Sanjay Jha

Startup Central | How will BitOasis's market help CoinDCX's growth plans? Sumit Gupta, Co-Founder of CoinDCX, shares details of the acquisition, expansion plans, financials and more Avanne Dubash Sumit Gupta BitOasis

Funding News: slice Raises $8.6 Million from CEO Rajan Bajaj! slice, a consumer lending and payments platform, has raised ₹71.7 crore ($8.6 million) in fresh funding from its founder and CEO, Rajan Bajaj, through partly paid-up shares. 🌟 About Slice: # Founded: By Rajan Bajaj. # Focus: Offers physical and virtual cards for millennials, allowing users to purchase products with EMI optionswhile building credit scores. # Target Market: Students and salaried professionals. 💼 Growth & Expansion Plans: The new investment will be completed in tranches and used for general business purposes. It follows slice’s Rs 300 crore debt funding round, raised through convertible debentures led by Taneja Family Trust and other trusts. slice has raised a total of $400 million to date, including a $220 million Series B led by Tiger Global Management and Insight Partners, both of which are significant stakeholders. While the FY24 results are pending, FY23 saw threefold revenue growth to ₹847 crore, though losses increased to ₹406 crore, reflecting the company’s aggressive growth strategy. In line with the trend of founders reinvesting in their businesses, recent examples include Gaurav Kumar(Yubi), Ritesh Agarwal (Oyo), and Tarun Mehta (Ather Energy). At Aspirants Space (https://lnkd.in/gYkc-Ni8), we are excited to witness Slice’s continued innovation in the fintech space! Tag someone who would be interested in this exciting growth journey. #AspirantsNews #Slice #Fintech #Funding #Growth #ConsumerLending #TechTalent

🚀 Aviral Bhatnagar Quits VC Firm Venture Highway. 📰 SUMMARY: Aviral Bhatnagar, who led investments in SaaS, consumer, and AI sectors at Venture Highway, has announced his departure from the VC firm. His exit marks another significant change in the Indian VC ecosystem, following a series of partner-level departures across various firms in recent months. 🔍 KEY POINTS: - Professional Journey: Aviral Bhatnagar significantly contributed to Venture Highway by managing investments and the student venture program. He also founded A Junior VC in 2018, providing key insights into the startup ecosystem. - Next Chapter: Bhatnagar's departure is part of a wider trend of partner-level exits in the Indian VC scene, including recent departures at Lightspeed Venture Partners and other notable firms. - Industry Trends: Bhatnagar's exit coincides with a broader trend of partner-level departures in the Indian startup VC landscape, including recent exits at Lightspeed Venture Partners and other prominent firms. - Market Dynamics: The Indian VC industry saw considerable turnover in 2023, with numerous high-profile exits reshaping the landscape and highlighting ongoing challenges. - Venture Highway's Portfolio: Venture Highway, founded in 2015 by Samir Sood and Neeraj Arora, boasts unicorns like Meesho, CRED, and Moglix in its portfolio, reflecting its track record of successful investments. 📈 OUTLOOK: - Bhatnagar's departure from Venture Highway may lead to speculation about potential changes or developments within the firm, especially amid reports of discussions regarding General Catalyst's acquisition of Venture Highway. - The ongoing churn in the Indian VC ecosystem underscores the need for firms to adapt to evolving market conditions and maintain a cohesive team to navigate future investment opportunities effectively. 🌐 CONTEXT: - The VC industry in India is experiencing heightened activity and competition due to rising investor interest and the proliferation of startups across sectors. -Partner-level departures, though typical in VC, can affect firms' investment strategies, portfolio management, and market standing. - Bhatnagar's intent to pursue new opportunities reflects a trend of professionals leveraging their expertise and networks to foster innovation and growth in India's startup ecosystem. 🔍 ANALYSIS: - Bhatnagar's exit from Venture Highway underscores the dynamic nature of the Indian VC landscape, where talent mobility and strategic realignment are integral to firms' growth and success. - As Bhatnagar embarks on his next chapter, his experience and insights will likely contribute to shaping the future of India's entrepreneurial ecosystem, potentially through new ventures, investments, or advisory roles. #VentureCapital #VCIndustry #StartupEcosystem #InvestmentTrends #TalentMobility #StartUpNews #BusinessNews #MicroShots #NewsUpdates

