A91 PARTNERS
Jyothy Labs stock has earned 91% return in last one year; why analysts are bullish
Jyothy Labs will benefit from multiple growth drivers, including direct consumer sales, rising brand awareness, and expansion of modern retail.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Awfis to expand in new markets, says CMD Amit Ramani
Awfis is targeting a 30% revenue growth in FY25, driven by expanding its supply and achieving higher occupancy rates at its current centers. The company operates in 17 cities, hosting 181 centers with approximately 110,000 seats and covering a chargeable area of 5.6 million square feet. Awfis saw its operating revenue grow 45% year on year to Rs 232.3 crore.
TMRW invests Rs 125 crore in Virat Kohli-backed men's wear brand Wrogn
Accel and Virat Kohli-backed men's apparel brand Wrogn has raised Rs 125 crore from TMRW House of Brands, an Aditya Birla Group venture. With this round, TMRW has now invested in eight Indian fashion brands. The startup targets men aged 18-30, offering casuals cloths, accessories know for their bold print and colours.
The Pant Project raises $4.25 million in maiden funding round
The Pant Project will use the funds for offline retail store expansion, branding and marketing, technology development, and team growth, Dhruv Toshniwal, cofounder of the company told ET. The company gets about 60% of its revenue from top-tier cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Pune, and Ahmedabad, and the balance 40% from tier II cities.
Ummeed Housing Finance raises Rs 630 cr equity
Ummeed Housing Finance raises ₹630 crore in Series F round from investors including A91 Partners LLP and existing investors. Funds to be used for expansion in central and southern India.
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Skincare brand Foxtale raises $18 million from Panthera Growth, others
Direct-to-consumer (D2C) skincare brand Foxtale has raised nearly Rs 150 crore in the latest funding round. It will use the capital mainly for expanding into newer categories, founder Romita Mazumdar told us. The company will foray into body care category which includes products like lotions and body wash, she added.
IPO gold rush for investors; second-hand EV sales sputter
Happy Monday! Investors in new-age startups are set for huge gains as these firms list on the public markets. This and more in today’s ETtech Morning Dispatch.
How investors struck gold in the new-age IPO boom
In the last month, several new-age companies backed by venture capital, have or are set to hit the public markets. This has resulted in a gold rush for their investors. Travel tech platform Ixigo is set to go public next week, while insurtech firm Go Digit and coworking startup Awfis have already listed on the exchanges in the past one month. Their investors, including Peak XV Partners, Elevation Capital, ChrysCapital and TVS Capital and A91 Partners, are sitting on multiple returns from some of these investments.
SpiceJet plans to raise Rs 2,000 crore by August, increase capacity: Singh
SpiceJet aims to raise Rs 2,000 crore by August for capacity expansion via aircraft leasing, with plans for another round of fundraising after a previous attempt fell through due to investor withdrawals. Chairman Ajay Singh outlined a strategy to raise $250 million by mid-August, expressing confidence in the airline's resilience despite financial challenges and a reduced fleet strength of around 25 operating planes.
Brands by scions attract VC money; Ola Electric layoffs
Happy Monday! A new wave of brands founded by second generation entrepreneurs is snagging venture capital. This and more in today’s packed edition of ETtech Morning Dispatch.
VC funds take a shine to new gen’s D2C brands
Direct-to-customer (D2C) startups founded by scions of traditional business families are raking in venture funding across sectors like food, apparel, and wellness. Investors see these entrepreneurs' deep understanding of the business and connections in the supply chain ecosystems as a recipe for modernising legacy businesses.
ETtech Deals Digest: Startup funding in May rises 62% on year to $817 million
New-age startups raised $817.2 million in May 2024, up 62% from last year, with top investor Venture Catalysts leading funding rounds for startups like Zypp Electric.
Sports apparel maker Technosport raises $25 million in funding from A91 Partners
Bengaluru-based Techno Sportswear raises $25 million from A91 Partners for its performance wear brand Technosport, marking its first fundraise.
Xponentia, A91 Partners &360 ONE Asset invest $100 mn in Sedemac Mechatronics
Sedemac Mechatronics, founded by Professor Shashikanth Suryanarayanan at IIT Bombay, announced a $100 million investment led by Xponentia Capital Partners, A91 Partners, and 360 ONE Asset.
