Pine Labs Gets Approval from Singapore Court to Shift Its Domicile to India

Pine Labs Gets Approval from Singapore Court to Shift Its Domicile to India

Pine Labs a Singapore-based fintech startup has secured approval from the Singapore court to move  its domicile in India. The startup’s whole undertaking including assets and liabilities needs to be  transferred and merged with its Indian company according to the agreement. After this procedure, all  shareholders of the Singapore entity will become shareholders of Pine Labs (PLI) and every pending  legal proceeding then will be continued as PLI.  

According to a report by TechCrunch, the filing mentioned that the National Company Law Tribunal  order filed with the Registar of companies, the Singapore entity shall be dissolved without any  undergoing operations under it. Pine Labs is now the third fintech company to move its domicile in  India from overseas after Phonepe and Groww. Many other fintech startups are in different stages of  moving domicile to India including KreditBee, Razorpay, Zepto, and Meesho. The approval of the  Singapore court made Pine Labs the third Indian-originated startup to shift its domicile back to India. 

Pine Labs is a leading merchant platform that provides merchants with a variety of services including cloud-connected point-of-sale machines, credits, gifting, and various products. The valuation of an company plays an important role in deciding the tax liabilities one needs to pay while shifting the  domicile. Last year, the US-based investment company, Baron Funds valuated Pine Labs’ worth to be  

$5.8 million while another investment firm, Invesco reported a $4.8 billion valuation. The startup has  been trying for an Initial public offering for the past few years but has not yet succeeded in securing it.  

The reverse flip requires a healthy amount of tax liabilities to be paid. Phonepe’s investors paid Rs  8,000 crore in taxes to complete this whole procedure of shifting domicile to India. The Peak XV  partners are backing up this fintech startup, the startup is also looking for an IPO in India after shifting  from Singapore. Even though Pine Labs has received approval to move domicile, it’s still waiting for  India’s court approval for the National Company Law tribunal. 

Conclusion: 

Pine Labs a Singapore-based fintech startup has secured approval from the Singapore court to move  its domicile to India. The startup’s whole undertaking including assets and liabilities needs to be  transferred and merged with its Indian company according to the agreement. The approval of the  Singapore court made Pine Labs the third Indian-originated startup to shift its domicile back to India. The reverse flip requires a healthy amount of tax liabilities to be paid.

Last year, the US-based  investment company, Baron Funds valuated Pine Labs’ worth to be $5.8 million while another  investment firm, Invesco reported a $4.8 billion valuation. The startup has been trying for an Initial  public offering for the past few years but has not yet succeeded in securing it. The Peak XV partners  are backing up this fintech startup, the startup is also looking for an IPO in India after shifting from  Singapore. Pine Labs is now the third fintech company to move its domicile in India from overseas after  Phonepe and Groww.

Reloy’s FY24 Revenue Rises 65% to Rs 21 Crore; Achieves Rs 1,450 Crore in Referral Sales

Reloy’s FY24 Revenue Rises 65% to Rs 21 Crore

Reloy, a proptech startup that helps builders in referrals and real estate loyalty has reported a 65%  increase in its FY24 revenue to Rs 21 crore. Founded in 2015 by Akhil Sharaf, Bela Saraf, Devesh, and  Abhay Ambo, this Mumbai-based startup brings all real estate stakeholders together and helps them  build efficient distribution. The technology used by this startup is built for the basics of real estate such  as high value, low volume, and personalized. 

This B2B2C homeowner and broker management platform helps builders manage their builders and  brokers more efficiently. The revenue for Reloy in 2022-23 stood out at Rs 12.7 crore. PTI mentioned  that the founder and CEO of Reloy, Akhil Saraf pointed out the direct relation between higher sales,  client acquisitions, and Reloy’s growth. Saraf claimed that the startup helped builders generate over  Rs 1,450 crore worth of referral sales in the last fiscal. The current fiscal goal for the company’s referral  sales is Rs 3,500 crore. HDFC Capital owns a 10% stake in the startup. So far, the company has raised  over Rs 13 crore from various investors including HDFC Capital. 

