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Comet raises $5 Mn in Series A round

EntrackrEntrackr · 1y ago
Comet raises $5 Mn in Series A round
Medial

D2C sneaker brand Comet has raised Rs 42.3 crore (approximately $5 million) in its Series A round led by Elevation Capital. This is the first round of investments for the Bengaluru-based company in 2024. The board at Comet has passed a special resolution to issue 10 equity and 50,076 Series A CCPS at an issue price of Rs 8,445 each to raise Rs 42.3 crore or $5 million, its regulatory filing accessed from the Registrar of Companies shows. Elevation Capital led the round with Rs 33.36 crore while existing investors Nexus Ventures and AngelList India participated with Rs 8.34 crore and Rs 60 lakhs respectively. The company will use these proceeds for capital expenditures, marketing, and general corporate purposes as per the business plan, the filing added. According to the startup data intelligence platform TheKredibe, Comet has been valued at around Rs 167 crore or $20 million post-allotment. The startup raised its seed capital in February last year. Following the fresh proceeds, Elevation Capital and Nexus Ventures will hold 20% each while AngelList India will command 2.22% of the capital in the company. Founded in July 2023, Comet is a homegrown, lifestyle sneaker brand for both men and women which sells its products through its website. Its current portfolio includes CometX, Aeon, and Slides. According to Comet, its TAM (total addressable market) is expected to be $22 billion while the company’s serviceable addressable market (SAM) is expected to be $1.5 billion by FY 2030. Comet competes with Wrong, HRX, Redtape, The Roadster, Campus, Sparx and other multinational footwear brands like Nike and Adidas.

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Spacetech startup SatSure raises $15 Mn in Series A funding

EntrackrEntrackr · 1y ago
Spacetech startup SatSure raises $15 Mn in Series A funding
Medial

SatSure, a satellite Earth observation data and analytics provider, has secured $15 million in a Series A round led by Baring Private Equity Partners (BPEP) and Promus Ventures, with participation from Omidyar Network India and xto10X, alongside existing investors. The funding will support the launch of four high-resolution satellites by Q4 2025 and expand the company's presence in the US and Asia-Pacific regions. SatSure leverages satellite imagery and AI to provide decision intelligence for industries like agriculture and banking, aiming to enhance profitability and operational efficiency. The funding follows a $5 million pre-Series A round in February 2022 and strategic funding from ICICI and Kotak Mahindra Bank.

Ice cream brand Go Zero raises $1.5 Mn

EntrackrEntrackr · 1y ago
Ice cream brand Go Zero raises $1.5 Mn
Medial

Ice cream brand Go Zero has raised $1.5 million in its follow-on pre-Series A funding round from DSG Consumer Partners, Saama, and V3 Ventures, among others. The round also saw participation from notable angel investors such as Arjun Purkayastha. Earlier in August last year, the startup had raised $1 million in its pre-Series A funding round led by DSG Consumer Partners, Saama, and V3 Ventures. Founded by Kiran Shah, Go Zero has a diversified product portfolio featuring low-calorie, high-protein, and vegan ice creams. The startup claims that all its products are sweetened with plant-based sweeteners, which are low in calories. Currently present in 16 cities and over 125 dark stores, Go Zero ice cream brand is available on both quick commerce and e-commerce platforms in less than two years of launch. In FY24, Go Zero claims to have grown 4X compared to FY23 and while it saw 7X growth on quick commerce in just 5 months this summer. Go Zero competes with Hocco and NIC. Last year, NIC had raised $11 million in a growth funding round led by Jungle Ventures whereas Hocco recently raised $12 million from Chona family and others.

Probus raises $5 Mn led by Unicorn India Ventures

EntrackrEntrackr · 4m ago
Probus raises $5 Mn led by Unicorn India Ventures
Medial

Probus raises $5 Mn led by Unicorn India Ventures IoT Communications and data analytics startup Probus Smart Things has raised $5 million in Series A1 led by Unicorn India Ventures. The round also saw participation from US-based and Indian family offices. The current round is a mix of equity and debt financing. Probus has raised over $8 million in funding to date including a $3 million Series A round in March 2023. The proceeds will be used for ramping up its current communications tech stack into multiple smart grid and renewable applications along with the development of existing expertise into AI integration with its patented communications and networking stacks. It will also be investing in scaling its innovative dual communications network interface modules for smart metering currently being deployed across various states in India. Founded by Anand Singh, Probus develops integrated hardware and software solutions for utility providers and helps digitize their distribution grid and have a clear visibility of their network through Probus integrated end-to-end IoT platform. Probus claims to have built an order pipeline of Rs 400 crore growing 10X in revenues while growing 3X year-on-year. The company has filed for 4 patents, tripled the team size, and opened an Innovation Center in Noida along with project offices in Mumbai and Ahmedabad.

