Fundraise | Business Upturn

AllTrak raises Rs 4.2 cr in pre-series around led by Inflection Point Ventures

United News of India (UNI) — Thu, 07 Dec 2023 08:23:11 +0000

Mumbai, Dec 7 : AllTrak, a healthcare Technology and logistics platform on Thursday said it has raised Rs 4.2Cr in a pre-series Around led by Inflection Point Ventures.

The funds will be allocated towards team expansion, technology enhancement, and logistics operations expansion across multiple cities in India.

AllTrak, B2B HealthTech company, offers end-to-end solution to diagnostic companies. AllTrak solutions include Technology SaaS platform, pan India shared logistics network and phlebotomist network to healthcare companies to serve their patients. Their ecosystem helps healthcare companies to grow at faster pace and creates a seamless solution for accelerated patient report turnaround. Their ecosystem empowers healthcare organizations, enhancing profitability, service quality, and client satisfaction.

Vikram Ramasubramanian, Partner, Inflection Point Ventures, said, “Following the challenges posed by the Covid pandemic, we have collectively recognized the vital significance of timely delivery of diagnostic healthcare samples that are essential for optimal patient care and effective treatment planning. With its timely delivery, AllTrak is a category creator and leader, showing a promising future in the diagnostics healthcare market.”

IIT-Madras fundraising in 2021-22 records all time high

United News of India (UNI) — Mon, 16 May 2022 09:40:20 +0000

Chennai, May 16: The Indian Institute of Technology-Madras (IIT-M) has raised a historic all-time high sum of Rs. 131 crore from alumni, donors, and corporate firms during the financial year of 2021-22 to further its philanthropic and socially-relevant projects. The institute aims to accelerate fundraising by strengthening alumni networks and increasing engagement with corporates, philanthropies and high-net-worth individuals, a release from IIT-M said today.

The fundraising activities are spearheaded by the Office of Alumni and Corporate Relations. Which comprises of a dedicated team of professionals. Who work with corporate firms, alumni and donors. Despite the COVID-19 pandemic. The fundraising from alumni, donors and corporate firms has been increasing by over 30 per cent year-on-year. The number of corporate firm donating funds to IIT Madras through CSR has almost doubled in the last five years. Fundraising from Corporate Social Responsibility (CSR) partnerships accounts for nearly half of the total Rs. 131 crore raised in last financial year. A key factor driving this fundraising has been the highly qualified IIT Madras faculty who are carrying out path-breaking research and undertaking effective execution of socially-relevant projects, the release said.

BharatX raises $4.5 million from YC and others in seed round

United News of India (UNI) — Thu, 12 May 2022 07:28:52 +0000

BharatX, a Y-Combinator (YC) backed company, has raised $4.5 million in a seed round from Y Combinator, 8i Ventures, Multiply Ventures, Soma Capital and other investors to enable embedded credit in the Indian market, it was announced on Thursday. Existing investor Java Capital also participated in the round. The round also saw participation from many marquee Angels including Arash Ferdowsi, Co-founder, Dropbox,Harshil Mathur, CEO & Co-Founder, Razorpay, Shashank Kumar, Founder, Razorpay, Varun Alagh, Co-founder & CEO, Mamaearth, Kunal Shah, Founder and CEO, CRED, Ankur Aggarwal, Co-founder, Dunzo and Vikas Choudhury, President, Reliance Jio BharatX, a consumer credit venture, provides embedded credit by partnering with brands and websites to provide a credit feature in their apps to serve customers.

It operates White-labeled Buy Now Pay Later. And other Credit products on more than 50 consumer-facing platforms. Via it’s APIs and SDK. It aims to deliver seamless embedded credit experiences on several consumer-facing platforms across India. With zero credit risk and zero operational hurdles for the Brands it partners with. Mehul Jindal, Co-founder & CEO, BharatX, says. “Consumers of India deserve a better class of Credit products out there.

Today, if you look at the landscape. Most players have low Credit Eligibility approval rates. Long documentation sign-up processes and unethical collection practices. We want to give the Middle Class of India easy access to credit products. That they deserve yet are not able to access today. While setting the bar for world-class UX and customer service while doing so”. “Our B2B2C business model enables us to not only win trust of users. Via the Brand power of players we work with.

But also enable us to reach to Millions of users at Scale with almost Zero Cost.. And with this new round of support from our investors, we’re looking to scale up faster & more aggressively in the near future,” he adds. The funds raised will be used to build & expand the team, enhance & develop the product further and for market expansion. Powered with a “credit approval rate” of 45 – 55%. Which is 3-4X the market standard, BharatX aims to increase the credit stack on offer. By launching new product verticals such as UPI Credit, Pay in 3 and 15/30 day cycle products like Credit Cards.

