Wakefit.co secures $40mn in a Series D round

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January 13, 2023

Furniture and home improvement brand Wakefit .co has raised $40 million (Rs 320 crore) in a Series D funding round led by Investcorp. Existing investors Sequoia Capital India, Verlinvest, and SIG also participated in the round.

The direct-to-consumer (D2C) brand will use the fresh capital to expand categories and extend its omnichannel presence in Tier II and Tier III markets across the country. Wakefit.co said in a statement that it plans to expand its workforce and strengthen its supply chain.

Ankit Garg and Chaitanya Ramalingegowda founded Wakefit.co in 2016 to offer sleep solutions, including various mattresses, pillows, and bed frames. In addition, the company currently sells furniture and home improvement products, such as study tables, bookshelves, and shoe racks, manufactured in its factories in Bengaluru, Jodhpur, and Delhi.

Nearly $62 million has been raised by Wakefit.co so far (excluding Series D). In FY 2022, it reported revenue of Rs 636 crore, an increase of 54% from the year before.

The Bengaluru-based company plans to make a profit by the 2024 fiscal year and aims to generate Rs 1,200 crore in revenue over the next two years. By planning to open nearly 30 physical stores by March and another 70 by the end of FY23, it is also making a significant bet on the omnichannel sales strategy, according to CEO and Co-Founder Ankit Garg.

According to Ankit, this will improve offline store revenue from its current 10% overall sales to 40%.

“We believe offline stores are complementary to the online shopping experience. Our studies suggest that most of our customers conduct preliminary research of their desired product through our website before visiting a store,” Chaitanya, Director, and Co-founder of Wakefit.co, said.

According to the co-founders, the company is preparing to go public in the next two years and is focusing on developing a scalable and sustainable business.

However, according to Chaitanya, repeat customers account for approximately 35% of all orders at Wakefi.co, significantly reducing marketing expenses.

“This funding round will solidify our position in the home and sleep solutions space and will enable us to scale up our manufacturing and supply chain capabilities. We thank our investors for their support and trust in our journey of becoming a market leader in our space,” Ankit noted.

Proptech startup Brick&Bolt secures $10mn from Accel and Celesta Capital

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January 10, 2023

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Custom-build homes platform Brick&Bolt has raised $10 million, co-led by global venture capital firms Accel and Celesta Capital. A multinational investment bank, Cilix Capital, advised for the Series A2 round.

With this funding round, Brick&Bolt has raised a total of $16 million. Earlier, Sequoia Surge, Foundamental, HDFC Capital Advisors, and Stride Ventures helped the business raise about $6 million.

The firm plans to use the funding to develop its leadership team, expand to over 12 cities, and expand its tech stack over the next 15 months.

Jayesh Rajpurohit, Co-founder of Brick&Bolt, said, “We are extremely pleased to onboard seasoned investors, including Accel and Celesta Capital, as valuable partners in our journey to expansion.”

“The Indian real estate is earmarked to be a $650 billion market in 2025 and a $1 trillion worth sector in 2030. With 85%+ construction still unorganized in India, Brick&Bolt is on a path to capture the massive and super-broken market using our technology and processes. This investment will help us accelerate growth as we look to expand in other cities and add more senior leadership to the team.”

“The Brick&Bolt platform streamlines the entire process by bringing it together on a single platform. Celesta has extensive experience investing in companies that disrupt the construction industry, so we are excited to be able to share our learnings to help make Brick&Bolt India’s go-to platform for custom-built housing,” said Sudhir Rao, Managing Partner, India, at Celesta Capital.

Brick & Bolt, which follows an ecommerce model, offers its customers tech systems and procedures to make residential and commercial construction easy, hassle-free, and reliable. Construction of homes, construction for businesses, and building materials are all offered as comprehensive services.

By 2025, India is expected to be the third largest construction market in the world, and Brick & Bolt is best positioned to take advantage of this potential, given the favorable macroeconomic environment.

