Participated · Equity · Jan 2024

Shopkirana is a B2B grocery firm that sells groceries directly to kirana merchants and provides brands with market knowledge and distribution support. Founded in Indore in 2015, it concentrated on tier-2 cities after tests in Mumbai and Indore. The startup operates in eight cities across Madhya Pradesh, Uttar Pradesh, Rajasthan and Gujarat and serves 50,000 kirana outlets. Co-founders Deepak Dhanotiya, Sumit Ghorawat and Tanutejas Saraswat are former consumer-products executives. The company says it has perfected a methodology to launch in a new location every 15 days and follows a 'solve first, scale afterwards' approach to preserve unit economics. According to co-founder Sumit Ghorawat, Shopkirana is the first in the segment to reach operational break-even. Management plans to take the business to a national scale, targeting adoption by kirana stores, legacy consumer-goods brands and D2C brands. ShopKirana is an Indore-based B2B e-commerce platform that connects retailers and brands through a mobile app. The platform enables retailers to buy in real time, track stock on their phones, reduce inventory and generate better sales. It also provides services such as logistics, banking and loan facilities, and recently launched its own staples labels. According to the company, it operates across 30 cities, empowers about 100,000 retailers and claims to impact roughly 50 million customers across six states. ShopKirana competes with players including Jumbotail, Gramfactory and Udaan. With new funding the company plans to bolster operations in major tier-II cities, which the article notes account for 30% of India’s population. ShopKirana is an app-based B2B e-commerce platform that integrates retailer demand and connects retailers directly with brands and suppliers to secure competitive prices and single sourcing. The platform services grocery and FMCG stakeholders and provides value-added services including logistics, banking, loans, IT and ordering systems. It aggregates retailer orders and passes them to brands, enabling promotions and product launches directly to small shopkeepers. The company says it will use the new capital to expand operations to 10 more cities over the coming year. ShopKirana is targeting one lakh retailers as part of its expansion plans. The startup was founded in February 2015 and is based in Indore.

Led · Equity · Apr 2022

Senco Gold is a Kolkata-based organised jewellery retailer that operates 127 showrooms across the country and is one of the largest organised jewellery retailers in eastern India. The company sells lightweight and modern jewellery under its Everlite range and is building a direct-to-consumer presence through e-commerce. Senco has established a franchisee showroom network and is positioned as a regional champion in the $65-billion Indian jewellery market, according to OIJIF MC. Management intends to build Senco into a national-level omni-channel jewellery brand and plans showroom expansion and to strengthen its digital presence as the pandemic recedes. Senco reported consolidated revenues of around ₹2,675 crore for FY21. SAIF Partners India IV Ltd has been an investor in the company since 2014. Senco Gold manufactures and retails handcrafted jewellery in gold, diamond, platinum and modern designs. The company operates 59 outlets across India, comprising 29 company-owned stores and 30 exclusive franchisees, and exports to markets including Dubai, Singapore and the US. Management says the new funding will be used to accelerate growth and establish a pan-India footprint. Founded in 1945, Senco positions itself as one of the largest jewellery retail chains from India’s eastern region. In the fiscal year ended March 31, 2013, the company reported net sales of Rs 981.5 crore and net profit of Rs 39.9 crore. The business plans to expand its reach across the country using the investment from SAIF Partners.

