AstroTalk Raises $9.5M in Series A Funding Led by Left Lane and Elev8 Capital

AstroTalk Raises $9.5M in Series A Funding

AstroTalk is a Noida-based B2C Astrotech startup that has raised a funding amount of $9.5 million in  its extended series A funding round led by Left Lane Capital and Elev8 Capital. Left Lane Capital  invested Rs 58.3 crore while Elev8 Capital invested over Rs 20 crore. This Astrotech startup is  planning to raise more than $30 million in its upcoming round.  

This Noida-based startup provides a B2C Astrotech platform that offers online astrology consultation  from astrologers across the world via the internet, call, or chat. This startup has features including  tarot reading, and palm reading, and is planning to expand its market globally. The board has  approved a resolution to allot 5,067 compulsory convertible preference shares to raise $9.5 million.  TheKredible predicted the startup’s post-valuation to be around $300 million. The startup’s valuation  had a 33.3% increase compared to the last round.  

AstroTalk has already raised more than Rs 172 crore to date including $20 million raised in its  series A round in February. Entracks reports. The startup has more than 13,000 astrologers, Vastu  experts, tarot readers, and Numerologists. Astrotalk had good financial performance in FY23 with  revenue growth to Rs 283 crore, which is 146% more than the previous year. The profit also  increased by 41.7% and reached s 8.5 crore. Entrackr estimated the company to have Rs 650 crore in  revenue and Rs 100 crore in profit by the end of FY24.  

Last year, EMR reported that the Indian religious and spiritual sector had a value of $58.56 billion.  The astrology market is expected to increase at a CAGR of 10% from 2024 to 2032, it is predicted to  touch the $150 billion mark by 2032. The startup data intelligence, The Kredible reported that in the  past year, Astrotech and spiritual tech startups raised over $25 million. Some of these startups  include Ustav App, Vama, and InstaAstro, among others.  

Conclusion: 

Astrotalk is a Noida-based B2C Astrotech startup that has raised a funding amount of $9.5 million in  an extended series A funding round led by Left Lane Capital and Elev8 Capital. This startup is  planning to raise more than $30 million in its upcoming rounds and expand its market globally. This  Noida-based startup offers the best astrology website for online astrology-related readings and  predictions. AstroTalk offers an online platform for tarot reading, and palm reading, via call or chat  sessions with experts.

The startup claims to have more than 13,000 astrologers, Vastu experts, tarot  readers, and Numerologists. The company has already raised more than Rs 172 crore to date  including $20 million raised in its series A round in February. The company is also aiming to introduce  additional features by enhancing its services. The company faces competition from InstaAstro, Ustav  App, and Vama, among others. The startup plans to enhance its platform, and make it more secure,  easy to use, and reliable for its users. 

Country Delight Secures $9 Million in Funding Round Led by Alteria Capital

Country Delight

Country Delight is a Dairy startup based in Gurugram that has raised $9 million in a debt and equity  round led by Alteria Capital. This is the second time the startup had a funding round. This round was  led by Alteria Capital and had the participation of other investors including Venturi partners, Seviora  Capital, and others.  

The board at Country Delight has approved a resolution to allot 70,000 debentures at an issue price  of Rs 1,00,000 each and 3,160 CCPS at an issue price of Rs 21,045 each to raise $9 million. The fund  will be used to scale up operations, meet market demand, and for working capital purposes. Nitin  Kaushal and Chakradhar Gade made this startup to provide dairy products and a grocery delivery  platform. The app uses various technologies to offer its customers with variety of products. This  investment shows the trust of Alteria Capital in the country delight’s market potential and business  model. 

Image source: Facebook 

The startup claims to offer its customers high-quality, pure, unadulterated, and fresh products. Last  year, the company secured $20 million in its series E round from Seviora Capital, Temasek, Venturi  Capitals, and others. Entrackr reported that the company was valued at $820 million in its last equity  round, and is close to becoming a unicorn. Country Delight has secured a total of $175 million fund  to date. The startup intends to use this amount to scale up its in-house infrastructure, hire teams for  business development, expand to the global market, and advance its technology. The company  claims to provide its products directly from dairy farms. The startup offers services in 15 cities  including Delhi NCR, Mumbai, Bengaluru, and Chennai.  

