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Social networking app O hi bags $1 Mn in pre-Series A round

EntrackrEntrackr · 1y ago
Social networking app O hi bags $1 Mn in pre-Series A round
Medial

Social networking app O hi has raised Rs 8 crore (neary $1 million) in its pre-Series A round led by existing investors JIIF and included participation from several marquee angel investors. The proceeds will be used to strengthen its product and also will integrate an AI-based profiling system. Founded by Adeeti and Rupal, O hi uses real-life human interaction in the same physical environment by creating digital rooms in café, airports, and hotels to form a network of fame, stardom and money in the real world. The Welsh Government has also invited the firm to establish its platform in the UK, with a soft launch set for July 2024, and it is providing support and resources to help Ohi penetrate into the UK market. The startup is making digital chatrooms at spaces like cafes, airport lounges, and hotels for building communities of humans in the real world. The firm claims to have already doubled down the user base which was previously acquired in 24 months in just the last 45 days and all set to hit the next milestone. O hi was in product development phase for over 24 months and now post beta boosting a user base of over 800,000 users.

Exclusive: CashFlo all set to acquire LogiTax to foray into enterprize biz

EntrackrEntrackr · 1y ago
Exclusive: CashFlo all set to acquire LogiTax to foray into enterprize biz
Medial

Finance automation and payments platform CashFlo is all set to acquire tax compliance management solution provider LogiTax, sources aware of the development told Entrackr. As per sources, the deal will help CashFlo to foray into enterprize business. Founded in 2018 by Ankur Bhageria and Dushyant Agarwal, CashFlo helps vendors to access short-term capital while it enables corporates to optimize working capital flow and increase topline by managing their supply chain’s finances efficiently. In September 2022, CashFlo raised nearly $9 million led by General Catalyst with participation from existing investor, Elevation Capital. So far, the Mumbai-based firm has raised over $12 million. Pune-based LogiTax is an end-to-end tax compliance management solution which helps in managing GST filing to auto-validating invoicing data to generate e-invoices and keeping data audit-ready. Its product suite is available for ERP partners, SMEs and corporates. Founded by Aditya Kulkarni, LogiTax is a bootstrapped firm launched in 2017. It competes with Clear (formerly Cleartax), Treflo, myGSTcafe, myBillBook and Vyapar. Sources also added that the term sheet has been signed and the official announcement may happen soon. Post acquisition, Kulkarni will lead the enterprize business of CashFlo. Queries sent to CashFlo and LogiTax did not elicit any response. We’ll update the post in case they do. CashFlo was chasing growth at a high cost and this could be evident from its financial performance in FY23. As per startup data intelligence platform TheKredible, the firm registered a two fold jump in its operating revenue to Rs 4.73 crore in FY23 while its losses stood at Rs 21.52 crore during the same period. On the other side, LogiTax recorded Rs 2.12 crore revenue and Rs 12.34 lakh losses in FY23. Both companies are yet to file their FY24 numbers.

Exclusive: Decoding Ather’s unicorn round, Q1 FY25 numbers

EntrackrEntrackr · 10m ago
Exclusive: Decoding Ather’s unicorn round, Q1 FY25 numbers
Medial

Electric scooter manufacturer Ather Energy has entered into a coveted unicorn club with $71 million in funding from existing investor National Investment and Infrastructure Fund last month. Entrackr has gone through its regulatory filings to decode round break up, shareholding pattern, and current valuation. The board at Ather Energy has passed a special resolution to issue 1,65,28,925 Series G compulsory cumulative preference shares at an issue price of Rs 363 each to raise Rs 600 crore or $72 million, its regulatory filing accessed from RoC shows. According to the data intelligence platform TheKredible, Hero MotoCorp remains the largest external stakeholder with 38.11% after this round, followed by Caladium Investment which holds 16.3%. NIIF, Tiger Global, and Zerodha brothers are other notable investors in Ather Energy. See TheKredible for the complete shareholding. The electric two-wheeler manufacturer was valued at $1.25 billion post-allotment, as per Fintrackr’s estimates. Ather posted Rs 339 crore of revenue during the first quarter of the ongoing fiscal year with a net loss of Rs 183 crore in the same period, according to its internal document seen by Entrackr. In FY24, the firm reported a modest decline in its revenue which stood at Rs 1754 crore. Ather’s rival Ola Electric, which went public last month, posted Rs 1,644 crore in revenue during the first quarter of the ongoing fiscal year, marking its net loss down by 17% to Rs 347 crore. According to Ather, its market share in the electric two-wheeler segment was 9% in the first quarter of FY25, down from 11% in FY24. Meanwhile, Ola Electric’s market share increased to 42% in Q1 FY25, and TVS Electric secured the second position with a 19% share during the same period. Notably, Ola Electric’s market share declined in the first two months of Q2 FY25 (July and August).

