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Cloud storage solutions startup Lucidity raises $21 million from WestBridge Capital, others

Economic Times

Economic Times · 9m ago

Cloud storage solutions startup Lucidity raises $21 million from WestBridge Capital, others

Lucidity, a Bengaluru-based multi-cloud storage management platform, secured $21 million in Series A funding from WestBridge Capital and Alpha Wave. Founded in 2021, Lucidity automates real-time expansion and shrinking of storage volumes, cutting costs by up to 70%. The funds will enhance its platform and expand its team. Compatible with major cloud providers like AWS, Azure, and Google Cloud, Lucidity addresses enterprise storage challenges and has attracted major global clients.

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Lucidity raises $21 Mn in Series A led by WestBridge

Entrackr

Entrackr · 9m ago

Lucidity raises $21 Mn in Series A led by WestBridge

Lucidity raises $21 Mn in Series A led by WestBridge Lucidity, a multi-cloud storage management platform, has raised $21 million in a Series A investment led by WestBridge Capital, with participation from existing investor Alpha Wave. The Series A round follows a seed round follow-on investment by BEENEXT in June 2024. Previously, Lucidity had closed a pre-seed round of $500K and a $5.3 million seed round in June 2022. The company has raised a total of $31 million in funding to date. Lucidity plans to expand the go-to-market team and continue innovating the platform to solve key storage management problems for enterprises around the world. Lucidity’s cloud storage platform automatically expands and shrinks block storage based on real-time data needs, reducing costs by up to 70% for large enterprises. Its NoOps, application-agnostic layer integrates seamlessly with existing systems—without any code changes. By automating storage management, Lucidity frees IT and DevOps teams to focus on innovation and efficiency. “Lucidity delivers the only platform for ITOps and DevOps organizations to automatically manage and optimize their block storage in real-time across all three major cloud providers while significantly reducing costs. As a result, we’re honored by the ongoing interest we’ve received and the opportunity to work with some of the largest enterprises in the world to empower them to seamlessly manage their cloud storage for the first time,” said Nitin Bhadauria, co-founder of Lucidity. Since its inception in 2021, Lucidity has grown 400% year-over-year by pioneering automation in cloud block storage. Enterprises like World Market, Dometic, and Fortune 500 companies—including a major airline and a top credit ratings firm—use Lucidity to optimize storage and cut cloud costs. Lucidity has offices in Boston, Bengaluru, and Abu Dhabi, with customers all around the globe.

WestBridge leads Series A funding in cloud storage startup Lucidity

VCCircle

VCCircle · 9m ago

WestBridge leads Series A funding in cloud storage startup Lucidity

Cloud storage management platform Lucidity raised $21 million in Series A funding led by WestBridge Capital, with Alpha Wave participating. This brings the total capital raised to $31 million. Lucidity's platform, compatible with major cloud providers, automates storage expansion, helping large enterprises cut costs by up to 70%. Founded in 2021, Lucidity plans to expand its team and invest in its platform amid growing cloud resource needs. They report 400% year-over-year growth.

Energy storage startup AmpereHour Energy raises $5 million from Avaana Capital

Economic Times

Economic Times · 9m ago

Energy storage startup AmpereHour Energy raises $5 million from Avaana Capital

AmpereHour Energy, a Mumbai-based energy storage startup, secured $5 million from Avaana Capital and others to enhance manufacturing, R&D, and product development. Founded by IIT Bombay alumni, the company specializes in battery energy storage systems for power infrastructure. Serving clients like Amazon and Siemens, it plans to expand its power storage capacity from 50 MWh to 1 GWh in 18 months. The funds will also support geographical expansion to markets like the UAE, Oman, and Nigeria.

Spinny raises $30M from WestBridge as part of its Series F round

YourStory

YourStory · 5m ago

Spinny raises $30M from WestBridge as part of its Series F round

Spinny, a used car marketplace, raised $30 million in primary capital from WestBridge Capital, bringing its Series F funding round to a total of about $170 million. This round follows $131 million raised earlier from Accel, Fundamentum, Tiger Global, and others. The funds will aid Spinny in establishing a non-banking financial company and growing Autocar India. The company reported a 14% revenue increase to Rs 3,725 crore for FY24, alongside a 28% decline in losses.

