Indian Startups Funded Recently

27 February 2024

We are delighted to bring the Newnex Fortnight India fundraising tracker for the thriving Indian venture capital ecosystem, produced in partnership with the Startup Europe India Network. In the past two weeks, Newnex Co-Investor Network has counted a total of over $259+ million in fundraising and deal-making activities in India.

Yu, the instant food brand curated by chefs, has successfully raised Rs 20 crore in a follow-on Series A funding round. The funding was spearheaded by prominent public market investor Ashish Kacholia and the Asian Paints Promoter Group, represented by Manish Choksi and Varun Vakil. Yu also boasts investments from include Indian cricketer Hardik Pandya, Sameer Mehta (Founder of Boat), Srikrishna Dwaram (Partner at True North Private Equity), Nikhil Srivastava (PAG Private Equity), and DPIIT's Start Up India Seed Fund. This infusion of capital will enable the company to expand its manufacturing capacity and venture into various product categories and segments.

Amber, a leading provider of global student housing solutions, has secured $21 million in its first external funding round, with Gaja Capital leading the investment. Lighthouse Canton and Stride Ventures also joined the round as participants. The newly raised capital will be utilized to support the company's global expansion efforts and to further improve its services for both property managers and students.

Corrit Electric, a startup in the electric vehicle sector, has secured Rs 5 crore in funding from Porush Jain. The newly acquired funds will be dedicated to expanding operations and advancing research and development initiatives.

In a Series B funding round, Supertails, a full-stack pet care startup, has successfully raised $15 million. The funding was led by RPSG Capital Ventures, with participation from existing investors Fireside Ventures, Saama Capital, DSG Consumer Partners, and Sauce VC. The newly acquired capital will be utilized to facilitate business growth by acquiring new customers, investing in technology, and expanding healthcare services, including the enhancement of Supertails Pharmacy.

Happi Planet, a direct-to-consumer (D2C) homecare startup, has secured approximately $1 million in a strategic funding round led by Fireside Ventures. The funding will play a crucial role in the expansion of the startup's offline footprint and bolstering its online presence. Happi Planet distributes its products through various online marketplaces, including Amazon, Big Basket, and D Mart Ready, and has a presence in Reliance Signature offline stores.

Scrut Automation, a compliance automation platform with a focus on risk, has successfully raised $9 million in its Series A funding round from existing investors. Notable participation in the round includes Lightspeed Partners, MassMutual Ventures, and Endiya Partners. Scrut Automation simplifies numerous labor-intensive compliance tasks by integrating with cloud and SaaS tools.

Tork Motors, a startup specializing in electric vehicle manufacturing, has secured $6 million in funding from Maxis Capital. Tork Motors is well-known for being an electric two-wheeler manufacturer, with its flagship product, Kratos R, gaining recognition in the market.

Medtech startup Noccarc has successfully raised $2 million in a funding round led by the Indian Angel Network (IAN). The funding round also witnessed the participation of Sunil Munjal, Chairman of Hero Enterprises, IIT Kanpur, Small Industries Development Bank of India (SIDBI), and the Technology Development Board (TDB). The raised capital will play a crucial role in accelerating Noccarc's growth by expanding its product portfolio.

Veera, the internet browser with a rewards focus, has garnered attention by securing $6 million in a seed funding round led by Ayon Capital, a Florida-based single-family office. The funding round also witnessed the participation of various investors, including institutions and angels such as Folius Ventures, 6th Man Ventures, The Operating Group, and iSeed Ventures. This funding will play a crucial role in Veera's growth, supporting the expansion of its product development, infrastructure enhancement, and marketing initiatives.

Mobility fintech firm Moove has successfully raised $10 million in a debt round from Stride Ventures. This marks Moove's first external debt funding in India. Moove aims to grow its fleet, increasing the total number of vehicles to surpass 5,000 as part of its strategic expansion initiatives.

Scandalous Foods, a B2B sweets startup, has successfully concluded its pre-seed funding round, raising Rs 3 crore. The most recent injection of Rs 1.4 crore came from the Indian Angel Network (IAN), led by KRS Jamwal and Mrunal Jhaveri, along with notable angel investors including Arjun Vaidya of V3 Ventures, Ajay Mariwala (MD of VKL and FSIPL), and Sushma Gupta. The company aims to broaden its presence in the food service industry and establish a robust HoReCa (Hotel, Restaurant, and Cafe) base in key markets, including Mumbai and Nasik.