The company will be using this fund to strengthen its online presence and expand across the country.  TheKredible reported that after this round, Orios Venture Partners held the largest stake with 21.35  percent. Fintrckr predicted its revenue to be around Rs 900 crore. The startup competes with  Akshayakalpa Organic and others in the same market.  

Conclusion: 

Country Delight has secured funding of $9 million in its debt and equity round led by Alteria Capital.  The round had participation from various new and existing investors including Venturi partners, and  Seviora Capital. The board at Country Delight has approved a resolution to allot 70,000 debentures at  an issue price of Rs each and 3.,160 CCPS at an issue price of Rs 21,045 each to raise $9 million. The  startup offers a range of dairy products including poultry, bakery goods, and farm produce. Country  Delight has secured a total of $175 million fund to date. This investment shows the trust of its  investors in Country Delight’s market potential and business model. The startup competes with  Akshayakalpa Organic and others in the same market. Country Delight intends to use this amount to  scale up its in-house infrastructure, hire teams for business development, expand to the global  market, and advance its technology.

EV Maker Ather Energy Secures $34.5 Million in Funding Round Led by Stride Ventures 

EV Maker Ather Energy S

Ather Energy, a Bengaluru-based EV has raised $34.5 million in a debt and equity round led by Stride  Ventures. This funding round has the participation of new and existing investors of the startup and was  led by Stride Ventures with Rs 200 crore followed by co-founders of the startup with Rs 43.28 crore  each. According to a report by Entrackr, Ather Energy is planning to raise $95 million in a pre-IPO round.  

The existing investor of the startup, Sachin Bansal has reportedly sold his portion of the stake in the  company to Zerodha’sco-founder Nikhil Kamath. The startup offers electric scooter manufacturing with  fast and intelligent manufacturing across the country. This Electric scooter startup was founded by  Swapnil Jain and Tarun Mehta in Bengaluru to offer high-performance smart electric scooters. 

Image source: atherenergy.com 

The startup data intelligence platform, TheKredible mentioned that Alter Energy was valued at around  $750 million in its previous Series E round. The startup is predicted to get unicorn status after upcoming  rounds. Alter Energy has raised a total funding amount of $450 million to date. TheKredible mentioned  Hero Motocorp as the largest stakeholder of the startup followed by Caladium Investment, Tiger  Global, and Sachin Bansal. These fresh proceeds will be used to build innovative two-wheeler EV  solutions for market expansion and to increase the performance capability of the platform. 

The startup had a 4.36 times increase in its operation revenue to Rs 1,784 crore while the loss  increased 2.5 times to Rs 864.5 crore in FY23. Despite the financial losses, the company achieved  impressive sales numbers, claiming to have sold over 17,000 units in March. In contrast, deals dropped  to just 4,000 electric scooters in April. Ola Electric contributed 50% of the overall sales by selling more  than 30,000 units last month. Alter Energy intends to use the funding amount to make its platform  stronger and reach more people around the country. 

Conclusion: 

Ather Energy is an EV startup, that raised a $34.5 million fund in debt and equity round from Stride  Ventures. The company’s regulatory filing reported that Stride Ventures invested Rs 200 crore followed  by the co-founders of Ather Energy, Tarun Sanjay Mehta, and Swapnil Jain with Rs 43.28 crore each.  Investors who may have participated in the funding round include BP Ventures Hero Motocorp, Tiger  Global, Caladium Investment, Stride Ventures, and more. Ather Energy is the largest electric scooter  manufacturer with fast and intelligent manufacturing across the country. Alter Energy was valued at  around $750 million in its previous Series E round. These fresh proceeds will be used to build innovative  two-wheeler EV solutions for market expansion and to increase the performance capability of the  platform. The electric two-wheelers market saw a 50% decline in April. Despite the loss, the electric  vehicle market is predicted to grow gradually across the Country as investors are becoming more  interested in the EV sector. Hero Motocorp is the largest stakeholder of the startup. These fresh  proceeds will be used to build innovative two-wheeler EV solutions for market expansion and to  increase the performance capability of the platform.

