🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Multiples PE emerges front-runner for majority stake in IT services firm QBurst at around $300 mn valuation

Money ControlMoney Control · 10m ago
Multiples PE emerges front-runner for majority stake in IT services firm QBurst at around $300 mn valuation
Medial

- Renuka Ramnath-led private equity firm Multiple PE is in advanced stage negotiations to acquire a controlling stake in QBurst, a global IT services firm. - The founders of QBurst are open to diluting a majority stake and are looking at a valuation of around $300 million for the entire firm. - QBurst offers cognitive solutions and custom software development services to micro to large enterprises and has a presence in multiple countries. - QBurst's clients include Airtel, AstraZeneca, Mercedes Benz, National Geographic, and more, and they have partnerships with Amazon, Salesforce, Google, and Microsoft. - The deal activity in the IT services segment has been picking up, with recent acquisitions and investments in healthcare-focused solutions providers.

BrightCHAMPS acquires Edjust in cash and stock deal

EntrackrEntrackr · 7m ago
BrightCHAMPS acquires Edjust in cash and stock deal
Medial

**BrightCHAMPS acquires Edjust in cash and stock deal** Edtech platform BrightCHAMPS has acquired the Indian K12 education marketplace Edjust to fortify global expansion. The cash and stock deal concludes BrightCHAMPS’s fourth acquisition since its inception in 2020 – Education10x (2021), Schola (2022), Metamorphosis Edu (2023), and now Edjust (2024). With this, Edjust’s founders will lead the company’s efforts to open up a new distribution channel. The soon-to-be-announced vertical will deliver learning in academic subjects like Maths, Science, and English for students’ all-round success and future readiness. Post-acquisition, Edjust is set to refine its sales model while also expanding its presence across 30 geographies, introducing parents to immersive digital experiences. Founded in 2022 by Dushyant Panchal, Anmol Mittal, and Sanjay Panikar, Edjust uses a combination of AI and human EQ, sophisticated data, and contact centers to ensure that only parents with a high inclination for edtech products are approached for sales. Edjust claims to have a track record of success with vast networks of parents in the US and UK. BrightChamps, led by Ravi Bhushan, offers online programming and AI courses for kids in the K-12 segment. It operates in 30 countries, including the US, Canada, Nigeria, Southeast Asia, and the Middle East. The startup also provides courses on coding, financial literacy, and robotics for children aged 6-16. In November 2021, it raised $51 million, valuing the company at $500 million. So far, BrightChamps has secured a total of $63 million through two funding rounds.

Snitch raises $40 Mn in Series B round; to enter quick commerce

EntrackrEntrackr · 2m ago
Snitch raises $40 Mn in Series B round; to enter quick commerce
Medial

Snippets Snitch raises $40 Mn in Series B round; to enter quick commerce D2C menswear brand Snitch has raised up to $40 million in its Series B funding round led by 360 ONE Asset. Existing investors IvyCap Ventures and SWC Global participated, along with the Ravi Modi Family Office and other angel investors. Entrackr had exclusively reported the development last week. This is the second major funding round for the Bengaluru-based fashion brand, following its $13 million Series A raised in December 2023. The proceeds will be used to expand Snitch’s offline retail footprint from 55 to over 100 stores by the end of 2025, enter quick commerce, and test international markets. The company also plans to expand into new apparel and lifestyle categories. Founded in 2020 by Siddharth Dungarwal, Snitch offers trendy and affordable apparel through its own website, mobile application, and an expanding network of offline retail stores. “With 120% YoY growth, 55+ stores with strong unit economics, and strong loyal customer base, we’re stepping into a bigger league, building a world-class brand with India at its heart and agility at its core. As we gear up for global expansion and soon enter the public markets, this marks a bold step towards creating one of India’s most iconic fashion stories,” said Dungarwal. Snitch featured during the second season of Shark Tank India and raised Rs 1.5 crore against 1.5% equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at Rs 100 crore valuation. The firm is targeting scale across India and international markets and is preparing for a public listing. For the fiscal year ending March 2024, Snitch reported a 100% year-on-year increase in its revenue to Rs 241 crore with Rs 4.39 crore profits. The company has yet to release its annual results for FY25.

Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation

EntrackrEntrackr · 3m ago
Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation
Medial

Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation D2C menswear fashion brand Snitch is set to raise Rs 278.93 crore or $33 million, led by 360 One Asset Management Fund with the participation of existing investors SWC Global and IvyCap Ventures. This will be the second major funding round for the Bengaluru-based fashion brand, following its $13 million Series A raised in December 2023. The Snitch’s board passed a special resolution to approve the issue of 1,755 Series B CCPS at an issue price of Rs 15,89,385 to raise Rs 278.9 crore or approximately $33 million, its regulatory filings accessed from the Registrar of Companies (RoC) show. 360 One will spearhead the round with Rs 220 crore or $25.9 million, while existing backers SWC Global and IvyCap Ventures will contribute with Rs 29.4 crore or $3.5 million respectively. As per Entrackr’s estimates, Snitch will be valued at around Rs 2,400-2500 crore or $294 million post-allotment, marking a nearly 5X spike in its valuation from Rs 500 crore in its previous round. Snitch, founded in 2019 by Siddharth Dungarwal, is a direct-to-consumer (D2C) fashion brand specializing in fast fashion for men. The company offers trendy and affordable apparel through its own website, mobile application, and an expanding network of offline retail stores. As of now, Snitch has established 58 physical stores across India, with a presence in major cities such as Bengaluru, Mumbai, Delhi, and locations in Gujarat, among others. The company claims to open over 100 offline stores across India by 2028. Snitch featured during the second season of Shark Tank India and raised Rs 1.5 crore against 1.5% equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at Rs 100 crore valuation. According to startup data intelligence platform TheKredible, IvyCap Ventures and SWC Global are the largest external shareholders, holding 10.39% and 10.17% stakes respectively, while new investor 360 One will hold a 9.67% stake in the company. For the fiscal year ending March 2024, Snitch reported a 100% year-on-year increase in its revenue to Rs 241 crore with Rs 4.39 crore profits. The company has yet to release its annual results for FY25. Snitch operates in a competitive D2C fashion landscape, going head-to-head with brands like The Souled Store, which achieved profitability in FY24. It also competes with Rare Rabbit, which recently secured $6 million in funding from A91 Partners, and Wrogn, which raised $9 million in October last year from Aditya Birla Digital Fashion.

Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal

EntrackrEntrackr · 1y ago
Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal
Medial

Eyewear retailer Lenskart has raised nearly $20 million from its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary and Sumeet Kapahi. This is the second investment in Lenskart by its co-founders in the last seven months. The board at Lenskart has passed a special resolution to issue 695,875 CCPS at an issue price of Rs 2,300 each to raise Rs 160 crore or $19.12 million, its regulatory filing accessed from the Registrar of companies (ROC) shows. Piyush Bansal led the round with Rs 70.70 crore while Neha Bansal put Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi participated with Rs 9.60 crore and Rs 9.35 crore, respectively. As mentioned above, this is the second instance where the co-founders invested in the company in less than a year. Piyush and Neha invested Rs 29.89 crore and Rs 29.77 crore, respectively, in December 2023 along with Choudhary and Kapahi. The development comes soon after a $200 million secondary deal announced by Lenskart. Temasek and Fidelity Management & Research Company (FMR) solely invested in the secondary at a valuation of more than $5 billion. Lenskart claims to have more than 2,500 stores of which approximately 2,000 are in India. While India accounts for nearly 60% of its revenue, the rest of the income was generated from international operations in countries such as Singapore, Dubai, the US, and Southeast Asia. Despite funding winter, the Delhi-based company has raked in over $1 billion in the last 18 months. The continued interest of investors in the company is largely driven by its strong financial performance, unit economics and growth opportunities in overseas countries. For the fiscal year ending in March 2023, Lenskart’s revenue from operations surged to Rs 3,788 crore from Rs 1,502 crore in FY22. The decent scale and controlled expenditure helped the company to reduce its losses by 37.3% to Rs 64 crore in FY23 from Rs 102 crore in FY22. The firm is yet to file its annual financial report for FY24.

