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Riveron Expands Global Footprint with Acquisition of Yantra, Enhancing NetSuite Expertise

Garima Bansal
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Riveron Expands Global Footprint with Acquisition of Yantra, Enhancing NetSuite Expertise

Riveron, a business advisory firm supported by Kohlberg & Company, has acquired Yantra, a technology and advisory services provider. The financial details of the acquisition remain undisclosed.

This move positions Riveron among the elite NetSuite Alliance Partners globally, allowing it to offer clients a range of value-enhancing solutions.

Yantra, founded in 2009 by Vikram Bhandari, a US entrepreneur of Indian descent, employs approximately 300 professionals across the US, Canada, India, and the Philippines. In 2023, Kohlberg & Company affiliates acquired Yantra from H.I.G. Capital, which retains a minority stake and continues to collaborate with Riveron. Riveron operates 16 offices worldwide.

As part of the acquisition, Bhandari will take on the role of Chief Technology and Innovation Officer at Riveron, where he will provide insights on the practical applications of AI for CFOs, among other responsibilities. This acquisition boosts Riveron’s global workforce to over 1,000 skilled professionals.

Yantra excels in areas such as NetSuite, Oracle, Salesforce, data science and advanced analytics, integration platforms, business transformation, AI and RPA, and managed services. The company works closely with CFOs and CIOs to foster innovation, drive growth, and achieve strategic objectives.

Riveron Expands Global Footprint with Acquisition of Yantra, Enhancing NetSuite Expertise

Garima Bansal
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0
Riveron Expands Global Footprint with Acquisition of Yantra, Enhancing NetSuite Expertise

Riveron, a business advisory firm supported by Kohlberg & Company, has acquired Yantra, a technology and advisory services provider. The financial details of the acquisition remain undisclosed. This move positions Riveron among the elite NetSuite Alliance Partners globally, allowing it to offer clients a range of value-enhancing solutions.

Yantra, founded in 2009 by Vikram Bhandari, a US entrepreneur of Indian descent, employs approximately 300 professionals across the US, Canada, India, and the Philippines. In 2023, Kohlberg & Company affiliates acquired Yantra from H.I.G. Capital, which retains a minority stake and continues to collaborate with Riveron. Riveron operates 16 offices worldwide.

As part of the acquisition, Bhandari will take on the role of Chief Technology and Innovation Officer at Riveron, where he will provide insights on the practical applications of AI for CFOs, among other responsibilities. This acquisition boosts Riveron’s global workforce to over 1,000 skilled professionals.

Yantra excels in areas such as NetSuite, Oracle, Salesforce, data science and advanced analytics, integration platforms, business transformation, AI and RPA, and managed services. The company works closely with CFOs and CIOs to foster innovation, drive growth, and achieve strategic objectives.

Leap Finance Set to Raise $100 Million in Series E Round, Aiming for Unicorn Status

Garima Bansal
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0
Leap Finance Set to Raise $100 Million in Series E Round, Aiming for Unicorn Status

Leap Finance, a fintech platform aiding Indian students in pursuing higher education abroad, is in the process of raising between $70 million and $100 million in a new funding round. This effort comes more than two years after the company completed its Series D round. The company has attracted interest from several investors, including both new and existing ones, due to its strong performance over the past two years.

The firm is currently in talks with at least three new investors for its Series E round, aiming to raise up to $100 million. This new round is expected to elevate Leap to unicorn status. In its previous Series D round, Leap secured $75 million from leading investors, placing its valuation between $850 million and $900 million. However, specific details about its valuation, shareholding, and revenue are not publicly available as the parent entity is incorporated in San Francisco and not registered in India.

The ongoing negotiations involve two of the three new investors, with Leap expected to finalize the lead investor in the coming weeks. The company is targeting a valuation range of $1 billion to $1.2 billion for this Series E round. Since its Series D round, Leap has seen substantial growth, expanding its services and reaching more students.