Rebel Foods launches 15-min food delivery app ‘QuickiES’

EntrackrEntrackr · 4m ago
Rebel Foods launches 15-min food delivery app ‘QuickiES’
Medial

Rebel Foods launches 15-min food delivery app ‘QuickiES’ Cloud kitchen unicorn Rebel Foods is making a foray into the 15-minute food delivery segment to compete with foodtech giants like Zomato and Swiggy. In a LinkedIn post, EatSure co-founder and CEO Sagar Kochhar announced that Rebel Foods has launched its 15-minute food delivery app, QuickiES. Co-founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates a network of cloud kitchens and restaurants across multiple countries. It owns and operates several quick-service restaurant (QSR) brands, including Behrouz Biryani, Mandarin Oak, Oven Story Pizza, Sweet Truth, LunchBox, The Good Bowl, Firangi Bake, The Biryani Life, and Wendy’s. Rebel Foods claims to operate over 450 cloud kitchens across India, the MENA region, Indonesia, the UK, and 75 Indian cities. In FY24, the company’s revenue from operations increased to Rs 1,420 crore, while its losses narrowed by more than 42% to Rs 378 crore during the same period. The Mumbai-based startup has raised $773 million in funding to date from investors such as KKR, Temasek, Lightbox, Evolvence, and others. The instant food delivery market is becoming increasingly competitive, with Zepto launching a dedicated app for Zepto Cafe, promising 10-minute food deliveries. Meanwhile, Zomato-owned Blinkit has introduced Bistro, a standalone app for instant food delivery. Similarly, Swiggy has launched a standalone app, SNACC, for 15-minute food delivery. Zomato has also entered the quick food delivery segment, while emerging platforms like Swish, Magicpin, and Zing are gaining momentum.

Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others

EntrackrEntrackr · 1y ago
Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others
Medial

Rooftop solar startup SolarSquare has raised $4.2 million from existing investors Zerodha’s Rainmatter Capital, Abhijeet Pai and Nikhil Kamath’s Gruhas Proptech, Lowercrabon Capital, Climate Angels and Good Capital. The board at SolarSquare has passed a special resolution to allot 7,589 Series B compulsory convertible debentures at an issue price of Rs 46,710 to raise Rs 35.44 crore, its regulatory filing shows. Lowercarbon and Good Capital invested Rs 20.74 crore and 3.32 crore while Gruhas Proptech and Rainmatter separately pumped in Rs 6.22 crore and Rs 3.98 crore, respectively. The funding will be used for the expansion, working capital requirements, and general corporate purposes, according to the filings. Every debenture issue during the round will be converted into a preference share at the next qualified funding round and the investors are considering the same to take place at a valuation of $75 million, the filings further added. As per TheKredible estimates, the company has been valued at around Rs 394 crore or $48 million post-allotment. The company is likely to raise more funds in this round and the valuation may vary after the final tranche. SolarSquare has raised over $20 million to date including its Rs 100 crore ($12 million) Series A round led by Elevation Capital and Lowercarbon in November 2022. According to the startup data intelligence platform TheKredible, Lowercrabon is the largest external stakeholder with 20.29% followed by Elevation Capital which holds 14.99%. Rainmatter and Gruhas Proptech own 3.84% and 2.50% respectively in SolarSquare. Head to TheKredible for the complete shareholding pattern. Founded by Neeraj Jain and Nikhil Nahar, SolarSquare designs, installs, and finances rooftop solar systems for homes. It also provides rooftop solar solutions for housing societies and commercial establishments. The company is yet to file its financial statements for FY24 but its revenue from operations grew 35.4% to Rs 107 crore in FY23. It posted Rs 35 crore loss in the same period. SolarSquare competes with Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. In February, the company acquired PV Diagnostics, a company with expertise in the utility scale solar power sector. Update: The story and headline have been updated to reflect Zerodha Technology as Zerodha’s Rainmatter Capital.