Edtech Startup Vedantu Reports Rs 153 Crore Revenue in FY23

vedantu

Vedantu is an Edtech startup that has recently released its FY23 report. This edtech startup provides  quality education with its cutting-edge technology. They have reported a 7.8% decrease in its FY23  revenue to Rs 153 crore from Rs 166 crore in FY22. Despite the decline, the company managed to  control its losses by 46 percent in the same interval.  

Founded by IIT alumni Vami Krishna, Pulkit Jain, Anand Prakash, and Saurabh Saxena, this startup offers  an online tutoring platform that provides services to all students, including live coaching classes to  grade 6th to 12th students. The startup uses cutting-edge technology to offer the best learning  experience. The interactive tutoring platform is for students who want training in real-time. The profit  for Vedantu in 2022- 23 stood out at Rs 153 crore. Entrackr reported that the startup had the most  income from its offered courses with 94% of its total operating revenue.  

Image source: Wikipedia.com 

The company claims to offer the best solutions to its users by leveraging the new-age technologies.  The startup had Rs 22 crore from interest and gain on its financial assets, this made the total income  of Vendatu to be approximately Rs 175 crore in this Fiscal year. The total expenditure declined 35.8%  to Rs 314 crore in FY23 due to the largest cost center of 56.7% emerging from its employee benefit.  The promotion, advertising, and training pushed its overall expenditure to Rs 553 crore in FY23 from  Rs 888 crore in FY22. The company had a 13.3% decline in total revenue to Rs 144 crore in FY23.  

The startup was backed by Tiger Global during this time, helping Vendantu to decrease the loss by  46.4% to Rs 373 crore in FY23. Fintrackr predicted the enterprise value to revenue multiple to reach  50X. The startup bought Deeksha’s stake for $40 million. The company is planning to expand in the  market by opening 30 offline centers for NEET and JEE courses in multiple cities across India. The  startup competes with Byjus, Eruditus, and upGrad, among others. 

Conclusion: 

Edtech startup, Vendantu reported a revenue of Rs 153 crore in FY23. The technology used by this  startup is to provide interactive and personalized learning experiences. The startup offers an online  tutoring platform that provides services to all students, including live coaching classes for 6th to 12th students. The startup uses cutting-edge technology to offer the best learning experience. The company  claims to offer the best solutions to its users by leveraging the new-age technologies. The startup had  Rs 22 crore from interest and gain on its financial assets, this made the total income of Vendatu to be  approximately Rs 175 crore in this Fiscal year. The company had a 13.3% decline in total revenue to Rs  144 crore in FY23. The company plans to expand in the market by opening 30 offline centers for NEET  and JEE courses in multiple cities across India. The startup had the most income from its offered  courses with 94% of its total operating revenue.

Indian Startups Raised Over $218 Million This Week, Led by Infra.Market and Zypp Electrics

Indian Startups

Indian startups made 31 deals from 27th May to 1st June. The amount raised from these deals was almost $218 million in funding this week. The numbers in funding amount increased by 273%  compared to last week’s report. After seeing the decline for a second consecutive week in May, the  investment activity had an increase during the final week of May. 

E-commerce startups lead the list this week with the total funding amount gained by startups in this  sector reported to be $56.2 million across five deals. The E-commerce sector led the list as startups  like Technosport and Libas secured fundraise of $25 million and $18 million respectively. Real estate  tech startup Infra.market secured the biggest amount of $50 million from MARS Unicorn Fund. Last  year, as its plan for market expansion, the startup acquired Concrete for $90 million in September.  Infra.Market has raised $500 million across all its debt and equity rounds. This round made real estate  tech the second most funded sector this week.  

