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Exclusive: Jupiter’s NBFC biz raises funds from Peak XV, Matrix, others

EntrackrEntrackr · 1y ago
Exclusive: Jupiter’s NBFC biz raises funds from Peak XV, Matrix, others
Medial

Neobanking platform Jupiter has raised strategic funding from its existing investor for its non-banking financial (NBFC) biz. This is the maiden equity round for Amica Finance which is a separate entity. The board at Amica Finance has passed a special resolution to issue 97,89,529 Series A compulsory convertible preferred shares (CCPS) at an issue price of Rs 20.43 per share to raise Rs 20 crore or $2.4 million, as per the company’s regulatory filings with the Registrar of Companies. Peak XV Partners led the round with an infusion of Rs 5.25 crore followed by Matrix Partners and QED Fund with Rs 4.32 crore and Rs 3.58 crore, respectively. BEE Accelerate Fund (BEENEXT), Global Founders Capital, Tiger Global, Greyhound Capital Partners, Mirae Asset Venture Investments and Bairavan Amrish Rau poured in the remaining sum. The Jitendra Gupta-led company obtained an NBFC license from RBI in April last year which lets it lend on its own book. As per a media report, it will also hire a chief executive officer (CEO) to run the lending biz. As per the startup intelligence platform TheKredible, the company has raised fresh funds at a post money valuation of around Rs 100 crore ($12 million). Following the investment round, Jupiter’s founder and CEO Gupta diluted his stake to 76.15% while Peak XV Partners became the largest external shareholder with 6.24% stake. For the firm’s complete shareholding pattern, visit TheKredible. Currently, the average loan tenure on Jupiter’s platform is less than six months with a ticket size of Rs 30,000 but it’s reportedly eyeing to disburse up to Rs 1 lakh to borrowers with maximum tenure of two years. The development comes soon after Jupiter received prepaid payment instruments (wallet) license which enables users to perform UPI payments through the firm’s mobile application. Jupiter was last valued at around $710 million in its Series C round in December 2021. It has raised over $160 million to date from the likes of QED Investors, Peak XV, Tiger Global and Matrix Partners. Jupiter registered more than 2.5x growth in its operating revenue to Rs 48.86 crore in FY23. However, its losses grew at a similar pace and stood at Rs 327 crore in FY23 from Rs 163.94 crore in FY22.

Scapia raises $40 Mn in Series B led by Peak XV

EntrackrEntrackr · 3m ago
Scapia raises $40 Mn in Series B led by Peak XV
Medial

Scapia raises $40 Mn in Series B led by Peak XV Travel fintech company Scapia has raised $40 million in its Series B round led by Peak XV Partners, with participation from existing investors, Elevation Capital, Z47, and 3State Ventures. The funding will enable Scapia to strengthen its team, enhance its product offerings, harness the power of AI, and accelerate its ambitious growth plans, Scapia said in a press release. According to the company’s regulatory filings, it has secured Rs 289 crore ($34 million) so far, with the remaining funds expected soon. In this round, Peak XV Partners took the lead, investing Rs 218 crore ($25.6 million), followed by Elevation Capital with Rs 62.28 crore ($7.3 million) and 3State Ventures contributing Rs 8.65 crore ($1.02 million). According to a separate resolution, the Bengaluru-based company also expanded its ESOP pool by 3,460 ESOP options. The newly added ESOP will be valued at Rs 22 crore, while the total pool now stands at Rs 132 crore (approximately $15.5 million). Entrackr estimates that the company’s post-money valuation stands at Rs 1,645 crore or $193.5 million. The valuation may vary after completion of the round. Founded by Anil Goteti, Scapia operates as a fintech-travel platform, offering a lifetime-free credit card with travel rewards. It generates revenue through interchange fees, interest on EMIs, and partner commissions from travel bookings. Scapia’s co-branded card with Federal Bank offers great value with no joining or annual fees, zero forex markup, and free unlimited domestic lounge access and airport perks based on monthly spending. Cardholders get 10% rewards on all purchases and 20% rewards on travel bookings made through Scapia. Scapia has raised over $70 million to date, including its $23 million Series A round led by Elevation Capital and 3State Ventures in November 2023. According to startup data intelligence platform TheKredible, Peak XV Partners became the largest external shareholder with a 13.74% stake, followed by Matrix Partners at 13.68%. Its FY24 appeared to be the first operational year, recording a revenue of Rs 17 crore while incurring a loss of Rs 88 crore during the same period. The company competes with the likes of One Card, which posted Rs 1,425 crore revenue, and Zolve, which stood at a revenue of Rs 67.8 crore in the fiscal year ended March 2024.

Mosaic Wellness raises $20 Mn at $400 Mn valuation

EntrackrEntrackr · 3m ago
Mosaic Wellness raises $20 Mn at $400 Mn valuation
Medial

Exclusive: Mosaic Wellness raises $20 Mn at $400 Mn valuation Mosaic Wellness, the parent firm of Man Matters, Boywise, and Little Joys, has raised Rs 175 crore (approximately $20 million) from Think Investment in a new round. The board at Mosaic Wellness has passed a special resolution to issue 16,279 compulsory convertible preference shares at an issue price of Rs 1,07,500 each to raise Rs 175 crore or $20 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The filings further noted that the company plans to utilize the fresh capital for growth, expansion, and general corporate purposes. According to Entrackr estimates, the company has been valued at around $400 million post-allotment. Following the fresh proceeds, Think Investment will hold 5.04% of the company. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. Mosaic Wellness has raised over $65 million to date, including its $24 million Series A led by Peak XV along with existing investors Elevation Capital and Matrix Partners India in 2021. As per the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder, followed by Peak XV and Matrix Partners. The company has recorded a 61.7% year-on-year growth to Rs 333 crore during the fiscal year ended March 2024, compared to Rs 206 crore in FY23. Moreover, the firm managed to control its losses by 37.1% to Rs 39 crore in the same period.

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