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Bluestone Secures Rs 900 Crore in Funding, Doubling Valuation Ahead of IPO

Garima Bansal
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Bluestone Secures Rs 900 Crore in Funding, Doubling Valuation Ahead of IPO

Jewellery retailer Bluestone has successfully secured a Rs 900-crore financing round, significantly increasing the company’s valuation to $970 million, or Rs 8,100 crore. The company is preparing to file the draft red herring prospectus for its initial public offering (IPO) with the stock market regulator within this calendar year, following the closure of its pre-IPO round aimed at setting the valuation benchmark.

This funding round saw participation from several notable investors, including Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments, the family investment office of Infosys cofounder Kris Gopalakrishnan. Of the total Rs 900 crore raised, Rs 600 crore was infused as primary capital, while the remaining Rs 300 crore came from a secondary share sale. Prosus contributed approximately Rs 350 crore, with Peak XV Partners and Steadview Capital each investing over Rs 200 crore.

Kalaari Capital, one of Bluestone’s early investors, made a partial exit by selling about half of its stake, earning around Rs 300 crore. Kalaari held a 12.3% stake in Bluestone after the last funding round in September 2023. Other investors in the company, including Iron Pillar, Saama Capital, RB Investments, IvyCap, and InfoEdge Ventures, collectively hold about 20% of the firm. Founders Gaurav Singh Kushwaha and Ganesh Krishnan own nearly 14%.

The secondary share sale involved a transaction between two investors, with no funds going directly to the company, unlike a primary share sale. This round was primarily aimed at setting the pre-IPO pricing as Bluestone aims to go public as soon as possible, having worked on this process for several quarters.

In terms of financial performance, Bluestone is estimated to have closed FY24 with Rs 1,200 crore in revenue and Rs 3 crore in EBITDA. The company, founded in 2011, reported Rs 788 crore in operating revenue for FY23, an increase from Rs 477 crore the previous year, while reducing its losses to Rs 167 crore from Rs 1,268 crore. The significant loss in FY22 was attributed to an accounting change, with the company growing nearly 90% in that fiscal year following a flat growth period in FY21.

Bluestone is planning a Rs 2,000-crore IPO this year and has initiated discussions with merchant bankers. Founder Gaurav Singh Kushwaha has been engaging with both private and public market investors in preparation for the IPO.

Titan Capital Secures Rs 200 Crore for New Fund to Boost Portfolio Startups

Garima Bansal
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Titan Capital Secures Rs 200 Crore for New Fund to Boost Portfolio Startups

Seed-stage investor Titan Capital, established by Snapdeal cofounders Kunal Bahl and Rohit Bansal, has successfully raised Rs 200 crore for a new fund aimed at bolstering its existing portfolio companies. This fund, known as the Titan Capital Winners Fund, marks the first time the Gurugram-based firm has raised external capital, having previously relied on investments from its founders.

Bahl and Bansal, who are anchoring the fund as its largest limited partners, have attracted backing from prominent family offices, top company executives, and venture capital industry leaders. The fund also allows for an optional greenshoe, with a few more limited partners expected to join.

Titan Capital is renowned for its early-stage investments in startups. With the newly secured capital, the firm aims to provide more substantial support to the founders of its portfolio companies during subsequent funding rounds, further solidifying its partnerships with these ventures. Since its inception in 2011, Titan Capital has invested in over 250 companies, including well-known startups like Urban Company, MamaEarth, OfBusiness, Razor, Unicommerce, and Ola Cabs.

More recent exits include an exit from Titan Capital’s portfolio company Urban Company – a brokerage platform for at home services – where it received nearly 200 times of its invested capital back. An early investor in the firm, it had invested Rs 57 lakh in Urban Company in 2015, and exited with Rs 111 crore in total proceeds. Out of the announcements, Titan Capital has also tasted success of 100x or more in Ola Cabs, OfBusiness and Credgenics. While they have completely sold out Ola Cabs, they had a partial sell of Credgenics and still retains share in OfBusiness.

During IPO of MamaEarth parent company Honasa Consumer Titan Capital raised up to Rs 78 crore and currently has stakes of approximately Rs 80 crore in Gurugram based omnichannel retailer. Bahl and Bansal have promised to plough back every bit of their gains from MamaEarth’s IPO towards other exciting ventures.