Leap Finance provides educational loans for students aiming to study at international universities. Through its platforms like LeapScholar, LeapFinance, and Yocke, it offers a range of services including test preparation for IELTS, TOEFL, and SAT, admissions and visa counseling, and various financial services. The company also assists with setting up international bank accounts, credit cards, and money remittance.

The new funding round will include both primary and secondary capital, allowing some early investors to partially or fully exit. Despite challenges faced by the broader edtech sector, companies focused on financing overseas education have successfully raised significant funds. Leap and its competitors have collectively secured substantial investments in the last two years, driven by the growing demand for higher education abroad and the superior exposure it offers. InCred, another major player in this sector, reported that overseas educational loans comprised a significant portion of its total disbursements, highlighting the robust growth and increasing awareness in this market.

Go Digit General Insurance Sees Profit Surge Despite Revenue Dip in Q1 FY25

Garima Bansal
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0
Go Digit General Insurance Sees Profit Surge Despite Revenue Dip in Q1 FY25

Go Digit General Insurance reported a decline in revenue from operations (net premium) by 8%, falling to Rs 1,824 crore in Q1 FY25 from Rs 1,982 crore in Q4 FY24. However, the company’s gross premium for the first quarter of the current fiscal year was Rs 2,660 crore. In the previous fiscal year, ending in March 2024, the Bengaluru-based company showcased robust financial performance, with a 37.4% year-on-year increase in net premium to Rs 7,096 crore and a more than fivefold increase in profits to Rs 182 crore.

Additionally, Go Digit earned Rs 253 crore from its investments, bringing its total revenue to Rs 2,077 crore in Q1 FY25, down from Rs 2,692 crore in Q4 FY24. The largest cost center for the general insurance firm was claims paid, which accounted for 64.48% of overall expenditure. This cost decreased by 10% to Rs 1,285 crore in Q1 FY25.

Spending on commissions, employee benefits, business development, sales promotion, and other overheads brought total expenses to Rs 1,993 crore in Q1 FY25, compared to Rs 2,198 crore in Q4 FY25.

Despite a slight reduction in scale, Go Digit managed to cut costs by 9.3% quarter-on-quarter, resulting in a significant profit increase. Profits rose by 90.6%, to Rs 101 crore in Q1 FY25 from Rs 53 crore in Q4 FY24. The firm also experienced a fivefold growth in profits during FY24.

Go Digit General Insurance’s IPO was valued at Rs 2,616 crore, including a fresh issue of Rs 1,250 crore, with the remainder offered for sale. The company listed on the stock exchange on May 23 this year at a share price of Rs 286, a 5.1% increase from their price band of Rs 258-272 per share.

Thyrocare Expands Diagnostic Services in Northern India through Polo Labs Acquisition

Garima Bansal
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Thyrocare Expands Diagnostic Services in Northern India through Polo Labs Acquisition

Thyrocare, a leading provider of diagnostic and preventive healthcare services, has recently acquired Polo Labs’ pathology diagnostic business. This move is set to broaden Thyrocare’s presence in Northern India.

Thyrocare, which was acquired by API Holdings on June 25, 2021, for $613 million, has raised a total of $63.6 million to date. Polo Labs, based in Northern India, operates 14 laboratories across Punjab, Haryana, Himachal Pradesh, and Jammu & Kashmir, offering affordable and accessible diagnostic services. The lab utilizes advanced technology and equipment to meet high-quality standards.

Thyrocare has stated that this acquisition aligns with its strategic goal of enhancing diagnostic services and expanding its reach throughout India.

Founded by Arokiaswamy Velumani, Thyrocare is a fully automated diagnostic laboratory known for delivering quality reports at cost-effective prices to various laboratories and hospitals in India and abroad. The company is based in Mumbai and claims to serve over 2,000 cities both domestically and internationally.

CRED Introduces CRED Money: Comprehensive Tool for Managing Finances and Tracking Transactions

Garima Bansal
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CRED Introduces CRED Money: Comprehensive Tool for Managing Finances and Tracking Transactions

CRED, the reward-based payments platform, has introduced CRED Money, a new financial management tool designed to consolidate balances and transactions from various bank accounts, wallets, and UPI IDs into a single view. This feature not only facilitates recurring payments but also offers detailed insights into spending habits.

