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Invest4Edu raises $3 Mn in seed round from family offices

Garima Bansal
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Invest4Edu raises $3 Mn in seed round from family offices

Invest4Edu, a platform dedicated to education planning, savings, and investment services, has secured $3 million in seed funding from family offices. The funds will be utilized to accelerate the company’s growth and enhance its impact in the fields of early education planning and financial support.

Invest4Edu is focused on alleviating concerns related to the increasing cost of education, college planning, and long-term financial commitments. Based in Mumbai, the platform has facilitated over 50,000 user education journeys in the past year. Additionally, it has established a network of more than 100 business partners, including those in financial services, skill-building programs, expert collaborations, and institutional offerings.

The company has also made significant strides in promoting financial literacy among the youth, training over 8,000 young individuals and helping them create work opportunities.

Looking forward, Invest4Edu aims to achieve a $250 million mutual fund AUM and build a monthly SIP book of $6 million, driving further growth in the education finance sector.

Valyx Raises $800K in Pre-Seed Round to Expand Teams and Accelerate AI-Powered Financial Management Platform

Garima Bansal
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Valyx Raises $800K in Pre-Seed Round to Expand Teams and Accelerate AI-Powered Financial Management Platform

Valyx, a B2B financial management platform, has secured $800K in its pre-seed funding round, co-led by Huddle Ventures and Waveform Ventures. The round also included investments from notable backers like Bharat Founders Fund and Propell Fund.

The newly raised funds will be directed towards expanding Valyx’s sales team by attracting and onboarding new talent, as well as growing its engineering team to accelerate the development of its product roadmap.

Founded in late 2023, Valyx automates billing and receivables processes, enabling businesses to accelerate payments, expedite financial closures, and improve cash flow. The platform offers a range of services, including rate card management, usage-based billing, collections, cash application, reconciliation, dispute management, and collaborative receivables tracking.

By automating these essential yet repetitive revenue and receivables tasks, Valyx allows finance and sales teams to focus on building stronger relationships with their buyers. The startup has already processed over Rs 200 crore in accounts receivable.

Looking ahead, Valyx plans to develop a comprehensive AI-powered revenue management platform over the next two years, which will include B2B payments and financing solutions.

Swiggy Reports 36% Revenue Growth and Reduced Losses Ahead of Upcoming IPO

Garima Bansal
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Swiggy Reports 36% Revenue Growth and Reduced Losses Ahead of Upcoming IPO

Swiggy has shown strong financial performance ahead of its planned initial public offering (IPO). The Bengaluru-based food delivery and quick commerce platform reported a 36% increase in operating revenue, reaching Rs 11,247 crore in FY24, according to documents shared with investors.

Swiggy also made significant progress in reducing its losses by 44%, bringing them down to Rs 2,350 crore during the last fiscal year. In the first three quarters of FY24, the company generated Rs 5,476 crore in revenue with a loss of Rs 1,600 crore. These financial figures are preliminary and have not been audited.

The company’s food delivery business grew by 17%, achieving Rs 6,100 crore in revenue, while its quick commerce segment, Instamart, recorded Rs 1,100 crore in gross revenue for FY24. In comparison, competitor Zomato‘s overall revenue in FY24 increased by 71% to Rs 12,114 crore, with Rs 6,161 crore from food delivery and Rs 2,301 crore from its grocery business, Blinkit.

Swiggy was close to Zomato in food delivery but lagged in the grocery sector. Unlike Swiggy, Zomato reported a net profit of Rs 351 crore in FY24, with profitability continuing into the first quarter of FY25.

Blinkit held the largest market share among quick commerce players as of July, followed by Swiggy’s Instamart, Zepto, and BigBasket. Swiggy last raised equity in January 2022, joining the decacorn club. Recently, it received strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites.

Swiggy reportedly filed confidential IPO papers in May, aiming to raise up to Rs 3,750 crore ($450 million) through a fresh issue of equity shares, along with an offer for sale worth up to Rs 6,664 crore ($800 million). The company is expected to file draft IPO papers with SEBI soon.