Zoff Spices Secures INR 400 Million Series A Funding to Expand Product Line and Offline Presence

Garima Bansal
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Zoff Spices Secures INR 400 Million Series A Funding to Expand Product Line and Offline Presence

Zoff, a prominent Indian spices brand, has successfully raised INR 400 million in a Series A funding round led by JM Financial Private Equity. This significant investment marks a pivotal moment for Zoff, positioning it as one of the first modern e-commerce spice brands in India to attract such a substantial financial backing.

he newly raised capital will be funneled into fueling Zoff’s grand and forthwith expansion plans, including new product lines like ready-to-cook meals, condiments, and cooking pastes. The firm also has its sights on making its offline presence in terms of expanding its network across general trade, modern trade channels, and retail outlets.

With a strong focus on quality, convenience, and a robust online presence, Zoff has recently emerged as one of the key players in the competitive Indian spices market. The money raised definitely is expected to allow the brand to leverage this further and hasten the growth curve so that the urban and countryside markets can also be penetrated to a much larger extent and make it a market leader.

Key Highlights:

  • Major Investment: INR 400 million secured from JM Financial Private Equity
  • Expansion Initiatives: Launching new products, expanding offline networks, and ramping up marketing efforts
  • Market Leadership: Aiming to become India’s top online spices brand
  • Innovation Focus: Leveraging cold grinding technology and advanced packaging for superior quality

Akash Agrawal, Co-Founder of Zoff, expressed the significance of this investment as a validation of the brand’s hard work and commitment to excellence. With this financial support, Zoff is poised to accelerate its growth and strengthen its position in the Indian spices market.

JM Financial Private Equity also shared its confidence in Zoff’s future, highlighting the brand’s strong market presence, innovative product offerings, and the increasing demand for premium-quality spices in India.

TransBnk Secures $4 Million in Funding to Drive Global Expansion and Tech Innovation

Garima Bansal
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TransBnk Secures $4 Million in Funding to Drive Global Expansion and Tech Innovation

TransBnk, a fintech startup based in Mumbai, has successfully secured $4 million (approximately Rs 34 crore) in a funding round led by 8i Ventures, a prominent investor in the fintech space. This marks the company’s first major institutional funding since raising $1 million in June 2023. The round also saw participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, along with several family offices and angel investors.

With this latest infusion of capital, TransBnk’s post-investment valuation has surged to $15 million, tripling its value from the previous round. CEO Vaibhav Tambe highlighted that the fresh funds will be used to expand the company’s network of banking partners and drive its global expansion, with a particular focus on West Asian and Southeast Asian markets. Additionally, the company plans to strengthen its technology infrastructure and enhance its suite of product offerings.

The company has established partnerships with approximately 25 banks and 100 NBFCs and fintech firms since its inception. TransBnk has supported around 5,000 accounts, including escrows, and has processed close to 50 million transactions to date. Following its seed round last year, the startup has experienced nearly tenfold revenue growth, currently boasting an annual recurring revenue of $1.2-$1.3 million. The company anticipates this figure will increase three to four times in the next six months.

According to Tambe, the transaction banking sector in India, particularly within the $200 billion unsecured lending market, is poised for significant disruption. TransBnk’s deep expertise in banking technology, encompassing lending tech, regulatory tech, and payment tech, positions it to capitalize on this opportunity.

8i Ventures’ founding partner, Vikram Chachra, praised TransBnk’s innovative approach, noting that the company is reshaping India’s trillion-dollar transaction banking sector by empowering banks to offer advanced transaction services and bridging the existing technology gap. This forward-thinking strategy is expected to have a transformative impact on the financial landscape.

LG Electronics Injects $10M into SBVA’s Alpha Intelligence Fund to Propel AI and Robotics Startups

Garima Bansal
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LG Electronics Injects $10M into SBVA’s Alpha Intelligence Fund to Propel AI and Robotics Startups

LG Electronics is advancing its commitment to artificial intelligence (AI) and deep tech by investing $10 million in startups within these sectors. This investment establishes LG as a key limited partner in the newly created $130 million Alpha Intelligence Fund (AIF) by SBVA. The fund is designed to curate a portfolio of startups with significant growth potential in AI, deep tech, and robotics.

Through this investment, LG seeks to enhance collaboration with innovative startups and secure future technologies. The company aims to strengthen its global networking efforts, discover new strategic investment opportunities, and bolster its technological capabilities for upcoming business ventures.

LG’s strategy is to accelerate its transformation into a company focused on “Smart Life Solutions” by acquiring cutting-edge technologies for its key growth areas, including platform-based services, B2B businesses, and other emerging sectors. The company is committed to securing future core technologies and expanding its business reach beyond home appliances to include business spaces, mobility, and more.

Eugene Yoo, vice president and leader of the Open Innovation Task at LG, emphasized that participating in the AIF will help the company secure AI capabilities through active open innovation. LG plans to discover and collaborate with capable startups to explore future business opportunities.