The company claimed that it offers solutions with the post-purchase journey that homeowners have  with builders and then they offer benefits across requirements of home finance and interior. The  startup has known names in the industry as clients including Godrej Properties, DLF, Mahindra  Lifespace, L&T Realty, and many more. The startup offers platforms to help homeowners with  document management, payments, and customer tracking. 

The startup has recently launched a new version of its app “Connectre 4.0”, offering builders a  seamless experience. The upgraded version allows an individual to easily navigate their homebuying  steps easily, fostering loyalty and driving referrals at every stage as a benefit. Reloy claims to be the  world’s largest homeowner loyalty and referral program platform. This startup helps real estate  companies build efficient distribution and offer referrals. 

Conclusion: 

Reloy, a proptech startup that helps builders in referrals and real estate loyalty has reported a 65%  increase in its FY24 revenue to Rs 21 crore. The startup helped builders generate over Rs 1,450 crore  worth of referral sales in the last fiscal. The current fiscal goal for the company’s referral sales is Rs  3,500 crore. HDFC Capital owns a 10% stake in the startup. The startup has recently launched a new  version of its app “Connectre 4.0”, offering builders a seamless experience.

The upgraded version  allows an individual to easily navigate their homebuying steps easily, fostering loyalty and driving referrals at every stage as a benefit. The technology used by this startup is built for the basics of real  estate such as high value, low volume, and personalized. This B2B2C homeowner and broker  management platform helps builders manage their builders and brokers more efficiently. Reloy is the  world’s largest homeowner loyalty and referral program platform. This startup helps real estate  companies build efficient distribution and offer referrals.

PNB Housing Finance Expects 17% Growth in Loan Portfolio in FY25

PNB Housing Finance Expects 17% Growth

PNB Housing Finance is an Indian housing finance company that aims to grow by 17% next fiscal year  by increasing branch networks and affordable housing loans. The finance company had previously  opened over 100 branches to expand business including the affordable loading segment. A report by  PTI mentioned that the Managing director of PNB Housing Finance, Girish Kousgi said that the  company has enough capital to achieve this target.  

The company raised capital through the right issue last year, so they don’t need capital for 2-3 years.  PNB Housing also reported a loan book of Rs 63,000 crore and is aiming to grow by 17% with a focus  on the affordable segment. In just 5 months, the affordable housing loan book reached at Rs 1,790  crore. Meanwhile, Finance’s corporate loan book saw a decrease of 46% in FY24.

After three years of  break, the company will increase corporate lending this year. Previously opened 100 branches by PNB  will also help the company to expand its business with affordable segments. PNB Housing Finance now  owns over 300 branches across the Country. During the current Fiscal year, 50 more branches will be  added to focus on the affordable loan market. 

PNB Housing Finance has assets under management of Rs 65,000 crore with Rs 2,000 crore related to  corporate lending. As the company is aiming for an affordable loan market, the PNBHFL is reported to  have plans to open 50 new branches to focus on this segment. Girish Kounsi mentioned focusing on  an emerging vertical that was started this year. In an interview with Businessline, the company  mentioned that scaling up affordable followed by emerging and prime will be the main focus area for  this year. PNBHF reported a 57.27% increase in consolidated net profit for the March  2024 quarter at ₹439.25 crore. In the December 2023 quarter, consolidated net profit stood at ₹338.44  crore. 

Conclusion: 

PNB Housing Finance aims to grow by 17% next fiscal year by increasing branch networks and  affordable housing loans. The finance company had previously opened over 100 branches to expand  business including the affordable loading segment. After three years of break, the company will  increase corporate lending this year. Previously opened 100 branches by PNB will also help the  company to expand its business with affordable segments. PNB Housing Finance now owns over 300  branches across the Country. During the current Fiscal year, 50 more branches will be added to focus  on the affordable loan market.

PNB Housing Finance has assets under management of Rs 65,000 crore  with Rs 2,000 crore related to corporate lending. As the company is aiming for an affordable loan  market, the PNBHFL is reported to have plans to open 50 new branches to focus on this segment. The company focuses on scaling up affordable followed by emerging and prime for this fiscal year. The  Managing director of PNBHF, Girish Kousgi said that the company has enough capital to  achieve this target.