Illumine Industries Private Limited (Illumine-i), a sustainable design and engineering firm, has secured approximately $2 million in its Series A funding round from Anicut Capital. Buoyed by the funding, Illumine-i is set to enhance its emphasis on automation, digitization, and elevating asset caliber. The company specializes in structural and electrical engineering for power plants and energy storage, while also extending its expertise in digital modeling and project management to the broader architecture, engineering, and construction (AEC) sector.

Explurger, a domestically developed social media platform tailored for travelers, has attracted notice by securing $4.5 million in a Series A funding round led by Affle (India) Limited. Alongside its photo and video-sharing functionalities, the platform also records the exact miles, cities, countries, and continents visited by users. Noteworthy angel investors, including Piyush Jain and Lovkesh Arora, among others, have also participated in the startup's funding.

Captain Fresh, a tech startup specializing in fish and seafood, has successfully raised $25 million as part of its ongoing series C funding round. The extension of the series C round has attracted investment from Nekkanti Seafoods Group, British International Investment (BII) – a UK-based development finance institution and impact investor, along with contributions from several family offices. The funds raised will be utilized to strengthen Captain Fresh's distribution network in the United States and Europe.

Vidyut, an electric vehicle (EV) financing and vehicle lifecycle management platform, secures $10 million in Series A funding, led by 3one4 Capital, and featuring participation from Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital, and Sujeet Kumar, the CEO of Udaan. The funding, comprising both equity and debt financing, will support the platform's expansion and enhance its offerings in the EV financing and vehicle lifecycle management sector.

FlexiLoans, a fintech lender specializing in MSMEs, secures Rs 60 crore in non-convertible debt from Vivriti Asset Management. The initial tranche of Rs 30 crore comes from Vivitri Emerging Corporate Bond Fund, part of Vivriti Asset Management, to sustain and bolster ongoing business operations.

In its Series A funding round, Metalbook, a platform facilitating the global metals supply chain, has successfully raised $15 million. The funding was led by Rigel Capital, and saw participation from FJ Labs, along with continued support from existing investors such as Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others. Metalbook is now well-positioned to enhance its influence on large-scale global projects by advancing solutions in manufacturing, infrastructure supply chains, metal sourcing, logistics, and financing.

Ayekart, the agrifood fintech platform, has secured $6.5 million in its Series A funding round. This funding was led by Omnivore, with participation from Siana Capital and Unleash Capital. The capital raised will be deployed to facilitate the nationwide expansion of Ayekart's operations, enabling it to serve a broader audience, including Farmer Producer Organizations (FPOs), food manufacturers, distributors, and retailers.

IDC Kitchen, the quick-service restaurant chain, has obtained Rs 1.5 crore in a debt fund from Velocity, a financing platform backed by Peter Thiel’s Valar Ventures. The allocated funds will be directed towards marketing initiatives and other inventory-related expenses, supporting IDC Kitchen in expanding its outreach and upholding its dedication to providing an authentic South Indian culinary experience.

Arcatron Mobility, a consumer medical startup, has secured undisclosed growth capital from OrbiMed, a global healthcare-focused investment firm. In addition to OrbiMed, existing backers such as BL Taparia Family Office, Chona Family Office, MGA Ventures, and the founders of Arcatron also participated in this funding round. The funds raised will be allocated towards intensifying research and development efforts, creating new products, and strengthening branding and marketing initiatives for the company.

In a pre-seed funding round, Segwise, a startup specializing in constructing AI agents for global mobile product and growth teams, has raised $1.6 million. Powerhouse Ventures led the round, with participation from other investors including Antler India, Blume Ventures, Everywhere Ventures, Saka Ventures, and Untitled Ventures. Notable contributions also came from Kunal Shah (Cred) and product leaders associated with companies such as Microsoft, Amazon, SAP, Gojek, Flipkart, PhonePe, Groww, among others.

Conscious Chemist, a skincare brand, has secured Rs 1 crore in debt capital from Recur Club. The company intends to deploy the funds towards bolstering its marketing initiatives to enhance brand visibility, expanding its product categories, and establishing a presence in offline retail outlets. Operating in the B2C space, the brand offers a range of skincare products in its catalog, including cleansers, moisturizers, sunscreens, face masks, serums, and more.