Y Combinator-backed Landeed raises $5 Mn

EntrackrEntrackr · 5m ago
Y Combinator-backed Landeed raises $5 Mn
Medial

Y Combinator-backed Landeed raises $5 Mn Property title search engine platform Landeed has raised $5 million in its Series X round led by 10x Founders Fund. Oliver Jung, Paradigm Shift, Pioneer Fund, Jeffrey Epstein, Founder of Onboard, and Aaron King, founder of Snapdocs, among others, have also participated. Founded in 2022 by Sanjay Mandava, ZJ Lin, and Jonathan Richards, Landeed helps users search property titles and receive land documents at a nominal fee. The platform simplifies the multiple search methods and collects all the data required by a land owner or buyer to ensure everything is in order with a particular property. The platform also offers instant access to essential data points such as Sale Deeds and Encumbrance Certificates, confirming that a property is free from legal or monetary disputes. With over 5 million downloads and covering 24 states, Landeed claims to have witnessed a 22x growth in key financial metrics, with over 100,000 property owners, bankers, agents, and real estate developers utilizing its platform to buy, sell, facilitate loans, and build real estate.

Seekho app raises $8 Mn in Series A led by Lightspeed

EntrackrEntrackr · 6m ago
Seekho app raises $8 Mn in Series A led by Lightspeed
Medial

Learning-focused OTT platform Seekho has raised $8 million in its Series A round, with Lightspeed leading the investment, according to a LinkedIn post by the company’s founder and CEO, Rohit Choudhary. The round also saw participation from Elevation Capital. Previously, the Bengaluru-based startup raised $3 million from Elevation and other investors in March of last year. Entrackr exclusively reported about the deal in September. “This is a testament to the trust our users, team, and investors place in us as we build India's go-to short video platform for Lifelong Learning,” said Choudhary via Linkedin post. While the company did not provide many details about the round, it was expected to be valued at around $45 million. Founded in 2020 by Choudhary, Keertay Agarwal, and Yash Banwani, Seekho helps individuals acquire new skills and knowledge. The platform offers a variety of courses to prepare learners for careers in fields such as parenting, the stock market, Instagram, and education, among others. Targeting audiences in tier-II cities and beyond, Seekho delivers educational content through short 2-5 minute videos in episodic series. The platform provides flexible subscription plans, with weekly and monthly options starting at Rs 149. According to startup data intelligence platform TheKredible, Elevation Capital acquired nearly a 24% stake in the company after the pre-Series A round. All three co-founders held 16.65% stake each as of that round. As per Entrackr's sources, Seekho is expected to dilute 20% of its equity in the Series A financing round.

Electric Vehicle financing firm Mufin Green raises $5 Mn

EntrackrEntrackr · 1y ago
Electric Vehicle financing firm Mufin Green raises $5 Mn
Medial

Electric vehicle financing platform Mufin Green Finance has raised $5 million in a debt funding round led by BlueOrchard. Last month, Mufin raised Rs 140 crore (approximately $17 million) in a Series B round of equity funding, on top of Rs 530 crore raised in debt funding, last financial year. The funds will be utilised to propel its initiatives in the green and energy space, driving innovation, and facilitating sustainable development, Mufin said in a press release. Founded in 2016 by Kapil Garg, Mufin Green Finance provides financing options for EVs across two, three and four-wheelers. With a presence in 16 states across India, it has financed EVs worth over Rs 350 crore to date. Mufin claims to have recorded a 12-fold growth in just two years. The AUM for Mufin Green Finance stood at Rs 502 crore as of December 2023 and the company is expecting to close FY24 with an AUM of Rs 650-700 crore. In the electric vehicle financing space, Muffin competes with Revfin, Finayo, Vidyut, OTO, evfin, and Hero FinCorp, among others. Recently, Revfin raised $14 million in a Series B round led by Omidyar Network.

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