Image source: crunchbase Image source: technosport.in 

The seed funding sector again had a decline in funding, as it went down from last week’s $13.12 million to $7.7 million. A 41% decline in fundraising was seen in the investment of startups at this age. Meanwhile, the e-commerce sector saw a rise in fundraising. Techno Sportswear, a Bengaluru-based  e-commerce startup secured $25 million in a seed funding round led by the investment fund A91  

partners. The startup closed its first funding round with Rs 208 crore. Libas is another e-commerce startup that secured Rs 150 crore in a funding round led by ICICI Ventures. This is also the first time  that the fashion brand has raised external funding. 

Venture Catalysts was the biggest investor backing 4 startups this week. Most of the startups who  contributed to this week’s fundraising were from the E-commerce, Real estate tech, and Cleantech  sectors followed by fintech, logistics, consumer services, and deep tech startups like Yali Aerospace.  On a weekly basis, startups had a 273% increment compared to last week. Zypp Electrics raised $14  million from ENEOS Oil & Energy Pte Ltd and contributed to the cleantech sector. 

Conclusion: 

31 deals were made by Indian startups from 27th May to 1st June securing over $218 million in funding amount. Real estate tech startup Infra.market secured the biggest amount of $50 million from MARS  Unicorn Fund. Other notable investments include Technosport has raised a total of $25 million in a  seed funding round led by the investment fund A91 partners this week. Most of these startups were  from the E-commerce, Real estate tech, and Cleantech sectors followed by fintech, logistics, consumer  services, and deep tech startups like Yali Aerospace. Libas is another e-commerce startup that secured  Rs 150 crore in a funding round led by ICICI Ventures. This is also the first time that the fashion brand  has raised external funding. The numbers in funding amount increased by 273% compared to last  week’s report. Fundraising of $5o million by Infra.market had a huge contribution in making real estate  tech the second most funded sector this week.

D2C Dairy Brand Country Delight Raises $9 Million from Alteria Capital

Country Delight

Country Delight is a Dairy startup based in Gurugram that has raised $9 million in a debt and equity  round led by Alteria Capital. This is the second time the startup had a funding round. This round was  led by Alteria Capital and had the participation of other investors including Venturi partners, Seviora  Capital, and others.  

The board at Country Delight has approved a resolution to allot 70,000 debentures at an issue price  of Rs 1,00,000 each and 3,160 CCPS at an issue price of Rs 21,045 each to raise $9 million. The fund  will be used to scale up operations, meet market demand, and for working capital purposes. Nitin  Kaushal and Chakradhar Gade made this startup to provide dairy products and a grocery delivery  platform. The app uses various technologies to offer its customers with variety of products. This  investment shows the trust of Alteria Capital in the country delight’s market potential and business  model. 

Image source: Facebook 

The startup claims to offer its customers high-quality, pure, unadulterated, and fresh products. Last  year, the company secured $20 million in its series E round from Seviora Capital, Temasek, Venturi  Capitals, and others. Entrackr reported that the company was valued at $820 million in its last equity  round, and is close to becoming a unicorn. Country Delight has secured a total of $175 million fund  to date. The startup intends to use this amount to scale up its in-house infrastructure, hire teams for  business development, expand to the global market, and advance its technology. The company  claims to provide its products directly from dairy farms. The startup offers services in 15 cities  including Delhi NCR, Mumbai, Bengaluru, and Chennai.  

The company will be using this fund to strengthen its online presence and expand across the country.  TheKredible reported that after this round, Orios Venture Partners held the largest stake with 21.35  percent. Fintrckr predicted its revenue to be around Rs 900 crore. The startup competes with  Akshayakalpa Organic and others in the same market.  

Conclusion: 

Country Delight has secured funding of $9 million in its debt and equity round led by Alteria Capital.  The round had participation from various new and existing investors including Venturi partners, and  Seviora Capital. The board at Country Delight has approved a resolution to allot 70,000 debentures at  an issue price of Rs each and 3.,160 CCPS at an issue price of Rs 21,045 each to raise $9 million. The  startup offers a range of dairy products including poultry, bakery goods, and farm produce. Country  Delight has secured a total of $175 million fund to date. This investment shows the trust of its  investors in Country Delight’s market potential and business model. The startup competes with  Akshayakalpa Organic and others in the same market. Country Delight intends to use this amount to  scale up its in-house infrastructure, hire teams for business development, expand to the global  market, and advance its technology.

