The Venture Codex

Led · Series B · Jul 2019

Gamaya develops high-value crop solutions that translate hyperspectral drone and satellite imagery into actionable agronomic insights using proprietary cameras and machine-learning models. The company has built IP around hyperspectral imaging, embedded cameras and AI, and partners with local agronomy experts for market access. After several years of technology development, Gamaya is moving toward commercialization of its imaging-based crop solutions. The recent financing will support commercial activities, strengthen the commercial team, and grow a local presence in two target markets. Gamaya also plans to continue investing in industrial, scalable IT infrastructure and hardware to support business needs. Financially, the company completed a Series B round totaling about €10.9 million (12 million CHF), which includes CHF4.2 million previously raised via convertible bonds. Gamaya provides industrial growers with a solution for large-scale farmland diagnostics using patented hyperspectral imaging technology, drone-based deployment and artificial intelligence. Its system includes a drone-mounted hyperspectral camera integrated with an analytical platform that automatically translates data into actionable agronomy-driven information delivered as action maps and recommendations. Information products include early alerts for disease, pests and weeds, optimum fertilizer application rates, and prediction of yield. Action maps integrate into farm management platforms and can be relayed to field machinery for treatments such as spraying or fertilizer distribution. Currently the company serves soybean, corn and sugarcane growers. The company plans to expand operations, is hiring new people, and recently raised CHF3.2M in a Series A financing.

Participated · Equity · Oct 2016

FirstCry is India’s largest omni-channel retail platform for baby and kids products, offering a broad curated selection and an active online parenting community. The company operates both online and offline, with a prominent offline presence of 900+ stores across 350+ cities. Launched in 2010, FirstCry has expanded operations to Middle Eastern markets to grow its global footprint. It emphasizes a 360-degree omni-channel play and wide curation to serve parents and children across channels. Recently the company completed an INR 435 crore secondary transaction with Indian family offices, representing a liquidity event for existing shareholders. Management said the deal delivered multi-fold returns to early investors and welcomed new investors for their scaling expertise. FirstCry is a SoftBank-backed Indian baby products retailer. The company has raised about $315 million from private equity investors. Named investors in the deal include TPG, ChrysCapital and Premji Invest. DealStreetAsia independently confirmed the transaction. The article describes the investors as a "clutch of private equity investors." The article does not disclose operating metrics, valuation, or use of proceeds. FirstCry is an Indian retailer focused on baby and mother-care products. The company sells a range of infant and maternal care items through its retail channels. SoftBank Group Corp invested about $300 million (Rs 2,120 crore) in FirstCry against fresh equity shares. The transaction was structured as a fresh equity infusion into the company. The article does not disclose operating metrics, a valuation, or plans for use of proceeds. No other investors or prior fundraising details were reported in the article. FirstCry (operated by Pune-based Brainbees Solutions Pvt. Ltd) is an online-first retailer of baby and kids products that offers more than two lakh SKUs across categories such as diapering, feeding, skin and health care, toys, clothing and accessories. The company combines an e-commerce storefront with an offline footprint of around 183 stores across 29 states, with seventeen additional stores planned to open shortly. Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry has grown through organic expansion and acquisitions, including the 2016 BabyOye deal. The firm is the most heavily funded baby-products e-tailer in India and has disclosed substantial recent fundraising activity that will materially affect its capitalization. Its latest financing activity, if completed, would bring total capital raised to nearly $500 million to date. Management claims broad product assortment and a multi-channel distribution strategy as core to improving unit economics and customer experience. FirstCry is an online retailer of baby products that also operates an expanding offline store network and a private label (BabyHug). It sells products online, runs branded franchisee stores across 85 cities, has almost 180 stores, and maintains distribution partnerships with over 6,000 hospitals. FirstCry plans to accelerate its omni-channel strategy following its cash-and-stock acquisition of Mahindra Retail's BabyOye chain, which adds about 120 brick-and-mortar stores. The combined business will operate under 'FirstCry.com—A FirstCry Mahindra Venture' with Supam Maheshwari remaining as CEO and Mahindra operating company-owned stores under a master franchise agreement. Financially, FirstCry raised $34 million in the latest round from the Mahindra Group, Adveq, Kris Gopalakrishnan and existing investors, bringing total funding to $125 million to date. Management and analysts say the deal should create synergies to speed the company's path to profitability and strengthen its leadership in the kids segment.