Accor continues luxury expansion in India with signing of Fairmont Shimla Fagu

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January 9, 2023

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Accor has announced the expansion of its Fairmont Hotels & Resorts portfolio in India with the signing of Fairmont Shimla Fagu. The property, which will be newly constructed on a 2.5-acre hilltop plot at the height of 2,400 metres in Fagu, Shimla, is expected to begin serving guests in 2026.

The 105-key luxury resort will be the fourth Fairmont property in India after the 2012 opening of Fairmont Jaipur, Fairmont Mumbai, which is now being built, and Fairmont Udaipur.

RTM Hotels Private Limited, an SPV promoted by the Nagrath family, a business entity with interests in hospitality and real estate in Northern India, and Accor are collaborating on Fairmont Shimla Fagu.

Vinod Nagrath, director of RTM Hotels Private Limited, commented, “Shimla has always been a major tourism destination for North India and is popularly known as Queen of Hills. Over the last few years and with the development of infrastructure, it has become a preferred destination for domestic luxury travellers and we want to offer discerning customers the very best of luxury hospitality right in the lap of nature. We are very excited to partner with Accor and Fairmont Hotels & Resorts for the launch of Fairmont Shimla Fagu. With 105 keys, a beautiful hillside location, and luxurious amenities, we are looking forward to making Fairmont Shimla Fagu one of the best luxury hotel destinations in Northern India.”

On the signing, Mark Willis, CEO of Fairmont Hotels & Resorts, mentioned, “This signing is a true milestone for us in the region and for Fairmont Hotel & Resorts to introduce such a unique building in one of the most scenic locations in the country. Being the fourth Fairmont property in India and the first in Himachal, Fairmont Shimla Fagu, with its distinct presence and unique architecture, is set to become an iconic landmark in Shimla.”

Aniruddh Kumar, VP of Development, Accor India & South Asia, commented, “We are delighted to expand our presence in India with the addition of Fairmont Shimla Fagu. We will continue the legacy of our luxury portfolio by providing our guests with grand and enriching experiences.”

Virohan secures $7mn led by Blume Ventures

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January 9, 2023

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Gurugram-based healthcare edtech startup Virohan has raised $7 million in a pre-Series B1 funding led by Blume Ventures.

According to a company statement, Bharat Inclusion Seed Fund, Rebright Partners, Lesing Artha Limited, and other investors participated in the round.

The startup has now raised $11 million in total, including this latest round.

With this fundraising, Virohan plans to train over 7,000 students over 200+ new campuses across India. Along with developing new features, the company also intends to use the capital to develop and introduce new training programs, expand the infrastructure of its omnichannel training platform, and add content in regional languages.

According to the release, the company’s existing investors, ALES and Rebright Partners, will support the expansion into Japanese markets with the help of this funding.

“This investment is a testament of our product-market fit, scalability, impact, and profitability of the business model. In the next 18 months, Virohan will deepen its relationship with its stakeholders (Students, Universities/Colleges, and Medical institutions), train over 10,000 students, and establish an international presence to cater to $100 billion+ global opportunity,” said Kunaal Dudeja, Co-founder and CEO, Virohan.

Allied Healthcare Programs (AHP), which form 60% of the healthcare workforce and include phlebotomists, medical lab technicians, operation theatre technicians, and others, are trained at Virohan. This school was founded in 2018 by Kunaal Dudeja, Nalin Saluja, and Archit Jayaswal.

The platform claims that it has trained more than 7,000+ students across its courses, with completion rates of over 96% and placement rates of more than 98% within a month of program completion. To help students get internships and job offers, the startup collaborates with more than 1000 partners, including Fortis Escorts, 1MG, Dr. Lal Path Labs, Sarvodaya Healthcare, Healthians, and others.

“We have always seen Indian education as being a key engine of catalysing the nation’s development. Equally, education can also help leapfrog social classes and economic cohorts. Hence, we have consistently bet on education startups lowering barriers for access and expanding opportunities to all. This is why we are excited to partner with Virohan for its ambition and mission to skill and upgrade the next hundred million Indians,” said Sajith Pai, Blume Ventures.