KonProz Raises $700K in Funding Round Backed by RDB Group and Other Investors

KonProz Raises $700K in Funding Round

Konproz is a generative AI startup founded by Shiladitya Dash and Piyush Chopra, to use generative AI  as a responsible and indispensable tool to build SaaS solutions. The startup has recently secured $700k  in a funding round led by angel investors, Dr. Ruchi Parekh and RDB group. The startup aims to use  GenAI to build SaaS services for the legal, tax, and regulatory space.  

The amount raised during this round will be used to build Generative Artificial intelligence intellectual  solutions for the team expansion, scaling up operations to increase the performing capability of  KonProz’s platform and for the legal domain. The startup has received attention for its flagship  products, such as the first GenAi tool trained on India’s tax, legal and regulatory laws, KonProz GPT.  The KonProz platform has received over 2000 active users including senior professionals from Big4s  and Tier 1 law firms since the release of its phase 1 product in November.  

The startup is aiming to build a comprehensive suite of products. The Generative Artificial Intelligence sector is in boom these days, in the past six months, generative AI platforms have managed to secure  decent funding in their early stages. Last year, In December, Sarvam AI raised $41 million in a series A  round led by Lightspeed which was the largest funding in this sector. Followed by Ema with $25 million  and Neysa secured $20 million in the Series A round.  

This Delhi-NCR-based GenAI startup aims to make SaaS solutions to strengthen its position in the  market as a leader in the Legal AI innovative space. The founders of KonProz said that securing this  amount gave them a sense of relief and confidence as the investment highlights the confidence of  investors in the startup’s vision and potential. The funding will be used to further enhance KonProz’s  platform to set new standards for the legal and tax technology sector. The investors showed support and confidence in the immense potential of Konproz’s solutions in GenAI. 

Conclusion: 

Konproz is a generative AI startup that aims to use GenAI to build SaaS services for the legal, tax, and  regulatory space. The startup has recently secured $700k in a funding round led by angel investors, Dr.  Ruchi Parekh and RDB group. The amount raised during this round will be used to build Generative  Artificial intelligence intellectual solutions for the team expansion, scaling up operations to increase the performing capability of KonProz’s platform and for the legal domain.

The KonProz platform has  received over 2000 active users including senior professionals from Big4s and Tier 1 law firms since  the release of its phase 1 product in November. This Delhi-NCR-based GenAI startup aims to make SaaS  solutions to strengthen its position in the market as a leader in the Legal AI innovative space. The  founders of KonProz said that securing this amount gave them a sense of relief and confidence as the  investment highlights the confidence of investors in the startup’s vision and potential.

Sundaram Home Finance Reports Q4 Net Profit of Rs 57 Crore

Sundaram Home Finance Reports Q4 Net Profit

Sundaram Home Finance is a subsidiary wholly owned by Sundaram Finance. They reported a net profit  of Rs 57 crore for the fourth quarter of 2024. The headquarters registered net worth for last year Q4  was Rs 65 crore. The net profit went from Rs 216 crore in 2023 to Rs 236 crore in March 31.  

ET reported that disbursements made during this quarter went up by 20% as compared to last year.  For ending March 31, 2024, the overall DB breached the Rs 5000 crore milestone, totaling Rs 5,039  crore. The rise was 27% compared to last financial year. In comparison to last year, the AUM also went  up to Rs 13,812 crore on March 31, 2024. Managing Director of Sundaram Home Finance,  Laksgminarayan Duraiswamy said in a statement that 2024 has been a good year for the company so  far. The real estate segment with consistent demand and home buyers have driven the growth for their  new branch network, and penetration into small towns. 

The company also mentioned that the strong growth momentum in tier 1 and 2 towns in the South  and contribution from Madhya Pradesh and Rajasthan were the biggest factors for the company to  have this achievement of Rs 5,000 crore in disbursement in FY24. Last year, the company opened over  20 new branches including Kamareddy, Sathupalli, Kompally, and Sangareddy in Telangana,  Rajapalayam, Marthandam, and Tiruppur in TN, Jodhpur, Ajmer and spreading the overall network to  150 across the country. They hired over 400+ employees in FY24 and focused on the continuous  expansion in the market.  

