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Exclusive: Aakash CEO Deepak Mehrotra gets Rs 5 Cr in annual salary

EntrackrEntrackr · 1y ago
Exclusive: Aakash CEO Deepak Mehrotra gets Rs 5 Cr in annual salary
Medial

Deepak Mehrotra, who was appointed as the managing director and chief executive officer of Byju’s-owned Aakash Educational Services Limited (AESL) in April, will receive Rs 5 crore in annual salary starting from the current fiscal year (FY25). As per documents accessed by Entrackr, Mehrotra will get Rs 41.66 lakh as monthly salary which includes HRA, special allowance and provident fund effective from April this year. The filings further added that he will get a maximum of 20% bonus on the annual salary which is subject to achievement of goals or key performance indicators. The board at Aakash has also allotted employee stock ownership plan (ESOPs) worth Rs 25 crore to Mehrorta which can be vested in four years equally every year starting from April 2025. Prior to joining AESL, Mehrotra was the Managing Director at Ashirvad Pipes and has more than 35 years of experience in executive roles in FMCG, telecom, and education sectors. At the time of the appointment, Byju’s said that Mehrotra will be a part of AESL’s strategic vision to improve its offerings, expand its reach, and create a positive impact on the education landscape. In November 2023, Aakash also raised $168 million from Manipal Education and Medical Group chairman Ranjan Pai to clear the debt raised from Davidson Kempner in May last year. Byju’s had acquired Aakash for $940 million in April 2021. However, Chaudhry family, the founder of AESL, refused to swap their remaining stake citing governance issues. Three years later, both firms withdrew the merger petition and they are running independently as separate entities under the Think and Learn brand. Aakash is likely to cross Rs 2,300 crore in operating revenue in FY23 according to its valuation report but it’s yet to file audited financials for the past two fiscal years (FY23 and FY24). It competes with FIITJEE and Kota-based Allen Career Institute. While FIITJEE slipped into losses with Rs 542 crore revenue in FY23, Allen registered Rs 429 crore profit with Rs 2,277 crore revenue in the said financial year. Both are yet to file their FY24 numbers.

Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding

EntrackrEntrackr · 1y ago
Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding
Medial

BankBazaar, an online marketplace for financial products, has raised Rs 80 crore ($9.6 million) in its ongoing Series D round via private placement. This is the first round of investment for the firm in 2024. The board at BankBazaar has passed a special resolution to issue up to 22,821 Series D2 CCPS at an issue price of Rs 3,727 each to raise Rs 80 crore, its regulatory filing sourced from the RoC shows. According to the filings, the company will deploy this fund for purposes like meeting capital requirements, expansion, and growth. BankBazaar has already received Rs 46.35 crore in three tranches while the rest of the amount will flow to its account soon. The Peak XV Partners-backed firm also raised Rs 50 crore via non-convertible debentures and convertible share warrants from Vistra ITCL (India) Limited, separate filing reveals. As per TheKredible estimates, the Chennai-based company has been valued at around $217 million (post-allotment). BankBazaar is a co-branded credit card issuer that lets you check your credit score as well as cross-sells third-party loans and insurance products. As per the company website, it has partnered with more than 50 banks and has a customer base of over 50 million. The 15-year-old company has amassed over $110 million in funding to date from Amazon, GUS Holdings, Walden Investments, Eight Roads, and others. See TheKredible for the complete shareholding pattern. While the company claimed to achieve breakeven with revenue of Rs 250 crore in FY24, its revenue from operations saw a surge of 65.6% to Rs 159 crore in FY23 from Rs 96 crore in FY22. However, its losses stood at Rs 27 crore in FY23.

Exclusive: Slice concludes $30 Mn debt round from existing investor

EntrackrEntrackr · 1y ago
Exclusive: Slice concludes $30 Mn debt round from existing investor
Medial

Consumer lending and payments startup Slice has raised Rs 65 crore (nearly $8 million) in debt from Neo Markets. This is the second debt investment for the Bengaluru-based company this year. The board at Slice has passed a special resolution to issue 650 non-convertible debentures (NCD) at an issue price of Rs 10,00,000 each to raise Rs 65 crore, its regulatory filing accessed from the Registrar of companies (ROC) shows. The debt investment has a coupon rate of 15% with a tenure of 21 months, the filing further added. As per sources, this is the second tranche of its $30 million debt round. The company had raised Rs 170 crore or $20.5 million in debt from the same investors in June this year. Founded by Rajan Bajaj, Slice provides a physical and virtual card focused on millennials. It enables students and salaried professionals to buy collateral-free products and services online on estimated monthly installments (EMIs) through an app and helps them build credit scores. Slice has raised $340 million to date and was valued at over $1.5 billion during the Series C round in November 2021. As per data intelligence platform TheKredible, Gunosy Capital is the largest stakeholder in the company with a 14.84% stake. The company’s co-founder Rajan Bajaj holds 8.21% stake. The complete shareholding pattern can be checked here. In October 2023, Slice and North East Small Finance Bank (NESFB) announced their merger in a move to expand their financial accessibility. Initially, Slice acquired a 5% stake in the Guwahati-headquartered bank for about $3.42 million in March 2022. The Blume Ventures-backed company has demonstrated 3X growth, reaching a scale of Rs 843 crore during the fiscal year ending March 2023 with loss growing 59.8% to Rs 406 crore. The company is yet to file its annual results for FY24.

