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VentureSoul Makes First Debt Bet With INR 20 Cr In True Balance
Inc42
·
10m ago
Medial
- True Balance secures funding to support its expansion plans - VentureSoul's maiden fund raises INR 145 Cr out of its INR 600 Cr target corpus - True Balance is a fintech startup under Balancehero India, a subsidiary of Balancehero Co. Ltd. - The funds will be used to further expand True Balance's operations - True Balance provides loans to its customers - VentureSoul is an investor in True Balance
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Fintech Startup True Balance’s FY23 Net Profit Surges Over 17X To INR 59 Cr
Inc42
·
1y ago
Medial
Lendingtech startup True Balance, backed by SoftBank, reported strong financial performance for the fiscal year 2022-23 (FY23). The company's consolidated net profit increased over 17 times to INR 58.8 crore from INR 3.4 crore in the previous fiscal year. True Balance's operating revenue grew 1.8 times to INR 431.1 crore in FY23, with significant revenue generated from its loan business. The company managed to control expenses, and it notably reduced advertising expenses. True Balance offers digital loans and bill payment services and competes with other fintech players in India's competitive market.
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VentureSoul Partners declares first close of Rs 600 crore maiden fund; raises Rs 146.5 crore
Economic Times
·
11m ago
Medial
VentureSoul Partners, a venture debt firm, has completed the initial close of its maiden fund, raising Rs 146.5 crore out of a total target of Rs 600 crore. The fund plans to invest in around 25 startups, with an average investment size of Rs 20-25 crore. VentureSoul has already secured commitments from various investors, including family offices, corporates, and high-net-worth individuals. The firm aims to support startups at Series A or later stages with established business models. The first investment is expected to be finalized soon, with three to four deals anticipated by the end of the year.
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VentureSoul Partners Launches INR 600 Cr Maiden Debt Fund
Inc42
·
1y ago
Medial
VentureSoul Capital Fund I, a SEBI-registered Category II AIF, has secured commitments from various investors including family offices, corporates, and HNIs. The fund is sector-agnostic but will primarily target tech startups across different sectors such as fintech, B2C, B2B, and SaaS companies. Founded by three former bankers, VentureSoul aims to offer unique debt solutions to the new economy space.
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VentureSoul Partners sets timelines for maiden debt fund
VCCircle
·
3m ago
Medial
VentureSoul Partners, a Mumbai-based venture debt firm, is planning to complete its fundraising exercise for its first debt fund, having already supported six companies. Launched in June 2024, the fund has been progressing post-marking its first close last year. This strategic move underscores VentureSoul's commitment to expanding its investment portfolio and reinforces its position in the venture debt industry, focusing on providing crucial financial support to growing businesses.
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True Balance’s profit zooms over 2X to Rs 138 Cr in FY24
Entrackr
·
12m ago
Medial
True Balance, founded by South Korean entrepreneur Cheolwon Lee, started with a mobile and DTH recharge platform. However, the company’s business dynamics changed drastically after FY21 when it started lending (personal or short-term loans). This shift enabled the company to register over 74X growth in its scale in the past five fiscals as its revenue ballooned to Rs 667 crore in FY24 from Rs 8.95 crore in FY19. For context, the SoftBank-backed firm started lending in FY20 through third parties, and a year later it also got its own NBFC —True Balance. On a fiscal to fiscal basis, True Balance’s operating revenue grew 54.8% to Rs 667 crore in FY24 from Rs 431 crore in FY23, its consolidated financial statements sourced from Registrar of Companies show. True Balance’s personal loan platform usually targets borrowers who are neglected by banks and have no credit scores. The service and processing charges on the loans offered contributed 56% of the firm’s total operating revenue. This income spiked 63.2% to Rs 377 crore in FY24 from Rs 231 crore in FY23. Meanwhile, the income from interest stood at Rs 280 crore in FY24. The penalties on dues and non-operating incomes (interest from fixed and current investments) took True Balance’s overall revenue to Rs 673 crore in the fiscal year ending March 2024 from Rs 433 crore in FY23. See TheKredible for the detailed revenue breakup. For the cash loan firm, the bad debts (NPAs) and their provisions formed 36.2% of its overall cost which increased by 26.3% to Rs 202 crore in FY24 from Rs 160 crore in FY23. The fintech firm had written off the bad debts worth over Rs 114 crore while the rest were the provisions