Participated · Equity · Oct 2009

d.light designs and distributes solar-powered household products and offers PayGo consumer finance to make them affordable to low-income, off-grid households. The company uses securitized receivables financing to scale distribution and fund its PayGo offering across sub-Saharan Africa. The new multi-currency facility will purchase $176 million of receivables in Kenya, Tanzania and Uganda and is intended to enable access to renewable energy for an estimated six million people over the next three years. With this facility, d.light has a combined securitized financing purchasing value of $718 million across five facilities since 2020, including two in Kenya, one in Nigeria and one in Tanzania. Management says these receivables-based facilities let d.light remain consistently cash-flow positive and remove the requirement for further external equity fundraising. Earlier this year its $110 million Brighter Life Kenya 1 facility fully repaid senior debt ahead of schedule from internally generated cash flows — a first in the off-grid solar sector. d.light designs and sells solar-powered home systems and other essential solar household products, paired with a Pay‑Go personal finance service to make units affordable for low-income customers. Founded in 2007, the company launched its first solar product in 2008 and expanded into markets including Kenya, Uganda, Tanzania and Nigeria, where it began operations in 2022. d.light says it has sold nearly 30 million products, affecting over 150 million people, and aims to reach a billion people in developing countries by 2030. The company reported a 41% revenue surge in the first half of 2023, primarily driven by its Nigerian operations. d.light has also used securitised finance in other sub‑Saharan markets to raise capital for off‑grid solar and is applying that experience to scale in Nigeria. d.light sells affordable household solar products and provides low-cost Pay-Go financing to low-income families, offering items such as solar lanterns, solar home systems, TVs, radios, and smartphones. The company has sold nearly 30 million products globally. It operates a finance model that leverages customer payments for solar purchases to raise capital and expand market share. d.light plans to scale its Pay-Go personal finance service in Tanzania using the new securitization capital. The company maintains an office in Arusha City, Tanzania, employing over 50 full-time staff to support local operations and the finance facility. d.light is a global for-profit social enterprise that manufactures and distributes solar lighting and power products designed to serve the more than 2 billion people without reliable electricity. Founded in 2007 by Ned Tozun, the company has sold 19 million solar products and operates a distribution network of over 15,000 retail outlets. In 2016 d.light launched a fully integrated Pay-Go solar home system and d.light Atlas, a proprietary back-end payment management system. The company has offices in San Francisco, Nairobi and New Delhi. d.light raised $50m in debt financing from the European Investment Bank, responsAbility Investments, Social Investment Managers & Advisors (SIMA), SunFunder and another mission-aligned investor. It intends to use the funds to continue scaling globally, launch new appliances and solar home system offerings, and provide financed Pay-As-You-Go solar home systems to additional customers in existing and new markets. d.light is an off‑grid solar solutions company that sells solar light and power products and operates in 62 countries across Africa and Asia. Founded in 2007 and led by CEO Ned Tozun, the company is based in San Francisco, Nairobi and New Delhi. It uses Pay‑as‑you‑Go (PayGo) financing to reach low‑income families and aims to serve the more than 2 billion people globally without reliable electricity. d.light recently raised an additional $10.5m comprising $5m in equity from Norfund and $5.5m in grants from Beyond the Grid and the Shell Foundation. Prior to this, the company raised $22.5m in a Series D and $7.5m in debt financing. The new funds will be used to expand operations and bring clean off‑grid power to more low‑income households in Africa and Asia.