The Venture Codex

Participated · Debt Financing · May 2026

Founded in 2019, GIVA began as an affordable jewelry brand and has expanded its portfolio to include gold jewelry and lab-grown diamonds. It operates around 210 physical stores across 25 cities in India alongside its website and app, growing through a franchise-led model and targeting more than 300 outlets by FY26. The company has raised over $158 million to date, including a recent Series C extension led by HPV CC1 Ltd. For the fiscal year ending March 2025, GIVA reported operating revenue of Rs 518 crore, an 89% year-on-year increase, while its losses rose 22% to Rs 72 crore. GIVA competes with both large organized jewellery players and newer lab-grown and direct-to-consumer brands in India. The firm is using external capital (equity and debt historically, and this new debt round) to fund store expansion and working capital needs.

Participated · Debt Financing · Dec 2025

FincFriends runs RupeeRedee, an online lending marketplace focused on offering short-term and small-ticket loans to customers who lack access to conventional banking credit. The company positions itself as a digital-first, paperless provider, emphasizing rapid approvals and disbursements through its mobile and web interfaces. Management says its mission centers on financial inclusion, targeting India’s emerging markets and underbanked segments. The latest financing will be used to broaden RupeeRedee’s geographic footprint and upgrade its technology stack to reach more borrowers. CEO Artem Andreev highlighted that the firm’s lender network continues to support its growth strategy and vision. While no revenue or user figures were disclosed, the sizeable debt raise underscores lender confidence in FincFriends’ asset-light distribution model and portfolio quality.

Led · Equity · Nov 2025

Sunday PropTech (formerly OYO Financial and Technology Services Private Limited) began as a wholly-owned subsidiary of Oravel Stays (OYO) but is now positioning itself as an independently funded platform focused on buying and developing premium hotel assets. The company has shifted away from OYO’s traditional asset-light strategy and is embracing an asset-heavy approach that requires substantial capital to build a physical portfolio. In 2025 it opened its cap table for the first time, welcoming outside investors led by InCred Wealth and Investment Services. Since May 2025 roughly ₹127 crores of equity capital has been injected, giving the business the runway to commence hotel acquisitions. Shares that were issued to InCred at an average blended cost of ₹5.95 per share are currently quoted in the unlisted market at ₹20–22, implying an early paper gain for initial backers. No revenue, user, or operating metrics have been publicly disclosed, but the capital intensity of its model suggests further fundraising will be required as the hotel pipeline scales. Management’s near-term plan is to deploy the fresh capital into premium property purchases and development, with an eventual public-market exit expected several years out.

Participated · Debt Financing · Sep 2025

Recur Club operates a platform that uses proprietary AI to collect and analyse data from websites, transaction records and other sources to enable precise underwriting and match borrowers with lenders. The technology evaluates metrics including financial indicators, customer concentration and founder assessments to automate credit evaluation. The company says its platform can shorten the typical SME/startup financing timeline in India from about three months to as little as five days. Recur Club was founded in 2021 by two Indian Institute of Technology graduates. The startup aims to address inefficiencies in India's debt financing market by streamlining lender-borrower matching and underwriting processes.

Led · Debt Financing · Apr 2024

Ecozen Solutions develops hardware-led, solar-powered products that improve the farm-to-fork value chain, notably Ecofrost (portable solar cold storage) and Ecotron (smart solar pump controllers). Its systems are embedded with AI and IoT to cut post-harvest losses and raise farmer incomes, and the company says it has touched 1.2 million+ lives while manufacturing more than 300,000 Ecotron units to date, including 100,000 in the nine months to December 2024. Revenue surged to about INR 889 crore in FY25 with profit nearing INR 95 crore, reflecting an 83 % three-year revenue CAGR and improving EBITDA margins. Founded by IIT alumni Devendra Gupta, Prateek Singhal and Vivek Pandey, Ecozen is also expanding into adjacent cooling and solar applications that leverage its motor-control and energy-storage expertise. The firm has cumulatively secured over USD 70–76 million in equity and debt financing, including a USD 30 million mix round in April 2024. Ecozen’s rising order book for climate-smart agri hardware underpins its need for structured debt to finance inventory and working capital. Management intends to use fresh capital to support continued volume scaling and geographic expansion.