INDmoney raises $75 million in latest funding round

Malvika Choudhary — Mon, 17 Jan 2022 17:29:15 +0000

Super-money app, INDmoney has raised USD 75 million in a Series D round led by marquee global investors. After the Series D round, the valuation of INDmoney witnessed a jump of over three times from its last round and stood $635 million,

INDmoney has sanctioned the allocation of 42,636 Series D preference shares at an issue price of Rs 562.5 crore or $75 million. Tiger Global, Steadview Capital and DF International Partners have put Rs 187.5 crore or $25 million each.
The Ashish Kashyap-led company has raised $133 million since its inception in 2019.
After the fresh allotments of shares, Kashyap’s holding retains from 35.63% to 31.09%. Steadview, Tigerfundraisea Global and DF International Partners have increased their respective holdings to 37.32%, 17.66% and 6.4%.

📢We are thrilled to announce a fund raise of $75 Million💰 in Series D round from marquee global investors 🤝comprising Steadview Capital, Tiger Global & Dragoneer Investment Group!#funding #Investment pic.twitter.com/rNeSePGrPR

— INDmoney (@INDmoneyApp) January 17, 2022

“We are very excited with the amount of consumer love that we have received for IndMoney. This is driven by the fact that we are solving a very large and difficult problem in the financial services space of truly becoming the one-stop-shop for finances,” Ashish Kashyap, founder at IndMoney. “The fact that our current investors Tiger, Steadview and Dragoneer are doubling down and new investors are joining, further validates the power of the platform and the strong execution capabilities of the team”, he added.

INDmoney (previously known as INDwealth) was launched in 2019 to deliver a better financial future to individuals and families. The brand is owned by Finzoom Investment Advisors Ltd, a SEBI registered Investment Advisory entity.

Bharti Airtel shares surges 8% in 2 days; Trading at Rs 639 apiece on BSE

News Desk — Tue, 31 Aug 2021 07:37:15 +0000

On Tuesday shares of Bharti Airtel were trading higher by 3 per cent at Rs 639.25 on the BSE in intra-day trade, up 8 per cent in the past two days after the telecom services provider on Sunday announced a fundraise of Rs 21,000 crore by way of the rights issue, primarily to fund its dues linked to adjusted gross revenue (AGR).

Further, according to a media report, Google is now in talks to make large investments in Airtel, thus boosting the stock further. The stock had hit a record high of Rs 644 on August 16, 2021. The Sunil Mittal-led firm has set the rights issue price of Rs 532 per share. Moreover, the rights entitlement ratio entails one equity share for every 14 equity shares held by eligible shareholders as on the record date. The company is yet to announce the ex-date, RE trading window, and allotment timelines for the rights offering.

As far as terms of payment of the issue price are concerned, 25 per cent is to be paid on application, balance in two more additional calls as may be decided by the board or committee of the board, based on the company’s requirements within an overall time horizon of 36 months. The promoter and promoter group of the company will collectively subscribe to the full extent of their aggregate rights entitlement along with any unsubscribed shares in the issue.

Meanwhile, indicating a target for a tariff hike, Mittal said the monthly ARPU (average revenue per user) should touch Rs 200 by the end of the current fiscal, projecting a 40 per cent rise from the current Rs 146 a month. Eventually, it should go up to Rs 300 to serve the customers well, he said.

According to a Times of India report, American internet giant Alphabet Inc’s Google could well be on its way to making “substantial investments, running into several thousands of crores of rupees”, into Bharti Airtel, Jio’s main rival. The BSE on Monday said the exchange has sought clarification from Bharti Airtel with respect to a news article appearing on timesofindia.indiatimes.com August 28, 2021, titled “Google now in talks to make large investments in Airtel”. The reply is awaited.

The brokerage firm Motilal Oswal Securities sees a strong earnings growth opportunity over the next 12 months. We value Bharti on an FY23E basis, assigning an EV/EBITDA of 11x to its India Mobile business and 5x to its Africa business, arriving at a SoTP-based target price of Rs 720.

However, this does not factor in the near-term triggers of Rs 90–100 billion EBITDA potential from the market consolidation, the brokerage clarified. This could drive double-digit RoCE and strong FCF generation. Bharti India Mobile’s around 500bp revenue market share driving around 40 per cent EBITDA growth in the last four quarters is a validation of this thesis, the brokerage firm said in a company update.