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Northern Arc Capital Secures USD 75 Million Investment Boost for Microfinance and Green Projects

By
Garima Bansal
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northern Arc capital

Northern Arc Capital Limited, a leading non-banking financial company (NBFC) in India, has successfully raised USD 75 million through senior secured non-convertible debentures (NCDs) listed on the BSE. The funding, with a five-year duration, comes from the Dutch development bank FMO, increasing Northern Arc’s overall exposure to USD 125 million.

Ashish Mehrotra, Managing Director and CEO of Northern Arc Capital, highlighted the significance of this investment. The funds will be allocated towards retail microloans, MSME loans, and green loan projects, aiming to foster sustainable economic growth and financial inclusion.

Northern Arc’s innovative platforms, including nPOS and Nimbus, are pivotal in this mission, facilitating seamless loan processing and effective debt management through cloud-based and API-enabled solutions.

Huib-Jan de Ruijter, Chief Investment Officer at FMO, emphasized the importance of providing long-term funding to MFIs and NBFCs in India, supporting entrepreneurship, innovation, and the formalization of SMEs and microenterprises. He expressed gratitude to Northern Arc for their partnership in enhancing financial inclusiveness across the country.

In April, Northern Arc raised USD 80 million in capital, equally split between debt and equity components, from the International Finance Corporation (IFC), further solidifying its position in the financial services sector. The company manages an Assets Under Management (AUM) of INR 10,081 crore and boasts a strong roster of equity investors including IFC, Sumitomo Mitsui Banking Corporation, and LeapFrog, among others.

The recent funding from FMO underscores Northern Arc’s strategic approach to expanding its impact in microfinance and sustainable finance sectors, aligning with global goals of economic development and environmental stewardship.

Ecom Express to Raise Over $170 Million via Rights Issue

By
Garima Bansal
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0
ecom

Ecom Express, a leading logistics firm based in Gurugram, is set to raise Rs 1,424 crore (approximately $172 million) through a rights issue aimed at existing investors. This fundraising initiative marks Ecom Express’s first major capital infusion of the year, aimed at bolstering its operational capabilities and expansion efforts.

According to regulatory filings accessed from the Registrar of Companies, Ecom Express will issue 15,70,000 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 9,071 each.

The funds raised will be utilized for general corporate purposes, capital expenditure, and operational expenses, reaffirming the company’s commitment to strengthening its logistical infrastructure.

Established in 2012, Ecom Express has positioned itself as a key player in the logistics sector, offering services across more than 2,700 towns and 27,000 pin codes in India. The company boasts a workforce of over 50,000 employees and operates a network of more than 3,000 facility centers nationwide.

Financially, Ecom Express reported a 21.9% increase in revenue from operations to Rs 2,548 crore in FY23 from Rs 2,090 crore in FY22, with courier services contributing to 90% of its revenue stream. However, the company’s losses surged fourfold to Rs 375 crore in FY23 from Rs 91 crore in the previous financial year, highlighting challenges amid expansion efforts.

The current rights issue underscores Ecom Express’s strategic approach to fortify its market position and sustain growth momentum in the competitive logistics landscape. The company is yet to release its annual report for FY24, which is anticipated to provide further insights into its operational performance and strategic initiatives.

Rocketlane Secures $24 Million to Advance AI-Powered Project Collaboration

By
Garima Bansal
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rocketlane founders

Rocketlane, a rapidly growing SaaS startup, has announced the successful closure of a $24 million Series B funding round. The funding was co-led by prominent venture capital firms 8VC, Matrix Partners India, and Nexus Venture Partners, signaling strong investor confidence in Rocketlane’s innovative approach to project collaboration and customer onboarding.

Founded in 2020 by Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, Rocketlane provides a unified workspace designed for seamless collaboration with customers during project onboarding. This platform aims to reduce time-to-value for businesses, streamline software implementations, and enhance real-time project visibility.

Rocketlane’s latest funding round follows earlier successes, including an $18 million Series A round in January 2022 and a $3 million seed round in June 2021. The infusion of $24 million will fuel Rocketlane’s AI roadmap, focusing on the development of advanced features to further enhance project delivery capabilities.