Finfactor raises $15 Mn in Series A led by WestBridge

Entrackr

Entrackr · 7d ago

Finfactor raises $15 Mn in Series A led by WestBridge

Finfactor raises $15 Mn in Series A led by WestBridge The Pune-based company had earlier raised $2.5 million in July 2022 from Varanium Nexgen Fund, IIFL, DMI Sparkle Fund, and others. Finfactor, the parent company of Finvu Account Aggregator, has raised $15 million in its Series A round led by WestBridge Capital, with participation from existing investors Varanium Capital, DMI Sparkle Fund, and IIFL Fintech Fund. According to the company, the new capital will be used to expand its product suite for financial institutions, enhance its analytics capabilities, and advance its goal of becoming a full-stack technology provider for banks and BFSI clients. Co-founded by Manoj Alandkar and Munish Bhatia, Finvu Account Aggregator enables secure data exchange for banks, insurers, stockbrokers, investment advisors, and other financial institutions and claims to have served more than 50 million consumers. Finfactor offers data analytics and artificial intelligence-driven solutions such as a multi AA gateway, bank statement analyser, loan monitoring and collections tools, and wealth management capabilities. It serves more than 150 BFSI clients including HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank, and CRED, supported by a team of more than 120 professionals. WestBridge recently led the $40 million Series B round for credit infrastructure fintech FinBox. It has also backed enterprise AI platform UnifyApps, edtech firm SpeakX, and took part in a secondary transaction in Rapido to facilitate an exit for Swiggy.

Astra Security raises $2.7 million from Emergent Ventures, others

Economic Times

Economic Times · 10m ago

Astra Security raises $2.7 million from Emergent Ventures, others

Astra Security, a New Delhi-based cybersecurity startup, secured $2.7 million in funding led by Emergent Ventures, with participation from The Neon Fund, Better Capital, Blume Ventures, and PointOne Capital. The funds will enhance Astra's capabilities in cloud vulnerability detection and AI-based security solutions. Astra facilitates continuous penetration testing for over 800 engineering teams across 70 countries, uncovering thousands of vulnerabilities daily, and saved customers $69 million in potential losses last year.

Singaporean data centre company Digital Edge raises over $1.6 billion

Economic Times

Economic Times · 11m ago

Singaporean data centre company Digital Edge raises over $1.6 billion

Singapore-based Digital Edge has raised over $1.6 billion through equity and debt to fund expansion across Asia, driven by rising cloud and AI demands. Backed by Stonepeak, the company secured $640 million in equity from current and new investors, alongside $1 billion in debt. Established in 2020, Digital Edge operates 21 data centers with more than 500 megawatts and plans further development in nations like Japan, Korea, India, and others in the region.

Zepto ranks first in LinkedIn’s 2024 list of India’s top startups | Mint

Livemint

Livemint · 1y ago

Zepto ranks first in LinkedIn’s 2024 list of India’s top startups | Mint

Quick commerce platform Zepto has secured the top spot in the LinkedIn Top Startups India List 2024 for the second consecutive year. The annual ranking considers factors such as employment growth, engagement, job interest, and attraction of top talent. Compliance firm Sprinto and cloud storage management platform Lucidity followed Zepto in second and third place respectively. The ranking reflects India's thriving entrepreneurial ecosystem, particularly in Bengaluru, with 14 out of the 20 startups being new entrants to the list. The inclusion of first-time categories, such as biofuel, compliance, and mental health, demonstrates the diverse career opportunities within the startup sector.

Advance Mobility, iRasus, Uravu, SportsSkill rake in early-stage cheques

VCCircle

VCCircle · 1y ago

Advance Mobility, iRasus, Uravu, SportsSkill rake in early-stage cheques

Fleet operator Advance Mobility, energy analytics company iRasus Technologies, sustainable water infrastructure startup Uravu, and sports-tech startup SportsSkill have all recently secured early-stage funding. Advance Mobility raised $3 million, iRasus raised Rs 4 crore, Uravu's funding round was led by AWE Funds, and SportsSkill received undisclosed funding from WestBridge Capital co-founder KP Balaraj. These funds will be used to scale operations, expand market presence, and further develop their respective technologies and solutions.

ETtech Deals Digest: Startups raise $532.6 million this week; up 13x on-year

Economic Times

Economic Times · 8m ago

ETtech Deals Digest: Startups raise $532.6 million this week; up 13x on-year

Startups secured approximately $532.6 million from April 5-11, a 13-fold year-on-year increase, and a 71.9% rise from the previous week's total of $309.7 million, across 27 deals. Key deals included GreenLine Mobility Solutions raising $275 million to expand its LNG and electric truck logistics, Juspay closing a $60 million round led by Kedaara Capital, Tessell securing $60 million from WestBridge Capital, and Easebuzz gathering $30 million, with Bessemer Venture Partners leading.

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