8i Ventures to double down on early-stage investments with Origami

EntrackrEntrackr · 9m ago
8i Ventures to double down on early-stage investments with Origami
Medial

8i Ventures, an early-stage venture capital fund, has announced the second edition of its pre-seed funding program Origami, aimed at supporting early-stage founders. The program’s first edition, launched in March 2024, saw the fund invest $600,000 across three startups: Cobalt, a SaaS platform for native integrations; Cautio, a fleet dashcam and video telematics platform; and another pre-launch startup. According to 8i Ventures, the Origami program offers rapid access to funding, with a streamlined process that guarantees a response within one week, a term sheet in two weeks, and deal closure in just four weeks. The firm recently announced the first close of its $50 million second fund, raising $25 million. Out of this, $10 million has been allocated to the Origami initiative. 8i Ventures seeks founders with a clear vision and a deep understanding of their customers' pain points. The firm aims to support teams with a well-rounded skill set, encompassing technology, product development, and sales, providing them with rapid funding and support to turn their ideas into successful businesses. The venture fund boasts a strong track record with early-stage investments. For instance, its first investment of $200,000 in M2P Technologies delivered 36x returns, with M2P recently raising a round at an $800 million valuation. Other notable early investments include Slice, Easebuzz, and Bbetter, which have grown significantly after receiving seed funding from 8i Ventures. Over the last decade, 8i Ventures and its partners have backed over 50 seed and early-stage startups, creating more than $5 billion in value for shareholders in India and globally. Their portfolio includes challenger brands such as Slice, Kodo, Blue Tokai, and Carwale.com (NSE: CARTRADE), as well as fintech enablers like M2P, Signzy, Easebuzz, BharatX, Transbnk, and EzeTap.

Exclusive: Info Edge in talks to lead $2.5 Mn round in Ghar Mandir

EntrackrEntrackr · 27d ago
Exclusive: Info Edge in talks to lead $2.5 Mn round in Ghar Mandir
Medial

Exclusive: Info Edge in talks to lead $2.5 Mn round in Ghar Mandir Ghar Mandir, a digital devotional platform, is in late-stage talks to raise $2.5 million in its maiden funding round led by Info Edge, according to people familiar with the matter. The latest capital infusion is expected to help Ghar Mandir accelerate its product development and expand its reach, as competition intensifies within India’s burgeoning faith-tech sector. “Info Edge is expected to issue a term sheet as due diligence enters its final stage,” said one of the persons requesting anonymity. The round will mark Info Edge’s first lead investment in the temple-tech or devotion tech space this year. Ghar Mandir, founded by Samya Mittal and Apurva Shah in August 2023, lets users book temple offerings and devotional services online. Partnering with over 50 temples and priests, it delivers prasad, conducts rituals starting at Rs 101, and shares video recordings. The bootstrapped platform claims to have served over one lakh users to date. According to sources, the deal is expected to close in a few weeks, with Ghar Mandir targeting a valuation of $10–15 million, if all goes as planned. Queries sent to Ghar Mandir and Info Edge did not elicit an immediate response. The move comes on the heels of competitor AppsForBharat, parent of Sri Mandir, raising $20 million in a Series C round led by Susquehanna Asia Venture Capital last month. DevDham, Vama, Utsav App, Sutradhar, and 27 Mantra are also competing in the same space. According to a formal complaint against Ghar Mandir and others reviewed by Entrackr, the apps came under scrutiny following a spate of cyber frauds. A notice from the Ahmednagar Cyber Police warned about fake websites offering VIP passes for the Shirdi Sai Baba temple. The complaint added that fraudsters are deceiving people by collecting money and personal details through these sites.

Download the medial app to read full posts, comements and news.