News on Medial

Related News

Exclusive: Pepperfry to secure fresh funds from existing investors

EntrackrEntrackr · 2m ago
Exclusive: Pepperfry to secure fresh funds from existing investors
Medial

Exclusive: Pepperfry to secure fresh funds from existing investors Omnichannel furniture brand Pepperfry is raising Rs 43.3 crore (approximately $5.1 million) from existing investors including General Electric Pension Fund, Norwest Venture Partners, Goldman Sachs, Panthera Growth Partners, and others. This funding follows its $23 million round raised in September 2023 from the same investors. The Pepperfry’s board passed a resolution to approve the issue of 5,59,463 compulsory convertible preference shares at an issue price of Rs 775 each to raise the aforementioned sum, its regulatory filings accessed from the Registrar of Companies (RoC) show. General Electric will lead the funding with Rs 21.5 crore ($2.5 million) followed by Norwest Venture Partners and Panthera Growth Partners who will infuse Rs 8.52 crore and Rs 6.45 crore, respectively, to increase their stakes in the company. Goldman Sachs, Erste WV Gutersloh GmbH, and Growth Equity Opportunity Fund Cayman Holdings Ltd will cover the rest of the funding amount. According to the filing, the company will utilize the proceeds from this funding for growth, expansion, and general corporate purposes. As per Entrackr estimates, Pepperfry will be valued at Rs 3,120 crore or $367 million (post-allotment). Pepperfry operates on a marketplace model across both online and offline channels. Offering a catalog of over 10,000 products, it connects customers with leading brands like Godrej, Springfit, and Spacewood. The company claims to have a retail presence of more than 200 studios spread across 100+ cities. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised over $270 million to date from investors including Norwest Venture Partners, General Electric, Broad Street Investment, Pidilite, and others. For the fiscal year ending March 2024, Pepperfry’s operating revenue declined 30% to Rs 189 crore while narrowing its losses by over 37% to Rs 117.5 crore during the same period. Pepperfry competes with other heavily funded furniture brands including Reliance-acquired Urban Ladder, which secured over $100 million in funding, and Wooden Street, which raised $77 million funding.

Altum Credo raises over $19 Mn from British International Investment

EntrackrEntrackr · 11h ago
Altum Credo raises over $19 Mn from British International Investment
Medial

Altum Credo raises over $19 Mn from British International Investment Altum Credo Home Finance, a non-deposit-taking affordable housing finance company, has raised Rs 170 crore ($19.5 million) in equity from its existing investor British International Investment (BII), the UK’s development finance institution and impact investor. Entrackr had recently reported exclusively on Altum Credo’s upcoming funding round. In April last year, Altum Credo raised $40 million through a mix of primary and secondary transactions, led by Z3Partners and Oikocredit. According to startup data intelligence platform TheKredible, the Pune-based company has raised $80 million to date. The fresh capital will strengthen Altum Credo’s balance sheet and support its expansion within existing geographies across southern and western India. Founded in 2016, Altum Credo’s business model is focused on providing long-tenure home loans to customers with informal or semi-formal incomes in urban and semi-urban markets. It combines a tech-enabled origination and underwriting platform with strong on-ground presence to reduce operational friction and improve access for borrowers. To date, the company claims to have catered to over 15,000 customers across six states, with assets under management (AUM) exceeding Rs 1,000 crore. In the fiscal year ended March 2024, Altum Credo recorded a 67% jump in operating revenue to Rs 112.87 crore, while its profit more than doubled to Rs 20 crore during the same period.

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