DailyRounds posts Rs 568 Cr revenue and Rs 320 Cr PAT in FY24

EntrackrEntrackr · 2m ago
DailyRounds posts Rs 568 Cr revenue and Rs 320 Cr PAT in FY24
Medial

Dailyround’s operation revenue grew to Rs 568 crore in the fiscal year ending March 2024 from Rs 515 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Kunal Manchanada 12 May 2025 10:56 IST Updated On 12 May 2025 11:12 IST --- After recording a 42% year-on-year growth in FY23, healthcare-focused edtech platform DailyRounds experienced a moderate slowdown in FY24, with operating revenue increasing by just 10.3%. However, the Microsoft Ventures-backed firm’s profit surpassed Rs 300 crore in the same period. Dailyround’s operation revenue grew to Rs 568 crore in the fiscal year ending March 2024 from Rs 515 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. DailyRounds’ flagship product, Marrow, is an online learning platform where medical students and practitioners can subscribe to various plans, including video lectures, question banks, and test series. These plans, ranging from 3 to 36 months, accounted for 93% of the operating revenue, which rose to Rs 528 crore in FY24. The remaining operating income came from book sales to students under specific plans and from market research services. The company also earned Rs 89 crore in non-operating income from interest on deposits and investments, taking its total revenue to Rs 657 crore in FY24. DailyRounds spent Rs 68 crore on employee benefits, making it the company’s largest cost center, followed by legal and professional services, which accounted for Rs 64 crore in FY24. Web hosting, payment gateways, advertising, business promotion, and other overheads pushed the total expenditure to Rs 225 crore in FY24 from Rs 187 crore in FY23. The year-on-year growth in scale, combined with controlled expenditure, helped DailyRounds post a 14% increase in profits to Rs 320 crore in FY24, compared to Rs 281 crore in FY23. Its ROCE and EBITDA margin stood at 34.39% and 67.73%, respectively, during the same fiscal year. At the unit level, it spent Rs 0.40 to earn a rupee of operating revenue. By the end of FY24, DailyRounds’ total current assets stood at Rs 778 crore, including cash and bank balances of Rs 712 crore. As we have said earlier, the biggest challenge in this domain is getting in, and accepted with institutions. Post that, incremental costs are low, helping push profitability, and margins higher. The business will continue to have the margins that allow DailyRounds to expand into more segments of the field, and evolve with the changing needs of the market. However, truly disruptive growth will probably not come from the Indian market but other markets, and it remains to be seen how DailyRounds plans for such growth. With a claimed presence in over 16 countries, the firm seems well aware of the opportunities ahead, and will continue to be watched for such a breakthrough sooner than later.

Exclusive: PharmEasy raises $216 Mn led by MEMG at $710 Mn valuation

EntrackrEntrackr · 1y ago
Exclusive: PharmEasy raises $216 Mn led by MEMG at $710 Mn valuation
Medial

