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DrinkPrime raises $3 Mn from SIDBI Ventures

EntrackrEntrackr · 1y ago
DrinkPrime raises $3 Mn from SIDBI Ventures
Medial

DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup, has raised $3 million from SIDBI Venture Capital Ltd. (SVCL), an investment management company and a wholly owned subsidiary of SIDBI. The Bengaluru-based startup had raised Rs 60 crore ($7.5 million) in a mix of equity and debt round led by Omidyar Network India, others in July 2022. Prior to that, it raised around Rs 21 crore in its pre-series A round led by Peak XV’s Surge in August 2021. Founded in 2016 by Vijender Reddy and Manas Ranjan Hota, DrinkPrime works towards enabling access to clean drinking water with Internet-of-Things (IoT)-enabled customised water purifiers on subscription to users. DrinkPrime currently provides clean drinking water access to over 2 lakh families across seven cities in India. With further expansion plans, DrinkPrime is also gearing up for its Series B fundraise. According to startup data intelligence platform, TheKredible, DrinkPrime reported an operating revenue of Rs 28.94 crore with a loss of Rs 27 crore in FY23. In the subscription model, DrinkPrime competes with Livpure, Acquaguard and ZunPure.

Livpure raises $28 Mn from M&G Investments and Ncubate Capital

EntrackrEntrackr · 1y ago
Livpure raises $28 Mn from M&G Investments and Ncubate Capital
Medial

Water purifiers and air conditioners manufacturer Livpure has scooped up Rs 208 crore ($25 million) in funding from M&G Investments through its Catalyst investment strategy, and around Rs 25 crore ($3 million) from Ncubate Capital Partners. The proceeds will be used to speed up category expansion, product development, expand offerings, market presence and cater to evolving consumer needs in the home category, Livpure said in a press release. Founded in 2012 by Rakesh Malhotra and Navneet Kapoor, Livpure offers water purifiers, subscription-based water purifiers, air coolers, kitchen appliances, mattresses, and sleep accessories among others. As per startup data intelligence platform TheKredible, Navodhyam Trust (owned by founders) had more than 50% stake in the company as of last funding round followed by Lakshya Holding which had over 10% holding. It has raised nearly $80 million to date. Among the venture capital funded startups, Livpure competes with DrinkPrime which recently raised $3 million led by SIDBI Venture Capital. DrinkPrime’s other notable investors include Omidyar Network India and Peak XV’s Surge. In the subscription model, Livpure also competes with traditional players such as Eureka Forbes’ Acquaguard and ZunPure. For the fiscal year ended in March 2023, Livpure registered 35% growth in its operating revenue to Rs 294 crore while its losses grew only 10% to Rs 48.62 crore. Water purifiers business has been the key revenue driver for Livpure, and accounted for more than 80% of its total collection. While the company is yet to file an annual report for FY24, it claims to record a 45% growth across all business segments in the first quarter of the ongoing fiscal year (FY25).

Myelin Foundry raises $4 Mn led by SIDBI Venture Capital

EntrackrEntrackr · 1y ago
Myelin Foundry raises $4 Mn led by SIDBI Venture Capital
Medial

Deep tech AI startup Myelin Foundry has raised $4 million in a new round from SIDBI Venture Capital Limited (SVCL). Other investors include Endiya Partners, Pratithi Investment Trust, and Subh Labh. Last year, the Bengaluru-based startup had raised $3 million in its Series A round led by Visteon Corporation and others. The proceeds will be used to strengthen Myelin’s AI platforms, support its expansion into international markets, and solidify its position as a leader in the edge AI space. Founded in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry’s platforms deploy artificial intelligence in real-time at the edge to provide unparalleled video and audio experiences and outcomes. Its customer base includes leading global automotive and OTT (over-the-top) players eager to use AI’s power in their automotive and customer devices. The global artificial intelligence market size was estimated at $200 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030. Myelin is positioned to be a key player in this space.

VAHDAM India raises $3 Mn led by SIDBI Venture

EntrackrEntrackr · 5m ago
VAHDAM India raises $3 Mn led by SIDBI Venture
Medial

VAHDAM India raises $3 Mn led by SIDBI Venture Direct-to-consumer (D2C) tea brand VAHDAM India has raised $3 million (about Rs 25 crore) in funding from SIDBI Venture Capital. Prior to this, the company has raised over Rs 200 crore (approximately $25 million) in primary funding. The investment will further strengthen its balance sheet and cash reserves, VAHDAM India said in a press release. Founded in 2015 by Bala Sarda, VAHDAM India aims to build a homegrown Indian brand for the world, bringing India’s finest teas, herbs, and botanicals to global consumers. All of its products are sourced directly from partner farmers across India and manufactured at its own facility. The brand operates through wholly-owned subsidiaries in key markets such as the USA, Canada, the UK, and Europe. Over the past two years, VAHDAM India says that it has focused on reinforcing its core, optimizing product portfolio, and identifying key levers for scale. The company is also making significant investments in product innovation, R&D, and expanding our in-house manufacturing capabilities. With a sharper focus and a more resilient foundation, it aspires for sustained growth over the next three years. VAHDAM India claims that it is also set to close the current fiscal year with strong growth and positive EBITDA. The brand has been expanding its offline distribution network and has achieved a milestone by launching its teas & botanicals in over 2,000 Walmart stores across the U.S. For the financial year 2024-25, the company is on track to close with net revenues of more than Rs 265 crore and EBITDA profitability.

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