Kinetic Green, the EV arm of Kinetic Group, raised Rs 168 crore ($20 million) in equity and debt from Greater Pacific Capital. The funds will be used for debt repayment, capital expenditure, and marketing. The Pune-based company aims to double its EV sales to 100,000 units in FY25.
Embattled edtech firm Byju’s has agreed to pay Rs 158 crore to the BCCI, settling a dispute. Byju’s paid Rs 50 crore, with the rest due by August 9. The settlement, led by co-founder Riju Raveendran, follows the NCLAT’s demand for an undertaking to ensure funds are not misused. This comes amid ongoing financial and leadership challenges for Byju’s.
BrainBees Solutions Ltd, FirstCry’s parent company, will launch its IPO from August 6 to 8, seeking a $2.9-3 billion valuation. The IPO includes a fresh issue of shares worth Rs 1,666 crore and an offer for sale of 54.39 million shares. Major shareholders SoftBank, Mahindra & Mahindra, and Premji Invest will sell stakes. FirstCry’s FY24 revenue rose to Rs 6,481 crore with losses reduced by 34%.
CarTrade Tech’s revenue from operations dropped 2.8% to Rs 141 crore in Q1 FY25, with profit falling 8% due to increased employee costs. The Mumbai-based company’s overall income remained steady at Rs 156 crore, but expenses, particularly employee costs, rose 6% to Rs 71 crore.
Fintech firm BharatPe has raised Rs 85 crore ($10 million) through non-convertible debentures, marking its second debt infusion in 2024. The funds were raised by issuing debentures to Trifecta Venture Debt and Innoven Capital. BharatPe opted for debt to avoid equity dilution as it nears break-even.
IIIMA Ventures has launched the Venture Investing Accelerator to support first-time and novice investors. The program equips participants with essential skills, knowledge, and experience for early-stage investing. Featuring a 3-day bootcamp at IIM Ahmedabad from August 8-10, 2024, it offers education, coaching, and networking with industry leaders and IIMA faculty.
Nected, a next-gen low-code platform, secured $1.5 million in seed funding led by Binny Bansal’s Three State Ventures. Other investors included Endurance Capital and Relentless VC. The funds will enhance product usability, simplify integration, and scale operations internationally. Founded by Prabhat Gupta and Mukul Bhati, Nected offers pre-built tech tools to streamline software development.
Trade financing startup Vayana Network raised Rs 170.8 crore ($20.5 million) in its first 2024 investment round, led by SMBC Asia Rising Fund, Chiratae, and IFC. The Pune-based firm’s post-allotment valuation stands at $232 million. Funds will be used for expansion and corporate purposes.
Kids-focused omnichannel retailer FirstCry has received SEBI approval for its IPO. The Pune-based firm’s revenue grew 15.1% to Rs 6,481 crore in FY24, while losses shrank 34%. Overall revenue, including Rs 1,209 crore from subsidiary GlobalBees, totaled Rs 6,575 crore. Expenditure rose 9.2% to Rs 6,897 crore.
Crypto exchange CoinDCX has promoted Mridul Gupta to founding partner. Gupta will oversee the company’s growth goals, international expansion, and profitability. He will continue to manage the India market, enhancing product portfolios, marketing, partnerships, and operations. Gupta joined CoinDCX in 2021 as COO and has been pivotal in developing compliant crypto investment and trading products.
