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Vedantu eyes $10–15 million from existing backers via convertible equity

Livemint

Livemint · 1m ago

Vedantu eyes $10–15 million from existing backers via convertible equity

Vedantu is seeking to raise $10–15 million in a convertible equity round from existing investors. The K-12 online tutoring unicorn aims to bolster its capital while pursuing full-year profitability and expanding offline, in preparation for an initial public offering (IPO) within the next two years. This funding initiative is part of Vedantu's strategy to strengthen its financial position in the competitive edtech market.

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Exclusive: Vedantu raises debt from Stride Ventures, completes acquisition of Pedagogy

Entrackr

Entrackr · 10m ago

Exclusive: Vedantu raises debt from Stride Ventures, completes acquisition of Pedagogy

Edtech unicorn Vedantu has raised Rs 19.25 crore or $2.3 million in debt and equity capital from Stride Ventures. This is likely the first infusion of funds for the Bengaluru-based company since its $100 million round, which valued it at around $1.1 billion. Vedantu has raised Rs 19.25 Cr from Stride Ventures Debt Fund II, its regulatory filings sourced from the Registrar of Companies show. The firm’s board passed a resolution to allot 1,750 non-convertible debentures to raise Rs 17.5 crore and Rs 1.75 crore in the form of equity. While the raised amount is not substantial, it will extend the runway for Vedantu which is cruising through a tough time like any other edtechs. As of March 2023, the company had a net current asset of Rs 299 crore, including cash and bank balances of Rs 39 crore, as per TheKredible. Not only Vedantu, but Unacademy, Cuemath, and Classplus have also struggled to raise any capital in the past couple of years. Additionally, Vedantu has proposed to completely acquire the Ahmedabad-based Pedagogy by acquiring the remaining 9.32% stake in the company in a share swap deal. Following the deal, Vedantu is issuing 87,198 equity shares worth Rs 1.53 crore, to Archin Shah and Ritesh Gandhi – Co-founders of Pedagogy. The company bought stakes in Pedagogy in July 2021 which was exclusively reported by Entrackr. Pedagogy allows its users access to popular books and digital courses from trusted publishers and coaching centres across the country for JEE, NEET, NET, CTET and other entrance exams. On the lines of other edtechs, Vedantu also entered into an offline fray by partnering with Vignan Institute, and launched six learning centres for higher secondary schools in Andhra Pradesh and Telangana. While the company is yet to disclose FY24 numbers, Vedantu’s revenue from operations slipped 7.8% to Rs 153 crore in FY23. According to startup data intelligence platform TheKredible, the Tiger Global-backed company narrowed down losses by 46.4% to Rs 373 crore in FY23.

ShareChat's valuation drops below $2 billion in new funding

TechCrunch · 1y ago

ShareChat's valuation drops below $2 billion in new funding

Indian social media startup ShareChat has seen its valuation drop to under $2bn from around $5bn in a recent funding round. ShareChat, which operates a social network in a variety of Indian languages and a short-form video app, raised $49m in a convertible round. The company revealed it had received investments from existing backers such as Lightspeed, Temasek and Tencent. Sources said the latest fundraising would result in the conversion of existing debt to equity at a valuation below $2bn. ShareChat has not spent any money on user acquisition in the past year, instead focusing on optimising its content recommendation engine.

Zoomcar pockets Rs 25 Cr debt fund from Trifecta, Blacksoil and others

Entrackr

Entrackr · 1y ago

Zoomcar pockets Rs 25 Cr debt fund from Trifecta, Blacksoil and others

A week ago it was being reported that self-drive car portal Zoomcar is in talks with Mahindra and other investors to raise a $500 million round. Meanwhile, Zoomcar has been picking up debt funds since March this year. Trifecta invested Rs 10 crore via the purchase of 100 non-convertible debentures a month ago. Now, Blacksoil Capital and Mahavir Dwellers have invested Rs 15 crore and Rs 5 lakh each respectively. (Source: MCA)

Farm-to-retail startup Wingreens Farms in talks to raise $10M in a funding

IndianStartupNews

IndianStartupNews · 2y ago

Farm-to-retail startup Wingreens Farms in talks to raise $10M in a funding

Wingreens Farms is reportedly in talks to raise $10 million or Rs 818 crore in a bridge round of funding which is being led by existing backers Investcorp and Peak XV Partners (formerly Sequoia Capital India).

