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Aye Finance raises $30 Mn in Series G round

EntrackrEntrackr · 10m ago
Aye Finance raises $30 Mn in Series G round
Medial

Microlending platform Aye Finance has raised Rs 250 crore ($30 million) in a Series G round led by Singapore’s ABC Impact. The round also saw participation from British International Investment, the UK’s development finance institution and impact investor which led Aye’s Series F round of Rs 310 crore ($37 million) in December 2023. In June this year, the company also raised $30 million in debt. This investment is the first from ABC Impact’s Fund II and boosts the firm’s assets under management (AUM) to over $850 million. The deal completion is subject to completion of standard conditions precedent. With this round, Aye’s equity raise totals Rs 1,250 crore ($150 million). With more than 398 locations operating in 22 states around India, Aye Finance offers financial services to micro and small enterprises, the majority of which are involved in manufacturing, trading, and service industries. Aye Finance offers three loan products with values ranging from Rs 50,000 to Rs 1,000,000: quasi-mortgage loans, hypothetical loans, and add-on loans. The firm claims that it has already extended over 7,600 crore ($915 million) in loans to more than 5,76,000 businesses with a 60% repeat rate. Aye Finance’s revenue from operations grew 44.5% to Rs 623 crore during FY23 with a profit of Rs 54 crore. In FY24, the company claims that its profit grew 3 times to Rs 161 crore and revenue was up 67% to Rs 1072 crore. The company ended FY24 with assets under management (AUM) of Rs 4,500 crore and a gross NPA of 1.21%. It competes with several NBFCs including Indifi, Axio (formerly Capital Float), Lendingkart, Flexiloans and others.

Comet raises $5 Mn in Series A round

EntrackrEntrackr · 1y ago
Comet raises $5 Mn in Series A round
Medial

D2C sneaker brand Comet has raised Rs 42.3 crore (approximately $5 million) in its Series A round led by Elevation Capital. This is the first round of investments for the Bengaluru-based company in 2024. The board at Comet has passed a special resolution to issue 10 equity and 50,076 Series A CCPS at an issue price of Rs 8,445 each to raise Rs 42.3 crore or $5 million, its regulatory filing accessed from the Registrar of Companies shows. Elevation Capital led the round with Rs 33.36 crore while existing investors Nexus Ventures and AngelList India participated with Rs 8.34 crore and Rs 60 lakhs respectively. The company will use these proceeds for capital expenditures, marketing, and general corporate purposes as per the business plan, the filing added. According to the startup data intelligence platform TheKredibe, Comet has been valued at around Rs 167 crore or $20 million post-allotment. The startup raised its seed capital in February last year. Following the fresh proceeds, Elevation Capital and Nexus Ventures will hold 20% each while AngelList India will command 2.22% of the capital in the company. Founded in July 2023, Comet is a homegrown, lifestyle sneaker brand for both men and women which sells its products through its website. Its current portfolio includes CometX, Aeon, and Slides. According to Comet, its TAM (total addressable market) is expected to be $22 billion while the company’s serviceable addressable market (SAM) is expected to be $1.5 billion by FY 2030. Comet competes with Wrong, HRX, Redtape, The Roadster, Campus, Sparx and other multinational footwear brands like Nike and Adidas.

Decoding Snabbit’s Series B round, valuation and captable

EntrackrEntrackr · 1m ago
Decoding Snabbit’s Series B round, valuation and captable
Medial

url: https://entrackr.com/fintrackr/decoding-snabbits-series-b-round-valuation-and-captable-9331453 Content: Quick service platform Snabbit recently announced its $19 million Series B round led by Lightspeed with the participation of existing investors Nexus Venture Partners and Elevation Capital. The board of Snabbit is set to approve the allotment of 65,165 Series B compulsory convertible preference shares at an issue price of Rs 24,914.93 each, to raise Rs 162.35 crore (approximately $19 million), its regulatory filing accessed from Registrar of Companies (RoC) shows. Lightspeed is expected to invest Rs 94 crore ($11 million), while existing investors Nexus Venture Partners and Elevation Capital will contribute Rs 34.18 crore ($4 million) each. According to Entrackr’s estimates, Snabbit will be valued at Rs 684 crore (around $80 million), a 3.5X increase from its $23 million valuation in the previous Series A round. Founded in 2024 by Aayush Agarwal, Snabbit connects households with trained professionals for on-demand home services like cleaning, dishwashing, and laundry. Experts can be booked by the hour and arrive within 10 minutes. The platform currently hosts over 600 professionals, doubling monthly, according to Agarwal. Following the allotment of the new round, Nexus Venture Partners and Elevation Capital will hold 23.69% and 19.92% stake, respectively, while new investor Lightspeed will own 13.75%. Founder Aayush Agarwal will retain a 36.08% stake in the company. The Mumbai-based company has raised over $25 million across 3 rounds including $5.5 million in Series A round led by Elevation and Nexus earlier this year. Snabbit directly competes with the industry leader Urban Company which recently filed its Draft Red Herring Prospectus (DRHP) with SEBI for a Rs 1,900 crore initial public offer (IPO) and also entered into quick commerce with the launch of 15-minute maid booking service, “Insta Help”. Snabbit also competes with another 10-minute house help service startup, Pronto which raised $2 million from Bain Capital at a valuation of $12.5 million.

