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Urban Company concludes $63 Mn secondary led by Dharana Capital

EntrackrEntrackr · 1y ago
Urban Company concludes $63 Mn secondary led by Dharana Capital
Medial

Vy Capital’s offshoot Dharana Capital has bought $50 million worth of secondary shares from employees, early investors and founders. Significantly, this transaction is a part of a $63 million secondary round in which Prosus also participated. This transaction also includes $25 million ESOP buyback from employees in May this year, said a company’s top official to Entrcakr. Following the secondary transaction, Vamsi Duvvuri, founder and managing partner of Dharana Capital, will also join the board of Urban Company as a non-executive director, as per the fund’s press statement. Dharana Capital is an India-focused fund which has backed several startups including Zopper, Lentra, NoBroker and Itilite. To date, Urban Company has granted ESOPs to 1,593 employees and around 784 of them participated in five buybacks, liquidating shares worth Rs 306 crore ($37 million). Urban Company concluded its last ESOP liquidity program in December 2021 at a valuation of $2.8 billion. As per Entrackr’s sources, the new buyback happened at a valuation of around $2.2 billion to $2.5 billion. As per startup data intelligence platform TheKredible, Urban Company posted a revenue of Rs 637 crore in FY23 and managed to reduce its losses by 40.1% during the fiscal year. The company also turned profitable at profit before tax level in April. Importantly, it also claimed to have achieved profit at PBT level in June quarter of FY25. Urban Company currently operates in 62 cities across India, the UAE, Singapore, and The Kingdom of Saudi Arabia. The company has a partner network of over 55,000 hand-picked service professionals.

Drone startup Vayudh raises $10 Mn led by Dharana Capital

EntrackrEntrackr · 6m ago
Drone startup Vayudh raises $10 Mn led by Dharana Capital
Medial

Drone startup Vayudh raises $10 Mn led by Dharana Capital Defence technology startup Vayudh has raised $10 million in a new round led by Dharana Capital. The round also saw participation from Deepinder Goyal (founder of Zomato), Ajay Aggarwal (MD, Action TESA), Sumit Jalan, LetsVenture, and Navam Capital. Florintree Advisors had invested in Vayudh earlier. The proceeds will be used to strengthen research, grow manufacturing capacity, and speed up deployments for Indian defence forces. Founded in 2016 by Tanmay Bunkar, Anuj Barnwal, and Sarita Ahlawat, Vayudh develops drone platforms for battlefield intelligence, surveillance, and reconnaissance. The startup has worked on swarm drone technology and logged over 300,000 autonomous flying hours. In 2023, it received the iDEX Grant to develop India’s smallest surveillance drone. Vayudh recently launched Atri, a nano surveillance drone. Vayudh builds and tests its drones in India and focuses on UAVs for defence and security.

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai

EntrackrEntrackr · 5m ago
Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai
Medial

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai Rumik has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. Conversational AI platform Rumik.ai is raising a new round led by Elevation Capital with participation from existing investors, according to two people aware of the matter. "Rumik recently raised $1.5 million from Info Edge, and Elevation is now leading a fresh $5 million in a new round," said a person who requested anonymity, as the details of the deal aren’t public. Sources also indicated that Huddle Ventures and Info Edge invested in April and both are likely to participate in the new round as well. Incorporated in April 2024, Rumik AI focuses on providing its conversational AI platform to enterprises. It has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. The company emphasizes that Ira does more than just process data. It forms memories and experiences to develop human-like intelligence, aiming to bridge the gap between robotic responses and genuine understanding. “The term sheet has been signed, and the money is likely to move soon,” said a second source who requested anonymity. “Given the recent investor interest in conversational AI and speech recognition, Rumik may be targeting a valuation in the range of $25–30 million.” Queries sent to Elevation, Rumik, Info Edge and Huddle did not elicit a response by the time of publication. Last month, Elevation Capital led a $6 million seed funding round in Agentic AI startup Adopt AI, which also features a conversational AI interface that executes tasks using natural language. In December 2024, the venture capital firm appointed former Meta executive Krishna Mehra as a partner to lead investments in software-as-a-service (SaaS) and AI.

Exclusive: Snabbit set to raise $30 Mn with over 2X valuation premium

EntrackrEntrackr · 12d ago
Exclusive: Snabbit set to raise $30 Mn with over 2X valuation premium
Medial

URL: https://entrackr.com/exclusive/exclusive-snabbit-set-to-raise-30-mn-with-over-2x-valuation-premium-10600876 Content: On-demand home services platform Snabbit is raising Rs 265.4 crore ($30 million) in a Series C round led by Bertelsmann, with participation from existing investors Lightspeed, Elevation, and Nexus Venture Partners. This marks the third funding round within 10 months of 2025 for the Bengaluru-based company, which last raised $19 million in its Series B round in May. Snabbit recently relocated its base from Mumbai to Bengaluru. The Snabbit’s board passed a special resolution to approve the issuance of 54,876 Series C CCPS at an issue price of Rs 48,377 apiece to raise the above-mentioned sum, its regulatory filing accessed from Registrar of Companies (RoC) shows. As per the filing, Bertelsmann will lead the round with an investment of Rs 135.39 crore ($15.38 million). Existing investors Lightspeed and Elevation Capital will each contribute Rs 53 crore ($6 million), while Nexus Venture Partners will invest Rs 23.89 crore to increase its stake in the company. The proceeds from the funding will be used to meet its working capital needs and capital expenditure to sustain growth, expand its user base in India, and address general corporate purposes, the filing added. According to Entrackr’s estimates, Snabbit’s valuation is set to surge over 2X to Rs 1,516 crore ($172 million) from $80 million in its Series B round. Notably, the company was valued at $23 million post its Series A round in January this year. Founded in 2024 by Aayush Agarwal, Snabbit is an on-demand home services platform that connects households with trained professionals for tasks such as cleaning, dishwashing, and laundry. Users can book experts by the hour, with service providers arriving within 10 minutes. According to startup data intelligence platform TheKredible, Snabbit had raised around $25 million prior to this round. Following the latest allotment, new investor Bertelsmann will hold an 8.5% stake in the company, while Nexus Venture Partners will remain the largest external shareholder with a 21.24% stake. Elevation Capital and Lightspeed will own 19.93% and 14.79% stakes, respectively. Snabbit directly competes with industry leader Urban Company, which was recently listed on Indian stock exchanges. It also faces competition from Pronto, a ten-minute house help service startup that raised $11 million in a round co-led by General Catalyst and Glade Brook Capital.

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