SBVA CEO JP Lee highlighted that the company will continue to invest in technological innovation, leveraging its technical expertise, global network, and investment experience. The goal is to maximize the growth potential of these startups by supporting joint ventures with major investors and promoting collaborative business projects.

Ankur Capital Secures Fresh Commitments for $150 Million Third Fund

Garima Bansal
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Ankur Capital Secures Fresh Commitments for $150 Million Third Fund

Ankur Capital, an early-stage venture investor specializing in agritech, climate, and deeptech startups, has secured fresh capital commitments for its third fund from existing supporters British International Investment (BII) and the MacArthur Foundation.

The new fund, targeting Rs 1,200 crore ($150 million), has already received investments from the US International Development Finance Corporation and the Self-Reliant India Fund, a government initiative under the Ministry of Micro, Small and Medium Enterprises.

BII and the MacArthur Foundation were also investors in Ankur Capital’s second fund and have returned for this third round. The firm continues to focus on pre-series A investments, aiming to support companies at this critical stage of growth. Ritu Verma, managing partner at Ankur Capital, stated that approximately Rs 400 crore has been raised so far, with plans to close the fund by early next year.

Ankur Capital, known for backing companies such as Captain Fresh, String Bio, Cropin, Vegrow, and BigHaat, plans to maintain its strategy of investing $1-2 million in pre-series A rounds through this third fund.

The firm’s first fund, launched in 2017-2018, had a corpus of Rs 50 crore, while the second fund, launched in 2020, raised Rs 380 crore and is now nearly fully deployed. Ankur Capital aims to expand its portfolio by exploring new themes related to digital transformation and decarbonization opportunities, both in India and globally.

Currently managing around $200 million in assets, Ankur Capital has invested in nearly 30 companies through its first two funds. The firm is committed to enhancing market supply chain efficiency, agricultural productivity, and fostering climate and health-related innovations.

Through its partnership with Ankur Capital, BII aims to support more smallholder farmers and vulnerable communities in India, promoting better productivity and inclusion.

Ayurvedic Innovator ‘Dr. Mantra’ Accelerates Growth with Strategic Investment from Sirona Founders

Garima Bansal
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Ayurvedic Innovator ‘Dr. Mantra’ Accelerates Growth with Strategic Investment from Sirona Founders

In a strategic move poised to further disrupt the Ayurvedic wellness sector, fast-emerging D2C brand Dr. Mantra has secured a crucial round of bridge funding from Deep Bajaj and Mohit Bajaj, the entrepreneurial minds behind the renowned FemTech brand, Sirona. This investment marks a significant milestone for Dr. Mantra as it prepares to scale its operations and gear up for its Series A funding round.

The infused new capital shall be used for scaling up current business operations of the brand by two-fold. This growth plan marks the beginning of the upcoming Series A funding round for Dr. Mantra, with the company already in talks with several potential investors. A number of committed plans toward expansion, quite aggressive in nature, clearly express the commitment and drive to make it one of Ayurveda wellness leaders.

Founded in 2021 by Takki Zain and Shivansh Jain, Dr. Mantra was born out of a desire to address pressing health issues, particularly focusing on the treatment of kidney stones. The brand’s distinct approach lies in its ability to blend the time-honored principles of Ayurveda with modern medical practices, resulting in highly effective wellness solutions that resonate with contemporary consumers.

Dr. Mantra has quickly gained recognition for its innovative Ayurvedic treatments, particularly in the area of kidney stone management, positively impacting over 20,000 lives in just two and a half years. The brand’s rapid growth is evident in its financial performance, with revenue tripling in the past six months and maintaining a strong Rs 60 lakhs MRR, all while ensuring positive unit economics. This latest funding round follows an earlier investment of Rs 1.25 crore from 100X.VC’s Sanjay Mehta and his team.

MediBuddy and Bank of Baroda Partner to Elevate Employee Healthcare with Comprehensive Health Checkups

Garima Bansal
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MediBuddy and Bank of Baroda Partner to Elevate Employee Healthcare with Comprehensive Health Checkups

MediBuddy, India’s leading digital healthcare platform, has teamed up with Bank of Baroda, a prominent public sector bank, to offer exclusive healthcare benefits to the bank’s employees. This collaboration is designed to provide comprehensive annual health checkups through MediBuddy’s extensive healthcare network.

Bank of Baroda, with its extensive branch network across India and a rich history, is demonstrating its dedication to employee well-being through this initiative. The program will provide employees with access to a variety of health services, including lab tests, digital health records, and other benefits, facilitated by MediBuddy’s network of accredited labs and hospitals.

