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Exclusive: Gen AI startup Simplismart to raise $7 Mn led by Accel

EntrackrEntrackr · 1y ago
Exclusive: Gen AI startup Simplismart to raise $7 Mn led by Accel
Medial

Generative artificial intelligence startup Simplismart is all set to raise a new round led by Accel, two sources aware of the matter told Entrackr. The Bengaluru-based startup will join a growing list of generative AI startups which have raised decent funding in the ongoing calendar year. “Accel is leading $7 million round in Simplismart with backing from existing investors,” said a source requesting anonymity. “Simplismart has received the term sheets and the deal is set to be public soon.” Simplismart previously raised seed money from Anicut Capital, Sunn91, First Cheque and Shastra VC but it didn’t announce the deal in the media. Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart enables businesses to build a scalable production-grade AI system and manage the development lifecycle without writing a single line of code. As per the company, its platform lets an amateur as well as an expert train and monitor ML models collaboratively on almost any kind of data or use-case. Sources assert that the company will be valued at around $35 million. Accel declined to comment on the story while queries sent to Simplismart did not elicit any response. In July 2023, AWS and Accel launched the AWS ML Elevate program which selected 35 generative startups from India and Simplismart was a part of the cohort. A recent study by NASSCOM said that the number of generative AI startups in India has more than doubled from 2021 to 2023. This can also be evident from the surge in funding in such startups since December 2023. As per data compiled by startup data intelligence platform TheKredible, more than half a dozen early-stage generative AI startups have raised nearly $100 million in funding in the past six months, Sarvam AI leads the pack with $41 million in Series A followed by Ema and Neysa which raised $25 million and $20 million in their seed round respectively. The list also includes Vodex, KonProz, Dubpro.ai, PlanckDOT and Ayna.

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SaaS startup Simplismart raises $7 Mn in Series A funding

EntrackrEntrackr · 10m ago
SaaS startup Simplismart raises $7 Mn in Series A funding
Medial

Bengaluru-based SaaS startup Simplismart has secured $7 million in a Series A funding round led by Accel, with participation from Shastra VC, Titan Capital, and others. Entrackr exclusively reported about the funding in July this year. As per sources, the company will be valued at around $35 million. The proceeds will be used to expand research and development (R&D) initiatives and accelerate growth, Simplismart said in a press release. Co-founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart offers an AI-based no-code machine learning platform that allows users to train custom machine learning models using their data, powering applications and decisions without writing code. Simplismart aims to simplify AI adoption for enterprises by providing a high-performance, cost-effective platform that addresses common challenges in enterprise AI deployment, such as performance trade-offs and the complexities of standardized workflows. The startup seeks to eliminate issues related to high costs, poor ROI, data privacy, and the need for customization to avoid downtime. In July 2023, AWS and Accel launched the AWS ML Elevate program which selected 35 generative startups from India and Simplismart was a part of the cohort.

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

EntrackrEntrackr · 11m 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: Powerplay valuation halves in fresh funding

EntrackrEntrackr · 1m ago
Exclusive: Powerplay valuation halves in fresh funding
Medial

Exclusive: Powerplay valuation halves in fresh funding Construction management startup Powerplay is set to raise fresh capital from its existing backers, Accel India and Surge Ventures, after a three-year funding gap, but at a steep 57% valuation markdown. The board at Powerplay has passed a special resolution to issue 1,739 Series A2 CCPS at an issue price of Rs 98,512.12 per share, to raise Rs 17.13 crore (approximately $2 million), according to the company’s regulatory filings with the Registrar of Companies (RoC). Accel India and Surge Ventures will participate in Powerplay’s new round with Rs 8.56 crore each. According to the startup data intelligence platform TheKredible, the company will be valued at around Rs 258 crore or $30 million post-money, marking a 57% valuation cut, compared to its previous $7 million funding round in August 2022 led by Accel, which valued the company at around Rs 600 crore or $75 million. The company has raised Rs 117 crore to date. As per the filing, after this round, Accel will be the largest external stakeholder with a 21.25% stake, followed by India Quotient and Surge Ventures, which will hold 15.70% and 15.47%, respectively. Its co-founders, Iesh Dixit and Shubham Goyal, will cumulatively own 38.22% of the company. Founded in 2019 by Iesh Dixit and Shubham Goyal, Powerplay simplifies site-to-office communication to manage construction and architectural projects. It enables construction companies to track progress, attendance, material management, invoices, issue tracking, and budget management. Powerplay is yet to file its financial statements for FY25. The Bengaluru-based startup saw its revenue grow 43% to Rs 4.39 crore in FY24 from Rs 3.07 crore in FY23. At the same time, its losses reduced by 14% to Rs 31.92 crore.

Testsigma raises $8.2 Mn led by MassMutual Ventures

EntrackrEntrackr · 1y ago
Testsigma raises $8.2 Mn led by MassMutual Ventures
Medial

AI-based low-code test automation platform Testsigma has raised $8.2 million in funding led by MassMutual Ventures, along with existing investors Accel, STRIVE, and BoldCap. Earlier, in 2022, Testsigma raised $4.6 million led by Accel, with participation from STRIVE and BoldCap. Founded in 2019 by Rukmangada Kandyala, Pratheep Velicherla, Vikram Chaitanya, and Rajesh Reddy, Testsigma is a Gen AI-powered, low-code test automation platform that helps quality engineering teams to automate tests at speed and scale without coding expertise. The platform helps users to rapidly create, organise, and run automated tests for web and mobile applications, as well as APIs, using plain English through to its NLP (Natural Language Programming) engine. Its clientele includes Sage, HPE, Netgear, HDFC Life, IEEE, SignEasy, American Psychological Association, and Mehiläinen.

Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation

EntrackrEntrackr · 8d ago
Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation
Medial

Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation Grocery-focused social e-commerce platform CityMall is set to raise Rs 334 crore ($38 million) in a Series D round from existing investors led by Accel with the participation of Waterbridge Ventures, Elevation Capital, Norwest Capital, Citius, and General Catalyst. This is the first major funding for the Gurugram-based company in 3.5 years since it raised $75 million in the Series C round in March 2022. The board at CityMall passed a resolution to approve the issuance of 7,278 Series D CCPS and an equity share at an issue price of Rs 4,58,716 each to raise the aforementioned sum, its regulatory filing accessed from Registrar of Companies (RoC) shows. Accel will lead the round with an investment of Rs 173.2 crore ($19.7 million), followed by Waterbridge Ventures at Rs 52 crore ($5.9 million). Citius and Norwest Capital will participate with Rs 48.38 crore ($5.5 million) and Rs 25.96 crore ($2.95 million), respectively. Elevation Capital (Rs 21.65 crore), General Catalyst (Rs 8.67 crore), and angel investor Rohit Agarwal (Rs 4 crore) will also join the round. The proceeds will be used for capital expenditure, marketing, and other general corporate purposes, the filing added. According to Entrackr’s estimates, the company’s valuation remained flat at Rs 2,780 crore or $316 million. The company might raise more funds in this round and its valuation will vary accordingly. Founded in 2020, Grocery-focused social commerce startup CityMall offers daily essentials including grocery, FMCG, and home and kitchen products, and plans to expand into new categories such as beauty and accessories through its network of community resellers in tier II and III cities. According to the startup data intelligence platform TheKredible, Citymall has so far raised over $110 million across multiple funding rounds. The Accel-backed company has not yet filed its FY25 financials. In FY24, it reported over 23% year-on-year growth in gross revenue (GMV) to Rs 427 crore compared to Rs 346.4 crore in FY23. However, its losses rose 10% during the same period to Rs 159 crore.

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