Go Digit’s D-Street debut; Honasa Consumer Q4 financials
Shares of Go Digit General Insurance started trading on the stock market Thursday. More on this in today’s ETtech Top 5.
Nikhil Kamath, Manyavar family office may join A91 in Rare Rabbit’s Rs 500 crore funding
Bootstrapped till now, Rare Rabbit clocked revenue of over Rs 600 crore in fiscal 2024, with an operating profit of more than Rs 100 crore, as per sources in the know. Along with Rare Rabbit, the brand's parent company Radhamani Textiles also owns women's premium fashion brand Rareism and everyday wear brand Articale.
Go Digit IPO commands healthy GMP as Street awaits one of the most sought after issues this year
In the unlisted market, the company's shares are commanding a healthy premium of Rs 50 in the unlisted market. The company has priced the IPO in the range of Rs 258-278 per share
Go Digit IPO: Price band for Virat Kohli-backed Rs 2,615 crore IPO announced
Go Digit IPO: Bengaluru-based insurtech start-up Go Digit General Insurance on Friday announced that its Rs 2,615 crore IPO, which will open on May 15 and close on May 17, will have a price band of Rs 258 to Rs 272 per share.
Go Digit IPO to open on May 15; Virat Kohli, Anushka Sharma not selling shares
Go Digit General Insurance's IPO, opening on May 15 and closing on May 17, includes a fresh share issue of Rs 1,125 crore and an OFS of 54,766,392 shares. Promoter Go Digit Infoworks, Virat Kohli, Anushka Sharma offload stakes.
WeWork to sell 27% stake in India unit via Rs 1,200 crore secondary deal
Embassy group to sell additional 13% stake in WeWork India’s latest funding round, according to people in the know of the matter.
FLY91 partners with IBS Software for commerce platform
FLY91, India's youngest regional airline, has teamed up with IBS Software to enhance its commercial operations with a modern reservation system. This partnership aims to offer a convenient and cost-effective air travel option for underserved routes in India. By leveraging IBS Software's technology, FLY91 plans to provide dynamic pricing and expand its services to connect smaller cities, benefiting both passengers and airline partners.
VCs in reset mode amid exit pressure; and other top tech & startup stories this week
While VCs haven’t really been busy closing deals over the past year or so, their performance has surely come under increased scrutiny as limited partners (LPs) or sponsors of funds ask for cash returns. The Indian venture market, which is now 15 years old, has been exit-starved and a prolonged downturn has exposed the state of the industry very clearly.
A91 Partners on track to raise its largest fund at $700-750 million
A91 Partners, launched in 2018, debuted with a $350 million maiden fund. Just three years later, they scaled up significantly, securing $550 million for their second fund, targeting both late-stage venture and early-growth investments. This will be among the fastest scaleups in terms of fund size for a domestic investment fund.
A91 Partners plans $750m fund; Fashinza, Virgio to return investor capital
Happy Monday! Homegrown investment fund A91 Partners is once again upping the size of its latest India-dedicated fund, per sources in the know. Details of this and more in today’s super packed ETtech Morning Dispatch.
Bharat gets another airline. Will Fly91 defy the scary aviation history?
Prime Minister Narendra Modi's UDAN scheme has paved the way for regional airline Fly91, owned by Just Udo Aviation Pvt Ltd. Fly91 aims to connect underserved airports in Bharat and provide last-mile connectivity. Inspired by successful airlines, Fly91 plans to stay small, basic, and form alliances with big carriers.
D2C skincare brand Foxtale raises $14 million funding led by Panthera Growth Partners
Foxtale Consumer last raised $4 million in 2022 from Matrix Partners and Kae Capital.
HealthKart revenue grows 69% in FY23, loss narrows on improved unit economics
However, the Gurugram-based company’s total expenses grew only 21.5% during the year to Rs 1,016.5 crore – pointing to an improvement in its unit economics.
Aye Finance to raise Rs 310 crore in equity from British investor and others
British International Investment will put in Rs 250 crore for an around 9% stake in the company. Waterfield, an independent multi-family office, will invest Rs 15 crore, while existing shareholder A91 Partners will infuse Rs 35 crore. This is Aye Finance's first equity expansion in two years and first on-boarding of new investors since Covid, managing director Sanjay Sharma told ET.
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