30 January 2024

Newnex Fortnight India: Startups Funded Recently

We have tracked $360+ million in fundraising and deal-making in India in the past fortnight. Newnex Fortnight India is the fundraising track of the flourishing Indian venture capital ecosystem. Published in collaboration with the Startup Europe India Network

Quick-service restaurant chain Wow! Momo has secured approximately $42 million in its Series D funding round, with Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, leading the investment. Oaks Asset Management, an existing investor, also contributed Rs 60 crore to this round. The infusion of funds, along with a secondary purchase, will result in partial exits for early-stage (Series A) investors, namely Indian Angel Network and Lighthouse Funds. Previously, investors such as ValueQuest Capital, V’ocean Investment, and Oaksand India collectively invested $25 million in the first two tranches. This capital injection will play a pivotal role in driving the growth and expansion of the quick-service restaurant brand. Additionally, the funds will be utilized to enhance the distribution network and support research and development for the brand's fast-moving consumer goods (FMCG) arm.

INDRA, a cleantech startup, secured $4 million in a Series A funding round co-led by Mela Ventures and Emerald Technology Ventures. Peak Sustainability Ventures and The Climate Angels also participated in the funding.

In its pre-Series A funding round, Adya.ai, a provider of digital commerce and technology solutions, has secured ₹10.5 crore. The funding was spearheaded by investors from the Indian Angel Network, including Uday Chatterjee, Romesh Sobti, Sri Prakash, and Hari Balasubramanian, along with participation from other backers. The newly acquired capital will be directed towards improving Adya.ai's innovative solutions, consolidating its position in the market, and expediting the development of artificial intelligence technologies.

In a Series A funding round, InPrime Finserv, a technology-driven non-banking financial company (NBFC), has successfully raised $3 million. Matrix Partners India led the investment, with additional participation from current investors, including InfoEdge Ventures, Titan Capital, and Kettleborough VC. The raised funds will be utilized to expand the company's geographical footprint, increase team size in areas such as risk, engineering, analytics, and sales, develop digital channels and credit scoring models, and diversify its loan portfolio.

International Battery Company (IBC), an emerging player in the environmentally friendly lithium-ion battery sector, has attracted a significant investment of $35 million to advance its aspirations of establishing a prominent presence in India's growing electric vehicle (EV) market. Led by RTP Global and supported by contributions from investors such as Beenext, Veda VC, and others, this Pre-Series A round reflects the confidence investors have in IBC's capability to address the distinctive challenges posed by the Indian EV landscape.

In a recently concluded pre-seed funding round, Bengaluru-based insurtech startup Healspan secured Rs 1.2 crore, with leadership coming from PedalStart, a startup community builder and accelerator.

FinAGG Technologies, a fintech startup specializing in cash-flow based supply chain finance, has raised $11 million in its Series A funding round. The round was co-led by BlueOrchard, a global impact investment manager, and Tata Capital Limited, with participation from the Small Industries Development Bank of India (SIDBI) and existing investor Prime Venture Partners. Additionally, FinAGG secured capital from Gray Matter Capital through Non-Convertible Debentures (NCDs). The raised capital will be utilized by FinAGG to expand its offline and online presence, enhance global outreach, and drive product innovation. Notably, the company had previously raised $3 million in its pre-Series A round led by BLinC Invest in September 2022.

Captain Fresh, a business-to-business harvest-to-retail marketplace focusing on animal protein, is in discussions with investors to secure up to $50 million in new funding. The startup is at an advanced stage of negotiations to raise capital from Nekkanti Sea Foods, SBI Investment, Evolvence, Tiger Global, and Prosus Ventures.

Bharatsure, an insurtech company, has secured $1 million in a pre-series round led by early-stage VC fund Capital-A. Grip Invest, along with existing supporters Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle, also participated in the funding round. The company offers infrastructure-as-a-service (IaaS) solutions to insurance distributors, including licensed brokers, agents, banks, and institutions. These solutions empower them to efficiently distribute group insurance and healthcare services.

In a Series A funding round, AquaExchange, a startup focusing on aquaculture technology and fintech, has secured $6 million. The funding was led by Ocean 14 Capital, with participation from existing investors such as Endiya Partners and Accion Venture Lab.

Jeh Aerospace, a startup specializing in Aerospace and Defense manufacturing, has secured $2.75 million in a seed round through a strategic partnership with VC firm General Catalyst. The funding round also witnessed the participation of industry veterans in the aerospace sector, including Pratyush (Prat) Kumar, former President of Boeing India, and Dwarakanath (Dwaraka) Srinivasan, former CEO and MD of Airbus India.

In a Series A funding round, local e-commerce platform BuyEazzy has secured $4.25 million. The funding was led by Info Edge Ventures, with participation from existing investors Incubate Fund Asia and M Venture Partners.

ConveGenius, an edtech company with a focus on artificial intelligence, has secured $7 million in a growth financing round led by the Michael & Susan Dell Foundation (MSDF). The funding round also included participation from other current investors such as Bace Capital, Heritas Capital, and Gray Matters Capital.

Hyderabad-based fintech NBFC, Vivifi India Finance, has secured $75 million in a Series B funding round, comprising a mix of debt and equity. Although the specific investors were not disclosed by Vivifi, regulatory filings indicate that funds were raised from BP IN VPF LLC. In its Series A funding round, Vivifi secured $6 million from family and internal funds.

Stan, the gaming platform, has raised $2.7 million in Pre-Series A funding from investors including Aptos Labs, Pix Capital, Maelstrom Fund, GFR Fund, and existing backers such as General Catalyst. This comes on the heels of their $2.5 million seed funding round in May 2022, which was led by General Catalyst and featured participation from Better Capital and Eximius Ventures.

AI testing startup RagaAI has successfully concluded a seed funding round, securing $4.7 million. The round was led by pi Ventures, and featured participation from global investors such as Anorak Ventures, TenOneTen Ventures, Arka Ventures, Mana Ventures, and Exfinity Venture Partners.

VIKRAN Engineering & Exim Private Limited, an engineering, procurement, and construction (EPC) company, has raised $10 million in a pre-IPO placement round. The funds were secured from investors including India Inflection Opportunity Fund, Ashish Kacholia, and others. In this round, Inflection Opportunity Fund contributed Rs 45 crore, while Kacholia and other investors invested Rs 36.5 crore. Together, they acquired an approximate 11% stake in the company. The exclusive investment banker and financial advisor for this transaction was Pantomath Capital Advisors Private Limited.

AiDash, an enterprise SaaS company, has announced the successful completion of a $50 million funding round, bringing its total funding to $83 million. The Series C round was oversubscribed. Lightrock lead the funding round, and SE Ventures, backed by Schneider Electric, also participated, along with all previous investors. These include G2 Venture Partners, Benhamou Global Ventures, National Grid Partners, Edison International, Shell Ventures, and additional strategic investors. AiDash also aims to establish a European headquarters and expand its international presence to meet the rising demand for its services.

Bhavish Aggarwal's artificial intelligence startup, Krutrim SI Designs, has disclosed a successful fundraising of $50 million from various investors, including Matrix Partners India. This investment has propelled the startup to a unicorn status, attaining a valuation of $1 billion. Remarkably, Krutrim SI Designs achieved unicorn status at an impressive pace, becoming the fastest firm to reach this valuation milestone.

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