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Asia Impact backed $13 M Series A funding received by VilCart

VilCart, a company in rural commerce, has received INR 106.6 Cr ($13 Mn) in a Series A round that was dominated by Asia Impact. Texterity and Nabventures, an equity vehicle funded by NABARD, also participated in the round.

The business claimed that it will utilise the money to expand operations across the nation in regulatory filings submitted to the Registrar of Companies (RoC).

This happened immediately after the company’s board approved a special resolution to issue 68,761 Series A and 405 Series A1 compulsory convertible preference shares (CCPS) at an issuance price of INR 15,411.6 per share.

Asia Impact contributed INR 91.96 Cr to the round, followed by Nabventures with INR 14 Cr, according to a perusal of the paperwork. In its beginning, Texterity invested 62 lakh rupees.

After the transaction, NabVentures now owns 12.36% of the startup, while Asia Impact now controls 31.28%. 3.18% of the company’s shares are held by Test Yantra Solutions, and 0.17% are by Texterity.

VilCart also approved a resolution to exchange 7,786 equity shares at a total of INR 12 Cr for Test Yantra’s unsecured debt.

VilCart, a one-stop shop offering everything from inventory acquisition to supply chain management, was founded in 2017 by Prasanna Kumar, Mahesh Bhat, Rajasekhar, and Amith S. Mali.

In a seed round in November 2021, the firm last raised INR 15 Cr. It has raised more than 121 Cr. INR to date.

Currently, the business serves South India’s states of Karnataka, Telangana, Tamil Nadu, Kerala, and Andhra Pradesh. It faces competition from firms like 1Bridge, FAARMS, Rozana, and ElasticRun, among others.

The startup’s net loss increased roughly 2.3X from INR 4.81 Cr to INR 11.13 Cr in the fiscal year 2021–2022 (FY22). Additionally, during the time under study, it generated INR 209.7 in income.

 

 

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