Rusk Media to raise $8.5 Mn in Series B

EntrackrEntrackr · 11m ago
Rusk Media to raise $8.5 Mn in Series B
Medial

Rusk Media, a digital entertainment company, is raising Rs 74 crore (approximately $8.5 million) in its Series B round led by Woori Venture Partners, with the participation of New Emerging Technologies Fund, LC Nueva Investment Partners, and other investors. The board at Rusk Media has passed a special resolution to issue 11,663 Series B compulsory convertible preference shares at an issue price of Rs 63,493 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Woori Venture Partners will lead the round with an investment of Rs 26 crore, while New Emerging Technologies Fund, LC Nueva Investment Partners, and Yashaa Global Capital will contribute Rs 16.5 crore, Rs 15 crore, and Rs 10 crore, respectively. The remaining amount will be collectively invested by Info Edge, LetsVenture, and Nodwin Gaming. As per filings, the funds would be utilized for growth and working capital needs in line with the company's business plan. A separate filing reveals that Rusk Media's board has approved a resolution to expand its ESOP plan with 2,828 employee stock options worth Rs 18 crore and its MSOP plan with 5,656 management stock options valued at Rs 35.9 crore. The company has raised around $20 million to date, including its $9.5 million Series A led by DAOL Investment and Audacity Ventures. According to Entrackr’s estimates, the company will be valued at around Rs 468 crore or $54 million post-allotment. The New Delhi-based company is known through its content and IPs on social channels Alright! and Playground with over 500 million monthly views, and their shows on OTT platforms. Rusk Media has recorded a 40.6% yearly growth in its revenue to Rs 56.8 crore in the previous fiscal year (FY24). At the same time, the firm’s losses were reduced by 56% to Rs 28.7 crore.

FarMart raises funds from Swiss-based ResponsAbility Investments

EntrackrEntrackr · 1y ago
FarMart raises funds from Swiss-based ResponsAbility Investments
Medial

SaaS-based food supply platform FarMart has raised Rs 24 crore ($2.8) million as part of a new round from Swiss asset manager ResponsAbility Investments. The fresh investment has come after a gap of more than two years for the Gurugram-based company. FarMart will use the fresh proceeds towards building a carbon-efficient food supply chain, the company said in a press release. The startup will also leverage responsAbility’s expertise to optimise its solutions. With this, FarMart has scooped up nearly $50 million to date including a $32 million Series B round in March 2022 from General Catalyst, Matrix Partners India and Omidyar Network India. As per startup data intelligence platform TheKredible, the company was valued at around $128 million during the last equity round. Interestingly, FarMart chief claimed that the firm holds $37 million in the bank as of August last year. It’s not clear why FarMart raised a modest amount despite the above claim. FarMart’s B2B product is essentially a digitization of agricultural supplies and produce, putting buyers and sellers located near each other in touch, which it says eliminates several costs involved in transporting goods across the country. The company’s retailer footprint is currently heavy in central and northern Indian states, with relatively sparser presence in the south and Jammu & Kashmir. The company claims to work with over 2,000 food manufacturers and brands, 3 million farmers, and 400 factories in 6 countries. In March 2022, it acqui-hired fruits and vegetables logistics platform Subjimandi.app to optimize its logistics and expand its product portfolio. FarMart registered an almost five-fold jump in its operating revenue to Rs 1,033 crore in FY23 from Rs 208 crore in FY22. As per TheKredible, the company’s losses surged nearly three-fold to Rs 49 crore in FY23. The firm is yet to file its annual report for FY24. As of Series B round, General Catalyst had 17.86% stake in the company followed by Omidya and Matrix which hold 13.48% and 12.7% stake respectively. Founder Alekh Sanghera owned less than 10% holding in the company. Check TheKredible for more details.

Exclusive: Waycool to raise $13 Mn debt from Grand Anicut

EntrackrEntrackr · 1y ago
Exclusive: Waycool to raise $13 Mn debt from Grand Anicut
Medial

Exclusive: Waycool to raise $13 Mn debt from Grand Anicut B2B food and agritech platform Waycool raises Rs 110 crore (approximately $13 million) in debt from Grand Anicut. This will be the second debt round for the Chennai-based company in the last four months. The board at Waycool has passed a special resolution to issue 1,100 non-convertible debentures at an issue price of Rs 1,00,000 each to raise Rs 100 crore or $13 million, its regulatory filing accessed from the Registrar of Companies shows. The debt investment will come with an annual coupon rate of 18% and a tenure of 18 months. In addition to the 18% interest, an additional 4% interest, mutually agreed upon by the company and the lender, will also be applied, according to the explanatory statement filed by the company. According to the filings, Waycool plans to use the funds for general corporate business purposes. These back-to-back loans with high interest rates indicate that the company is facing challenges in securing an equity round and urgently needs capital. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. It was also negotiating for more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for fast-moving consumer goods or FMCG companies. Waycool registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 whereas losses of the firm surged 89% to Rs 685 crore during the same period. The company has yet to file its annual report for FY24.

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