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Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai

EntrackrEntrackr · 24d ago
Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai
Medial

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai Rumik has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. Conversational AI platform Rumik.ai is raising a new round led by Elevation Capital with participation from existing investors, according to two people aware of the matter. "Rumik recently raised $1.5 million from Info Edge, and Elevation is now leading a fresh $5 million in a new round," said a person who requested anonymity, as the details of the deal aren’t public. Sources also indicated that Huddle Ventures and Info Edge invested in April and both are likely to participate in the new round as well. Incorporated in April 2024, Rumik AI focuses on providing its conversational AI platform to enterprises. It has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. The company emphasizes that Ira does more than just process data. It forms memories and experiences to develop human-like intelligence, aiming to bridge the gap between robotic responses and genuine understanding. “The term sheet has been signed, and the money is likely to move soon,” said a second source who requested anonymity. “Given the recent investor interest in conversational AI and speech recognition, Rumik may be targeting a valuation in the range of $25–30 million.” Queries sent to Elevation, Rumik, Info Edge and Huddle did not elicit a response by the time of publication. Last month, Elevation Capital led a $6 million seed funding round in Agentic AI startup Adopt AI, which also features a conversational AI interface that executes tasks using natural language. In December 2024, the venture capital firm appointed former Meta executive Krishna Mehra as a partner to lead investments in software-as-a-service (SaaS) and AI.

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Exclusive: Seekho app set to raise $8-10 Mn from Lightspeed and Elevation

EntrackrEntrackr · 9m ago
Exclusive: Seekho app set to raise $8-10 Mn from Lightspeed and Elevation
Medial

Learning-focused OTT platform Seekho is in the advanced stages of raising up to $10 million in a new funding round, according to sources familiar with the matter. This marks a consecutive round of funding for the Bengaluru-based company within a span of less than 18 months. “Seekho is looking to raise $8-10 million in Series A round, with Lightspeed and Elevation leading the investment,” said a source on condition of anonymity. It raised $3 million from Elevation and other investors in March of last year. Launched in 2020 by Rohit Choudhary, Keertay Agarwal, and Yash Banwani, Seekho helps people gain new skills and knowledge. It offers a variety of courses to prepare learners for jobs in different fields including parenting, share market, Instagram, and education, among others. Designed for tier II and beyond, its educational content includes concise 2-5 minute videos. These videos are structured in episodic series, providing valuable insights without overwhelming the audience. Seekho offers monthly and weekly subscription plans. “The terms of the deal have been finalized, and if nothing goes wrong at the last moment, the transaction will be executed soon,” said another source who wished to remain anonymous. “Seekho will be valued at around $45 million as two investors are looking to acquire 20% of the company.” Elevation Capital’s confidence in the three-year-old startup Seekho is evident from its decision to co-lead the new round. According to the VC firm, around 30% of Seekho users have opted for annual plans, suggesting that the platform’s popularity is not just a fleeting trend. Queries sent to Seekho, Elevation and Lightspeed did not elicit an immediate response. We’ll update the post in case they do. As per startup data intelligence platform TheKredible, Elevation Capital acquired nearly 24% stake in the company after Series A round. All three co-founders have 16.65% stake each.

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.

Exclusive: B2B robotics startup Haber raises $38 Mn in Series C

EntrackrEntrackr · 8m ago
Exclusive: B2B robotics startup Haber raises $38 Mn in Series C
Medial

