Deals Buzz: FreshtoHome raises funds in fresh round led by Iron Pillar
In other news, fintech startup Cred has closed a $120 million funding round, led by existing backers Ribbit Capital, Gemini Investments, a personal investment vehicle of Yuri Milner’s DST Global, and Sequoia CapitalUpdated: Aug 27, 2019 14:06 IST
Mint brings you your dose of the top deals news, reported from newsrooms across the country.
FreshtoHome raises funds in fresh round led by Iron Pillar
FreshtoHome, a Bengaluru-based online fresh fish and meat retailer, Monday raised $20 million in a Series B funding round that was led by Iron Pillar and also included Japanese investor Joe Hirao, Mint reported. The startup, which crossed $30 million ( ₹200 crore) in annualized sales, will utilize the funds to expand into other cities in India and the UAE. The company will also use the funds to diversify their product offerings in various other fresh and chemical-free food categories, such as fruits and vegetables, cold-pressed oils, organic cow and buffalo milk, dairy products, organic staples and other healthy food products. These products will eventually be distributed across e-commerce platforms, retail outlets and other channels across multiple geographies. FreshtoHome is among the fastest-growing e-grocery companies in India and largest in the fish and meat e-commerce space by sales. Iron Pillar is a specialist venture growth fund investing in startups beyond Series A in India.
Cred closes $120 million financing as valuation jumps to $450 million
Fintech startup Cred has closed a $120 million funding round, led by existing backers Ribbit Capital, Gemini Investments, a personal investment vehicle of Yuri Milner’s DST Global, and Sequoia Capital, The Economic Times reported. While regulatory filings show an infusion of $100 million, the company said it has racked up an additional $20 million from investors. This will be one of the largest funding rounds for a less-than-a-year-old Indian company. New investors joining the financing round, which values the startup at $450 million, include Tiger Global, Hillhouse Capital, General Catalyst, Greenoaks Capital and Dragoneer. The Bengaluru-based Cred, a platform for all forms of credit card bill payments, was valued at $75 million when it first raised capital last year. The firm plans to use the fresh capital to expand into international markets and strengthen its merchant ecosystem. He said the company was in talks with various banks to strike partnerships and offer the Cred platform to help them disburse personal loans through credit cards.
A91 Partners to invest $10 million in Atomberg Technologies
A91 Partners, the investment fund founded by three former managing directors of Sequoia Capital, is close to investing $10 million in energy efficient and connected fan maker Atomberg Technologies, The Economic Times reported citing multiple people in the know. The deal will include both a primary and secondary component, giving Atomberg Technologies a post-money valuation of $25 million. It will also get A91 Partners a 40% stake in the Mumbai-based startup, and allow IDFC Parampara, which invested $1.5 million cumulatively in Atomberg in previous rounds to partially exit as part of the deal. The due diligence process is nearly complete and the investment could be concluded shortly.