Yatra’s FY24 Results Show Rs 4.5 Crore Net Loss Amid Market Recovery

Yatra’s

An Online Travel Agency, Yatra has reported a net loss of Rs 4.5 crore in FY24. Last Fiscal year, the  company had a net profit of Rs 2.6 crore. The startup has worked well in the traveling market in past  years. However, it reported over 10 percent year-on-year decrease during the Fiscal year by the end of  March. The startup’s gross revenue grew 11 percent to Rs 380 crore INR in FY23. 

Yatra was founded by Manish Amin, Sabina Chora, and Druv Shringi to offer real-time hotel  reservations, flight bookings, and train bookings. The company has been offering its product to various  business clients globally. The CEO of Yatra, Dhruv Shingri mentioned that the startup had a 12% YoY  increase in its gross booking during Q4 FY24, with a 13.5% increase in air gross booking. 

Image source: Wikipedia 

Some reports reasoned the net loss increased due to the increase in marketing expenses, service costs,  and employee benefits. Yatra launched an expense management solution to help domestic and global  enterprises manage their expenditure efficiently through expense tracking. The company claims to  have the largest public sector bank in India as a customer. The company’s strategic initiatives and  market position will help them with recovery from loss and growth in the online travel industry.  According to Inc42, This Online travel agency added 25 new corporate accounts in Q4 FY24 to expand  its corporate client base.  

According to reports, India has seen a rapid increase in the online travel market The main focus of his  startup is to provide information, availability, pricing, and booking for domestic and global travel, and  offer real-time hotel bookings. The startup also offers affordable and easy bookings to all its customers.  The company claims to offer best-in-class customer experience with the goal of being India’s Travel  Planner. Yatra competes with other online travel agencies including EseMyTrip, and MakeMyTrip,  among others. 

Conclusion: 

An online travel Agency, Yatra reported gross revenue of Rs 380 crore, marking an 11% increase from  the previous fiscal year. However, it reported over 10 percent year-on-year decrease during the Fiscal  year by the end of March. The startup’s gross revenue grew 11 percent to Rs 380 crore INR in FY23. Founded by Manish Amin, Sabina Chora, and Druv Shringi to offer services including hotel reservations,  flight bookings, and holiday packages. The company has been developing and enhancing its platform  while offering its services to various business clients globally. The CEO of Yatra, Dhruv Shimgri  mentioned that the startup had a 12% YoY increase in its gross booking during Q4 FY24, with a 13.5%  increase in air gross booking. Despite the loss, the company’s strategic initiatives and market position  will help it recover from the loss and help it grow further in the online travel industry. The company  claims to offer best-in-class customer experience with the goal of being India’s Travel Planner. Yatra  competes with other online travel agencies including EaseMyTrip, and MakeMyTrip, among others

Altum Credo Raises $40 Million in Series C Round Led by Z3Partners and Oikocredit 

Altum Credo

Altum Credo is a digital payment company that has secured $40 million in its series C funding round  led by Z3partners and Oikocredit. The company offers financial accessibility to first-home buyers across  rural areas of the country. The startup aims to use this fresh proceed to enhance its platform, and  product development. 

The series C funding round was led by Okiocredit with Rs 80 crore, followed by Rs 85 crore. This round  had the participation of new and existing investors including British International Investment,  Avishkaar Bharat Fund, and Amicus Capital. Entrackr reported that the board members approved a  special resolution to allot 300 equity and 1,99,99,700 CCPS at an issue price of Rs 114 each to raise $ 27 million as primary capital. The secondary transaction had 1.03,96,040 shares sold for $14 million,  out of which Avishkar Bharat Fund sold Rs 79 crore worth of shares. The shares of ABF were purchased  by PS Pai and family in secondary transactions.  

Image source: linkedin 

Altum Credo provides financial access to first-home buyers across the country by offering home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5 to 20 years. The startup data intelligence site,  TheKredible reported Altum Credo to have a post-valuation of around $149 million. After this round, the existing investor Avishkkar holds the largest external stake in this startup with 15.92 percent. The  startup reported that its operation revenue increased to 102.4% reaching Rs 67.2 crore in FY23.  TheKredible reported the startup’s profit increased by 99% and reached the Rs 8.95 crore mark in FY23. 