Industrial robotics maker Haber has raised Rs 317.2 crore (approximately $38 million) in its Series C round, led by Creaegis with participation from Accel India and BEENEXT Capital. This new round materialized for the Pune-based company after a three-year gap. The board at Haber has passed a special resolution to issue 100 equity shares and 457,572 Series C preference shares to raise the above sum, according to regulatory filings accessed by Entrackr. Creaegis led the round with Rs 200.35 crore, while Beenext and Accel participated with Rs 83.5 crore and Rs 33.4 crore, respectively. The investment will support the company’s expansion, growth, and other capital requirements. According to TheKredible, Haber’s post-allotment valuation is approximately Rs 1,242 crore ($148 million). Haber develops AI-powered industrial robots that automate labor-intensive tasks like sample collection, measurement, analysis, and intervention in factories. According to its website, Haber helps industries reduce chemical consumption as well as energy and water usage across sectors such as food and beverages, agriculture, and oil and gas. The company has raised over $65 million to date, including a $20 million Series B round led by Ascent Capital with participation from Accel, Elevation, and Beenext in November 2021. Accel is the largest external stakeholder with an 18.1% stake, followed by Creaegis and Elevation. Head to TheKredible for the complete shareholding breakup. While FY24 numbers are yet to be disclosed, Haber reported a total revenue of Rs 82 crore and a loss of Rs 36.7 crore in FY23. It directly competes with Prosus-backed Detect Technologies, Altizon, and Fero Labs, among others.

Exclusive: Seekho set to raise $25 Mn, hits $4 Mn monthly revenue

EntrackrEntrackr · 2m ago
Exclusive: Seekho set to raise $25 Mn, hits $4 Mn monthly revenue
Medial

Exclusive: Seekho set to raise $25 Mn, hits $4 Mn monthly revenue Established in 2020 by Rohit Choudhary, Keertay Agarwal, and Yash Banwani, Seekho is a platform that helps individuals build skills and knowledge through short-term courses. Learning-focused over the top (OTT) platform Seekho is raising another round to the tune of $25-30 million, sources aware of the development told Entrackr. The Bengaluru-based startup scooped up $8 million back in December 2024. “Bessemer is in late-stage talks to lead a $25–30 million round in Seekho OTT, with participation from existing investors such as Lightspeed and Elevation,” one of the sources said. “The investment discussions follow the company’s strong performance in user engagement and revenue growth.” Established in 2020 by Rohit Choudhary, Keertay Agarwal, and Yash Banwani, Seekho is a platform that helps individuals build skills and knowledge through short-term courses. It prepares users for careers in areas such as parenting, stock trading, Instagram growth, and education. The platform targets tier-II cities and beyond, delivering content through short, episodic videos lasting two to five minutes. So far, Seekho has raised $11 million across two rounds from Lightspeed, Elevation, PointOne Capital, Sprout Investment, AngelList, Succeed and several angel investors such as Gaurav Munjal, Anupam Mittal, Alok Mittal, Harsh Daga, Abhinav Daga, Hemant Goteti and Zishaan Hayath. “Seekho is currently generating an annual recurring revenue (ARR) of $45-50 million, with monthly revenues in the range of $4-4.5 million (Rs 35–40 crore),” said another source. The person added that the company is expected to be valued at around $120–130 million post-money. The person added that the company is expected to be valued at around $120–130 million post-money. To be sure, the terms and contours of the deal could change at the last moment. Queries sent to Seekho, Bessemer, Lightspeed and Elevation did not elicit response until publication of the story. For the fiscal year ending in March 2024, five-year-old Seekho registered Rs 11.5 crore in revenue with Rs 4.6 crore losses. Investor interest in Seekho is evident as the company continues to show swift growth with deep markets — tier II, III, and even tier I cities — still to tap. The platform’s short video format is resonating well with Gen Z audiences, who prefer engaging with videos over traditional reading materials. Seekho appears to have found a strong product-market fit with a large market to serve. Its growth also highlights the presence of white spaces in the edtech sector, which has otherwise been going through a difficult and boring phase.