🔍 Lightspeed Venture Partners Sees Departure of Abhishek Nag & Vaibhav Agrawal. 📉 SUMMARY: Abhishek Nag and Vaibhav Agrawal, partners at Lightspeed Venture Partners, have parted ways with the firm. Nag, previously with Lightspeed India, has joined Mumbai-based 360 One to oversee early-stage investments, while Agrawal, from Lightspeed's US fund, has reportedly left to launch his venture firm. Their exits follow recent hires aimed at scaling up the firm's expansion in India and Southeast Asia. 📈 KEY HIGHLIGHTS: - Abhishek Nag, a partner at Lightspeed India, has left the firm and joined Mumbai-based 360 One (formerly IIFL Wealth & Asset Management) to lead early-stage investments. - Meanwhile, Vaibhav Agrawal, a partner at Lightspeed's US fund, has reportedly departed to establish his venture firm, marking his exit from Lightspeed in 2023. - Nag's move comes amid Lightspeed's recent hires of Vivek Gambhir and Kevin Aluwi as venture partners to bolster its expansion efforts in India and Southeast Asia. - Founded in 2008, Lightspeed Venture Partners is a multi-stage VC firm that has invested in prominent Indian startups like BYJU’S, Udaan, ShareChat, Razorpay, and Innovacer. - However, Lightspeed's notable investments in Udaan and ShareChat have faced challenges, with their valuations declining significantly from previous highs. - Departures of senior partners Nag and Agrawal reflect a broader trend of top-level exits in the Indian VC landscape amidst a challenging funding environment. - Lightspeed India has experienced some successes, including a partial exit from OYO in 2019 and the sale of ItzCash to Ebix, yielding significant returns for the firm. - Lightspeed has raised approximately $1.6 billion across four funds since 2015, but recent exits indicate a shifting landscape within the VC industry. 🔍 OUTLOOK: - The departures of Nag and Agrawal from Lightspeed Venture Partners signal ongoing changes within the firm and reflect broader trends of senior-level exits in the Indian VC and PE sectors amidst evolving market conditions. #LightspeedVenturePartners #AbhishekNag #VaibhavAgrawal #VentureCapital #StartupInvesting #StartUpNews #BusinessNews #MicroShots #NewsUpdates

Fintech unicorn Perfios PAT surges over 9X to Rs 72 Cr in FY24: SaaS-based B2B fintech firm Perfios has continued its growth streak in the fiscal year ending March 2024. The company registered 37.1% year-on-year growth in its revenue which crossed the Rs 550 crore threshold in FY24. Moreover, its profit surged over 9X in this period. Perfios’ revenue from operations grew to Rs 557.8 crore in the last fiscal year (FY24) from Rs 407 crore in FY23, its consolidated financial statements filed with the Registrar of Companies (RoC) show.  Perfios provides revenue analysis, fraud checks, verification, and automated customer onboarding to financial institutions in verticals including consumer lending, SME lending, and wealth management. The company claims to have a presence in 18 countries and to have powered over 1,200 institutions with its offerings.. Its income from services increased by 29.3% to Rs 472.2 crore in FY24, while earnings from software coding and maintenance spiked 100% to Rs 82 crore during this period. The Kedaara Capital-backed company collected Rs 3.57 crore from subscription fees. Perfios also made Rs 11 crore from gain on investment and bank deposits which propelled its total revenue to Rs 569.47 crore in FY24. With Rs 291.16 crore, employee benefits costs for Perfios rose 36.4% year-on-year in FY24. Legal, professional, technology including other overheads jumped to Rs 161 crore from Rs 128.8 crore in FY23. Costs incurred on depreciation and amortization increased 13.1% to Rs 36.3 crore from the previous year’s Rs 32.1 crore.  Ultimately, the company’s total expenses spiked 28.3% to Rs 495.5 crore in FY24 from Rs 386.4 crore in the previous fiscal year. On a consolidated basis, Perfios’ profit after tax (PAT) zoomed 9.2X year-on-year to Rs 71.67 crore in FY24 from Rs 7.79 crore in FY23. Notably, it reported a standalone profit of Rs 57.19 crore in the said fiscal. Its ROCE and EBITDA margins improved to 7.07% and 20.58%, respectively. On a unit level, it spent Rs 0.89 to earn a rupee in FY24. As of FY24, the company held Rs 255.28 crore in cash and cash equivalents, along with an additional bank balance of Rs 119 crore. It also had receivables totaling Rs 143.33 crore at the end of the last fiscal year. According to startup data intelligence platform TheKredible, Perfios has raised Rs 3,644.45 crore in total funding across several rounds. The company raised Rs 662 crore ($80 million) from Kedaara Capital in March 2024 at a valuation of over $1 billion. It emerged as the second unicorn of 2024 from India. The company acquired fintech startup Karza Technologies in a deal worth Rs 600 crore during March 2022. The numbers from the fintech firm are certainly beginning to show just why it is so highly valued and regarded. Being comfortably profitable will be an added advantage as it seeks to maintain the momentum in the competitive and… #startupnews #startups

Exclusive: Moneyview becomes unicorn with new funding: Consumer lending platform Moneyview has turned unicorn in a new funding round from the existing Accel India and Nexus Ventures. The board at Moneyview has passed a special resolution to issue 60,23,382 equity shares at an issue price of Rs 64.15 each to raise Rs 38.64 crore (approximately $4.65 million), according to regulatory filings sourced … Continue reading "Exclusive: Moneyview becomes unicorn with new funding" The post Exclusive: Moneyview becomes unicorn with new funding appeared first on Entrackr. #startupnews #startups