Founded by Ganesh Rao, Vikrant Bhagwat, and Ashish Tewari, this startup claims to provide tailor made and affordable products with an option of EMI, which allows its customers to get their first home  in a sustainable way. The startup will use the funding amount to strengthen its platform and making it  more secure for its users. The startup offers a wide range of services including low interest rates on  home loans and low processing fees. The startup aimsto become a leader in the tech-driven affordable  housing finance industry. 

Conclusion: 

Altum Credo has secured $40 million in its series C round led by Oikocredit and Z3partners. The startup  aims to use this fresh proceed to enhance its platform, and product development. This round was led  by Oikocredit and had the participation of new and existing investors including British International  Investment, Avishkaar Bharat Fund, and Amicus Capital. This startup provides tailor-made and  affordable products with an option of EMI, which allows its customers to get their first home in a  sustainable way. The board members approved a special resolution to allot 300 equity and 1,99,99,700 CCPS at an issue price of Rs 114 each to raise $ 27 million as primary capital. After this round, the  existing investor Avishkkar holds the largest external stake in this startup with 15.92 percent.  TheKredible reported Altum Credo to have a post-allotment valuation of around $149 million.

Sportswear Brand Techno Raises $25 Million from Investment Firm A91 Partners

techno sportswear

Techno Sportswear is a Bengaluru-based startup that has secured $25 million in a round led by the  investment fund A91 partners. The startup closed its first funding round with Rs 208 crore. The startup  has branches in the United Arab Emirates and South Africa. This startup wants to get globally and  locally recognized for its sustainability and affordable clothing material. 

Founded by Sunil JhunJhunWala, this startup provides an online platform that offers top-class  sportswear for men and women. The company claims to provide the best quality activewear at  affordable prices which also cares about the environment. The startup leveragestechnology, style, and  fitness to create sportswear that is affordable, sustainable, and comfortable. The startup was formed  in the textile hub of Tirupur in Tamil Nadu and 13 years later it expanded to the region of South Africa  and UAE. The brand makes products to meet fashion trends, technological advances, and market  conditions. 

Image source: technosport.in 

Economic Times reported that A91 Partners, founded by Peak XV partners, VT Bharadwaj, Gautam Mago, and Abhay Pandey are focusing on investing in technology-based, customer-based, and financial service-based startups. This investment of $25 million in Techno sportswear can be seen as one of the  steps toward this strategic plan. The startup claims to have made more than 12 million activewear since its inception. The company started with 5 employees and now has over 500 employees working  under them.  

Techno Sportswear, a Bengaluru-based activewear startup has raised $25 million in its seed funding  round. The funding round saw participation from Sequoia Capital’s A91 partners. Other investors  include entrepreneurs in the consumer tech industry. These fresh proceeds will be used toward scaling  up operations, fulfilling working capital requirements, and supporting the general corporate process while aiming for market expansion. The startup aims to enhance its platform to offer a seamless  experience to its customers. The startup claims to use branding to improve the quality of life for its customers and clients.  

Conclusion: 

A Bengaluru-based sportswear startup, Techno Sportswear has secured $25 million in a funding round  led by A91 partners. This startup provides an online platform that offers top-class sportswear for men  and women. The startup was formed in the textile hub of Tirupur in Tamil Nadu and 13 years later it  expanded to the region of South Africa and UAE. The brand makes products to meet fashion trends,  technological advances, and market conditions. The company claims to provide the best quality  activewear at affordable prices which also cares about the environment. The startup leverages technology, style, and fitness to create sportswear that is affordable, sustainable, and comfortable.  The startup closed its first funding round with Rs 208 crore. The startup has branches in the United  Arab Emirates and South Africa. A91 Partners, founded by Peak XV partners, VT Bharadwaj, Gautam Mago, and Abhay Pandey are focusing on investing in technology, customer, and financial service-based startups. The company aims to get global and local recognition for its sustainability and  affordable clothing material.