API Holdings, the parent company of online drug dispenser PharmEasy, has raised Rs 1,804 crore ($216 million) led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) and existing investors. The fresh money, however, has come with a 90% haircut in valuation from the firm’s peak worth. The board at API Holdings passed a special resolution to allot 18,63,74,897 cumulative convertible preference shares at an issue price of Rs 96.8 each to raise Rs 1,804 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. MEMG family office led the round with Rs 800 crore while Prosus, Temasek, and 360 One Portfolios pumped in Rs 221 crore, Rs 183 crore, and Rs 200 crore, respectively. CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital cumulatively participated with Rs 400 crore in the new investment. The company will further convert the CCPS–issued into equity shares in the ratio of (1:20), the filings added. As per TheKredible’s estimates, the company has been valued at around Rs 5,904 crore or $710 million (post-allotment). This is a nearly 90% haircut in valuation of PharmEasy which was once valued at $5.6 billion in 2021. Last month, the Competition Commission of India (CCI) cleared Ranjan Pai’s investment in PharmEasy. The Mumbai-based firm has been trying to raise around Rs 3,500 crore since August last year to repay debt which it took from Goldman Sachs. PharmEasy defaulted on its loan terms with Goldman Sachs in June last year. Around the same time, the firm’s valuation was reduced by around 50% by its investor Janus Henderson. Neuberger Berman also cut PharmEasy’s valuation by 21.4% to $4.4 billion as of February 2023. The Dharmil Shah-led company is also among a list of startups which postponed its IPO plan after filing draft papers with market regulator SEBI. The firm filed DRHP in November 2021 and pulled back its listing plan in August 2022 citing tough market conditions. For the fiscal year ending in March 2023, PharmEasy saw a 16% growth in its revenue to Rs 6,644 crore against Rs 5,729 crore in FY22. As per startup data intelligence platform TheKredible, the company also curbed its losses to Rs 2,289.8 crore in FY23 as compared to Rs 2,731.7 crore in FY22. PharmEasy’s travails have been well documented, especially post its acquisition of Thyrocare. The latest fundraising should put at rest any lingering doubts about the future of the firm. The move to expand into diagnostics has delivered very poor results for the firm, and the funding now will result in the promoters being diluted way more than they ever hoped to be. It’s a salutary lesson for many other startups, and the only silver lining is that the firm itself has survived, hopefully to get a second chance at making history.

Exclusive: Whatfix bags $100 Mn in primary and secondary capital

EntrackrEntrackr · 9m ago
Exclusive: Whatfix bags $100 Mn in primary and secondary capital
Medial

SaaS-based digital adoption solution provider Whatfix has scooped nearly $100 million in primary and secondary funding led by Sweet Nectar Investments (Warburg Pincus) and SoftBank. With this, the Bengaluru-based company has marked its first funding round in the last three years. The board at Whatfix has passed a special resolution to issue 13,201 Series E compulsory convertible preference shares (CCPS) at an issue price of Rs 2,24,788.44 per share to raise Rs 296.74 crore in primary capital, the company’s regulatory filings with the Registrar of Companies show. Additionally, the transaction also includes secondary funding worth nearly Rs 530 crore, the filings reveal. Whatfix aims to use the primary proceeds to expand and grow the business. Sweet Nectar Investments (Warburg Pincus) led the round with Rs 615 crore (Rs 271.7 crore primary and Rs 343.2 crore secondary) while the company’s existing backer SoftBank poured in Rs 210.5 crore (Rs 25 crore primary and Rs 185.5 crore secondary) funding. The secondary funding has been extracted from taking the same issue price under consideration. However, the transaction could also have taken place at a discount rate which reduces the overall amount raised. As per the startup intelligence platform TheKredible, Whatfix has been valued at around Rs 6,871 crore or $820-830 million (post-money). It has raised over $140 million before the fresh funding round. In June, the Economic Times reported that Whatfix is in talks to raise a new round which will see partial exits of early investors Helion Venture Partners and Eight Roads Ventures. Post allotment of the round, SoftBank increased its stake to 15.51% while Warburg Pincus’ Sweet Nectar Investments acquired 8.94% shares in the company (including the secondary transaction). Queries sent to Whatfix did not elicit an immediate response. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools can be used by large companies and organizations, and integrated into their own apps to help guide the workforce in using them more efficiently. Whatfix recorded a 65.7% growth in revenue from operations to Rs 285 crore while its losses also went up 31.2% to Rs 328 crore in FY23. Importantly, Whatfix generated the entire revenue from global markets: America, Europe, Asia Pacific, and the Middle East region. About 61% of the revenue emerged from the US followed by Europe. The company is yet to reveal its FY24 numbers.

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