year growth, with revenue standing at Rs 648 crore in the fiscal year ending March 2024. The company also reduced its losses by 45%, bringing them down to Rs 371 crore during the same period. In Q2 FY25, Rapido reported a 2.5X year-on-year increase in gross order value (GOV), reaching Rs 2,461 crore, up from Rs 977 crore in Q2 FY24. The company also saw a two-fold increase in rides, totaling 207 million.

Exclusive: WestBridge to join Spinnyโ€™s ongoing round with $35-40 Mn

EntrackrEntrackr ยท 22d ago
Exclusive: WestBridge to join Spinnyโ€™s ongoing round with $35-40 Mn
Medial

Used car platform Spinny has expanded its ongoing funding round to $170 million with new backing from WestBridge Capital, according to two sources familiar with the matter. โ€œWestBridge has joined the round with $35โ€“40 million in primary capital, which will push the total fundraise to around $170 million,โ€ said one of the sources, requesting anonymity. The investment follows Entrackrโ€™s earlier report from May, which said that Spinny is raising $131 million led by the US-based Accel Leaders Fund. According to the sources, the valuation of the Niraj Singh-led company remained flat at $1.5โ€“1.7 billion. The Gurugram-based firm became a unicorn in July 2021 with a valuation of $1.8 billion. So far, Spinny has raised more than $500 million from investors including Tiger Global, Elevation Capital, General Catalyst, and Fundamentum, among others. In December 2021, the company also roped in cricket icon Sachin Tendulkar as a strategic investor and brand ambassador. The firm enables both the buying and selling of quality used cars through a full-stack retail model. It manages the entire supply chain, including vehicle inspection, refurbishment, documentation, and financing. According to industry estimates, Spinny sells nearly 11,000 cars each month through its retail and B2B auction platforms. Recently, the company also acquired auto media and car content platform Autocar India and kicked off operations of its NBFC which is a fully owned subsidiary of the parent company. For the fiscal year ending March 2024, the firmโ€™s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23. During the same period, its losses decreased by 28% to Rs 590.37 crore. Spinnyโ€™s core competitor Cars24 reported a 25% year-on-year increase in revenue in FY24 to Rs 6,917 crore. The SoftBank-backed company posted a net loss of Rs 498 crore and an adjusted EBITDA loss of Rs 318 crore for the same period.

Exclusive: Spinny in talks to mop up over $100 Mn in internal round

EntrackrEntrackr ยท 5m ago
Exclusive: Spinny in talks to mop up over $100 Mn in internal round
Medial

Exclusive: Spinny in talks to mop up over $100 Mn in internal round Tiger Global-backed Spinny is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. Used car platform Spinny is preparing for a new round almost after a gap of over three years. The Tiger Global-backed company is in talks to raise over $100 million in a new round mostly financed by existing investors, said three sources aware of the contours of the deal. โ€œSpinny could raise up to $120 million from internal investors including Elevation Capital, Abu Dhabi Growth Fund, General Catalyst and Accel among others,โ€ said one of the sources on condition of anonymity. Sources assert that the talks are in an early stage and it may take a quarter to materialize. If the deal gets through, Spinny would be the first used car platform to raise a new round since late 2021. As per sources, its valuation more or less remains unchanged in the potential round. Market analysts point out that Spinny has emerged as a clear leader with a large delta in the used car retail space as the company appears to have cracked demand first transaction model. It has achieved this on the back of one of the lowest consumer acquisition costs and better gross margin. The Gurugram-based company also scaling auction-based verticals for dealers and car-financing businesses. Most of the money from the new round is likely to be deployed to grow the lending biz, said sources. โ€œSpinny sells close to 7,000 cars every month with an average transaction size of around 6 lakhs. It also sells around 5000 more cars every month on its B2B auction platform,โ€ said the source mentioned above. Queries sent to Spinny, Accel, Elevation and General Catalyst did not elicit an immediate response. According to startup data intelligence platform TheKredible, Spinny has raised around $500 million to date. Tiger Global and Accel are its largest stakeholders with 14.25% and 13.25% holding respectively. For the fiscal year ended in March 2024, Spinnyโ€™s revenue from operations increased to Rs 3,725.02 crore from Rs 3,259.78 crore in FY23โ€‹. During the period, its losses reduced by 28% to Rs 590.37 crore.

Infra.Market raises $125 Mn led by Tiger Global

EntrackrEntrackr ยท 5m ago
Infra.Market raises $125 Mn led by Tiger Global
Medial

Infra.Market raises $125 Mn led by Tiger Global Building materials platform Infra.Market is raising Rs 1,049 crore (around $125 million) in its Series F funding round. This follows the completion of the final tranche of its Series E round in September 2024. The board at Infra.Market has passed a special resolution to issue 49,149 compulsory convertible preference shares at an issue price of Rs 2,13,439 each to raise Rs 1,049 crore or $125 million, its regulatory filing sourced from the Registrar of Companies shows. The Rs 1,049 crore Series F funding round appears to be a pre-IPO initiative, structured in two tranches: Rs 498 crore (Series F) and Rs 551 crore (Series F1), respectively. According to the filings, the first tranche of Rs 498 crore ($60 million) is led by Tiger Global, contributing Rs 211 crore, with additional participation from Evolvence Group and Fundamental Fund, which invested Rs 168 crore and Rs 119 crore, respectively. This marks a significant investment from existing investor Tiger Global, especially given its relatively low activity in recent times. For context, Tiger Global made only two investments in 2024โ€”Wiz Freight and Jupiterโ€™s NBFC armโ€”both as an existing investor. The second tranche of Rs 551 crore is yet to be completed. Capri Global, Eudora Ventures, Kangaro Industries, SVV Limited, Premratan Exports, and Verity Knowledge, along with individual investors Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Dimpy Kanwar, and Sapna Vig, are expected to participate. Tiger Global, Evolvence, and Fundamental Fund may also contribute to this tranche. According to Entrackrโ€™s estimates, the company has been valued at around Rs 24,000 crore or $2.8 billion post-allotment. Infra.Market, through its platform, offers a range of building material products, including Structural Products (Concrete, Steel, Construction Chemicals), Finishing Products (AAC blocks, MDF, Plywood, Pipes and Fittings), and Lifestyle Products (Tiles, Sanitaryware, Laminates, Paints, Fans, Lights, Appliances, Modular Kitchens, Consumer Durables). Infra.Market generates revenue from the sale of the aforementioned products. Its consolidated gross revenue rose to Rs 14,530 crore in FY24 from Rs 11,847 crore in FY23. The firm also reported a 2.4X jump in its profit to Rs 378 crore in the last fiscal year.

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