B2B Fintech Startup Oxyzo Reports Rs 903 Crore Revenue in FY24 

B2B Fintech Startup Oxyzo

An B2B fintech startup, Oxyzo reports that they had a revenue of Rs 903 crore in FY24. The startup has  worked well in the fintech market; in past years, it reported over 58.4 percent year-on-year growth  during the Fiscal year by the end of March. The startup’s revenue grew to Rs 903 crore in FY24 from Rs 570 crore in FY23. Oxyzo reported profit increased by 47% with almost Rs 300 crore threshold.  

Oxyzo was formed by Ruchi Kalra to act as a lending arm for OfBusiness, which provides credit solutions  to transform Startups and Small and Medium Enterprises into Large. The company offers customized  to help SMEs expand their revenue, profit, and operations. The startup claims to be a leading lending  option for all SMEs across the country. The company offers customized loan options, working capital,  low-interest rates, and 48-hourloan processing. Oxyzo has been steadily making its place in the fintech market with over 58.4 percent year-on-year growth. The startup also reported Profit After Tax of Rs  291 crore.  

Image source: oxyzo.in 

According to Entrackr, 96% of total operating revenue was from the disbursement of loans and the rest of the income came from commissions and fees. The startup had its operating revenue increased by  61.3% to Rs 866 crore in FY24. The company offers specialized financial solutions for its clients and  SMEs. The company claims to have a deep understanding of the business needs of SMEs. According to  TheKredible, Alpha Wave is the biggest external stakeholder with 7.4% and OFB group including promoters owns 74.5 percent. The startup is backed up by Tiger Global, OFB group, and AlphaWave.  

According to reports, India has seen a rapid increase in the fintech sector. This sector has opened  various market opportunities in the country. Fintech startups are gaining lots of investment these  months. Last week the total funding amount gained by startups in the fintech sector was reported to  be $23.9 million across four deals. Oxyzo has been introducing innovative solutions and profitable  services in the B2B market. The startup is predicted to get an increase in its valuation, as it raised  around $200 million in 2022.  

Conclusion: 

Oxyzo, a B2B fintech startup announced its financial report for 2024. They earned Rs 903 crore in  revenue during this time. The startup’srevenue grew to Rs 903 crore in FY24 from Rs 570 crore in FY23. Oxyzo reported profit increased by 47% with almost Rs 300 crore threshold. The startup claims to be  a leading lending option for all SMEs across the country. Oxyzo has been steadily making its place in  the fintech market with over 58.4 percent year-on-year growth. The startup also reported Profit After  Tax of Rs 291 crore. The company claims to have a deep understanding of the business needs of SMEs. The startup is backed up by Tiger Global, OFB group, and AlphaWave. Alpha Wave is the biggest  external stakeholder with 7.4% and OFB group including promoters owns 74.5 percent.

Atlys Set to Raise Up to $18 Million in Series B Round Led by Peak XV Partners

Atlys

Atlys is an online visa application platform planning to raise $15 to $18 million in a Series-B round from  Peak XV partners. Entrackr reported that this Mumbai and San Francisco-based startup plans to raise  its series-B round. Last year, the startup raised $12 million in a series A round led by Peak XV partners  and Elevation Capital. The company has raised more than $17 million in all its funding round to date. 

A person close to this deal told Entrackr that Peak XV partners will lead the round and after this round, Atlys is expected to have a valuation of more than $70 million. Founded by Mohak Nahta this startup  claims to be a trusted global platform with 99.5% on-time delivery for more than 150 destinations. The  company provides an online platform to make the process of getting a visa easy, fast, and secure. The  platform can be accessed from anywhere, with a simple click of photo, and scanning of documents this  app allows its user to complete online visa applications in minutes.  

Image source: linkedin 

Entrackr reported that the platform proceeds more than 30,000 Visa applications per month, with  India’s contribution being more than 60 percent. The startup recently launched a feature to provide  financial security to return the money in case the visa application gets rejected. The CEO and founder  of Atlys, Mohak Nahta told entrackr that the company is not engaging in any fundraising activity at  present. According to the source, this series B funding round will be led by Peak XV and may close in  two months.  