Sundaram is focusing on going deeper into small towns and exploring tier-4 towns in South India.  They are expecting these new locations to expand more. According to a report by ET, the company has  opened over 30 exclusive SBL branches in Tamil Nadu with disbursements of more than Rs 125 crore.  The company is registered with the Reserve Bank of India and is a prominent member of the TSF group. 

Conclusion: 

Sundaram Home Finance is a subsidiary wholly owned by Sundaram Finance. They reported a net profit  of Rs 57 crore for the fourth quarter of 2024. The headquarters registered net worth for last year Q4  was Rs 65 crore. The company is focusing on going deeper into small towns and exploring tier-4 cities  in South India. Disbursements made during this quarter went up by 20% as compared to last year. For ending March 31, 2024, the overall DB breached the Rs 5000 crore milestone, totaling Rs 5,039 crore. 

The rise was 27% compared to last financial year. In comparison to last year, the AUM also went up to  Rs 13,812 crore on March 31, 2024. The rise was 27% compared to last financial year. Last year, the  company opened over 20 new branches including Kamareddy, Sathupalli, Kompally, and Sangareddy  in Telangana, Rajapalayam, Marthandam, and Tiruppur in TN, Jodhpur, Ajmer and spreading the overall  network to 150 across the country. For the year ending March 2024, the net profit rose from Rs 216  crore in 2023 to Rs 236 crore.

Indian Startups Raise Over $122 Million This Week, Led by Propelld and Red.Health

Indian Startups Raise Over $122 Million This Week,

21 deals were made by Indian startups from 13th May to 18th May. The amount raised from these deals  was more than $122 million in funding this week. The numbers in funding amount went down by 45%  in comparison to last week’s report. Funding activity in the world’s third-largest ecosystem saw a  decline for a second consecutive week in May, as the number went from last week’s $220 million to  $122 million in the same number of deals.  

Fintech startups lead the list this week with the total funding amount gained by startups in this sector reported to be $33.1 million across three deals. Propelled secured the biggest amounts, Buoyed by its  $25 million fundraising dominated the funding trend in this sector. Propelld provides education loans  to those who want to borrow money via online channels. The startup is working to enhance its  platform, scale up its existing segments, and expand in the fintech sector. The startup raised funding  of $25 million from Credit Saison India, AU Small Finance Bank, InCred Financial Services, and Northern  Arc Capital. 

The seed funding sector saw a decline in funding again, as it went down from last week’s $8.4 million  to $3.5 million. A 58% decline in fundraising was seen in this sector. Propelld and Red.health topped  the list this week. Red. health is the only healthcare-related startup on the list. Ambulance service  provider and healthcare Platform Red. health has raised a total of $20 million in a series B round led  by Jungle Ventures. This Hyderabad-based startup also got investments from Alteria Captial and its  existing investors HealthQuad and HealthX. With the funding amount from the series B round, the  startup has now raised a total of $43 million since its inception in 2016. 

Most of these startups were from fintech and SaaS followed by deep tech, logistic, cleantech, and agritech Startups like Ecozen. The list further extends to other sectors such as e-commerce Real estate tech startups, and more. On a weekly basis, startups had a marginal 45% drop as compared to the  previous week, as it went from $320 million to $122 million. 

Conclusion: 

21 deals were made by Indian startups from 13th May to 18th May securing over $122 million in  funding amount. Propelled secured the biggest amounts, Buoyed by its $25 million fundraising dominated the funding trend in this sector. Other notable investments include Red. health has raised  a total of $20 million in a series B round led by Jungle Ventures this week. Most of these startups were  from fintech and SaaS followed by deep tech.

The list further extends to other sectors such as e commerce Real estate tech startups, and more. On a weekly basis, startups had a marginal 45% drop  as compared to the previous week, as it went from $320 million to $122 million. Funding activity in  the world’s third-largest ecosystem saw a decline for a second consecutive week in May, as the number  went from last week’s $220 million to $122 million in the same number of deals.

