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Yes, we are in M&A talks: Unacademy's Gaurav Munjal

EntrackrEntrackr · 8d ago
Yes, we are in M&A talks: Unacademy's Gaurav Munjal
Medial

Yes, we are in M&A talks: Unacademy's Gaurav Munjal Munjal’s remarks come amid media reports that higher education and skilling platform upGrad is in talks to acquire Unacademy at a valuation of $300 to 320 million. “Yes, we are in M&A conversations, and yes, if we find a win-win situation where consolidation can lead to a stronger entity, we will go ahead with this,” Unacademy co-founder Gaurav Munjal said in a post on social media platform X. Munjal’s remarks come amid media reports that higher education and skilling platform upGrad is in talks to acquire Unacademy at a valuation of $300 to 320 million, nearly 90% lower than the startup’s peak valuation of about $3.5 billion during the 2021 funding boom. In a detailed post, Munjal reflected on Unacademy’s journey, which began as a YouTube channel in 2010 that he started while in college to help friends with computer science concepts. The platform was formally launched in December 2015 and quickly scaled by focusing on free content, strong educator communities, and a tech-first approach to learning. The company saw rapid growth between 2019 and 2021 after launching its subscription product, reaching close to one million paid subscribers and raising over $700 million across multiple funding rounds. However, Munjal said the post-Covid shift of learners back to offline coaching, aggressive cash burn, and the rise of lower priced competitors hurt the business. He acknowledged that Unacademy might now be valued at less than $500 million, compared to around $3.5 billion three years ago, and noted that chasing valuation earlier led to several strategic missteps. Over the past three years, Unacademy has cut costs sharply, reduced its annual burn from about Rs 1,400 crore in 2022 to under Rs 175 crore in 2025, lowered pricing, and refocused on content and subscriptions. For FY25, the SoftBank-backed firm reported Rs 826 crore revenue and reduced its net losses by 31% year-on-year to Rs 436 crore. While consolidation remains an option, Munjal said the company is now focused on building sustainable education products with strong unit economics rather than pursuing headline valuations.

Care.fi secures Rs 7.5 Cr in debt from Vivriti Capital

EntrackrEntrackr · 8m ago
Care.fi secures Rs 7.5 Cr in debt from Vivriti Capital
Medial

Care.fi secures Rs 7.5 Cr in debt from Vivriti Capital Healthcare-focused fintech startup Care.fi has secured Rs 7.5 crore in debt capital from Vivriti Capital. This latest investment follows its previous funding rounds, which included Rs 8 crore in debt capital raised from Wint Wealth and Caspian, along with $2.5 million (around Rs 21 crore) in debt from Trifecta Capital and UC Inclusive Credit. In total, the group has raised approximately Rs 29 crore to date. The fresh funding will be utilized to accelerate its aim to empower Revenue Cycle Management (RCM) for hospitals and expand the reach of RevNow, Care.fi said in a press release. Co-founded in 2021 by Sidak Singh and Vikrant Agarwal, Care.fi aims to weed out the hassles of insurance claims, which remain a complex challenge for hospitals, often leading to delayed discharges, revenue leakages, and operational inefficiencies. According to the Gurugram-based company, its AI-driven RCM platform, RevNow, is making a significant impact by expediting claim settlements and ensuring hospitals receive payments within 3–5 days post-discharge. It enables 30-minute patient discharges by automating final billing and approvals, drastically reducing wait times. RevNow optimizes hospital workflows with real-time query notifications, automated responses, and integrated mailing services. It also enhances financial transparency by providing real-time reconciliation of cash flows at the entity, unit, and claim levels, offering hospitals greater visibility. “Since our inception, we have focused on solving critical operational pain points in hospital revenue management. With RevNow, we are setting new benchmarks in claims processing efficiency. This latest funding will enable us to scale further, helping hospitals optimize financial workflows while ensuring better patient experiences. As the healthcare ecosystem grows, we aim to continue innovating and improving revenue realization for providers,” said Sidak Singh, co-founder of Care.fi. Care.fi claims that it is handling over Rs 800 crore in claims across over 300 hospitals and auditing more than 50,000 claims. The platform also aims to expand RevNow’s capabilities and integrate further with hospital information systems (HIS), electronic health records (EHR), and billing platforms.