Unity Group, Parsvnath Developers to construct mall in Delhi

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January 9, 2023

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Delhi-based Unity Group has formed a joint development agreement with Parsvnath Developers to develop 450,000 sq ft of retail area with an investment of ₹200 crores, said Unity Group co-founder Harsh V Bansal. The land for the bridge-to-luxury mall is leased from Delhi Metro and is close to the Netaji Subhash Place metro station.

The agreement is a part of the company’s strategy to double its retail portfolio and establish a retail Real Estate Investment Trust (REIT).

“This mall should become operational by October 2023, and we are already in touch with brands for leasing. We are expecting ₹100 crores in rental income every year,” Bansal said.

Additionally, the company plans to build malls in Mohali in Punjab, Preet Vihar in Delhi, Mangolpuri, Rohini, and Punjabi Bagh. Also, the company is extending each of its six active malls under the extra floor area ratio allowed by the Delhi Development Authority (DDA).

“In Preet Vihar, we are developing 150,000 sq ft, while we have acquired two land parcels in Mangolpuri and Rohini from DDA for ₹63 crores. We will invest another ₹200 crores to develop 300,000 sq ft of retail space,” said Bansal.

Cushman & Wakefield’s analysis indicates that until 2027, India’s top three cities will require 9 million sq ft of retail space annually to match the cities of a small country like Vietnam in terms of retail space per capita.

Currently, developers in India mostly focus on office and residential properties, adding roughly 3.8 million sq ft of retail space every year. According to experts, it is time to build Grade A retail spaces as many international companies are placing significant bets on India.

DPIIT to undertake third-party assessment of Startup India Seed Fund Scheme

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January 7, 2023

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The Department for Promotion of Industry and Internal Trade (DPIIT) will now seek the third-party assessment of the Startup India Seed Fund Scheme, a senior official revealed on Friday. The DPIIT has taken this initiative to ensure the on-ground impact of startups.

According to Shruti Singh, Joint Secretary, DPIIT, the department has received “good” feedback on the program from incubators and startups.

“We are still doing a third-party assessment so that somebody on the ground can go and see,” she said, adding that more than 8,500 startups have registered with the DPIIT.

The four-part Rs 945 crore scheme, introduced in 2021, offers financial assistance to early-stage startups to develop prototypes, product trials, market entry, and ultimately the commercialization of their products. Through incubators located all around the country, support is provided to eligible startups.

The government implemented the Fund of Funds and Startup India Seed Fund programs as part of the Startup India initiative, which was launched in January 2016.

According to the joint secretary of the Rs 10,000 crore Fund of Funds scheme, roughly Rs 7,900 crore has been committed to the Alternate Investment Funds. By 2025, when the fund will be exhausted, the department plans to seek the finance ministry for additional funds.

She added that as of November 30, 126 incubators had received a total of Rs 455.25 crore from the Rs 945 crore Startup India Seed Fund Scheme, of which Rs 186.15 crore has been disbursed.

Rural commerce startup VilCart receives $13mn in Series A round

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January 6, 2023

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VilCart, a startup in rural commerce, has raised $13 million in a Series A funding round led by Asia Impact, with investments from Texterity Private Limited and Nabventures Fund.

To raise Rs 106.6 crore, or roughly $13 million, VilCart has passed a special resolution to issue 68,761 Series A and 405 Series A1 Compulsory Convertible Preference Shares (CCPS) at Rs 15,411.6 per share.

According to the company’s regulatory filing with the Registrar of Companies (RoC), the funds would be used for operations and business development.

The National Bank for Agriculture and Rural Development (NABARD), which established the Nabventures Fund, invested Rs 14 crore after Asia Impact, which had invested Rs 91.96 crore, had taken the lead in the funding round. Texterity Private Limited invested Rs 62 lakhs.

Following the funding round, Asia Impact now holds 31.28% of VilCart’s shares, while NabVentures owns a 12.36% stake. Texterity Private Limited and Test Yantra Software Solutions command 0.17% and 3.18% stakes, respectively.

