Funding alerts
- byMridul | February 20, 2024
Pratech Brands, the digital-first retailer behind Hyuga Life Insurance, has secured notable seed funding of Rs 52 million or $6.3 million, led by Spring Marketing Capital and Stride Ventures. The fund consists of 2,177,817 Seed Compulsory Convertible Preference Shares (Seed CCPS) and other investments, with a total value of Rs 36.62 billion or $4.4 million, plus partial payments, according to a regulatory filing. It also includes Rs 15.5 billion raised through non-convertible debentures issued to CCPS and Stride Ventures. . “Stride Venture and Spring Marketing Capital led the funding round with investments of Rs 15.5 crore and Rs 12.5 crore respectively, with additional support from Surge Ventures providing him with Rs 100 crore.”
Some of the investors include Ourumane Mercantile, Patni Wealth Advisors, and individuals such as Nihir Parikh and Dhaval Parikh. Pratech Brands is valued at around Rs 160 crore or over $19 million and has raised a total of $9.3 million so far. The company focuses on household and health products and operates under the umbrella of technology-first brands, particularly Hyuga Life, which recently secured $1 million in funding. “HyugaLife also supports Indian cricketer KL Rahul and actress Katrina Kaif.”
Pratech Brands includes subsidiaries such as Hyuga Health & Wellness Private Limited and Hyuga Ecommerce Ventures Private Limited, along with Neesan Ventures and natural healthcare brand Inaari. “After the investment, the company's promoters now jointly own over 52% of the company's stock, with Surge Ventures and Spring Marketing Capital holding 18.6% and 9.4%, respectively.” Notably, Pratech Brands' revenue surged from Rs 1.71 billion in FY22 to Rs 4.87 billion in FY23, while losses rose from Rs 990 million to Rs 25.39 billion in the same period.