Exclusive: Droom India raises funds at $360 Mn valuation

EntrackrEntrackr · 9m ago
Exclusive: Droom India raises funds at $360 Mn valuation
Medial

Exclusive: Droom India raises funds at $360 Mn valuation IPO-bound used car marketplace Droom is raising Rs 25 crore (approximately $2.9 million) in a fresh funding round co-led by India Accelerator (IA), and Rameshchandra Shah. The board at Droom has passed a special resolution to issue 15,62,500 preference shares at an issue price of Rs 160 each to raise Rs 25 crore or $2.9 million, its regulatory filings sourced from the Registrar of Companies (RoC) shows. India Accelerator and Shah both will invest Rs 5 crore each, Shirish Patel, CEO of Prudent Corporate Advisory (wealth management company) will invest Rs 3 crore and the remaining amount will be invested by other individual investors. The firm will use these proceeds for general corporate purposes, the filings said. As per Entrackr’s estimates, the Gurugram-based firm will be valued at approximately Rs 3,097 crore or $360 million post-allotment. “We deliberately kept the valuation very low for the Indian subsidiary as a strategic move to give material upside to Indians who did not have opportunity to participate in the making of Droom in the past one decade,” said Sandeep Aggarwal, Founder and CEO of Droom, in response to queries about the company's valuation. “We plan to raise a bit more capital in the near term at much higher valuation both in Singapore and India…” Droom is an online marketplace for buying and selling used vehicles, including cars, motorcycles, and electric vehicles. It also offers rental services. According to startup data intelligence platform TheKredible, Droom has raised approximately $330 million from investors including 57 Stars, Seven Train Ventures, Lightbox, and Beenext. Droom reported Rs 85 crore in revenue for FY24, a 66% decline from Rs 253 crore in FY23. It managed to reduce its losses by 35% to Rs 40 crore in FY24. Droom is reportedly planning to file draft papers for a Rs 1,000 crore IPO in 2027, targeting a valuation between $1.2 billion and $1.5 billion.

Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each

EntrackrEntrackr · 4m ago
Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each
Medial

Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each Logistics startup Shadowfax is set to raise Rs 2,000 crore (around $235 million) through its upcoming IPO, as per its RoC filing. The public offering will include a fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of Rs 1,000 crore. Logistics startup Shadowfax is set to raise Rs 2,000 crore ($235 million) through its upcoming initial public offering (IPO), according to its filing with the Registrar of Companies (RoC). The IPO will comprise a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale (OFS) of shares worth Rs 1,000 crore. ICICI Securities, JM Financial, and Morgan Stanley are acting as advisors to the public issue. This development comes after the company recently filed its draft red herring prospectus (DRHP) with SEBI via the confidential route. The Flipkart-backed company has also strengthened its board with the appointment of co-founders Gaurav Jaithlia as whole-time directors. Additionally, in line with regulatory requirements, the company has also appointed Bijou Kurien, Ruchira Shukla, Pirojshaw Sarkari, and Dinkar Gupta as independent directors. Shadowfax is reportedly aiming for a post-issue valuation of Rs 8,500 crore. The company is currently valued at around Rs 5,981 crore (approximately $712 million) following a $16.8 million investment from Mirae Asset and Nokia Growth Partners in the first tranche of its Series F round in February this year. Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Bengaluru-based Shadowfax offers last-mile delivery services with a focus on e-commerce and hyperlocal logistics. The company claims to have a network of over 1.25 lakh monthly active delivery partners catering to segments such as grocery, food, and medicine delivery. According to data from TheKredible, Shadowfax has raised approximately $246 million to date. Eight Roads Ventures is the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners. While its FY25 numbers are yet to be filed, the company posted a revenue of Rs 1,885 crore in FY24, marking a 33.2% year-on-year growth. It also managed to narrow its losses by 91% to Rs 11.8 crore in FY24 from Rs 142 crore in FY23. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

DailyRounds posts Rs 568 Cr revenue and Rs 320 Cr PAT in FY24

EntrackrEntrackr · 7m ago
DailyRounds posts Rs 568 Cr revenue and Rs 320 Cr PAT in FY24
Medial

