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Paytm to invest Rs 455 Cr in subsidiaries, discontinue First Games

EntrackrEntrackr · 6m ago
Paytm to invest Rs 455 Cr in subsidiaries, discontinue First Games
Medial

Paytm to invest Rs 455 Cr in subsidiaries, discontinue First Games The board cleared investments of up to Rs 300 crore in Paytm Money and Rs 155 crore in Paytm Services through rights issues. One 97 Communications Limited, the parent company of Paytm, approved a series of strategic measures at its board meeting on August 25. The board cleared investments of up to Rs 300 crore in Paytm Money and Rs 155 crore in Paytm Services through rights issues. Both are wholly owned subsidiaries and the infusion will not change the shareholding, the company informed through a stock exchange filing. The company also approved the 100% acquisition of Foster Payment Networks for up to Rs 61 crore to make it a fully owned subsidiary. The Noida-based company also proposed transfer of equity in First Games Technology from Paytm Cloud Technologies to Paytm Services for up to Rs 140 crore. Meanwhile, Paytm’s gaming arm First Games has discontinued its real money gaming business after the government notified the Promotion and Regulation of Online Gaming Act 2025. The company said that First Games contributes nothing to consolidated revenues and carries a nil book value. The new Online Gaming Act bans all real money games in India. Platforms including Dream11, MPL, Zupee, Gameskraft, My11Circle, Probo, WinZo and others have already shut their RMG verticals.

Zomato invests Rs 500 Cr in Blinkit

EntrackrEntrackr · 1y ago
Zomato invests Rs 500 Cr in Blinkit
Medial

Food tech giant Zomato has invested Rs 500 crore (nearly $60 million) in its quick commerce subsidiary, Blinkit, bringing its total investment in the quick commerce segment to Rs 2,800 crore since the acquisition. The board has Blinkit has passed a resolution to issue 2,537 equity shares at an issue price of Rs 19,70,181 each to raise Rs 500 crore, its regulatory filing accessed from the Registrar of Companies shows. The capital injection into Blinkit comes just two months after Zomato raised Rs 8,500 crore through a Qualified Institutions Placement (QIP). The primary objective of that fundraising was to strengthen Zomato's financial position, enabling business expansion and strategic initiatives, particularly in the quick commerce segment through Blinkit. This marks Zomato's second capital infusion in Blinkit within seven months. In June 2024, it invested Rs 300 crore ($36 million) into the Albinder Dhindsa-led company. Blinkit, formerly known as Grofers, was acquired by the food delivery giant in an all-stock deal valued at Rs 4,477 crore ($568 million).

Shraeyansh Thakur resigns from Peak XV after a decade

EntrackrEntrackr · 1y ago
Shraeyansh Thakur resigns from Peak XV after a decade
Medial

Shraeyansh Thakur resigns from Peak XV after a decade During his tenure at Peak XV, he was board member and observer for startups like Atlys, Meesho, Cars24, ApnaMart, Unacademy, Zetwerk, Urban Piper, Bijnis, among others. Shraeyansh Thakur, an investor at Peak XV Partners, has resigned after nearly 10 years at the venture capital firm, sources told Entrackr. This marks the fifth high-profile exit from Peak XV in the past year. “Shraeyansh Thakur has decided to quit the firm and is likely to launch his own venture soon,” said one of the sources requesting anonymity. Queries sent to Peak XV and Thakur did not elicit any response until publication of the story. "After an incredible 9+ years at Peak XV / Sequoia India, I have decided to embark on a new entrepreneurial journey. The next 10 years are going to be India’s golden digital decade and our founders now have true belief to create the world’s best companies from India," said Thakur in a Linkedin post. Last month, Peak XV’s managing partners, Shailesh Lakhani and Abheek Anand, stepped down after serving for more than a decade. Prior to that, Anandamoy Roychowdhary, a partner at Peak XV's Surge, departed after over 11 years at the firm, while Piyush Gupta, then Managing Director, left after seven years to launch his secondary-focused fund, Kenro Capital. Meanwhile, Rishen Kapoor, co-founder and CEO of SaaS startup Toplyne, has returned to Peak XV Partners after his three-and-a-half-year-old venture shut down. In October last year, Peak XV reduced its $2.85 billion fund by 16% as part of a strategic shift towards investing in a more measured manner amid elevated valuations in the Indian market. This development came a year after Sequoia Capital rebranded as Peak XV.