Altum Credo raises $40 Mn in Series C, provides partial exit to early backers

EntrackrEntrackr · 1y ago
Altum Credo raises $40 Mn in Series C, provides partial exit to early backers
Medial

Housing finance company Altum Credo has scooped up $40 million in its Series C funding round led by Z3Partners and Oikocredit. The financing round also saw participation from British International Investment, and existing investors Aavishkaar Capital, Amicus Capital and PS Pai and family. Altum Credo has raised $27 million in equity and facilitated partial exit to Series A investors of $13 million, the company said via press release. The Pune-based company had previously raised $9.8 million in Series A and $12 million in Series B in 2021. The company plans to use the fresh proceeds to achieve AUM growth by strengthening its distribution network and expanding its operation to more cities. Altum Credo provides financial accessibility for first home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years. The company added that the average ticket size of the home loan portfolio is at Rs 8.5 lakhs with a tenure of 15 years. With loan-to-value ratio below 50%, the average value of the properties funded is around Rs 15-25 lakhs. Altum Credo largely focuses on unserved and under-served segments, targeting first time homeowners. As of March 2024, Altum Credo had an AUM of Rs 830 crore ($ 100 million) with 93% of their customers belonging to the economically weaker section (EWS) or low-income group (LIG) category. As per startup data intelligence platform TheKredible, Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. Significantly, its profit shot up 99% which stood at Rs 8.95 crore during FY23. It is yet to file FY24 financials. Besides, Altum Credo, Aviom, Easy Home Finance, Basic Home Loan, Andromeda also operate in similar space. Venture capital firm Z3 Partners announced the final close of its Fund at Rs 550 crore in January last year. Earlier this week, it invested $9 million in quick service restaurant chain Wow! Momo.

Exclusive: B2B robotics startup Haber raises $38 Mn in Series C

EntrackrEntrackr · 9m ago
Exclusive: B2B robotics startup Haber raises $38 Mn in Series C
Medial

Industrial robotics maker Haber has raised Rs 317.2 crore (approximately $38 million) in its Series C round, led by Creaegis with participation from Accel India and BEENEXT Capital. This new round materialized for the Pune-based company after a three-year gap. The board at Haber has passed a special resolution to issue 100 equity shares and 457,572 Series C preference shares to raise the above sum, according to regulatory filings accessed by Entrackr. Creaegis led the round with Rs 200.35 crore, while Beenext and Accel participated with Rs 83.5 crore and Rs 33.4 crore, respectively. The investment will support the company’s expansion, growth, and other capital requirements. According to TheKredible, Haber’s post-allotment valuation is approximately Rs 1,242 crore ($148 million). Haber develops AI-powered industrial robots that automate labor-intensive tasks like sample collection, measurement, analysis, and intervention in factories. According to its website, Haber helps industries reduce chemical consumption as well as energy and water usage across sectors such as food and beverages, agriculture, and oil and gas. The company has raised over $65 million to date, including a $20 million Series B round led by Ascent Capital with participation from Accel, Elevation, and Beenext in November 2021. Accel is the largest external stakeholder with an 18.1% stake, followed by Creaegis and Elevation. Head to TheKredible for the complete shareholding breakup. While FY24 numbers are yet to be disclosed, Haber reported a total revenue of Rs 82 crore and a loss of Rs 36.7 crore in FY23. It directly competes with Prosus-backed Detect Technologies, Altizon, and Fero Labs, among others.

Decoding SarvaGram’s Series D round, valuation and captable

EntrackrEntrackr · 1m ago
Decoding SarvaGram’s Series D round, valuation and captable
Medial

SarvaGram raises Rs 565 Cr ($67 Mn) in Series D round led by Peak XV, with the participation from existing investors Elevation, Elevar, Temasek, and TVS Capital. Rural-focused credit startup SarvaGram announced its Rs 565 crore (approximately $67 million) Series D funding round led by Peak XV Partners, along with the participation of existing investors Elevation Capital, Elevar Equity, Temasek, and TVS Capital. Entrackr has gone through its regulatory filing to decode the details such as round breakup, shareholding, and current valuation. In November last year, SarvaGram’s board approved the allotment of 21,857 Series D CCPS and 20 equity shares at a price of Rs 2,51,431.22 each to raise Rs 550 crore (approximately $65.2 million). With the prior Rs 15 crore allotment, the total funding round stood at Rs 565 crore ($67 million), as per filings with the Registrar of Companies (RoC). Peak XV Partners spearheaded the round with an investment of Rs 340 crore ($40.3 million), followed by existing backers Elevation Capital and Elevar Equity, who contributed Rs 80.76 crore ($9.58 million) and Rs 68 crore ($8 million), respectively. Temasek and TVS Capital participated with Rs 45.48 crore ($5.4 million) and Rs 30.78 crore ($3.6 million). According to Entrackr’s estimates, SarvaGram’s valuation soared 2X to Rs 1,785 crore ($212 million), which stood at Rs 790 crore ($94 million) during its previous $35 million Series C round. Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram offers a range of credit products to rural households, including business, farm, personal, home, and gold loans. The company also provides insurance and farm mechanization services through its SarvaMitra network, giving rural users affordable access to high-quality equipment such as cultivators, rotavators, and harvesters. According to the company’s website, it has served over 1.5 lakh households and more than 170 shops, along with 630+ SarvaMitra franchises spread across over 38,000 villages. According to startup data platform TheKredible, SarvaGram has raised over $116 million across multiple funding rounds. Following the latest injection, Elevar Equity is the largest external stakeholder with 23.78%, followed by Peak XV Partners and Elevation Capital, which command 19.05% and 18.40% respectively. Co-founders Utpal Isser and Sameer Mishra retain 11.00% and 7.05% stakes in the company. The Pune-based fintech company reported 2.3X year-on-year growth in its operating revenue to Rs 170 crore during the fiscal year ended March 2024, while it managed to narrow its losses by 30% to Rs 19.75 crore during the same period. SarvaGram competes with Jai Kisan, which last raised $50 million in a Series B round in July 2022. Another rival, agri-fintech startup Arya.ag, secured $30 million in debt funding in January.

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