Latest News | Business Briefs Blacksoil Capital Invests Rs 20 Cr in Mahaveer Finance

New Delhi, Apr 6 (PTI) Chennai-based Mahaveer Finance has raised Rs 20 crore in bridge equity through structured funding from Blacksoil Capital.

The funds will be utilised to achieve its target AUM (assets under management) of Rs 500 crore for the year, a statement said on Tuesday.

Founded in 1981, Mahaveer Finance finances used commercial and passenger vehicles. It claims to have recorded a 48 per cent year-on-year growth from Rs 30 crore in FY15 to a present portfolio of Rs 300 crore with over 11,000 active customers.

"The fund infusion would strengthen the firm's balance sheet and will enable us to tap growth opportunities that continue to emerge in the current market towards our larger goal of Rs 2,000 crore in the next 3 years. This transaction will be a stepping-stone for the upcoming series-C Rs 100 crore fundraise," Mahaveer Finance Promoter Praveen Dugar said.

***** 9Unicorns leads investment in OneStack *

9Unicorns on Tuesday said it recently led a funding round investment in OneStack, a financial super app.

Institutional investors such as Angel Bay and Faad Network also participated in the seed funding round, along with angel investors like Kunal Shah and Abhishant Pant, a statement said.

The amount raised by the company was not disclosed.

The startup's proposition involves partnering with long-tail banks to provide white label fintech solutions to their customers -- thus turning conventional banking players into neo banks.

The application has a single dashboard that displays a user's assets and liabilities, including their balance sheet and net worth, on a single platform.

***** Kudos raises funding from Zerodha's Nithin Kamath, others *

Digital lending infrastructure company Kudos on Tuesday said it has raised funding from a clutch of investors including Nithin Kamath of Zerodha, Nitin Gupta of UNI, Patanjali Somayaji of Walnut, Sumit Maniyar of Rupeek and Nischal Shetty of WazirX.

Anish Achuthan (Open Banking), Ganesh Rao (NOCP), Amit Choudhary (DawaaDost), leadership team of One Card and Vaibhav Domkundwar of Better Capital also participated in the pre-series A funding round, a statement said.

The amount raised by the company was not disclosed.

"We are profitable and growing month-on-month and adding partners across agri, fintech, edtech, revenue-based financing and other segments faster than ever and now preparing to raise a Series A to scale and become the largest company in the space over the next 18 months," Pavitra Walvekar, co-founder and CEO of Kudos, said.

Kudos has so far facilitated 2 million loans, disbursing Rs 2,000 crore to about six lakh customers.

***** We Founder Circle leads USD 250,000 seed round in Karnival *

We Founder Circle (WFC), a startup investment platform, on Tuesday said it has led a USD 250,000 (Rs 1.8 crore) funding round in Karnival.

Karnival is a software as a service customer engagement platform for retailers and brands to create personalised post-purchase customer journeys using smart receipts technology.

The round also saw participation from investors like Krishna Kumar (Simplilearn founder), Dravya Dholakia (Dholakia Ventures), Shashwat Kumar (Khetal Advisors Singapore), corporate leaders Abhay Tandon, Dinesh Agrawal, Avnish Sabharwal, Abhishek Kishore Gupta and Suman Das, a statement said.

Karnival had previously raised USD 35,000 in a pre-seed round in 2020 from Sanjay Mehta backed 100X.VC, it added.

"The objective is to move from paper-based receipts to smart digital receipts to create an ecosystem keeping customer experience unique. In a very short period, we have already associated with leading retailers and brands, revolutionising their procedures," Siddharth Mishra, founder and CEO of Karnival, said.

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