Led · Series E · Sep 2021

HomeLane provides end-to-end home interiors services and products, focusing on design, manufacturing and installation for residential customers. The company plans strategic expansion into newer markets and deeper investments in technology and brand-building. Management has set an ambitious revenue target of Rs 2,500 crore by FY24. The business has been capital efficient and the company has achieved cash profitability, according to an investor quote in the article. HomeLane is based in New Delhi and is led by co-founders Srikanth Iyer and Tanuj Choudhry. Over the past seven years it has raised significant venture capital to support growth. HomeLane operates a virtual design platform and real-time integrated pricing engine that lets home buyers select from hundreds of kitchen, wardrobe or wall-unit combinations and work with HomeLane interior designers to customise orders. The platform supports selection of layouts, designs, colours and finishes and the company offers a 45-day delivery guarantee for fit-outs. Bengaluru-based HomeLane says the new capital will be used for continued operations, further expansion of the business and working capital. The company has reported losses for four consecutive financial years—Rs 24 crore (2016–17), Rs 29.28 crore (2017–18), Rs 54.86 crore (2018–19) and Rs 121.31 crore (2019–20). Founded in 2014 by Srikanth Iyer, Rama Harinath, Krishnan Ganesh and Meena Ganesh, HomeLane has raised multiple prior financings and strategic deals. Sequoia, Accel and JSW have been recurring investors in its recent rounds. HomeLane offers a one-stop shop for fitted kitchens, wardrobes, entertainment units and other interior fixtures, combining an online design platform with 16 experience centers across seven Indian cities. Customers upload floor plans that local interior designers review to provide product suggestions, price quotes and 3D visualizations. The company has worked with more than 900 design experts and delivered over 6,000 projects. HomeLane emphasizes guaranteed on-time delivery and after-sale services and differentiates from pure online sellers by its local designer network and supply-chain capacity. The startup plans to use new capital to broaden its proprietary technology infrastructure and expand into eight to ten additional cities. Financially, HomeLane reported a net loss of $4.1 million on revenue of $5.6 million for the year ended March 2018 and its CEO says the company is inching closer to EBITDA profitability. HomeLane is a Bangalore-based online marketplace for fixed furniture, formed in August 2014 by Srikanth Iyer and Rama Harinath alongside K Ganesh and Meena. The portal sells fixed furniture items such as wardrobes, TV cabinets, kitchen units and other home set-up solutions, after rolling up assets of offline design firm Bello Interiors. The company reports 100 employees, has acquired 40 customers in the last eight months, and its average ticket size is about Rs 5 lakh. HomeLane plans to use new funding for expansion into 10 more cities by year end, technology enhancements, and marketing campaigns. Immediate expansion targets are Chennai and Hyderabad, followed by NCR and Pune, and the company intends to double headcount by year end. It positions itself against FabFurnish and Urban Ladder but says it has no direct competition because those players sell loose furniture while HomeLane focuses on fixed furniture.

Led · Equity · Nov 2019

Capital Small Finance Bank is a Punjab-based lender. The article reports the bank raised ₹84 crore (about $11.7m) in equity capital. The investment was made by mid-market private equity firm Oman India Joint Investment Fund (OIJIF). OIJIF will hold a 9.9% stake in the bank following the transaction. The article does not disclose operating metrics, product specifics, or future plans. Capital Small Finance Bank is a Jalandhar-headquartered small finance bank focused on serving micro, small and medium enterprises (MSMEs). It began small finance bank operations in April after receiving RBI in-principle approval in September 2015. The bank operates 73 branches, including 35 in rural areas, 27 in semi-urban areas and the remainder in urban and metro locations. In 2016-17 it reported advances of Rs 1,369.6 crore (up 19.26% year‑on‑year) and a deposit base of Rs 2,378.21 crore (up 31.09% year‑on‑year). The bank projects its business to increase four-fold from Rs 3,000 crore as of March 31, 2016 to Rs 12,000 crore and its branch network to 216 by March 2021. Recent fundraising and a memorandum of understanding with SIDBI are intended to support concessional finance and expand MSME lending.

Led · Equity · Sep 2018

Stanley Lifestyles is a Bengaluru-based leather manufacturer led by Sunil Suresh that makes high-end leather furniture and performs contract manufacturing for Ikea. The company focuses on premium leather furniture products for retail and contract customers. It closed its first round of private equity funding when it sold a 26% stake for $24 million. The article does not disclose revenue, user metrics, or other operating figures. The company’s relationship with Ikea is highlighted in the coverage. No future plans were disclosed in the article.