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Cambrian Bioworks raises $1.45 Mn in seed round

EntrackrEntrackr · 10m ago
Cambrian Bioworks raises $1.45 Mn in seed round
Medial

Bengaluru-based biotechnology firm Cambrian Bioworks has secured $1.45 million in its seed round led by the Irani family office, which has invested in several private ventures across the globe. The round also saw participation from the company’s CEO and co-founder, Vaibhav Hegde. The proceeds will be used to ramp up development of Cambrian’s automated molecular diagnostics platforms, R&D efforts, expand the team, and support forays into international markets. Founded by Hegde, Rohit Asil, and Raghav Sridhar, Cambrian Bioworks develops automated molecular diagnostic platforms. Its products find applications in oncology, genomics, rare disease testing, and AMR detection. Recently, the firm launched Cambrian’s nucleic acid extraction platform, Manta which provides high-quality DNA/RNA for genomics and PCR testing in hospitals and laboratories. This is yet another example of a founder investing in his own startup. This trend started with the founders of Byju’s, OYO, and BluSmart, and has recently continued with investments from the founders of Yubi and Ather Energy.

BluSmart to raise $50 Mn in new round

EntrackrEntrackr · 5m ago
BluSmart to raise $50 Mn in new round
Medial

BluSmart to raise $50 Mn in new round BluSmart Mobility, an EV ride-hailing service and EV charging operator, is raising Rs 425 crore (approximately $50 million) in its Series B round. This will be the second fundraise for the Gurugram-based company in the past six months. BluSmart's board passed a special resolution in November to issue 17,70,833 Series B CCPS at an issue price of Rs 2,400 each to raise Rs 425 crore or $50 million, its regulatory filing sourced from the Registrar of Companies shows. BluSmart has already secured Rs 61 crore from 26 individual investors, with the remaining amount expected to arrive soon. Existing investors and new participants will likely contribute to this funding round. The funding came just six months after the closure of its $24 million pre-Series B round. According to Fintrackr’s estimates, the company will be valued at around Rs 3,050 crore (approximately $363 million) post-allotment. Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart follows an on-demand model. Unlike Ola, Uber, and Rapido, it offers scheduled pick-ups and drops and has a pure-play electric fleet. The company officially expands its all-electric ride-hailing services to Mumbai this week, covering key areas such as Goregaon, Bandra, and the Bandra Kurla Complex (BKC), with plans for further citywide expansion. BluSmart boasts a fleet of over 8,500 EVs, 5,800 charging stations, and has completed 22 million rides. It currently operates in Delhi, the surrounding areas of the National Capital Region (NCR), and Bengaluru. Goyal recently said that BluSmart recorded Rs 390 crore in revenue in FY24 as compared to Rs 160 crore in FY23. However, it has yet to file audited financial statements for the past two fiscal years.

Ninecamp Ventures raises $2 Mn in seed round

EntrackrEntrackr · 11m ago
Ninecamp Ventures raises $2 Mn in seed round
Medial

Ninecamp Ventures, a new generation food and beverage firm, has raised $2 million (Rs 16 crore) in its seed round from notable angels and non-institutional investors. The funding round saw participation from a cohort of esteemed investors, including Mohit Gupta, Gaurav Gupta (former Zomato co-founders), Varun and Ghazal Alagh (founders MamaEarth), Vikram Chopra, Ruchit Agarwal, Mehul Agrawal, Gajendra Jangid (founders Cars 24), Vir Das (comedian, actor), and Divine (musician), Atul Singh (ex-chairman, Coca-Cola Asia Pacific), Dharmil Sheth (co-founder, PharmEasy), Utsav Somani (ex AngelList), Ritesh Kumar (managing director, DS Group), Aaditya Mittal (founder, Punnya). The proceeds will be used to further expand its brand portfolio, acquire prime real estate, onboard talent, and invest in research and development for innovative concepts and products. Founded by Chaitanya Mathur, Ninecamp plans to create brands that align with the evolving market and the aspirations of Indian consumers. The firm envisions introducing a new wave of experiential dining with a key focus on global standard offerings – in product, service, design, and ingredients, crafting brands for India and from India. For the uninitiated, Mathur had played a pivotal role in establishing Zomato’s live business by creating Zomaland. In April this year, the firm launched its first restaurant, Marièta, a Latin American-inspired restaurant and agave-forward bar, at Two Horizon Center, Gurugram.

Yulu raises $19.25 Mn from Magna, Bajaj Auto

EntrackrEntrackr · 1y ago
Yulu raises $19.25 Mn from Magna, Bajaj Auto
Medial

Yulu, an electric two-wheeler company, has raised $19.25 million (about Rs 160 crore) in equity funding from existing investors Magna and Bajaj Auto Ltd. The additional capital will enable Yulu to maintain its growth streak and will strengthen its market leadership as it expands in terms of vehicles, operational locations, and product and technology innovation, the company said in a press release. In September 2022, Yulu raised $82 million in equity funding led by US-based Magna International in a Series B funding round. The firm also raised $3 million in debt financing in January this year. Entrackr exclusively reported the development. The startup has scooped up more than $130 million to date. Six-year-old Yulu offers last-mile connectivity through its electric bike and network of EV charging and battery swapping network. It provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR. Through Yuma, which is a joint venture between Yulu and Canadian automotive supplier Magna, it has done more than 6.5 million swaps to date. Yulu co-founder and CEO Amit Gupta also confirmed that the firm is on track to raise its Series C round soon. “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year,” he said in a statement. According to startup data intelligence platform TheKredible, Yulu registered Rs 41.74 crore in revenue from operations in FY23 against Rs 29 crore in FY22. During the period, its losses also jumped to Rs 95 crore from Rs 55 crore. As per Yulu, it has seen a nearly 5x leap in revenue over the past five years. The company competes with Zypp Electric, Bounce, Ebikego, and among others.

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