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Exclusive: ShareChat’s CBO Gaurav Jain quits

EntrackrEntrackr · 1m ago
Exclusive: ShareChat’s CBO Gaurav Jain quits
Medial

Exclusive: ShareChat’s CBO Gaurav Jain quits Gaurav Jain, the Chief Business Officer of social media platform ShareChat, has resigned, according to an update shared by the company’s founder and CEO, Ankush Sachdeva on the company’s Slack channel. “Gaurav has played a pivotal role in shaping our Ad Sales and B2B Marketing teams. His steady leadership and thoughtful approach has helped us navigate some tough periods and drive progress,” said Sachdeva. According to the internal announcement, Jain will be with the company until July to ensure a smooth handover. He joined ShareChat in October 2022. Prior to that, he was Head of APAC Business Expansion at Snap for less than a year, and Head of Mid-Market Business for Meta India for more than three years. In the interim, ShareChat has named Manohar Charan, who will be stepping in to lead the business during the transition. Charan, who is the Chief Financial Officer of ShareChat, was recently elevated to the position of Co-founder of the Bengaluru-based company.

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B

EntrackrEntrackr · 1m ago
Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B
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Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B Electric mobility startup Kazam is raising Rs 51 crore (around $6 million) in its Series B round, led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital. The board at Kazam has passed a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will jointly invest $4.9 million, while Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively. According to Entrackr’s estimates, the company will be valued at around $51 million post-allotment. Kazam plans to deploy the funds towards business growth, expansion initiatives, and general corporate purposes. After this funding round, Vertex Ventures and IFC VVSEA Co-Invest together will hold a 22.89% stake, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that develops smart and affordable charging networks. Its technology supports a wide variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. It claims to power over 25,000 charging points. The Bengaluru-based firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company is yet to file its annual results for FY25. According to the startup data intelligence platform TheKredible, its revenue from operations surged 3.3X to Rs 12.19 crore during the fiscal year ended in March 2024 while its losses stood at Rs 10.2 crore in the same fiscal year.

Exclusive: BharatPe’s CHRO and chief data scientist quit

EntrackrEntrackr · 7m ago
Exclusive: BharatPe’s CHRO and chief data scientist quit
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Fintech unicorn BharatPe is navigating another phase of transition as its Chief Human Resources Officer (CHRO) and Chief Data Scientist have decided to step down, sources familiar with the matter told Entrackr. Smriti Handa, who took on the role of CHRO in April 2022, and Ritesh Mohan Srivastava, who joined as Chief Data Scientist in July 2022, are set to leave the organization, as per sources. Before joining BharatPe, Srivastava was on the advisory board at N44 Capital, while Handa was the global talent acquisition director at Reckitt. Confirming the development to Entrackr, a BharatPe spokesperson said, “We would like to confirm that Ms Smriti Handa is moving on from BharatPe to pursue exciting career opportunities abroad. She has been instrumental in spearheading various HR initiatives and her efforts have made a lasting impact. As she embarks on a new chapter, we extend our heartfelt wishes for her continued success." The spokesperson did not comment on Srivastava’s exit. In April, BharatPe made leadership changes across three verticals – Resilient Innovations Private Limited (merchant app), Resilient Payments Private Limited (payment unit), and Resilient Digi Services Private Limited (lending unit). Entrackr exclusively reported the development then. During this period, BharatPe appointed Nalin Negi as its full-time Chief Executive Officer (CEO), following his tenure as interim CEO for over a year. BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing from Rs 119 crore in FY21 to Rs 1,426 crore in FY24. The company’s losses also dropped by 50% to Rs 474 crore in FY24 from Rs 941 crore in the previous fiscal year. In a progressive step, BharatPe settled its long-standing differences with former co-founder and managing director Ashneer Grover.

Exclusive: Info Edge, Pi Ventures lead Clean Electric’s Series A round

EntrackrEntrackr · 10m ago
Exclusive: Info Edge, Pi Ventures lead Clean Electric’s Series A round
Medial

Energy storage solutions startup Clean Electric has raised Rs 48.5 crore (approximately $6 million) from existing and new investors. This is the second round of investment for the firm in the past 20 months. The board at Clean Electric has passed a special resolution to issue 31 equity and 12,328 Series A preference shares at an issue price of Rs 39,243 each to raise Rs 48.5 crore or $6 million, its internal documents accessed through Registrar of Companies (RoC) shows. Info Edge and Pi Ventures co-led the Series A with Rs 14.16 crore each while existing backer Kalaari Capital has pumped in Rs 14 crore. Angel investors Panjak Chaddah, Amit Kumar, Rama Advisors, and Lok Capital cumulatively have put in Rs 6.18 crore. Clean Electric will use proceeds for working capital requirements, expansion, capital expenditure, and general corporate purposes. According to TheKredible’s estimates, the company has been valued at around Rs 176 crore or $21.2 million post-allotment. Clean Electric has raised around $9 million to date including its $2.2 million seed funding led by Climate Angles and Kalaari Capital in 2022. According to the startup data intelligence platform TheKredible, Kalaari Capital is the largest external stakeholder with 20.7% followed by Info Edge and Pi Ventures which command 8.02% each, respectively. See TheKredible for the complete shareholding pattern. Founded in 2016 by Akash Gupta and Abhinav Roy, Clean Electric develops and manufactures advanced liquid-cooled battery solutions for two-wheelers, three-wheelers, and battery swapping, along with energy storage and infrastructure services. The company was in its pre-revenue stage until FY23 as its revenue from operations stood at Rs 34 lakh in the said fiscal year. Cean Electric is yet to file its annual results for the fiscal year ending March 2024.

Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt

EntrackrEntrackr · 7m ago
Exclusive: Cleantech firm Hygenco raises Rs 50 Cr debt
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Cleantech startup Hygenco has raised Rs 50 crore (approximately $6 million) via non-convertible debentures from Trifecta. This is the first debt investment for the Gurugram-based company this year. The board at Hygenco has passed a special resolution to issue 500 debentures at an issue price of Rs 1,00,000 each to raise Rs 50 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned dentures are issued for a tenure of 24 months and carry an interest rate of 14.5% per annum, the filing added. Hygenco specializes in developing and deploying commercial systems for green hydrogen and ammonia production. Its solutions cater to large-scale process industries, marine and terrestrial transportation, and personal mobility sectors. Hygenco secured its first investment of $25 million from the SBI through (Neev II Fund) in October 2022. Media reports suggest the company aims to raise a total of $100 million by the end of this year. The company also partnered with Jindal Stainless to set up the country's first green hydrogen plant. According to startup data intelligence platform TheKredible, SBI, through its Neev II Fund, holds a 49.6% stake in Hygenco. The company's co-founders—Amit Bansal, Anshual Gupta, and Aashish Gupta—collectively own 46.1% of the company. The company was in the pre-revenue stage till the financial year ended March 2023 with a loss of Rs 6.3 crore. Hygenco has yet to file annual results for the previous fiscal year (FY24).

Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation

EntrackrEntrackr · 4m ago
Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation
Medial

Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation Wealth management platform Waterfield Advisors is raising Rs 123 crore (approximately $14.6 million) in a new funding round, led by Jungle Ventures. The company’s board has approved a special resolution to issue 10,92,362 preference shares at an issue price of Rs 1,126 each, raising Rs 123 crore ($14.6 million), according to its regulatory filing accessed from the Registrar of Companies. Jungle Ventures is leading the funding round with an investment of Rs 100 crore. The remaining amount is being contributed by co-founder and CEO Soumya Rajan, along with individual investors, including Bharat Dhirajlal Shah, Vijay Singh, Bandi Vamsikrishna, Corel Traders, Parthasaradhi Reddy, Kekoo Colah, and Smita D Parekh. The company plans to utilize the proceeds for growth, expansion, marketing, and general corporate purposes, as determined by the board. According to Entrackr estimates, Waterfield Advisors will be valued at approximately Rs 723 crore ($86 million) post-allotment. The company is reportedly raising Rs 130 crore in this round. Founded in 2011 by Soumya Rajan, Waterfield Advisors is a fee-based multi-family office and wealth advisory firm, that ensures unbiased financial, investment, and succession planning services. Waterfield advisors had raised over $25 million in funding to date including $6 million from family offices, and ultra-high net worth individuals. According to the startup data intelligence platform TheKredible, Jungle Ventures will be the largest external stakeholder with 13.83%. Its co-founders Soumya Jain along with Sanjay Teli will cumulatively hold 40.07% of the company. Waterfield Advisors has recorded a 33.2% year-on-year increase in its revenue to Rs 45.7 crore in the fiscal year ended March 2024. Moreover, it managed to decrease losses by 9.5% to Rs 28.6 crore in FY24.

Exclusive: Moneyview raising $30 Mn debt via private placement

EntrackrEntrackr · 10m ago
Exclusive: Moneyview raising $30 Mn debt via private placement
Medial

Lending platform Moneyview is receiving Rs 250 crore (approximately $30 million) in debt through private placements. This will be the first major debt round for the Bengaluru-based firm in the past three years. The board Moneyview has passed a special resolution to issue non-convertible debentures up to Rs 250 crore, according to internal documents obtained by Entrackr from the Registrar of Companies. As per the documents, the debt infusion will be used for growth, working capital, and general corporate purposes. Moneyview is also on the brink of joining the prestigious unicorn club, with discussions underway to raise $50-60 million. The funding round will see participation from new investors alongside existing ones such as Apis Partners, Accel Partners, and Evolvence India. Entrackr had exclusively reported the development in July. The Tiger Global-backed company has raised around $190 million to date including a $75 million Series E round led by Apis Partners. The firm was valued at $900 million during its last equity round. According to the startup data intelligence platform TheKredible, Accel was the largest external stakeholder in Moneyview with 22.28% followed by Tiger Global which held 12% of the company as of the last funding round. Its co-founders Puneet and Sanjay Agarwal cumulatively command 24% capital of the firm. Ribbit Capital, Apis Partners, Winter Capital, and Evolvence are other notable investors in Moneyview. See TheKredible for the detailed shareholding pattern. Founded in 2014, Moneyview largely deals in personal and home loans, credit cards, credit score viewing, motor insurance and loans against property. Besides third parties, the firm also offers credit through its own NBFC — Whizdm Finance. It claims to have disbursed loans worth Rs 1,2000 crore during its decade-old journey. While Moneyview is yet to disclose FY24 financial numbers, the company’s revenue from operations grew 2.6X to Rs 577 crore in FY23. Its profit mounted 27X to Rs 163 crore during the said fiscal year.