In its pre-seed funding round, Mumbai-based fintech platform PocketATM has successfully raised $400K. The investment comes from a diverse group of investors including Indian Express Commercial Ventures, Samir Modi of Modicare, Himanshu Nautiyal from Fractal Analytics, Nirav Mehta of Morgan Stanley Private Equity, Hemant Adarkar of Artha Center, Venkatesh Hariharan (Public Policy Advisor), and Rajat Agarwal, Partner at Vertices Partners.

RailYatri, the train ticketing platform, has secured $3.44 million in a funding round that combines equity and debt. Mirabilis Investment Trust led the round with an investment of Rs 12 crore. NRJN Family Trust, backed by Nandan Nilekani, and Omidyar Network contributed Rs 6.9 crore and Rs 5.69 crore, respectively. Additionally, Blacksoil participated in the round with a debt funding of Rs 4 crore.

QuiD, a supply chain fintech startup based in Bengaluru, has secured ₹5 crore in pre-seed funding. The funding round was led by institutions including Mint Cap Enterprises and Stone Park Capital, with participation from individual angel investors such as Sushant Kumar of Omidyar Network. The funds raised will be deployed to improve and expand technological capabilities, as well as strengthen connections with existing clients and partner lenders.

Kanlet, an AI-driven sales execution platform, has secured $400,000 in pre-seed funding, with Suvan Ventures and several angel investors leading the investment. The raised capital will be allocated towards product development, sales and marketing efforts, as well as talent acquisition for the company.

Rentomojo, the furniture rental brand, has secured ₹210 crore in a Series D & D1 funding round, with Edelweiss Discovery Fund Series – I leading the investment. The round also saw participation from existing investors, including Chiratae Growth Fund and Magnetic. Notably, Rentomojo has renowned investors like Accel and Bain Capital in its list of backers.

Varaha, a climate technology startup specializing in greenhouse gas emissions offsetting, secures $8.7 million in its latest funding round led by RTP Global, with participation from existing investors Omnivore and Orios Venture Partners. The round also includes involvement from the Japanese cooperative bank, Norinchukin Bank. Furthermore, AgFunder and Octave Wellbeing Economy Fund, an affiliate of IMC Pan Asia Alliance Group, have also invested in the company.

Electric mobility startup Yulu has secured $19.25 million in equity funding from its existing investors, Magna and Bajaj Auto Ltd. This additional capital infusion will empower Yulu to sustain its growth trajectory, reinforce its market leadership, and facilitate expansion in terms of vehicles, operational locations, as well as advancements in product and technology innovation to meet the increasing demand from users.

Food-tech platform Ghost Kitchens India has successfully raised $5 million in a Series A funding round, comprising a combination of equity and debt. The round was spearheaded by GVFL Limited, with contributions from NB Ventures, LetsVenture, and Lead Angels. Notable participation in this funding round also came from existing investors Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati.

Healthcare edtech startup Virohan has secured approximately $1.8 million in an extended pre-Series B funding round, with Blume Ventures leading the investment. This funding comes after a 14-month gap for the Gurugram-based company. Mitsui Sumitomo Insurance Venture Capital, managed by MS&AD Ventures, participated in the round, along with Suneight OK Partnership (Suneight), Bharat Inclusive Technologies, GoldenBird MultiProduct LLP, VVAG Partners, and individual investors including Pankaj Sharma, Sridhar Subramanian, Upasana Tilak Wadhwa, Viraj Nanda, Bhargav Suhas Jangle, and Vinita Bimbhet.

Education-focused Non-Banking Financial Company (NBFC) Auxilo has secured around $6 million in non-convertible debt from AK Capital Finance. Since its inception, Auxilo has raised over $100 million through a combination of equity and debt.

Walko Food's NIC, an ice cream brand and quick-service restaurant (QSR) company, has successfully raised $20 million in a new funding round. The funding was led by existing investor Jungle Ventures. This fresh injection of capital is intended to drive Walko's expansion across its product portfolio and customer reach, with a particular focus on accelerating its presence in the Indian ice cream market.