In addition to securing new funding, Rocketlane has appointed Rao Adavikolanu as Chief Marketing Officer (CMO). Rao, who previously served as CMO at San Francisco-based Pilot.com, brings valuable experience in scaling marketing initiatives and expanding market presence.

Rocketlane has achieved significant milestones, boasting 500 paying customers worldwide, with the US contributing 30% to the company’s total revenue. The startup has attracted a diverse clientele, including enterprise companies that have transitioned from legacy Professional Services Automation (PSA) tools to Rocketlane’s more agile and intuitive platform.

With a strong foothold in markets across India, the US, and Europe, Rocketlane aims to continue its upward trajectory, building on its reputation as a preferred choice for enterprises seeking efficient and collaborative project onboarding solutions.

Plus Gold Secures $1.2 Million in Seed Funding Led by JITO

By
Garima Bansal
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Plus Gold, a pioneering gold investment app, has successfully raised $1.2 million in a seed funding round led by JITO. The funding round also saw participation from Venture Catalyst, Sonakshi Sinha, Sachin Shetty, Signal Ventures, Varun Dua, Shrish Mishra, Misfits, and other prominent investors.

Founded in May 2022 by Veer Mishra and Raj Parakh, Plus Gold aims to revolutionize gold investments by offering Systematic Investment Plans (SIPs) and one-time transactions. One of its unique features includes the ability for users to convert their digital gold investments into physical jewellery at any time, thereby bridging the gap between digital and physical asset ownership.

The funds raised will be utilized to enhance Plus Gold’s technological infrastructure, improve user experience, strengthen security measures, and develop AI-driven investment advisory features. Additionally, the company plans to expand its team, focusing on hiring engineers and customer service executives to support its growing user base.

The online gold investment sector is competitive, with established players like PayU, Indfiagold (backed by Alpha Wave), Rupeek, Oro Money, and Jar (supported by Tiger Global) dominating the market. Despite the competition, Plus Gold differentiates itself through its innovative approach and focus on user-centric solutions.

Large fintech firms, including PhonePe, have also integrated gold buying options into their platforms, reflecting the growing demand for digital gold investment solutions among consumers.

With the backing of JITO and a diverse group of investors, Plus Gold is poised to accelerate its growth and consolidate its position in the online gold investment space, catering to the evolving needs of investors seeking reliable and accessible gold investment options.

Doceree Secures $13.6 Million Funding from Creaegis

By
Garima Bansal
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0
Harshit Jain Doceree

Healthcare startup Doceree, Founded by Harshit Jain, has successfully raised Rs 113.5 crore (approximately $13.6 million) from Indian private equity firm Creaegis. This latest funding round marks a significant milestone for Doceree as it expands its footprint in the healthcare technology sector.

According to regulatory filings accessed from the Registrar of Companies, Doceree issued 10 equity shares and 2,430 convertible cumulative preference shares (CCPS) at an issue price of Rs 4,672 per share to raise the capital.

This infusion of funds represents a pivotal moment for Doceree, as it transitions to using its local India entity to receive investments, moving away from its previous practice of channeling funds through its US holding entity.

Doceree, founded four years ago, focuses on empowering pharmaceutical companies, life sciences firms, and healthcare media agencies by facilitating targeted communication with healthcare professionals (HCPs). The startup’s solutions aim to enhance patient health outcomes through effective engagement strategies.

In its journey to date, Doceree has raised over $50 million, including a notable $35 million in its Series B round led by Creaegis. Earlier funding rounds included an $11 million Series A round led by Eight Road Ventures in 2022, underscoring investor confidence in Doceree’s innovative approach.

The startup’s strategic collaborations, such as the partnership with Hello Health Group to expand into eight Southeast Asian countries, highlight its ambitious growth trajectory and regional expansion plans.

Financially, Doceree reported a robust performance, with operating revenue surging by 60% to Rs 26.6 crore in FY23 from Rs 16.6 crore in FY22, according to data from startup data intelligence platform TheKredible. Despite increased revenue, the company managed to limit losses, with figures rising modestly to Rs 1.53 crore from Rs 38 lakh during the same period.

Doceree’s latest funding round not only positions it for further innovation and expansion but also underscores its commitment to revolutionizing healthcare communications and improving patient outcomes through advanced technological solutions.