Sports-tech startup Spolto raises $1 Mn in seed round

Garima Bansal
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Sports-tech startup Spolto raises $1 Mn in seed round

Sports-tech startup Spolto has raised  $1 million (nearly Rs 8.4 crore) in a seed round led by Andrew Johnston and others.

The proceeds will be deployed towards scaling its services and reaching more urban communities, Spolto said in a press-release.

Co-founded in 2021 by Safa Soltani and Divesh Nathani, Spolto aims to empower sports across urban India. The platform offers access to a wide array of sports, from tennis and swimming to badminton and gymnastics, it is also offering new-age games like pickleball. The startup aspires to foster grassroots sports development and recreational skill-building, making sports an integral part of everyday life for urban Indians.

According to Spolto, it is about to enhance its digital presence, addressing the needs of the new-age Indian consumer. With a focus on accessibility and convenience, it intends to become the go-to platform for sports skill development in India’s urban centers.

The Pune-based company claims that it has established partnerships with over 1,200 coaches and academies across 12 sports in Maharashtra since inception.

Natco Pharma acquires 40 million shares in eGenesis Inc

Garima Bansal
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Natco Pharma acquires 40 million shares in eGenesis Inc

Natco Pharma Ltd‘s Canadian subsidiary has acquired 40 million shares in eGenesis Inc., a leading biotechnology company specializing in xenotransplantation, for USD 8 million. Xenotransplantation involves developing human-compatible organs for transplants, and eGenesis is at the forefront of this technology. Their Genome Engineering and Production platform addresses cross-species molecular incompatibilities and viral risks through genetic engineering, offering significant advancements in organ transplantation.

eGenesis is currently focusing on developing transplant solutions for kidney, acute liver failure, and heart conditions. Rajeev Nannapaneni, Vice Chairman and CEO of Natco Pharma, expressed enthusiasm about the partnership, highlighting the potential of xenotransplantation to address the global shortage of transplantable organs and reduce waitlist mortality.

Mike Curtis, CEO of eGenesis Inc., welcomed Natco’s investment, noting that the funds will be instrumental in advancing their research and bringing innovative therapies to market. Notably, in March 2024, eGenesis achieved a significant milestone by performing the world’s first porcine kidney transplant in a living patient, authorized by the U.S. FDA under the Expanded Access pathway.

PharmEasy valuation slashed to $458 Mn by Janus Henderson

Garima Bansal
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PharmEasy valuation slashed to $458 Mn by Janus Henderson

API Holdings, the parent company of the online pharmacy platform PharmEasy, has experienced a substantial valuation cut to $458 million, marking a significant 92% drop from its peak valuation of $5.6 billion in 2021. This drastic markdown was implemented by PharmEasy’s investor, Janus Henderson, a global asset management company, which reduced the value of its investment in the company by 91.8%, as per filings with the SEC.

Earlier in April, PharmEasy’s valuation saw a sharp decline of 90% when it raised Rs 1,804 crore (approximately $216 million) in a funding round led by Ranjan Pai‘s Manipal Education and Medical Group (MEMG) along with participation from existing investors. The company, based in Mumbai, has been seeking to raise around Rs 3,500 crore to repay debt borrowed from Goldman Sachs. However, PharmEasy, led by Dharmil Shah, defaulted on its loan terms with Goldman Sachs in June 2023. Around that time, Janus Henderson further reduced PharmEasy’s valuation by nearly 50%.

PharmEasy also had to postpone its initial public offering (IPO) plans, citing unfavorable market conditions. Although the company filed its Draft Red Herring Prospectus (DRHP) in November 2021, it withdrew its IPO plans in August 2022 due to market volatility.

In recent times, other well-funded companies, such as Swiggy and Byju’s, have also seen their valuations reduced by their investors. For instance, Gupshup’s investor, Fidelity, cut the SaaS firm’s valuation to $500 million, down from over $1.4 billion in its last equity funding round.