Exclusive: Pravega and IIFL invest in GrayQuest’s Series B

EntrackrEntrackr · 10m ago
Exclusive: Pravega and IIFL invest in GrayQuest’s Series B
Medial

Education loans-focused fintech startup GrayQuest is set to raise Rs 53 crore ($6 million) in a Series B round co-led by Pravega Fund and IIFL Fintech Fund. The board of GrayQuest has passed a resolution to offer and issue 6,228 fully paid up and 1,530 partly paid up Series B preference shares at an issue price of Rs 69,062 each to raise Rs 53.57 crore. Pravega Ventures and IIFL Fintech Fund each invested Rs 21.50 crore, while the company’s founder, Rishab Sumer Mehta, also participated with shares worth Rs 10.56 crore. The shares allotted to Rishab are partly paid, meaning the remaining amount will be called upon when the board decides. GrayQuest will utilize the fresh funding to meet financial requirements and support its expansion plan, the firm’s regulatory filings disclosed. The company has also increased its ESOP pool size by adding 1,204 new options, bringing the total ESOP pool to 5,718 options, as per a separate filing. Entrackr estimates that GrayQuest’s ESOP pool is currently valued at $4.5 million. The Mumbai-based startup had raised $7 million in its Series A round back in March last year, and $1.2 million worth pre-Series A round in August 2020. According to the startup data intelligence platform TheKredible, GrayQuest has been valued at around Rs 530 crore ( $64 million) post-allotment. The Series B round appears to be ongoing, and the startup is likely to raise additional funds, which could result in a variation in its valuation. Following the fresh proceeds, Pravega Ventures will hold 10.94% of the company, while IIFL Fintech Fund will own 4.07%. Its Founder Rishab Sumer Mehta will command a handsome 38.59% stake in the company. Seven-year-old GrayQuest is an integrated fee collection platform for educational institutions, allowing parents to pay annual education fees in flexible monthly installments with zero interest. Recently, Grayquest was selected for Co-Lab initiative, which was launched by HDFC Bank in collaboration with Pravega Ventures. For the fiscal year ending in March 2023, the startup reported Rs 8.76 crore in operating revenue with Rs 26.3 crore loss. It has yet to publish FY24 results. According to data compiled by TheKredible, GrayQuest and its competitors, including Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively secured approximately $500 million in funding over the past 24 months. In July, Entrackr exclusively reported that Leap is in talks to raise a new round at unicorn valuation.

Exclusive: Phi Commerce tops up Series B with fresh funding

EntrackrEntrackr · 2d ago
Exclusive: Phi Commerce tops up Series B with fresh funding
Medial

Exclusive: Phi Commerce tops up Series B with fresh funding Omnichannel payment solutions provider Phi Commerce raised Rs 51.34 crore ($6 million) in its ongoing Series B round from existing investor BEENEXT Ventures. With this, the investment raised by the company in the Series B totaled $11 million, including the $5 million secured in April of this year from DG Strategic Investment, exclusively reported by Entrackr. According to its filing sourced from the Registrar of Companies (RoC), Phi Commerce’s board allotted 83,907 Series B compulsory convertible preference shares at an issue price of Rs 6,120 apiece to raise the aforementioned amount. According to Entrackr’s estimates, the company’s valuation stands at Rs 1,361 crore or $161 million post-allotment. Phi Commerce offers a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, streamlines complex digital transactions across online, in-store, on-the-go, and doorstep channels. The Pune-based company has raised $20 million to date, according to data intelligence platform TheKredible. Following the latest allotment, BEENEXT holds the largest stake at 25.75%, followed by Opus Software with 24.12%. Meanwhile, co-founders Jose Thattil, Anil Sharma, Tushar Shankar, and Rajesh Londhe collectively retain a 33.7% stake in the company. Last year, Phi Commerce secured NPCI certification to offer UPI Switch for its enterprise clients. The solution enables seamless onboarding and supports key features like AutoPay, recurring payments, instant refunds, and credit card linkages. While Phi Commerce has yet to file its FY25 financials, the fintech firm saw its operating revenue jump 2.3X to Rs 81.7 crore in FY24 from Rs 35.7 crore in FY23. The company posted a loss of Rs 29 crore during the same period.

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