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Zerodha-backed Rainmatter acquires majority stake in PensionBox

EntrackrEntrackr · 18d ago
Zerodha-backed Rainmatter acquires majority stake in PensionBox
Medial

Zerodha-backed Rainmatter acquires majority stake in PensionBox Zerodha-backed Rainmatter Investments has acquired a majority stake in digital pension app PensionBox through a mix of primary and secondary transactions for $2 million. PensionBox founder Kuldeep Parashar said the fresh capital, along with earlier investments, will support the company’s scaling plans over the next one to two years. He declined to disclose the valuation. According to filings accessed by Entrackr, Zerodha acquired a 51% stake in the Bengaluru-based startup, providing a complete exit to early investors including 100X.VC, SAT Industries, Keynote Capital, LetsVenture, and a group of angel investors. The transaction was confirmed by Parashar. Founded in 2021 by brothers Kuldeep Parashar and Shivam Parashar, PensionBox is a PFRDA-regulated digital pension platform that helps individuals and companies manage National Pension System (NPS) accounts. The platform enables instant account opening, investment tracking, SIP contributions, and automated Corporate NPS, offering a faster alternative to traditional pension processes. Following the acquisition, the founders will collectively retain a 48% stake in the company. In a conversation with Entrackr, Parashar said PensionBox will focus on the corporate NPS segment under the partnership, while Zerodha’s Coin will serve retail users. Neelesh Verma of Zerodha said Rainmatter does not interfere in founder decisions and invests only with alignment of vision. PensionBox will operate independently across retail and corporate segments, while Zerodha will focus on fixed income products such as NPS, fixed deposits, and mutual funds. For the fiscal year ended March 2025, PensionBox reported operating revenue of Rs 1.75 lakh against expenses of Rs 77 lakh, resulting in a net loss of Rs 75 lakh.

Blostem raises pre-Series A funding; Rainmatter picks up 9% stake

EntrackrEntrackr · 3m ago
Blostem raises pre-Series A funding; Rainmatter picks up 9% stake
Medial

Blostem raises pre-Series A funding; Rainmatter picks up 9% stake B2B banking infrastructure platform Blostem has raised its Pre-Series A round led by Rainmatter, the investment arm backed by Zerodha, for an undisclosed amount. The round gives Rainmatter a 9% stake in the startup. Founded by Ravi Jain, Sandeep Garg, Uday Sharma, and Pankaj Pratap Singh, Blostem offers a plug-and-play layer that enables brokers, fintech apps, payment players, and wealth-tech firms to offer digital retail-banking products without building integrations with each bank. Its stack supports fixed deposits, FD-backed credit cards, and Credit-on-UPI. Partners integrate once and gain access to multiple banks and NBFCs through a unified API. The firm has built a network of 10 banks and NBFCs for its fixed-deposit product, including Suryoday Small Finance Bank, Unity SFB, Shivalik SFB, Utkarsh SFB, Bajaj Finance, Shriram Finance, and Mahindra Finance. More integrations are in progress. Blostem works with large fintech platforms such as Mobikwik, Jupiter Money, Upstox, Aditya Birla Capital Digital, IRIS by KFin Technologies, Centricity Wealth, and GoldenPi. The company said its FD marketplace will go live on Zerodha and other large platforms shortly. Blostem aims to capture 40% of India’s digital FD volumes over the next few years through its partner ecosystem. The proceeds will be used to expand its distribution network, strengthen partnerships with banks, and launch new products including FD-backed credit cards and Credit-on-UPI. Funds will also be used to hire senior talent across technology, compliance, and partnerships.

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.

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