According to a startup data intelligence platform, PharmEasy reported a 16% year-on-year growth in revenue, reaching Rs 6,643 crore in FY23. However, its losses, for the Temasek-backed company, increased by 30.5% to Rs 5,211 crore during the same period. The company has yet to file its annual financial statements for FY24.

The Hosteller Secures ₹32 Crore Series A Funding Led by V Cube Ventures for Expansion

Garima Bansal
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The Hosteller Secures ₹32 Crore Series A Funding Led by V Cube Ventures for Expansion

Backpacker hostel chain, The Hosteller, has secured Rs 32 crore (around $4 million) in its Series A funding round, led by V Cube Ventures. Other participants in this round included Lets Venture Angel Fund, AngelList, and several individual investors.

The board of The Hosteller approved the issuance of 10 equity and 64,281 Series A compulsory convertible preference shares at an issue price of Rs 4,977.5 each to raise the funds. V Cube Ventures led the investment with Rs 22 crore, while LV Angel Fund, AngelList, and Merlin Marketing invested Rs 2.5 crore, Rs 50 lakh, and Rs 1.5 crore, respectively. An additional 14 angel investors contributed the remaining amount.

The funds raised will be used to expand The Hosteller’s chain of hostels, boost marketing efforts, and address other general business needs. This funding round comes three years after the Mumbai-based company raised $1 million in its seed round in 2021. Following this recent investment, The Hosteller’s valuation stands at approximately Rs 182 crore ($22 million). V Cube Ventures now holds a 15% stake in the company, while Lets Venture has 3.45%. The company’s founder and CEO, Pranav Dangi, along with his family, retains a 35.28% stake.

Founded in 2014, The Hosteller specializes in providing affordable, quality lodging for backpackers, offering unique travel experiences. The company currently operates over 50 hostels across India. It reported a revenue of Rs 55 crore for the fiscal year ending March 2024, with a net profit of Rs 4 crore. The Hosteller plans to expand further by adding 75 new properties this year.

The Hosteller faces competition from other hostel chains such as goSTOPS, Wudstay, and Backpackers Panda.

Bluestone Raises ₹600 Crore in Funding Led by Prosus Ahead of IPO

Garima Bansal
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Bluestone Raises ₹600 Crore in Funding Led by Prosus Ahead of IPO

Bluestone, an omnichannel jewelry retailer, has successfully raised Rs 600 crore (around $72 million) in a funding round led by Prosus through its subsidiary, MIH Investments. Other participants in this round include Steadview Capital, Think Investments, and Pratithi Growth Fund.

The company’s board approved the issuance of 1,03,80,622 Series H compulsory cumulative preference shares at a price of Rs 578 per share to secure the funding. Prosus led the round with an investment of Rs 351 crore ($42.2 million), while Steadview Capital, Think Investments, and Pratithi Growth Fund invested Rs 80 crore, Rs 84 crore, and Rs 35 crore, respectively. An additional 27 investors contributed the remaining primary capital.

This funding is part of a previously reported Rs 900 crore pre-IPO round, which includes Rs 300 crore from secondary transactions. The newly acquired capital will be utilized for expansion, operational costs, capital expenditures, and other corporate purposes.

Post-allotment, Bluestone’s valuation stands at approximately $972 million, as reported by a startup data intelligence platform. With this fresh funding, Prosus now holds a 4.48% stake in the company, while Steadview Capital, Think Investments, and Pratithi Growth Fund have stakes of 1.04%, 1.10%, and 1.08%, respectively.

Founded in 2011 by Gaurav Singh Kushwaha, Bluestone offers a wide range of jewelry collections for both men and women, available through its website and a network of more than 190 offline stores across 75 cities. The company has demonstrated strong growth, achieving a 65% year-on-year increase in revenue to Rs 787 crore in the fiscal year ending March 2023, while significantly reducing its losses by 87% to Rs 167 crore. Bluestone has yet to file its annual results for FY24.