Kareena Kapoor-backed Pluckk to raise $10 Mn in Series A

EntrackrEntrackr · 11m ago
Kareena Kapoor-backed Pluckk to raise $10 Mn in Series A
Medial

Pluckk competes with Gourmet Garden, Kisankonnect, and, to some extent, Otipy. Its major competitors, Deep Rooted and Fraazo, shut down their operations after raising a sizeable amount. Business-to-consumer fresh produce food-tech platform Pluckk is all set to raise Rs 85 crore (approximately $10 million) in its Series A funding round from Euro Gulf Investment. This marks the Mumbai-based company's first notable fundraising after a three-year hiatus. The board at Pluckk has passed a special resolution to issue 3,023 Series A compulsory convertible preference shares at an issue price of Rs 2,81,383 each to raise Rs 85 crore or $10 million, its regulatory filings accessed from the Registrar of Companies show. The filings further added that the fresh proceeds will be used for aggressive growth, interest payment on debentures, and other corporate purposes. According to Entrackr’s estimates, the company will be valued at around $50-55 million post-allotment. Founded in 2021 by Pratik Gupta, Pluckk is a farm-to-fork platform that delivers fresh, lifestyle-focused produce to consumers. It also offers trendy food options like vegan choices, carb alternatives, and items for gut health and immunity. Before this round, the company had secured $5 million in seed funding from Exponentia Ventures. Following that, it acquired the DIY meal kit platform KOOK for $1.3 million. Last year, Pluckk acquired the nutrition brand Upnourish for $1.4 million. The Mumbai-based company is targeting a Rs 200 crore ARR for the current fiscal year. In the fiscal year ending March 2024, it experienced a 25.6% year-on-year growth to Rs 42.8 crore, compared to Rs 34 crore in FY23, with a loss of Rs 41.03 crore.

Exclusive: Droom India raises funds at $360 Mn valuation

EntrackrEntrackr · 1y ago
Exclusive: Droom India raises funds at $360 Mn valuation
Medial

Exclusive: Droom India raises funds at $360 Mn valuation IPO-bound used car marketplace Droom is raising Rs 25 crore (approximately $2.9 million) in a fresh funding round co-led by India Accelerator (IA), and Rameshchandra Shah. The board at Droom has passed a special resolution to issue 15,62,500 preference shares at an issue price of Rs 160 each to raise Rs 25 crore or $2.9 million, its regulatory filings sourced from the Registrar of Companies (RoC) shows. India Accelerator and Shah both will invest Rs 5 crore each, Shirish Patel, CEO of Prudent Corporate Advisory (wealth management company) will invest Rs 3 crore and the remaining amount will be invested by other individual investors. The firm will use these proceeds for general corporate purposes, the filings said. As per Entrackr’s estimates, the Gurugram-based firm will be valued at approximately Rs 3,097 crore or $360 million post-allotment. “We deliberately kept the valuation very low for the Indian subsidiary as a strategic move to give material upside to Indians who did not have opportunity to participate in the making of Droom in the past one decade,” said Sandeep Aggarwal, Founder and CEO of Droom, in response to queries about the company's valuation. “We plan to raise a bit more capital in the near term at much higher valuation both in Singapore and India…” Droom is an online marketplace for buying and selling used vehicles, including cars, motorcycles, and electric vehicles. It also offers rental services. According to startup data intelligence platform TheKredible, Droom has raised approximately $330 million from investors including 57 Stars, Seven Train Ventures, Lightbox, and Beenext. Droom reported Rs 85 crore in revenue for FY24, a 66% decline from Rs 253 crore in FY23. It managed to reduce its losses by 35% to Rs 40 crore in FY24. Droom is reportedly planning to file draft papers for a Rs 1,000 crore IPO in 2027, targeting a valuation between $1.2 billion and $1.5 billion.

Captain Fresh acquires Spain-based tuna processor Frime

EntrackrEntrackr · 13d ago
Captain Fresh acquires Spain-based tuna processor Frime
Medial

Bengaluru-based seafood supply chain company Captain Fresh has completed the acquisition of Spain-based tuna processor Frime. The deal strengthens its presence across key global seafood categories. Founded in 1977 and headquartered in La Roca near Barcelona, Frime specialises in premium yellowfin tuna and serves retail and foodservice customers across 33 countries. The company generates more than €180 million ($213 million) in revenue and holds over 20% share of Europe’s yellowfin tuna market. With this acquisition, Captain Fresh expands its multi-species portfolio and gains a major processing footprint in Europe. Frime operates four production sites across seven factories with an annual processing capacity of 15,000 tonnes of frozen products, 9,000 tonnes of fresh tuna, and 3,800 tonnes of semi-preserved products. The company recently invested €50 million ($59 million) in modern processing facilities in Barcelona. Captain Fresh said that the acquisition strengthens its presence across three large seafood categories including crustaceans, salmon, and tuna. The company plans to scale Frime’s tuna through its distribution network in the United States and expand its crustacean and salmon portfolio across Europe. Frime’s leadership team, including chairman Salvador Ramon Mateo and CEO Pablo Múgica, will continue to lead the company within the Captain Fresh group. The development comes months after Captain Fresh withdrew its draft red herring prospectus filed with the Securities and Exchange Board of India. The company took this step to facilitate closure of a material acquisition and maintain flexibility in its capital structure. Captain Fresh has expanded globally through acquisitions. In 2024, it acquired Poland-based salmon company Koral to strengthen its presence in the European salmon market. Earlier, it acquired US-based seafood importer CenSea and France-based seafood distributor Senecrus. According to its FY25 financials, Captain Fresh reported a 2.5X jump in gross merchandise value to Rs 3,421 crore in FY25 from Rs 1,395 crore in FY24. The company also posted a net profit of Rs 42 crore compared to a loss of Rs 229 crore in the previous year.

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