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Exclusive: Rupeek raises fresh funds at 60% valuation cut

EntrackrEntrackr · 1y ago
Exclusive: Rupeek raises fresh funds at 60% valuation cut
Medial

Online gold loan platform Rupeek has raised Rs 50 crore from 360 One Large Value Fund (formerly IIFL Wealth Management). Significantly, the company’s valuation nosedived by 60% in the new round. The board at Rupeek has passed a board resolution to issue 1,307 compulsory convertible preference shares at an issue price of Rs 3,82,492 each to raise Rs 50 crore, its regulatory filing shows. The company will use these funds for growth, expansion, and general corporate activities, as the company’s board decides. During FY24, the company also raised around Rs 43 crore from existing investors such as Peak XV, Bertelsmann, Accel India, and GGV Investments, the filing further shows. According to Fintrackr‘s estimates, the company has been valued at around Rs 2,050 crore or $250 million post-allotment. This implies that the company raised new money at a 60% haircut in its valuation as compared to Rupeek’s peak valuation of $634 million in January 2022. Recently, an ET report said that Rupeek was in talks to raise funds from Ranjan Pai’ investment office Claypond Capital and Axis Bank at a valuation of $200-250 million. Rupeek provides gold loan services and claims to streamline the entire processing from underwriting to disbursal in 30 minutes. The Binny Bansal-backed company has raised around $150 million to date. As per startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder followed by Accel and Bertelsmann. Its new investor 360 One Large Value Fund holds 2.44% (post-allotment). The Bengaluru-based company is yet to report FY24 numbers but its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the fiscal year ending March 2023. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold. There should be no issues on the valuation haircut for Rupeek, considering that its peak valuation was not just at the peak of the funding cycle, but subsequent performance has also failed to justify those numbers. There are far too many founders who get hung up on a specific valuation number, before it is too late to raise fresh funding. Rupeek has clearly focused on the next steps, rather than dwell on the past too much. That it found backers at the new valuation figure also speaks about the credibility the founders retain, despite the tough times in the recent past.

Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation

EntrackrEntrackr · 7m ago
Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation
Medial

Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation Hospitality major Oyo has raised Rs 550 crore (approximately $65 million) from Redsprig Innovation Partners, an affiliate entity of the company’s founder Ritesh Agarwal. The board at Oyo has passed a special resolution to issue 12,91,07,982 equity shares at an issue price of Rs 42.6 each to raise Rs 550 crore or $65 million, its regulatory filing accessed from the Registrar of Companies shows. After the recent funding injection, the company's valuation rose to $3.79 billion, reflecting a 59.2% increase from Oyo's previous Series G round, when the firm was valued at $2.38 billion. As per the filings, the company plans to use these funds for growth, supporting global expansion (including acquisitions), strengthening business strategies, and other corporate initiatives. The funding will also result in a 1.728% dilution of the company's total stake. This is the second major capital infusion by Agarwal in Oyo. In August 2024, he led a $175 million round through his Singapore-based fund, Patient Capital. Last month, a CNBC TV18 report suggested that Nuvama Wealth & Investment Limited (formerly Edelweiss Securities) purchased shares worth Rs 100 crore in Oyo’s parent Oravel Stays Limited. During FY24, IPO-bound Oyo posted a flat scale which stood at Rs 5,389 crore, as compared to Rs 5,464 crore in FY23. Despite the stagnant revenue, the company managed to control its expenditure by 16% which resulted in Oyo posting a net profit after tax (PAT) of Rs 230 crore in the last fiscal (FY24). In May, the Gurugram-based company withdrew its draft papers (DRHP) for the second time due to unfavorable conditions. The firm also said that it will refile the IPO papers after concluding a large funding round, which is about to close after the latest fundraises.

Oyo raises $50 Mn from InCred at $2.38 Bn valuation

EntrackrEntrackr · 1y ago
Oyo raises $50 Mn from InCred at $2.38 Bn valuation
Medial

Oyo has raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment. The funding is coming after a gap of almost three years for the Gurugram-based hospitality unicorn. The board at Oyo has passed a special resolution to issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each to raise Rs 416.85 crore or $50 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Oyo will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans, according to the filings. As per TheKredible estimates, the company has been valued at around Rs 19,756 crore or $2.38 billion post-allotment. Importantly, the new investor will command a 2.11% stake in the company (post allotment). In August 2021, US-based tech giant Microsoft had invested $5 million in the Lightspeed-backed firm at a valuation of $9.6 billion. The latest capital has come at a valuation haircut of more than 70% from its peak. Recently, Oyo’s founder Ritesh Aggarwal said that the firm posted its maiden annual net profit of Rs 100 crore in FY24. The company didn’t disclose its revenue for the last fiscal. In FY23, its revenue from operations grew 14.3% to Rs 5,464 crore from Rs 4,871 crore in FY22. During the period, the firm cut down losses by 33.7% to Rs 1,287 crore. Recently, Oyo withdrew its draft papers (DRHP) for the second time in the wake of unfavorable conditions. The firm may refile the IPO papers after the conclusion of the ongoing round in which Oyo is likely to raise more capital. Oyo’s major investor SoftBank first reduced its valuation to $3.4 billion in 2022. However, the firm rejected the markdown then.

Zepto raises fresh funds from Elcid Investment at $2.26 Bn valuation

EntrackrEntrackr · 22d ago
Zepto raises fresh funds from Elcid Investment at $2.26 Bn valuation
Medial

Zepto raises fresh funds from Elcid Investment at $2.26 Bn valuation Quick commerce platform Zepto raised Rs 7.5 crore from Elcid Investment at a valuation of Rs 19,231 crore ($2.26 billion), according to its stock exchange filing. This investment comes at a time when Zepto is reportedly in talks to raise $500 million at a valuation of $7 billion led by existing backers General Catalyst, Avenir and others. As per the filing, Elcid Investment is set to acquire 22,55,639 equity shares of Zepto at a price of Rs 33.23 per share, translating to a 0.039% equity stake in the company. According to Entrackr’s estimates, Zepto is now valued at Rs 19,231 crore (approximately $2.26 billion), reflecting a 50% drop from its previous $5 billion valuation during its $340 million fundraise in August last year. Zepto’s total turnover surged 2.5X to Rs 11,110 crore in FY25, up from Rs 4,454.5 crore in FY24. In FY23, the company reported a turnover of Rs 2,024.4 crore, marking a consistent doubling of revenue each fiscal year. Zepto recently completed its shift in domicile from Singapore to India as part of its preparations for a public listing, which has now reportedly been deferred to FY26. Zepto competes with other major quick commerce platforms, including Eternal-owned Blinkit, which reported Rs 2,400 crore in revenue for Q1 FY26, surpassing Eternal’s food delivery business. Meanwhile, rival Swiggy Instamart is yet to file its Q1 FY26 financials.

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