VilCart, a company founded in 2018 by Prasanna Kumar, Mahesh Bhat, Rajasekhar, and Amith S. Mali, makes it simple for village kirana stores to acquire inventory and handle logistics and supply chains.

It commenced business in one Karnataka district and has since quickly expanded to several other districts, including Mandya, Kolar, and rural Bengaluru. With 45,000 kirana stores in its network, it currently provides services to nearly 5,000 villages across Karnataka.

Dunzo likely to raise up to $100mn through convertible notes

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January 6, 2023

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Reliance-Retail backed Dunzo is likely to raise $70 million to $100 million (up to Rs 825 crore) through convertible notes to expand its quick commerce vertical Dunzo Daily, said a report in Economic Times.

The Bengaluru-based company is still talking with a few other backers to increase the size of the funding round. With a stake of over 26%, Reliance Retail is the single-largest investor in Dunzo and is most likely to cut a small cheque. According to the report, the funding round may include investors like Abu Dhabi Investment Authority.

The company raised Rs 50 crore ($6.2 million) in debentures from Blacksoil India one month before this development.

According to the report, the startup initially intended to raise at least $150 million by selling a stake but eventually opted for convertible notes to sustain value in a challenging funding environment.

Reliance Retail invested over $240 million in January last year, giving the e-grocery company a $775 million valuation.

Kabeer Biswas, Dunzo’s co-founder and CEO, had said that the company is planning to go public in three years.

InCred Financial announces public issue of up to ₹350 crores of NCDs

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January 6, 2023

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InCred Financial Services Limited has announced the public issue of Secured, Redeemable Non-Convertible Debentures (NCDs) with face values of ₹1,000 each, totaling ₹175 crores with the option to retain oversubscription up to 175 crores, or 350 crores. The Issue will open the next week on January 9, 2023, and end on January 27, 2023.

The NCDs under the Issue have received the CRISIL A+/Stable rating from CRISIL Ratings Limited. Non-convertible debentures (NCDs) are designed to be used as a financial tool to raise long-term capital. JM Financial Limited is the issue’s Lead Manager.

“The NCDs offer Coupon Rate ranging from 9.45% to 10.00% per annum with quarterly and annual interest option. The NCDs have two tenors of 27 months and 39 months. The NCDs are proposed to be listed on BSE Limited and National Stock Exchange of India Limited, where BSE is the designated stock exchange,” the company said.

According to InCred Financial, at least 75% of the funds raised through this Issue will be used for further lending and financing and to repay the principal and interest of the company’s existing borrowings. The remaining funds are then expected to be used for general corporate purposes, provided that they do not exceed 25% of the funds raised through this Issue in accordance with the Securities and Exchange Board of India (SEBI).

The Reserve Bank of India has registered InCred Financial Services Limited as a systemically significant non-deposit-taking NBFC. The company caters to Indian households for their personal finance needs like education and personal loans.

Godrej Properties sells 870 flats worth ₹435 crores in Ahmedabad project

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January 5, 2023

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Godrej Properties announced that it had sold apartments in its housing project in Ahmedabad, Gujarat, for a total of ₹435 crores.

In the three months since its launch in October 2022, 870 flats have been sold.

The project “Celeste,” which is a part of the township Godrej Garden City, has sold more than 1 million sq ft of area, according to a regulatory filing by the company.

“The company has sold 870 homes with a booking value of approximately ₹435 crores since Celeste was launched in October 2022,” the company said.

Celeste, a 2.3 hectares project, has 8 towers and provides a variety of homes and retail outlets.

The company claims that this phase includes a wide range of cutting-edge facilities that cover social, health, and leisure needs for all age groups, facilitating residents to live more actively and pleasantly.

Gaurav Pandey, MD & CEO of Godrej Properties, said, “We are happy with the overwhelming response received for Celeste at Godrej Garden City, Ahmedabad.”

“The customer’s confidence is a reflection of the increasing demand for sustainable integrated developments by reputed developers. Ahmedabad is an important market for us, and we will aim to build an outstanding residential community that creates long-term value for its residents,” he added.

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