OYO to Refile IPO Papers After Securing $450 Million to Refinance Loan

OYO to Refile IPO Papers

Oyo, a travel tech company is currently preparing to refile IPO papers for a refinancing loan as it is nearing finalization rounds. The company was said to be looking to raise up to $450 million through its  sale of dollar bonds. The financing round is expected to be led by JP Morgan. According to a report by  PTI, the bond is expected to carry a 9 to 10% interest rate per year. 

The company is already planning to refile an updated version of DRHP after the completion of bond  insurance. Oyo has already submitted the documents to withdraw its current draft red herring  Prospectus with the market’s regulator SEBI. The refinancing will surely make material changes to  OYO’s financial statements. Therefore, as per the existing rules of SEBI, it will need to revise its filings  with its regulator.

The company is aiming for $350-$450 million through bond insurance at an  estimated interest rate of up to 10%. According to Social News XYZ, the refinancing will result in annual  interest savings of $8 to $10 million in its first year, after accounting costs associated with bond  insurance. The company is estimating its annual savings to be around $15 TO $17 million.  

The company mentioned that the decision for refinancing is at an advanced stage so they are pursuing  the revised financial plan, as the IPO approval with the current one does not make any sense. Some  reports also mentioned the time of the whole refinancing process extending the repayment time to  five years from 2026, which will be completed in the next three months. According to a report by PTI,  an individual close to this whole IPO plans of the company said that the refinancing is predicted to  have annual interestsavings of $ 10 million in the first year after accounting costs associated with bond  insurance.

Before the post-refinancing round, the company will be open for an equity round to get  investors’ confidence before public listing to gain financial strength. In 2021, OYO filed preliminary  documents with the Securities and Exchange Board of Indi for Rs 8,430 crore IPO. The IPO launching  was delayed due to market conditions, as the company had to settle for a lower valuation of $4 to $6  billion instead of a predicted valuation of $11 billion.  

Conclusion: 

A travel tech company, OYO is currently in preparation to refile IPO papers for a refinancing loan as it  is nearing finalization rounds. The company was said to be looking to raise up to $450 million through  its sale of dollar bonds. The financing round is expected to be led by JP Morgan. According to a report  by PTI, the bond is expected to carry a 9 to 10% interest rate per year.

IPO plans of the company said that the refinancing is predicted to have annual interest savings of $ 10 million in the first year after accounting costs associated with bond insurance. Before the post-refinancing round, OYO will  be open for an equity round to get investors’ confidence before public listing to gain financial strength.

Delhivery Reports Reduced Q4 Net Loss of Rs 68 Crore in FY24

Delhivery Reports Reduced Q4 Net Loss of Rs 68 Crore

Delhivery, a Gurugram-based logistic startup has reported its net loss narrowed to Rs 68 crore in the  fourth quarter. The company previously had a loss of Rs 159 crore but the total income of the company increased from Rs 1,934.2 to Rs 2,194.5 crore. The company helps sellers and buyers have safe delivery  experiences across India.  

The company’s net loss for the full year declined to Rs 1,007 crore from Rs 259.2 crore. The CEO and  managing director of Delhivery, Sahil Baura said that this year was very crucial for the team. The  company has delivered consistent service levels, improved profitability, and completed more than half  of the planned long-term capital investments. Delhivery has achieved the working capital  improvement, he added. The startup also saw an increase in Express Parcels shipment by 11% as it  went to 740 million from 663 million in FY23. The company offers real-time monitoring updates about  the delivery of products.  

The incorporation of a wholly-owned subsidiary for manufacturing drones and shipment of goods  through air transport services has been approved by the board. The company covers over 19,000 pin  codes in India. This Gurugram-based startup is planning to scale up its operations, enhancing its technologies and research centers. The company aims to build operating systems for commerce,  through a combination of world-class infrastructure, and logistics operations of the highest quality  using its best-in-class cutting-edge engineering and technology. Delhivery calculates the volumetric  weight and compares it with the actual weight before deciding the fees, so these aspects directly  influence the shipment cost. 

Delhivery has known clients in this industry including Softbank Group International, Bharti Airtel Ltd.,  OYO, IndusInd Bank, and more. Delhivery is India’s largest Fully integrated logistic provider, It uses cutting-edge technology and engineering to offer the best services to its clients and customers.  Delhivery is focusing on expanding its services through its innovative technology. The company also offers solutions backed by advanced analytics and is focused on enhancing customer experiences through cost reduction and asset productivity. The platform helps an individual to connect over  services to track their package across India.