The startup claims to have processed more than 5 lakh visas and enabled e0visa applications for more  than 100 countries including India, UAE, Japan, Australia, Russia, and Argentina. The latest feature  allows users to refund up to Rs 8,000 if the visa gets rejected. The global e-visa market is predicted to  grow and reach the size of $4.03 billion by 2031. Atlys competes with other B2B and B2C companies  including VisaHQ, Visa2Fly, and stampThePassport, among others. 

Conclusion: 

An e-visa-providing platform startup, Atlys plans to raise $15-18 million in its series B round with the  help of Peak XV partners. Last year, the startup raised $12 million in a series A round led by Peak XV  partners and Elevation Capital. The company provides an online platform to make the process of  getting a visa easy, fast, and secure. The platform can be accessed from anywhere, with a simple click  of photo, and scanning of documents this app allows its user to complete online visa applications in  minutes. The latest feature allows users to refund up to Rs 8,000 if the visa gets rejected. After the  series B funding round and after this round, Atlys is expected to have a valuation of more than $70  million. The CEO and founder of Atlys, Mohak Nahta told entrackr that the company is not engaging in  any fundraising activity at present. 

Wealth Management Platform Wealthy Secures $5.4 Million from Alpha Wave

Wealth Management Platform Wealthy

Wealthy is a wealth management platform that has secured $5.4 million in its first funding round. This  round was led by Falcon Edge’s Alpha wave incubation Fund and had participation of other investors  including Savrola Lakshmi LLC. Alpha Wave led the round with Rs 20.7 crore followed by Savrola  Lakshmi LLC with Rs 16.38 crore and rest of the Rs 7.92 crore came from individual investors.  

The board has approved a resolution to allot 47,222 CCPS at an issue price of Rs 9,556 each to raise  $5.4 million. According to the company filing, the startup will use these fresh proceeds for working  capital purposes and market expansion. Founded by Aditya Agarwal and Prashant Gupta, this startup specializes in offering investment management and tracking tools to retail investors. The startup  provides a financial services platform that uses various technologies to offer its customers with 

financial advisory, transaction capabilities and access to wealth management professionals. This  investment shows the trust of Alpha Wave in Weathy’s market potential and business model. 

Image source: wealthy.in 

The startup claims to have done more than Rs 4,500 crore of investments thought its wealth  management platform. After this round, the existing investor Alpha Wave holds the largest external  stake with 24.16 percent. The startup had 8 time more increase in its loss in FY23, while its revenue  increased by 57.2% and reached Rs 11.82 crore mark. The startup competes with Deserv, Cube Wealth,  and stable Money, among others.  

The startup claims to process investment request in 24 hours. The company will be using this fund to  strengthen its platform, make it more secure and expand across the country. Wealthy intends to use  this amount to scale up its in-house infrastructure, hire teams for business development, expand to  the global market, and advance its technology. Wealthy offers a platform that offers both efficiency  and speed in the investment process helping users to make faster and efficient investments with wealth management. 

Conclusion: 

Wealthy is a Bengaluru-based startup offering wealth Management platform for faster and secure  investments. The startup got fresh capital of $5.4 million from Falcon Edge’s Alpha wave incubation  Fund. The funding round had participation from other investors including Savrola Lakshmi LLC. The  company plans to use this amount to scale up its in-house infrastructure, hire teams for business development, expand to the global market, and advance its technology. Alpha Wave led the round  with Rs 20.7 crore followed by Savrola Lakshmi LLC with Rs 16.38 crore and rest of the Rs 7.92 crore  came from individual investors. After this round, the existing investor Alpha Wave holds the largest external stake with 24.16 percent. The startup claims that it uses various technologies to offer its  customers with financial advisory, transaction capabilities and access to wealth management  professionals. The company’s board approved the resolution to allot 47,222 CCPS at an issue price of  Rs 9,556 each to raise $5.4 million. The startup competes with Deserv, Cube Wealth, and stable Money,  among others.