Exclusive: WMall founders return with ShopDeck, raise $8 Mn

EntrackrEntrackr · 11m ago
Exclusive: WMall founders return with ShopDeck, raise $8 Mn
Medial

Blitzscale Technology, the parent of company WMall and ShopDeck, has raised Rs 65.2 crore (approximately $7.85 million) in a new round. The fresh investment came for the firm after a hiatus of five years. The board at Blitzscale has passed a special resolution to issue 4,385 CCPS (compulsorily convertible preference shares) at an issue price of Rs 1,48,672 each to raise Rs 65.2 crore, its regulatory filing accessed from the Registrar of Companies (RoC)shows. Bessemer Venture has led the round with Rs 35.24 crore while Chiratae Ventures and Elevation Capital pumped in Rs 9 crore and Rs 11 crore, respectively. VH Capital and Reed India cumulatively participated with Rs 9.85 crore in the extended Series B round (B1). ShopDeck will use this amount for growth, expansion, marketing, and general corporate purposes, the filing further added. ShopDeck helps sellers to create their e-commerce store or website, manage logistics, payment and others for a business to sell products online. It competes with Shopify, Magento and WooCommerce in e-commerce enablement space while Shiprocket and Shipway are its competitors in shipping and marketing segments. Following the fresh proceeds, Elevation Capital is the largest external stakeholder with 19.3% followed by Chiratae Ventures with 16.34%. Co-founders Harmin Shah, Anubhav Singh and Rishabh Verma collectively hold 38.6% stake in the company. According to the startup data intelligence platform TheKredible, the firm has been valued at around Rs 385 crore or $46 million (post-allotment). For background, WMall used to be a social commerce platform with flavors of video or live commerce and raised $11 million. However, it later pivoted to NuShop in mid 2022 which now became ShopDeck. Entrackr exclusively reported about the pivot in June 2022. ShopDeck is also one of the rarest startups where existing investors have put in money even after a pivot, that too after a gap of five years. Blitzscale Technology ended FY23 with Rs 19.4 crore revenue and Rs 9 crore loss. Importantly, shipping and marketing services formed over 93% of its total collection in the said fiscal year. Revenue from enabling e-commerce stores stood at Rs 1.31 crore which was 6.7% of total operating income. The company is yet to file its annual results for FY24.

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.

Exclusive: Speciality chemicals startup Scimplify to raise $5 Mn

EntrackrEntrackr · 1y ago
Exclusive: Speciality chemicals startup Scimplify to raise $5 Mn
Medial

Scimplify, a platform for all sourcing and manufacturing of specialty chemicals, is raising a new round to the tune of $5 million, sources aware of the development told Entrackr. The new round is coming just after six months for the Bengaluru-based firm. “Omnivore is leading $5 million in Scimplify while existing backers will also double down,” said one of the sources requesting anonymity. Scimplify raised $3.67 million in its seed round from 3one4 Capital and Beenext in December last year. Founded by Salil Srivastava and Sachin Santhosh, Scimplify is a B2B fulfillment platform operating across the product life cycle from contract research to commercial chemical manufacturing across industries such as pharmaceutical, personal care, and agrochemical. During the last fundraise, Scimplify had said that it plans to expand its reach to 20 countries and 4 new categories in chemicals. Currently, it has manufacturing facilities in Karnataka, Hyderabad and Gujarat. “The deal is almost finalized and it will value Scimplify in the range of $20-25 million,” said another source. As per sources, Omnivore saw potential in Scimplify’s product portfolio of agrochemicals. According to the company’s website, it offers emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers, among others. As per startup data intelligence platform TheKredible, 3one4 Capital controls 17% in Scimplify while Beenext had 7% holding as of seed round. Co-founders collectively hold nearly 65% stake in the company. Queries sent to Scimplify co-founder Srivastava and Omnivore did not elicit response until publication of the story. Scimplify competes with Atomgrid and Covvalent. Bengaluru-based Atomgrid raised $1.2 million in its seed round led by Merak Ventures in May this year while Covvalent scooped up $4.3 million led by Nexus Venture Partners in November 2022. In June 2023, impact venture capital firm Omnivore announced the first close of its third fund at $150 million to make 25-30 new investments in seed and Series A rounds. Some of its portfolio companies include DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel.

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