Conclusion: 

Delhivery reported a narrowed net loss to Rs 68 crore. Delhivery has known clients in this industry  including Softbank Group International, Bharti Airtel Ltd., OYO, IndusInd Bank, and more. The  incorporation of a wholly-owned subsidiary for manufacturing drones and shipment of goods through  air transport services has been approved by the board. Delhivery is focusing on expanding its services  through its innovative technology. This Gurugram-based startup is planning to scale up its operations,  enhancing its technologies and research centers.

The company aims to build operating systems for  commerce, through a combination of world-class infrastructure, and logistics operations of the highest  quality using its best-in-class cutting-edge engineering and technology. The company offers a platform  that has thousands of vehicles, storage facilities, hyperlocal riders, and various distribution centers  across India. The company also offers solutions backed by advanced analytics and is focused on  enhancing customer experiences through cost reduction and asset productivity. The platform helps an  individual to connect over services to track their package across India.

NBFC Edgro, Backed by Fintech Startup Propelld, Secured $25 Million in Debt

NBFC Edgro, Backed by Fintech Startup Propelld, Secured $25 Million in Debt

Edgro Finance is a Non-banking Finance startup that offers education loans. Education-based fintech  startup Propelld has secured debt funding of $25 million for its NBFC Edgro Finance. Edgro is a  subsidiary owned by Propelld, founded in 2019 by Bibhu Prasad Das, Brijesh Samantaray, and Victor  Senapaty.  

The start-up raised funding of $25 million from 9 lenders including Credit Saison India, Incred Financial  Service, AU small finance bank, and Northen Arc Capital. Propelld provides education loans to those  who want to borrow money via online channels. The head of debt and lending alliance at Propelld,  Nikunj Agarwal mentioned that the idea behind this funding round was to scale up its NBFC business  and Edgro with the fresh capital earned. The startup will be using these funds to offer education loans  and provide needed students accessibility and flexibility of various loan options. 

Edgro Finance focuses on education loans and financial services. It offers services like education loan  customization and loan processes for different education streams. The startup offers low-interest student loans, the Propelld Education Loan interest rates start from 11.50% p.a. The startup was  founded in 2019 to offer online loaning options to students. Nikunj Agarwal emphasized Propelld’s  plan to ensure a diverse category of loan lenders on the supply side. The company is planning to enhance its platform, scale up its existing segments, and expand in the fintech sector.  

The company also mentioned upcoming features like long-distance learning courses for its users. Other  digital lending partners of Propelld apart from Edgro include Avanse Financial Services, Aditya Birla  Capital, and JM Financial. Propelld previously raised $35 trillion in its series B funding round led by  WestBridge Capital. The Fintech startup has connections with over 3000 educational institutes and has successfully lent over 2.5 lakh education loans to date. According to a report by inc42, the Indian digital  lending market is expected to go over $1.3 trillion by the end of 2030. Propelld, a leading education  financing platform came together with Edgro a non-banking Finance startup to provide education loans  to students pursuing higher education.

Conclusion: 

Education-based fintech startup Propelld has secured debt funding of $25 million for its NBFC Edgro  Finance. Edgro is a non-banking Finance startup that provides education loans to students pursuing  higher education through their partnership with Propelld, a leading education financing platform. The  start-up raised funding of $25 million from 9 lenders including Credit Saison India, Incred Financial  Service, AU small finance bank, and Northen Arc Capital. Propelld provides education loans to those  who want to borrow money via online channels.

The startup was founded in 2019 to offer online  loaning options to students. Nikunj Agarwal emphasized Propelld’s plan to ensure a diverse category  of loan lenders on the supply side. The company is planning to enhance its platform, scale up its  existing segments, and expand in the fintech sector. The company is planning to enhance its platform, scale up its existing segments, and expand in the fintech sector.