Sid’s Farm Secures $10 Million in Series A Funding to Expand Operations

By
Garima Bansal
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sid farm founder

Sid’s Farm, a prominent direct-to-consumer (D2C) dairy startup, has successfully raised $10 million in Series A funding from Omnivore and the Narotam Sekhsaria Family Office (NSFO). This funding marks a significant milestone for the company as it aims to bolster its presence in Hyderabad and Bengaluru, two key markets in India.

Dr. Kishore Indukuri, the Founder of Sid’s Farm, expressed enthusiasm about the investment, highlighting its pivotal role in accelerating the company’s growth trajectory. This investment will help to expand manufacturing capabilities and enhance infrastructure to meet the increasing demand for high-quality dairy products. The funds will also be allocated towards strengthening the team across various functions, ensuring Sid’s Farm can sustain its commitment to delivering fresh, healthy, and responsibly sourced food to consumers.

Established in 2016, Sid’s Farm has carved a niche in the dairy industry by offering nutrient-dense, additive-free milk sourced directly from farmers. The company manages the entire value chain meticulously, conducting rigorous quality testing to uphold its standards of antibiotic-free, hormone-free, and preservative-free dairy products.

With a customer base exceeding 25,000 across its current markets, Sid’s Farm aims to expand its reach further. Dr. Indukuri emphasized the potential to serve over 100,000 families daily in Hyderabad and Bengaluru alone, underscoring the robust growth opportunities in the region.

The investment comes at a strategic time for the dairy sector in India, which witnessed substantial growth, reaching Rs 6,792 billion in 2023 and projected to reach Rs 49,953 billion by 2032, according to IMARC Group reports. The shift towards premium dairy products through D2C platforms is expected to drive this growth, positioning Sid’s Farm as a pivotal player in the market.

Reihem Roy, Partner at Omnivore, affirmed Sid’s Farm’s potential, stating, “We foresee Sid’s Farm emerging as a leader in the premium dairy segment, given its unwavering commitment to quality and sustainability.”

Sid’s Farm’s expansion plans are aligned with its mission to redefine the dairy industry by prioritizing consumer health and environmental responsibility. The infusion of funds from Omnivore and NSFO marks a crucial step towards realizing this vision, propelling the company towards further innovation and market leadership.

Ather Energy Transitions to Public Limited Company in Preparation for IPO

By
Garima Bansal
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ather energy co-founders

Ather Energy, the prominent electric scooter manufacturer, has converted into a public limited company, signaling its intentions to go public in the near future. The decision was approved at the company’s recent annual general meeting (AGM), where it was resolved to rename the firm from Ather Energy Private Limited to Ather Energy Limited, according to sources familiar with the matter.

The conversion to a public limited entity follows Ather’s plans to raise $75-90 million (approximately Rs 750 crore) in primary funding from both new and existing investors. This funding round, expected to be led by current investors, could potentially value the company between $850 million and $1 billion, as reported earlier.

Recently, Ather Energy experienced significant developments in its shareholder structure, with Flipkart co-founder Sachin Bansal divesting his remaining 7.5% stake in the company. This stake was acquired in part by Hero MotoCorp, now the largest shareholder holding approximately 40% of Ather’s shares, solidifying its position as a key investor.

Earlier in May, Ather raised Rs 286 crore ($34 million) through a funding round involving contributions from its founders and Stride Ventures, combining debt and equity investments to bolster its financial position.

Hero MotoCorp, in a recent filing, disclosed Ather’s turnover for FY24 at Rs 1,753 crore, marginally lower than its operating revenue of Rs 1,784 crore in FY23. No profit or loss figures were reported for FY24; however, Ather had posted a net loss of Rs 864 crore in FY23.

The transition to a public limited company marks a pivotal step for Ather Energy as it prepares to expand its market presence and further innovate in the electric vehicle sector, leveraging its established brand and technological advancements.

Lxme Raises $1.2 Million in Seed Funding to Empower Women in Finance

By
Garima Bansal
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0
lxme-cofounders

Lxme, a fintech startup dedicated to women’s financial empowerment, has secured $1.2 million in seed funding led by Kalaari Capital through its CXXO initiative, which supports ventures led by women entrepreneurs.

Other notable investors participating in the funding round include Yash Kela of Singularity Ventures, Amaya Ventures, Capri Holdings, and Aditi Kothari, vice chairperson of DSP Asset Managers.