Influencer marketplace Flytant has successfully raised an undisclosed amount in its seed round, with the primary investment coming from the innovative digital investment platform Shuru-Up, based in Ahmedabad. Flytant provides an opportunity for nano, micro, and macro influencers to easily monetize their social media content, offering a departure from the traditional reliance on agencies.

Influencer marketing platform Starbuzz.ai has raised $500,000 in its seed funding round from an undisclosed investor. The startup is incubated by Hyderabad-based T-Hub. Starbuzz.ai offers tools that aid in detecting fake followers, and its comprehensive analytics empower brands to make data-driven decisions, ensuring maximum return on investment (ROI) and upholding brand integrity.

KushoAI, a startup focused on developing AI agents to enhance software reliability, has successfully raised $600,000 in pre-seed funding. The funding round was led by Antler India, with participation from Blume Founders Fund, UpSparks Capital, and angel investors including Mohit Kumar and Vatsal Singhal (co-founders, Ultrahuman), and Ashok Hariharan (CEO, IDfy), among others.

Indic Wisdom, an agri-produce startup, has secured Rs 4 crore in a pre-Series A funding round led by Inflection Point Ventures. The round also witnessed participation from Mahendra Sankhe, Launch Capital, Bifco Finance, and other High Net Worth Individuals (HNIs). The funds raised will be utilized to boost the brand's visibility, expand its distribution network, and enhance production capacity, aiming to increase market presence and operational efficiency.

Elder care startup Samarth Life has secured approximately $1.45 million in a funding round, with Aroa Venture Partners leading the investment. Social Alpha and Zhooben Bhiwandiwala of Mahindra Partners also participated in the funding round. Samarth Life intends to utilize the funds to drive its growth and expansion initiatives in the elder care sector.

Oopar Club, a community-driven social networking and socialization-tech platform, has raised Rs 50 lakh in its maiden pre-seed funding round. The funding was led by startup community-builder PedalStart, with participation from Ankitt Jain, co-founder of Paper Arizona. The funds will be utilized to upgrade its technology and flagship platform, acquire talent, and increase its user base. The investment will also support overall growth, product and tech enhancement, and team building.

Animal management and nutrition brand eFeed has obtained Rs 1 crore from the revenue-based financing platform Klub. Previously, the Pune-based startup had raised $1 million in a seed round led by Omnivore in January 2023. The newly secured funds will be directed towards capacity building, increasing production from 50 tons to 500 tons, enabling the company to scale its products in multiple geographies.

AutoVRse, a homegrown AR/VR tech startup, has successfully raised a $2 million seed round led by Lumikai, a gaming and interactive media-focused venture capital fund. Other notable investors in the funding round include Rajat Monga, co-founder of TensorFlow, and Inference.io, Yash Kotak, founder and CEO of Jumper.ai, Deepak Kumar, Chief Customer Officer at Observe.AI and early investor at Fractal, and Viswanathan Krishnamurthy, ex-CIO/VP at Yahoo & Eaton. The funds raised will be utilized to enhance the enterprise product "VRseBuilder," aiming to enable VR deployment at scale for the digital transformation of training, design, and sales workflows, particularly in heavy industry and manufacturing enterprises.

Consumer houseware startup Basil has raised Rs 3.6 crore in a seed funding round co-led by IIMA Ventures and Appreciate Capital. The funding round also saw participation from angel investors, including Mohit Sadaani, Koo co-founder Aprameya Radhakrishna, Abhishek Goyal, Malini Adapureddy, and Magicpin co-founder Brij Bhushan. Basil, a direct-to-consumer startup, offers tailored products designed to appeal to Gen Alpha and their millennial parents. The startup's water bottles and Bento boxes address a significant market gap in the industry.

Hyderabad-based electric two-wheeler Original Equipment Manufacturer (OEM) PURE EV has raised $8 million in funding. The investment was led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, along with Ushodaya Enterprises Private Limited, existing investors, and High Net Worth Individuals (HNIs).

Health and wellness platform Cult.fit (formerly Cure.fit) has secured Rs 84.5 crore (approximately $10.2 million) in an extended Series F funding round. The round was led by existing backer Valecha Investments, contributing Rs 36.36 crore, followed by Gul Advani who invested Rs 28.26 crore. The remaining sum was joined by Extreme Brands LLP (Exceed Entertainment), L&K Wellness Services (Reset Life), and individuals including Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe.

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