The initiative features a fully cashless transaction system, aimed at enhancing the healthcare experience for employees and boosting operational efficiency for healthcare providers. This system promotes financial transparency, ensures better accountability and tracking of healthcare expenses, and offers increased security for patients. Providers will also benefit from faster payment processing, which improves overall operational efficiency.

Satish Kannan, Co-Founder and CEO of MediBuddy, expressed enthusiasm about the partnership, noting that it represents a significant advancement in corporate wellness in India. By providing Bank of Baroda employees with comprehensive health checkups, MediBuddy supports the shift towards preventive healthcare, aligning with its mission to make quality healthcare accessible to a billion people. The collaboration is expected to enhance employee satisfaction, reduce absenteeism, and improve productivity and service quality for the bank’s customers.

This alliance between MediBuddy and Bank of Baroda sets a benchmark for corporate healthcare, reflecting a growing recognition of the link between employee health and organizational success. Both organizations are committed to delivering accessible, high-quality health checkup solutions and promoting overall employee wellness.

Pakistani Fintech Startup PostEx Secures $7.3 Million in Pre-Series A Funding

Garima Bansal
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Pakistani Fintech Startup PostEx Secures $7.3 Million in Pre-Series A Funding

PostEx, a burgeoning fintech startup, has successfully raised $7.3 million in its pre-series A funding round, a crucial stage for startups aiming to accelerate growth and reach significant milestones before advancing to a larger Series A investment.

Pre-series A funding serves as a pivotal financial boost for startups, providing them with the necessary resources to refine their products, expand their market presence, and achieve critical benchmarks that pave the way for future funding rounds.

According to PostEx’s official statement, the newly acquired capital will be instrumental in solidifying the company’s market dominance in Pakistan and driving an ambitious expansion into the Gulf Cooperation Council (GCC) region. This move will help PostEx to offer its innovative services to new markets and customers across the GCC.

The funding round was spearheaded by Conjunction Capital, a global venture capital firm with a strong focus on technology-driven investments. Other notable investors included Dash Ventures, Sanabil500, VSQ, FJ Labs, and Zayn VC.

PostEx operates on a unique hybrid model that combines fintech and logistics, offering businesses instant access to capital. This approach effectively eliminates the traditional barriers and challenges associated with conventional financing methods.

Despite Pakistan’s $6 billion e-commerce sector, online transactions account for only 1-2% of total retail transactions, significantly lagging behind the global average of 15%. This underscores the importance of PostEx’s mission in the region.

The recent funding round follows a highly successful 18-month period for PostEx, during which the company achieved several financial and operational milestones, including an impressive annual recurring revenue of $21 million.

Muhammad Omer Khan, CEO of PostEx, noted the challenges faced by digital entrepreneurs and online businesses in the GCC and Pakistan due to outdated financial institutions. He reiterated PostEx’s commitment to empowering online sellers by providing them with the right capital to fuel their growth.

Kirill Kozhevnikov, Managing and Founding Partner at Conjunction Capital, expressed the firm’s confidence in PostEx, highlighting the strategic significance of the Saudi Arabian market as a key area for growth within the GCC.

Volt VC Launches Rs 45 Crore Fund to Back Early-Stage Consumer Startups

Garima Bansal
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Volt VC Launches Rs 45 Crore Fund to Back Early-Stage Consumer Startups

Ahmedabad-based Volt VC, a micro venture capital firm, has launched its inaugural fund, Volt VC Fund-1, with the goal of raising Rs 45 crore. This fund is designed to invest in approximately 20-25 consumer-centric startups at the pre-seed stage across various sectors, particularly focusing on direct-to-consumer (D2C), business-to-consumer (B2C), and business-to-business-to-consumer (B2B2C) models.

In India, the availability of pre-seed and seed funds has increased, but many of these funds offer larger ticket sizes ranging from Rs 4 crore to Rs 10 crore. However, not all startups require such large investments. Recognizing this gap, the general partner of Volt VC, Param Patel, noted the need for smaller investment sizes that align with the needs of early-stage startups.

Based in Gujarat, Volt VC expects strong interest from local startups seeking their first round of institutional funding. The fund plans to provide investment amounts between Rs 50 lakh and Rs 2 crore, with capital sourced from ultra-high-net-worth individuals, entrepreneurs, and startup founders. The fund is expected to close within the next three to four months.

Additionally, Volt VC plans to make follow-on investments in around five of the most promising startups from the first fund as they advance to the seed stage.

This launch is part of a broader trend in India, where new domestic funds and micro venture capital firms are emerging to support startups at very early stages with smaller investments compared to traditional VC firms.

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