Aerospace parts maker Aequs eyes IPO next year, may provide exit to PE backers

VCCircle

VCCircle · 7m ago

Aerospace parts maker Aequs eyes IPO next year, may provide exit to PE backers

Aequs, an aerospace component maker based in Belagavi, is planning to go public next year. The company is currently in the process of appointing bankers to formalize the listing proposal. It aims to raise around $200 million through the IPO, providing an exit opportunity for its private equity backers.

Mamaearth parent Honasa Consumer grants 53,322 stock options to employees

IndianStartupNews

IndianStartupNews · 1m ago

Mamaearth parent Honasa Consumer grants 53,322 stock options to employees

Honasa Consumer Limited, the parent company of Mamaearth, has granted 53,322 stock options to employees under its existing equity incentive plan. Each option, part of the Employee Stock Option Plan 2018, is convertible into one equity share with a face value of Rs 10. The grants are in accordance with SEBI’s regulations, with a total estimated value of Rs 1.6 crore. This move follows previous stock incentives and comes amid leadership changes at the company.

How Norwest, TPG stand to mint money as SK Finance eyes $1 bn valuation in IPO

VCCircle

VCCircle · 1y ago

How Norwest, TPG stand to mint money as SK Finance eyes $1 bn valuation in IPO

Non-banking lender SK Finance is preparing for an initial public offering (IPO) and is eyeing a valuation of $1 billion. The company recently concluded a pre-IPO funding round worth $160 million from new investors such as Motilal Oswal Alternates and existing backers including TPG Growth. With this IPO, both Norwest and TPG stand to make significant profits. SK Finance aims to raise additional capital to fuel its growth and expand its operations in the non-banking financial sector.

Innoviti bags Rs 70 crore in a mix of equity and debt; sets eyes on IPO

Economic Times

Economic Times · 12m ago

Innoviti bags Rs 70 crore in a mix of equity and debt; sets eyes on IPO

Merchant-focused payments company Innoviti Technologies has raised Rs 70 crore ($8.3 million) in a recent funding round, with Rs 60 crore in equity infusion and Rs 10 crore in debt. The funding round was led by US-based venture fund Random Walk Solution, with participation from existing investors Bessemer Venture Partners, Patni family office, and Alumni Ventures. With this round, Innoviti has raised a total of approximately Rs 400 crore since its inception and achieved a valuation of $230 million. The company plans to go public within the next three to four months and will use the funds to grow its online merchant payment business.

Fintech firm Pop eyes $10-15 million round from Razorpay, others

Economic Times

Economic Times · 5m ago

Fintech firm Pop eyes $10-15 million round from Razorpay, others

Fintech firm Pop, based in Bengaluru, is seeking $10-15 million in funding, with Razorpay considering investment through its venture arm, Razorpay Ventures. Pop, known for its payments and rewards platform on the UPI network, attracts interest due to its B2C potential. The startup, valued at $15 million, may also consider acquisition offers valued at $50 million. Razorpay aims to expand its consumer reach, with Pop among potential early investments.

Mediterrania Capital gets additional cheque from existing LP for fourth fund

VCCircle

VCCircle · 6m ago

Mediterrania Capital gets additional cheque from existing LP for fourth fund

Mediterrania Capital Partners, an Africa-focused private equity firm with $800 million in assets, is obtaining an additional €15 million ($15.5 million) from an existing limited partner for its fourth mid-cap fund. The Malta-based firm manages a portfolio of nine companies, highlighting its strong investor relationships and ongoing growth in the African market through strategic investments.

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