3SC Secured $4 Million in Funding to Accelerate AI-Powered Logistics Solutions

3SC Secured $4 Million in Funding

3SC, a Delhi-NCR-based logistic startup has raised $4 million in funding to increase its AI capabilities. The startup raised $4 million from its existing investor, GEF Capital’s South Asia Growth Fund. This  logistic startup will be using this fresh fund to boost and enhance its existing artificial intelligence technology. The startup focuses on scaling up its operations and going global. 

The startup previously raised $12 million in its series B funding round led by GEF Capital’s South Asia  Fund in 2021. The funding just came at a time when India’s logistic sector is predicted to reach $35.86  million this year and grow a CAGR of 3% by 2028 to $40.35 billion. The startup is aiming to enhance its  AI-Bases SAAS services with the US and Europe as its primary market reach. Founded in 2012 by Lalit  Das and Sarita Das, 3SC offers supply chain analysis and logistic services to companies in the  healthcare, e-commerce, FMCG, and industrial sectors. The startup provides solutions in distribution,  planning, AI, and 4PL.  

The co-founder of 3SC, Sarita Das said that the aim of 3SC is to expand their operations globally and  focus on enhancing SaaS services. The investment will help the startup grow and strengthen itsservices  and platform while offering greater value to its clients and investors. The existing investor of 3SC, GEF Capital showed their confidence in the innovative solutions and potential of 3SC. The managing partner of GEF Capital, Raj Pai mentioned that they will be assisting the startup in their growth and  expansion journey. The confidence of investors in 3SC shows the potential of startups.  

This Delhi-based startup is planning to utilize this fund to scale up its operations, enhancing its technologies and research centers. 3SC provides an all-in-one platform that allows an individual to  build and track an ultra-modern solution that drives profitability and improves efficiency. The startup  offers solutions backed by advanced analytics and is focused on enhancing customer experiences  through cost reduction and asset productivity. 3SC is also a supply chain solution provider, the startup  offers end-to-end cold-chain solutions. 3SC will be using this fund to expand its market reach and  enhance its devices. The company is also working on improving its supply chain solutions.

Conclusion: 

3SC, a Delhi-NCR-based logistic startup has raised $4 million in funding to increase its AI capabilities. The startup raised this funding amount of $4 million from its existing investor, GEF Capital’s South Asia  Growth Fund. The startup is aiming to enhance its AI-Bases SAAS services with the US and Europe as  its primary market reach. 3SC offers supply chain analysis and logistic services to healthcare, e commerce, FMCG, and industrial companies.

The startup provides solutions in distribution, planning,  AI, and 4PL. The investment will help the startup grow and strengthen its services and platform while offering greater value to its clients and investors. This Delhi-based startup is planning to utilize this  fund to scale up its operations, enhancing its technologies and research centers.

SolarSquare, a Rooftop Solar Startup, Bagged $4.2 Million in New Funding

SolarSquare, Bagged $4.2 Million in New Funding

SolarSquare, a rooftop solar startup has successfully raised $4.2 million in its new funding round. The  round has participation from some of its existing including Zerodha’s Rainmatter Capital, Gruhas  Proptecg, Lowercarbon Capital, Good Capital, and Climate Angels. The round was led by Lowercarbon Capital with an investment of Rs 20.74 crore. Launched in 2015 by Neeraj Jain and Nikhil Nahr, the  startup specializes in designing, installing, and financing rooftop solar systems for housing societies and commercial establishments. 

According to Entrackr, the startup’s regulatory filing mentioned investment made by Gruhas Proptech  was Rs 6.22 crore, followed by Good Capital with Rs 3.32 crore and Zerodha Technology with Rs 3.98  crore. The fresh fund will be used toward scaling up of company, fulfilling working capital  requirements, and supporting the general corporate process. The regulatory filing also revealed that  the startup’s board passed a resolution to allot 7,589 series B compulsory convertible debentures at  an issue price of Rs 46,710. In the next funding round, these debentures will be converted into  preference shares, investors are predicting the valuation to be $75 million. 

TheKredible estimated the current valuation of SolarSquare to be $48 million, which is expected to rise  in additional funding rounds. With all funding rounds, the startup has raised over $20 million. Lowercarbon capital is the biggest stakeholder of the startup with 20.29%, followed by external  stakeholders at 14.99%. The startup registered a four-fold increase in net loss from Rs 8 crore to Rs 30  crore in FY23, despite that the company revenue increased from Rs 81 crore to Rs 107 crore in FY23.  