Founded in 2021 by Ridhi Kanoria Doongursee and Priti Rathi Gupta, Lxme aims to use the capital for enhancing brand visibility and expanding its user base across India. The platform focuses on offering tailored financial products such as mutual funds, loans, and prepaid shopping cards designed specifically for women. It also provides financial education to empower women in making informed financial decisions.

Priti Rathi Gupta emphasized the platform’s mission to facilitate the financialization of women’s savings through digitization and democratization of financial products. Lxme plans to strengthen its technology infrastructure to improve user experience and engagement.

Currently, Lxme serves a community of over 400,000 women and generates revenue through trail income from mutual fund offerings and other financial products like lending and fixed deposits, acting as an aggregator platform.

The funding round comes amid a broader effort to address the gender disparity in startup funding. Recent reports indicate a decline in funding for women-led startups, highlighting the importance of initiatives like Kalaari Capital’s CXXO in supporting women entrepreneurs.

Looking forward, Lxme aims to achieve assets under management (AUM) of approximately Rs 1,200 crore by 2026, reinforcing its commitment to empowering women through financial inclusion and education.

Cloudphysician Secures $10.5 Million Funding Led by Peak XV Partners

By
Garima Bansal
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0
Dileep Raman and Dhruv Joshi

Cloudphysician, a leading provider of online healthcare and technology solutions, has successfully raised $10.5 million in its latest funding round led by Peak XV Partners. This round also saw participation from Elevar Equity and venture debt firm Panthera Peak.

Founded by Dhruv Joshi and Dileep Raman in 2017, Cloudphysician operates as a full-stack AI and operations company specializing in managing patients in intensive care units (ICUs) and emergency departments in collaboration with hospitals.

The funding will be utilized to strengthen Cloudphysician’s footprint in the Indian market, expand into international territories, and advance its artificial intelligence (AI) platform.

Dhruv Joshi emphasized the company’s goal to capture a significant portion of India’s hospital market, which comprises over 50,000 hospitals. Expansion plans also include targeting markets in the United States, Middle East, and Southeast Asia.

Cloudphysician’s AI platform, named Radar, plays a crucial role as a co-pilot for healthcare professionals, augmenting their capabilities in patient care. Currently, the platform manages approximately 2,400 ICU beds across 230 hospitals in 100 cities across India, with a predominant focus on private healthcare institutions.

Mohit Bhatnagar, Managing Director at Peak XV, expressed confidence in Cloudphysician’s digital Care Centre platform, noting its ability to leverage AI for enhanced ICU care, leading to significant reductions in mortality rates.

Previously, Cloudphysician secured $4 million in Series A funding from Elevar Equity in 2021. This recent funding round underscores investor confidence in the company’s innovative approach to healthcare technology and its potential to transform critical care services globally.

B2B Fashion Platform Zyod Raises $18 Million in Funding

By
Garima Bansal
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0
zyod founders

Zyod, a B2B fashion marketplace, has successfully raised $18 million in funding through a combination of equity and debt. The equity funding round was led by RTP Global, with participation from existing investor Lightspeed Venture. On the debt side, the funding came from Stride Ventures, Trifecta Capital, and Alteria Capital.

The funding will primarily be used to accelerate Zyod’s international expansion efforts. Currently operating in 18 countries, Zyod aims to expand its presence to over 40 countries by the end of the fiscal year. Key markets include the US, UK, Middle East Asia, and Japan.

Zyod intends to strengthen its technological capabilities to optimize supply chain operations, predict production gaps, and adapt to design trends more effectively. The company emphasizes leveraging technology across its production processes, from modular design approaches to factory-level operations optimization.

Founded by Ankit Jaipuria and Ritesh Khandelwal, Zyod collaborates closely with apparel brands throughout the design and manufacturing phases, aiming to reduce inventory wastage and improve supply chain efficiency. The firm employs approximately 100 professionals across various roles and is poised to expand its sales teams internationally.

With a current annualized revenue run-rate in the “double-digit million dollar” range, Zyod is targeting significant revenue growth for FY25. The company anticipates that 80% of its business will originate from international markets in the coming years, with an evolving client mix shifting from larger enterprises to smaller, longtail clients over time.

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