Dailyround’s operation revenue grew to Rs 568 crore in the fiscal year ending March 2024 from Rs 515 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Kunal Manchanada 12 May 2025 10:56 IST Updated On 12 May 2025 11:12 IST --- After recording a 42% year-on-year growth in FY23, healthcare-focused edtech platform DailyRounds experienced a moderate slowdown in FY24, with operating revenue increasing by just 10.3%. However, the Microsoft Ventures-backed firm’s profit surpassed Rs 300 crore in the same period. Dailyround’s operation revenue grew to Rs 568 crore in the fiscal year ending March 2024 from Rs 515 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. DailyRounds’ flagship product, Marrow, is an online learning platform where medical students and practitioners can subscribe to various plans, including video lectures, question banks, and test series. These plans, ranging from 3 to 36 months, accounted for 93% of the operating revenue, which rose to Rs 528 crore in FY24. The remaining operating income came from book sales to students under specific plans and from market research services. The company also earned Rs 89 crore in non-operating income from interest on deposits and investments, taking its total revenue to Rs 657 crore in FY24. DailyRounds spent Rs 68 crore on employee benefits, making it the company’s largest cost center, followed by legal and professional services, which accounted for Rs 64 crore in FY24. Web hosting, payment gateways, advertising, business promotion, and other overheads pushed the total expenditure to Rs 225 crore in FY24 from Rs 187 crore in FY23. The year-on-year growth in scale, combined with controlled expenditure, helped DailyRounds post a 14% increase in profits to Rs 320 crore in FY24, compared to Rs 281 crore in FY23. Its ROCE and EBITDA margin stood at 34.39% and 67.73%, respectively, during the same fiscal year. At the unit level, it spent Rs 0.40 to earn a rupee of operating revenue. By the end of FY24, DailyRounds’ total current assets stood at Rs 778 crore, including cash and bank balances of Rs 712 crore. As we have said earlier, the biggest challenge in this domain is getting in, and accepted with institutions. Post that, incremental costs are low, helping push profitability, and margins higher. The business will continue to have the margins that allow DailyRounds to expand into more segments of the field, and evolve with the changing needs of the market. However, truly disruptive growth will probably not come from the Indian market but other markets, and it remains to be seen how DailyRounds plans for such growth. With a claimed presence in over 16 countries, the firm seems well aware of the opportunities ahead, and will continue to be watched for such a breakthrough sooner than later.

Exclusive: EatClub to raise $22 Mn led by Tiger Global

EntrackrEntrackr · 4m ago
Exclusive: EatClub to raise $22 Mn led by Tiger Global
Medial

Exclusive: EatClub to raise $22 Mn led by Tiger Global EatClub operates a multi-brand cloud kitchen model. It operates sixteen brands, including Box8 and Mojo Pizza, Bhatti Chicken, NH1 Bowls, ZAZA Biryani, and others. EatClub, which owns and operates several popular cloud kitchen brands such as Box8 and Mojo Pizza, is raising Rs 185 crore (nearly $22 million) led by Tiger Global with the participation of A91 Partners and 360 ONE Asset Management. The board at EatClub has passed a special resolution to issue 11,830 preference shares to potential investors to raise the aforementioned amount, its regulatory filing accessed from the Registrar of Companies (RoC) shows. As per the filing, Tiger Global is set to lead the round with an investment of Rs 126 crore, followed by A91 Partners with Rs 37.5 crore. 360 One Asset Management, through its Monopolistic and Opportunity Fund, will contribute Rs 21.2 crore. The company may raise more capital in this round. The company will use these proceeds for the growth and expansion of the company, the filing further added. According to Entrackr’s estimates, the company will be valued at around Rs 4,585 crore or $540 million post-money. This marks an 80% increase in the valuation when compared to its last fundraise of $40 million at $300 million in December 2021. EatClub also concluded a $30 million secondary transaction at an undisclosed valuation in March 2022. Founded by Anshul Gupta and Amit Raj, the company operates a multi-brand cloud kitchen model. It operates sixteen brands, including Box8 and Mojo Pizza, Bhatti Chicken, NH1 Bowls, ZAZA Biryani, and others. For the fiscal year ended March 2024, EatClub reported an operating revenue of Rs 515.5 crore and reduced its losses by around 77% to Rs 15.77 crore from Rs 69 crore in the previous year. The company has yet to file its annual report for FY25. EatClub stands out as one of the rare startups to receive a Tiger Global-led round in 2025. Prior to this, the investment firm had led a $125 million tranche in Infra.Market in January. EatClub directly competes with Rebel Foods, which raised $210 million last year through a mix of primary and secondary funding and reported Rs 1,420 crore in revenue with a loss of Rs 378 crore in FY24. Other notable rivals include Freshmenu, Curefoods’ Eatfit, and BBK. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

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