One of Bluestone’s main competitors, CaratLane, which is owned by Titan, reported revenue of Rs 3,081 crore with a profit of Rs 79 crore for FY24.

Zerodha’s Rainmatter invests Rs 10 crore each in Boson Whitewater, TruNativ

Garima Bansal
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Zerodha’s Rainmatter invests Rs 10 crore each in Boson Whitewater, TruNativ

Boson Whitewater, a water recycling startup, and TruNativ, a nutrition-focused D2C brand, have each raised Rs 10 crore in equity funding from Rainmatter, an early-stage venture firm supported by Zerodha.

Boson Whitewater specializes in converting excess sewage treatment plant (STP) water into potable water, addressing water scarcity issues in major cities like Bengaluru. On the other hand, TruNativ offers nutritional products such as Everyday Protein, Everyday Fibre, and Everyday Sweetener through its website and various e-commerce platforms.

Rainmatter has been actively investing in startups across fintech, clean energy, climate tech, and healthtech sectors. In the past two months, it has invested Rs 30 crore in several companies, including follow-on rounds in health-focused startup Devil’s Circuit, climate tech company GreenWorms, and fintech firm Actlogica.

According to Dinesh Pai, head of Rainmatter, the firm has invested around Rs 650 crore in a diverse range of startups since 2016. Of the Rs 1,000 crore committed by Zerodha co-founder and CEO Nithin Kamath last year, approximately Rs 150 crore has been deployed so far. Rainmatter also operates a not-for-profit entity named Rainmatter Foundation.

Rainmatter recently participated in the $6.5 million funding round of space tech startup GalaxEye, investing a total of Rs 5 crore across initial and follow-up rounds. The firm sees potential in geospatial data for addressing climate-related challenges such as early warning systems for natural disasters and unpredictable weather conditions, as well as applications in defense and agriculture.

Based in Bengaluru, Rainmatter has invested in around 100 companies, covering various sectors including 31 in fintech, 28 in climate tech, and 21 in health and nutrition. Pai emphasized that the firm provides patient capital without a specific exit timeline, aiming to support startups focused on building sustainable, long-term businesses for India and beyond.

0xPPL Raises Funding from AllianceDAO, Anagram, and Peak XV Partners to Expand Crypto Social Networking Platform

Garima Bansal
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0xPPL Raises Funding from AllianceDAO, Anagram, and Peak XV Partners to Expand Crypto Social Networking Platform

0xPPL, a social networking platform designed for the crypto community, has secured an undisclosed amount of equity funding from investors including AllianceDAO, Anagram, and Peak XV Partners. The funding round also saw participation from notable angel investors like venture capitalist Balaji Srinivasan, Anatoly Yakovenko and Raj Gokal of Solana Labs, and Sandeep Nailwal of Polygon. This investment aims to enhance 0xPPL’s product offerings, expand its team, and further its mission to become a leading on-chain social networking platform.

Founded in August 2022 by Prasanna Sankar, 0xPPL connects users with shared interests in cryptocurrencies, offering a platform where they can monitor crypto assets and non-fungible tokens (NFTs) across multiple blockchains, including Ethereum Virtual Machine (EVM), Solana, Bitcoin, TION, and Cosmos. The platform allows users to track their portfolios, including investments, profit and loss, 24-hour changes, staking rewards, token holdings, protocol positions, and NFT values. The investment aligns with the growing trend of blockchain-based platforms driving innovation across various industries, such as finance, gaming, and social media.

AllianceDAO highlighted the strategic nature of this investment, reflecting their belief in 0xPPL’s vision to create a seamless, on-chain social networking experience. They emphasized that 0xPPL’s approach aligns with the future of Web3, where decentralized networks play a crucial role in how individuals connect, share, and collaborate online. In the competitive landscape, 0xPPL faces rivals such as decentralized social networks Phaver, Easy, and Farcaster.

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