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Care.fi raises Rs 6 Cr debt round from RevX

EntrackrEntrackr ยท 6m ago
Care.fi raises Rs 6 Cr debt round from RevX
Medial

Healthcare-focused fintech startup Care.fi has raised Rs 6 crore in debt funding from RevX. The proceeds will be used to strengthen its operations around the Ayushman Bharat scheme, which now covers over 550 million beneficiaries and includes more than 29,000 empanelled hospitals as of June 2024. Founded by Sidak Singh and Vikrant Agrawal, Care.fi provides tech-enabled financial solutions to healthcare providers. The startup claims to have disbursed over Rs 800 crore to more than 100 hospitals and secured an NBFC license within two years of its inception. Care.fi plans to use its backend operations expertise to support faster claim settlements and improve hospital cash flow management as the scheme becomes more centralized.

CredRight raises $10 Mn in Series B led by Abler Nordic

EntrackrEntrackr ยท 2m ago
CredRight raises $10 Mn in Series B led by Abler Nordic
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CredRight, a Hyderabad-based NBFC focused on nano and micro enterprises, has raised $10 million in Series B funding led by Abler Nordic, which marked its first investment from its new Fund V. Existing backers Michael & Susan Dell Foundation and Unleash Capital also participated, while Abler Nordic has now emerged as the companyโ€™s largest equity investor. Earlier in August 2023, CredRight had raised around $9.7 million led by the Michael & Susan Dell Foundation and others. The new proceeds will be used to expand CredRightโ€™s loan book, strengthen its technology platform, and deepen reach across tier-II to tier-IV markets. Founded in 2016 by Neeraj Bansal and Vineet Jawa, the company operates a phygital model combining digital lending with a network of 125 low-cost branches across four states. Currently, CredRight serves over 20,000 micro-enterprises, including shopkeepers and traders traditionally excluded from formal finance. Its model targets Indiaโ€™s $530 billion MSME credit gap, of which $169 billion lies in the micro segment. CredRight competes in the inclusive finance and MSME lending space alongside players like Kinara Capital, Varthana, Aye Finance, U GRO Capital, and Indifi.

Student housing startup Your-Space raises $8.2 Mn debt

EntrackrEntrackr ยท 7m ago
Student housing startup Your-Space raises $8.2 Mn debt
Medial

Exclusive: Student housing startup Your-Space raises $8.2 Mn debt Student housing startup Your-Space has raised Rs 70 crore (approximately $8.2 million) in debt led by existing investor Shantanu Rastogi, Managing Director of General Atlantic. The round also includes participation from other existing investors, including Castle Investments and Ajax Capital. The board at Your-Space has passed a special resolution to issue 10,14,493 compulsory convertible debentures (CCDs) at an issue price of Rs 690 each to raise Rs 70 crore, according to its January regulatory filing accessed from the RoC. Shantanu Rastogi led the round with an investment of Rs 25 crore, followed by new investor Ashish Kacholia, who will contribute Rs 10 crore. Other notable investments include Rs 7.5 crore each from Satyadharma Investments and Castle Investments, while Ajay Guptaโ€™s family office, Ajax Capital, and Holy Basil Consultancy will invest Rs 5 crore each. The company has already received approximately Rs 51 crore out of Rs 70 crore while the rest of the amount will follow soon. The fresh proceeds will be used for working capital requirements, creditor payments, and other general business operations, the filings added. Notably, the conversion of debentures into equity shares will be done at the valuation of Rs 185 crore against the above-mentioned sum at a later date, the filings further added. Your-Space is a student housing company offering affordable PGs, hostels, and co-living spaces for both girls and boys. With over 60 smart spaces, the company integrates tech-enabled safety features, including facial recognition, biometrics, and digital locks. According to startup data intelligence platform TheKredible, the company has raised around $17.6 million in funding including both debt and equity including a $10 million Series A round raised in January 2022 led by Shantanu Rastogi. The Delhi-based company reported over 20% year-on-year growth in operating revenue to Rs 142.7 crore in FY24, compared to Rs 117.2 crore in FY23. The Delhi-based company also posted a loss of Rs 30.7 crore during the same period.

Exclusive: NeoGrowth raises debt from UTI International

EntrackrEntrackr ยท 11m ago
Exclusive: NeoGrowth raises debt from UTI International
Medial

MSME-focused digital lender NeoGrowth has raised debt funding from UTI International Wealth Creator. This will be the second debt infusion in the Mumbai-based company in the ongoing calendar year. NeoGrowth's board has approved the issuance and allotment of up to 4,200 non-convertible debentures (NCDs) to raise up to Rs 42 crore (approx $5 million), its regulatory filings sourced from the RoC shows. These NCDs will carry an interest rate of 11.7% per annum. UTI International Wealth Creator 4 is a debt fund managed by Mumbai-based UTI Asset Management Company. The debt infusion in the company has come at a time when NeoGrowth is eyeing to raise Rs 500 crore growth capital through private equity investment. The firm managed assets worth Rs 2,750 crore by the end of the last fiscal year, and aims to close FY25 with Rs 4,000 crore AUM. NeoGrowth, an NBFC co-founded by Dhruv Khaitan and Piyush Khaitan, offers short-term unsecured loans to MSMEs, providing amounts of up to Rs 75 lakh with a tenure of up to 100 months. To date, the company has raised approximately $138 million through a mix of equity and debt funding from investors including MicroVest, FMO, Omidyar Network, DFC, and others. Neogrowth registered 57% growth in its gross revenue which spiked to Rs 601 crore in the fiscal year ending March 2024 from Rs 381 crore in FY23. Meanwhile, its profit before tax surged almost 4X to Rs 95 crore in the last fiscal year from Rs 24 crore in FY23.

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