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Blitz raises Rs 51 Cr in Series A round led by IvyCap Ventures

EntrackrEntrackr · 8m ago
Blitz raises Rs 51 Cr in Series A round led by IvyCap Ventures
Medial

Blitz (previously Grow Simplee), a same-day delivery platform for omnichannel sellers, has raised Rs 51 crore in its Series A round led by IvyCap Ventures. Existing investors India Quotient and Alteria capital along with notable angels, including Ramesh Bafna of Zepto, Siddharth from Snitch, and Bestseller CEO Vinit Gautam, Amitabh Suri CEO Arvind Fashion have also participated in the round along with existing angel investors. Earlier in July last year, Blitz had raised $3 million in its seed round from India Quotient, Better Capital, First Cheque, and Titan Capital. The proceeds will be used to enhance its 60-minute delivery infrastructure and expand its dark store network across India’s major 20 cities. Founded in 2020 by Gaurav Piyush, Mayank Varshney, and Yash Sharma, Blitz connects brands and consumers with 60-minute deliveries from local stores and same-day shipments from urban warehouses. Its dark store model is set to become a key logistics asset for e-commerce players aiming to offer fast, reliable deliveries. Sellers can predict and store inventory near their customers in Blitz’s dark stores, offer 4-hour delivery to buyers, and fulfill all orders on the same day. The startup claims to have helped its clients with a 29% increase in business growth while reducing Return-to-Origin (RTO) rates by 40%. Blitz is operational in 10 cities including Bengaluru, Delhi, NCR, Mumbai, Hyderabad, Jaipur, Chandigarh, and Pune.

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Exclusive: Eggoz to raise Rs 125 Cr led by Gaja Capital

EntrackrEntrackr · 1m ago
Exclusive: Eggoz to raise Rs 125 Cr led by Gaja Capital
Medial

Eggoz, a consumer brand for eggs, is raising Rs 125 crore, approximately ($14.7 million) in its Series C round led by Gaja Capital with the participation of existing investors IvyCap Ventures and Redbright Partners. The board at Eggoz has passed a special resolution to issue 1 equity and 15,334 Series C preference shares at an issue price of Rs 81,511 each to raise Rs 125 crore or $14.7 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Gaja Capital will spearhead the round with Rs 100 crore, while IvyCap Ventures and Redbright Partners will inject Rs 20.95 crore and Rs 4.05 crore, respectively. According to Entrackr’s estimates, the company will be valued at around Rs 480-500 crore or $55-58 million post-money. This marks a 60% increase in the valuation when compared to its last round. Founded in 2017 in Bihar by Abhishek Negi, Aditya Singh, and Uttam Kumar, Eggoz operates an asset-light, farmer-led model that ensures fresh eggs reach retailers within 24 hours. The brand has scaled its presence across Delhi-NCR, Bengaluru, Kolkata, Jaipur, Lucknow, and several non-metro cities. In a bid to diversify, Eggoz has also forayed into ready-to-cook offerings such as momos, burger patties, nuggets, and more. Eggoz has raised over $27 million in total funding so far. This includes an $8.8 million Series B round led by IvyCap Ventures. Before this, the company had secured $3.5 million in its Series A round and Rs 3.7 crore during its seed stage. The company has yet to file its FY25 numbers. Eggoz has recorded a 33.6% year-on-year increase in its revenue to Rs 73.1 crore in FY24, while the losses of the firm reduced by 24% to Rs 25 crore in the same period.

Celcius Logistics raises Rs 40 Cr in pre-Series B round

EntrackrEntrackr · 1y ago
Celcius Logistics raises Rs 40 Cr in pre-Series B round
Medial

Celcius Logistics, a domestic aggregator providing end-to-end cold-chain solutions, has secured Rs 40 crore ($4.8 million) in a pre-series B round, led by existing investor IvyCap Ventures. Other investors include ⁠Mumbai Angels and Caret Capital. The current round follows the Series A funding round of Rs 100 crore ($12 million) in April 2023 led by IvyCap Ventures. The fresh proceeds will be used to expand its footprint across its transportation management system (TMS) and warehouse management system (WMS), further strengthening its cold storage solution. It also aims to expand its reach in over 500 cities in the next one year and help manufacturers sell their perishable products. Founded by Swarup Bose, Celcius Logistics connects shippers and transporters and is a one-stop solution for all cold chain requirements, ensuring last mile and hyperlocal deliveries. The platform has already transported over four lakh tons of perishable cargo for dairy, pharma, fruits, seafood as well as fresh agricultural produce. Its clients include Zomato, Spicejet, Reliance Pharma, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino’s, Keventers, and Godrej Agrovet among others. Currently, the platform claims to have 4,000 vehicles, 107 cold storage facilities, 27 distribution centres, and 200 hyperlocal riders across the country.