CRED Money enables users to analyze their financial patterns without needing to disclose their bank account details. Instead, the app retrieves information from account aggregators like banks, mutual funds, and insurance providers.

The platform’s services include capabilities such as tracking forgotten investments, tax refunds, and managing recurring payments like SIPs and insurance policies. Additionally, it helps users monitor transactions across banks, UPI IDs, and credit cards.

Built on the account aggregator (AA) framework, CRED Money ensures secure and encrypted sharing of financial data between authorized entities. Experts view this launch as a strategic move by CRED to enhance daily and weekly user engagement, following its April 2023 UPI payment service launch and the September introduction of the vehicle management platform, Garage. The company is also expanding its wealth management offerings, bolstered by the acquisition of Kuvera in February.

This new service provides CRED with valuable insights into user financial statuses, habits, and investments, improving its ability to tailor offerings from both its own services and third-party partners. CRED’s loan products and CRED Mint have significantly contributed to its growth, showing low default rates and high user satisfaction.

On the UPI front, CRED UPI is now the fourth largest UPI payment processor, according to NPCI data. While it trails behind major players like PhonePe, Google Pay, and Paytm, it has outpaced competitors such as Amazon Pay, WhatsApp, and BHIM in transaction volume, processing over a third of Paytm’s transaction value in June.

In FY23, CRED’s primary revenue sources included rental transactions, peer-to-peer loan interest, processing fees, advertising, and listing fees on CRED Marketplace. The company’s operating revenue increased 3.5 times to ₹1,400.6 crore from ₹393.5 crore in FY22, although losses grew slightly by 5.3% to ₹1,347 crore.

Nasher Miles Secures $4 Million Funding to Propel Omnichannel Expansion and Boost Domestic Production

Garima Bansal
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0
Nasher Miles Secures $4 Million Funding to Propel Omnichannel Expansion and Boost Domestic Production

Nasher Miles, a prominent digital-first luggage brand, has secured $4 million in a bridge round to Series A funding. The investment came from the Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), and Mohit Goyal (CVC Capital Partners), among others.

The company reported that this funding was raised at a post-money valuation of $30 million. Earlier in February, Nasher Miles received investment from all five judges on Shark Tank India-3, achieving a valuation of Rs 200 crore ($23.8 million).

The new funds will support Nasher Miles’ plans for omnichannel expansion. The company aims to increase its offline presence to 1,000 multi-brand outlets across India by the end of this year and open 3-5 exclusive brand outlets within this financial year.

Additionally, Nasher Miles intends to enhance its quick commerce presence in select cities and boost its production capacity within India, aiming for 70-75% domestic manufacturing by December 2024.

Founded in 2017 by Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga, Nasher Miles specializes in travel bags and luggage. Its product range includes corporate backpacks, outdoor travel bags, luggage sets, laptop roller cases, and various accessories such as luggage covers, neck pillows, masks, and backpack rain covers, all available in different customized prints and colors.

Nasher Miles claims to have appointed over 20 distributors nationwide and established a presence in 150 stores within just two and a half months. The company projects that its offline channel will generate $12 million in revenue in the next financial year.

Yubi Expands ESOP Pool to Attract Top Talent Amid Rapid Growth

Garima Bansal
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0
Yubi Expands ESOP Pool to Attract Top Talent Amid Rapid Growth

Fintech unicorn Yubi (formerly CredAvenue), known for providing business loans, has expanded its employee stock option (ESOP) offerings under both its existing and new ESOP plans. According to a special resolution approved by Yubi’s board, the company has added 2.2 million stock options to its ESOP pool, increasing the total number to 6,008,920 options, as per regulatory filings from the Registrar of Companies (RoC).

Specifically, Yubi has allocated 1.1 million new stock options to its 2022 ESOP plan, raising the total to 4,908,920 options. Additionally, the company has introduced a new 2024 ESOP plan, adding another 1.1 million options, detailed in a separate RoC filing.