SolarSquare faces competition from other known names in the rooftop solar market, including  Zunroof, Mysun, Oorjan, Cleantech, and Freyr Energy. The capital raised from this round will be used  in the company’s expansion, addressing working capital needs, and supporting general corporate  purposes, while leading SolarSquare for continued growth and innovation in the solar solutions  market.

Conclusion: 

SolarSquare, a rooftop solar startup has successfully secured $4.2 million in its new funding round led  by Lowercarbon Capital with an investment of Rs 20.74 crore. The round has participation from some  of its existing including Zerodha’s Rainmatter Capital, Gruhas Proptecg, Lowercarbon Capital, Good  Capital, and Climate Angels. The startup specializes in designing, installing, and financing rooftop solar  systems for housing societies and commercial establishments. TheKredible estimated the current  valuation of SolarSquare to be $48 million, which is expected to rise in additional funding rounds.

The  regulatory filing also revealed that the startup’s board passed a resolution to allot 7,589 series B  compulsory convertible debentures at an issue price of Rs 46,710. In the next funding round, these  debentures will be converted into preference shares, investors are predicting the valuation to be $75  million. The fresh fund will be used toward scaling up of company, fulfilling working capital  requirements, and supporting the general corporate process. Every investor has eyes on this startup  as the rooftop solar sector is expected to become one of the growing sectors in India by 2030.

Gramophone to Raise Rs 15 Crore from Info Edge to Boost Agri-Tech Expansion

Gramophone to Raise Rs 15 Crore

Info Edge is an internet service company known for its presence in India’s startup ecosystem. The  company discloses that it will increase its stake in Gramophone by investing Rs 15 crore in the  agritech startup, Gramophone. The exchange filing mentioned that the investment will be made in  two tranches over the next 6 months. 

The founder of Info Edge, Sanjeev Bikchandai mentioned during a meeting that the company is  leading this funding round and that Gramophone will focus on break-even, highlighting the cautious optimism about the startup’s future growth. Next month, Info Edge will move with the first part of  investing Rs 7.5 crore and the remaining amount will be released in the next six-month interval,  meeting the conditions in the exchange filing. Gramophone was formed by Nishant Mahatre and  Tauseef Kha, to offer crop protection, seeds, implements, crop nutrition, and agriculture  technologies. This is a full-stack agritech startup offering a platform with an in-built omnichannel  model to support farmers.  

This agritech startup had an annual turnover drop of 69% in FY24. Even after the loss of 58 crore, the  company has an increase of 76.2% as it went from 172 to 303 crore. This Agri-tech startup uses data driven technology to offer a secure platform for farmers. Farmers and dealers can reach each other  directly using this platform. With an investment of Rs 15 crore, Info Edge investment via its subsidiary  startup investments, would take up the 39.5% stake in this agritech startup. The CEO of Info Edge mentioned that they will increase their stake in this agritech startup with an investment of $1.8  million. 

Info Edge also mentioned in the exchange filing about investing in the parent company of  Gramophone, Agstack Technologies via its wholly-owned subsidiary startup in two tranches.  According to a report by Inc42, the filing further said that SHL agreed to acquire about 69790  compulsory convertible cumulative preference shares that make a face value of Rs 10 each as part of  a larger round in the two tranches. Info Edge has been an existing investor of Gramophone and is  continuously increasing its stake in the startup. Last year they also approved investing Rs 9.3 crore to  increase their stake up to 32.8%.  

Conclusion: 

Info Edge discloses that it will increase its stake in Gramophone by investing Rs 15 crore in the  agritech startup, Gramophone. As the Gramophone was looking for additional funds, Info Edge agreed to invest in them in two tranches of 6-month intervals each. Gramophone is a full-stack  agritech startup offering a platform with an in-built omnichannel model to support farmers. Info  Edge’s additional investment in Gramophone highlights the growing confidence in the agritech  startup’s business model and potential for growth. According to the exchange filing, the company will  provide investments in two tranches. Info Edge will move with the first part of investing Rs 7.5 crore next month and the remaining amount will be released in the next six months.