Exclusive: Miko set to raise Rs 28 Cr in Series C round

EntrackrEntrackr · 8m ago
Exclusive: Miko set to raise Rs 28 Cr in Series C round
Medial

Robotics firm Miko, a product of Emotix, is raising Rs 28 crore ($3.3 million) as part of its Series C round. This new tranche comes just three months after its previous tranche for the Mumbai-based startup. In August, it raised Rs 20.5 crore (approximately $2.5 million) in a new round from a group of angel investors at a valuation of $200 million. Entrackr exclusively reported the development then. The board of Miko has passed a resolution to issue upto 924 Series C CCPS at an issue price of Rs 3,02,694.58 each aggregating to Rs 27.96 crore to IvyCap Ventures Trust Fund III, in one or more tranches. The company will deploy funds for business requirements and for general corporate purposes including inter alia for funding continued research and product development, sales and marketing cost and operating expenses and working capital. Miko specializes in emotionally intelligent robots, integrates artificial intelligence (AI) and the Internet of Things (IoT) into its flagship products: Miko, Miko 2, and Miko 3. Following the success of its first-generation robots, the firm introduced an advanced version equipped with voice-recognition technology, enabling the devices to see, hear, sense, express, talk, and recognize faces. The company claims to serve customers across 140 countries, including regions like the US, Europe and the Middle East. To date, Miko has raised over $60 million, including a $29 million Series B funding round led by IvyCap Ventures in 2021. According to startup intelligence platform TheKredible, prior to this round, Chiratae Ventures held the largest external stake at 13.77%, followed by IvyCap Ventures with 13%. While Miko’s Indian entity has yet to file its annual financial report for FY24, its revenue from operations surged 137.5% to Rs 225.6 crore in FY23 as compared to Rs 95 crore in FY22. The company’s losses also rose 39% to Rs 107.7 crore in FY23. Miko competes with PlayShifu, Avishkaar, and WitBlox, among others.

Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation

EntrackrEntrackr · 2m ago
Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation
Medial

Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation D2C menswear fashion brand Snitch is set to raise Rs 278.93 crore or $33 million, led by 360 One Asset Management Fund with the participation of existing investors SWC Global and IvyCap Ventures. This will be the second major funding round for the Bengaluru-based fashion brand, following its $13 million Series A raised in December 2023. The Snitch’s board passed a special resolution to approve the issue of 1,755 Series B CCPS at an issue price of Rs 15,89,385 to raise Rs 278.9 crore or approximately $33 million, its regulatory filings accessed from the Registrar of Companies (RoC) show. 360 One will spearhead the round with Rs 220 crore or $25.9 million, while existing backers SWC Global and IvyCap Ventures will contribute with Rs 29.4 crore or $3.5 million respectively. As per Entrackr’s estimates, Snitch will be valued at around Rs 2,400-2500 crore or $294 million post-allotment, marking a nearly 5X spike in its valuation from Rs 500 crore in its previous round. Snitch, founded in 2019 by Siddharth Dungarwal, is a direct-to-consumer (D2C) fashion brand specializing in fast fashion for men. The company offers trendy and affordable apparel through its own website, mobile application, and an expanding network of offline retail stores. As of now, Snitch has established 58 physical stores across India, with a presence in major cities such as Bengaluru, Mumbai, Delhi, and locations in Gujarat, among others. The company claims to open over 100 offline stores across India by 2028. Snitch featured during the second season of Shark Tank India and raised Rs 1.5 crore against 1.5% equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at Rs 100 crore valuation. According to startup data intelligence platform TheKredible, IvyCap Ventures and SWC Global are the largest external shareholders, holding 10.39% and 10.17% stakes respectively, while new investor 360 One will hold a 9.67% stake in the company. For the fiscal year ending March 2024, Snitch reported a 100% year-on-year increase in its revenue to Rs 241 crore with Rs 4.39 crore profits. The company has yet to release its annual results for FY25. Snitch operates in a competitive D2C fashion landscape, going head-to-head with brands like The Souled Store, which achieved profitability in FY24. It also competes with Rare Rabbit, which recently secured $6 million in funding from A91 Partners, and Wrogn, which raised $9 million in October last year from Aditya Birla Digital Fashion.

Exclusive: Miko raises fresh capital at over $200 Mn valuation

EntrackrEntrackr · 11m ago
Exclusive: Miko raises fresh capital at over $200 Mn valuation
Medial

Robotics firm Miko, a product of Emotix, has raised Rs 20.5 crore (approximately $2.5 million) in a new round from a group of angel investors. This fresh equity infusion comes after a two-year hiatus for the Mumbai-based company. The board at Miko has passed a special resolution to issue 679 Series C CCPS at an issue price of Rs 3,02,695 each to raise Rs 20.55 crore or $2.5 million, its regulatory filing accessed from the Registrar of Companies shows. Moneycrew Fintech injected Rs 4.5 crore while the rest of the sum was poured in by angel investors including Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, Inderjit Kaur Arora, and others. According to TheKredible’s estimates, the company has been valued at around Rs 1,711 crore or $206 million post-allotment. This is a 2.3X jump in the valuation as compared to its last equity round. Miko creates emotionally intelligent robots that leverage artificial intelligence and the Internet of Things (IoT) in developing its flagship brands Miko, Miko 2 and Miko 3. After the success of its first-generation robots, the company launched an advanced version that uses voice-recognition technology to see, hear, sense, express, talk, and recognize faces. Miko has raised over $60 million to date including its $29 million Series B round led by Ivycap Ventures in 2021. According to the startup data intelligence platform TheKredible, prior to this round Chiratae Ventures was the largest external stakeholder with 13.77% followed by IvyCap Ventures with 13%. See TheKredible for the complete shareholding pattern. The Chiratae-backed startup showcased impressive 2.3X growth to Rs 225 crore in FY23 from Rs 95 crore in FY22. However, the bottom of the company stood at Rs 108 crore in FY23. Miko is yet to file annual results for FY24.

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