The expansion of the ESOP pool is aimed at attracting and retaining top talent within the company. According to estimates by TheKredible, the newly added ESOP options are valued at approximately $26 million, bringing the total value of Yubi’s ESOP plan to $70 million.

Yubi achieved unicorn status in March 2022 following a $135 million Series B funding round led by Insight Partners, Dragoneer Investment Group, and B Capital Group. The company’s valuation reached $1.5 billion after a secondary sale last year.

Yubi’s platform connects businesses seeking loans with financial institutions and investors. Its services include vendor and dealer financing, as well as a marketplace for primary and secondary bonds. In July, Yubi led a ₹150 crore debt round for Infra Market and participated in a debt round for Auxilo.

Backed by Vivriti, Yubi nearly doubled its revenue to ₹328 crore in FY23. However, in its drive for growth, the company’s losses increased more than eight-fold to ₹482 crore during the same period. The Bengaluru-based firm has yet to file its annual financial statements for FY24.

Emami Set to Acquire Full Ownership of Men’s Grooming Brand The Man Company

Garima Bansal
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0
Emami Set to Acquire Full Ownership of Men’s Grooming Brand The Man Company

Emami, a leading fast-moving consumer goods (FMCG) company, is preparing to acquire a full 100% stake in the men’s grooming brand The Man Company, according to sources familiar with the matter, as reported by Entrackr. This acquisition marks Emami’s first complete purchase in the direct-to-consumer (D2C) sector, despite its previous investments in various D2C companies.

As of July 2022, Emami already held just over a 50% stake in The Man Company. Data from startup intelligence platform TheKredible reveals that co-founders Hitesh Dhingra, Parvesh Bareja, and Bhisam Bhateja collectively own around 35% of the company. Emami’s acquisition of a 33.09% stake occurred in two phases, in December 2017 and February 2019.

For the fiscal year ending March 2024, The Man Company reported revenues of Rs 185 crore, with 70% derived from e-commerce channels, including major marketplaces and its own website. The company reported EBITDA profitability with Rs 14 crore in FY24.

To date, The Man Company has raised a total of Rs 75 crore ($9 million). The Gurugram-based company competes primarily with Beardo, which Marico acquired in July 2020 for around Rs 350 crore. Beardo has not yet released its FY24 financials but achieved over Rs 100 crore in revenue for FY23. Another competitor, Ustraa, reported similar revenue figures for FY23.

Neo Raises ₹32 Crore in Latest Funding Round; Valuation Hits $162.5 Million

Garima Bansal
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0
Neo Raises ₹32 Crore in Latest Funding Round; Valuation Hits $162.5 Million

Wealth and asset management firm Neo has secured ₹32 crore (approximately $4 million) through a private placement. This marks the company’s initial investment round of 2024. The board of Neo has authorized the issuance of 1,226 equity shares at ₹2,60,799 each, aimed at raising ₹32 crore (around $3.85 million), as detailed in their regulatory filing with the Registrar of Companies (RoC).

Morde Foods contributed ₹20 crore, while SN Damani Developers and Bridgemonte Advisors invested ₹10 crore and ₹2 crore, respectively. The raised funds are designated for business expansion and operational needs. Post-investment, Morde Foods will own a 1.48% stake, with SN Damani Developers and Bridgemonte Advisors holding 0.74% and 0.15%, respectively.

To date, Neo has raised approximately $78 million, including a $35 million Series B round led by Peak XV (formerly Sequoia Capital) in October of the previous year.

Founded by Nitin Jain, Neo offers advisory and yield-based investment solutions to some of India’s top billionaires, focusing on transparency and cost-effectiveness. The company reports managing over $3 billion (about ₹25,000 crore) in assets under advisement (AUA), with $360 million (around ₹3,000 crore) in assets under management (AUM).

For the fiscal year ending March 2023, Neo achieved a 9X revenue growth to ₹65.1 crore, with a modest loss of ₹3.6 crore. The company has yet to file its annual report for FY24.

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