related to the bad debts in FY24. The firm’s spending on employee benefits, finance, advertising, information technology, technical, legal, and other overheads took its overall cost up by 51.4% to Rs 557 crore in FY24. Head to TheKredible for the detailed expense breakdown. Over 50% YoY growth helped True Balance to post a 2.3X jump in its net profits to Rs 138 crore in FY24 from Rs 59 crore in FY23. Its ROCE and EBITDA margins improved to 42.24% and 27.64%, respectively. On a unit level, the ten year-old firm spent Rs 0.84 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 22.40% 27.64% Expense/₹ of Op Revenue ₹0.85 ₹0.84 ROCE 32.11% 42.24% According to TheKredible, True Balance has raised $140 million across equity and debt rounds including its $28 million led by SoftBank and Daesung Private Equity. The company raised its last round almost three years back. Looking at the numbers, one can’t help but wonder at not just the numbers, but the impressive balancing act True Balance must manage to stay below the radar of regulators and watchdogs including the RBI. With its short tenure, high interest and high processing charges True Balance tries to balance out its high margins with the promise of 24×7 service and higher risk appetite. But as the delinquency numbers indicate, it must be a high intensity gig, balancing out risks versus margins. Even as margins are winning for now, we still believe the risk of sudden regulatory heavy handedness is intrinsic to its otherwise impressive business. It is also at a stage where the other next stage of growth will be fueled by more debt than equity. Considering the large appetite it can be expected to have to maintain its growth momentum, it will be fascinating to see if it has a trick or two for that too up its sleeve.
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VentureSoul Partners AIF debt fund announces first close | Mint
Livemint
·
11m ago
Medial
Mumbai-based debt fund VentureSoul Partners has announced the first close of its maiden debt fund, reaching nearly half its target corpus. Led by three experienced bankers, the firm aims to offer a unique debt proposition tailored for new economy clients, combining traditional banking practices with innovative solutions. The fund is sector-agnostic, but has a positive bias towards fintech, B2C, B2B, and SAAS companies. Anchor investors include Micro Labs, Rupa Group, Glen Appliances, and PSN Group, among others. The founders plan to expand the firm's operations and prepare for future fundraising rounds.
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VentureSoul backs telecom services firm in sixth investment from maiden debt fund
VCCircle
·
3m ago
Medial
VentureSoul Partners, a Mumbai-based venture debt firm, has made its sixth investment from its maiden investment vehicle, launched last September. The firm is backing a telecom network services provider headquartered in Singapore. VentureSoul, led by founders Ashish Gala, Anurag Tripathi, and Kunal Wadhwa, continues to focus on investing in promising sectors. This move highlights VentureSoul's strategic intent to support and grow telecom services through targeted financial investment.
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IndusDC Sets Aside INR 100 Cr For Startups Across Industrial And Energy Sectors
Inc42
·
1y ago
Medial
IndusDC, an Indian investment and innovation platform, has allocated INR 100 crore for identifying and co-building tech startups in the industrial and energy sectors for FY25 and FY26. Each startup supported by IndusDC will receive INR 20 crore in capital through grants, equity, and debt. The platform boasts entrepreneurs and angel investors such as Ashish Gupta from Helion Venture Partners and former CEO of Knoah Solutions, Sri Myneni.
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IPO-Bound MobiKwik Raises INR 50 Cr Debt Funding From BlackSoil
Inc42
·
1y ago
Medial
IPO-bound fintech startup MobiKwik has secured INR 50 crore (approximately $6 million) in debt funding from BlackSoil. The funding will be raised through the issuance of 800 non-convertible debentures at an annual interest rate of 15%. This comes after MobiKwik secured INR 10 crore in a term loan from CredAble earlier this year. The company has filed its draft red herring prospectus (DRHP) with SEBI and aims to raise up to INR 700 crore through an IPO. MobiKwik turned profitable in the first half of FY24, reporting a net profit of INR 9.5 crore.
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Vedantu Bags INR 19.25 Cr In A Mix Of Debt & Equity
Inc42
·
10m ago
Medial
Indian online tutoring platform Vedantu has raised INR 19.25 crore ($2.4 million) in a financing round led by Stride Ventures' Debt Fund II. The funding consisted of INR 17.5 crore ($2.2 million) in debt and INR 1.75 crore ($220,000) in equity. Vedantu's operating revenue for FY23 saw a decline of 8% at INR 152.5 crore ($19 million) compared to INR 166 crore ($21 million) in the previous year.
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