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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.

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

EntrackrEntrackr · 10m 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).

VAHDAM India raises $3 Mn led by SIDBI Venture

EntrackrEntrackr · 3m 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.

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.

True Diamond raises $3 Mn led by India Quotient

EntrackrEntrackr · 1m ago
True Diamond raises $3 Mn led by India Quotient
Medial

True Diamond raises $3 Mn led by India Quotient Lab-grown diamond jewelry brand True Diamond has raised Rs 26 crore ($3 million) in a pre-Series A funding round led by India Quotient along with participation from existing investors Titan Capital, Winners Fund, and Huddle Ventures. Prior to this, it had raised $1 million in a seed funding round led by Titan Capital, along with participation from Huddle Ventures, Zeropearl Ventures, and personal investments from Ashutosh Valani, Priyank Shah, Aashka Goradia Goble, Mamaearth founder Ghazal Alagh, Abhishek Goyal, and Anmol Jain. The proceeds will be used to accelerate its omnichannel strategy and focus on offline expansion, True Diamond said in a press release. Co-founded in 2024 by Darayus Mehta and Parin Shah, True Diamond aims to modernise the jewelry experience for contemporary Indian consumers. The brand focuses on design and material innovation, bold content, and accessible luxury. It has launched retail outlets in Mumbai, Hyderabad, and Noida, with more stores planned across metro cities. The Mumbai-based company offers a variety of products, including rings, earrings, pendants, necklaces, mangalsutras, bracelets, and tennis bracelets, among others. The startup also provides customized jewellery and men’s collections. True Diamond claims to have built a catalog of over 5,000 designs and achieved a 1.7x customer repeat rate. The brand offers innovative products with unique launches like over the 160 facet Portuguese diamonds, black diamonds, and many more.

Dhruva Space raises $15 Mn in Series A round

EntrackrEntrackr · 1y ago
Dhruva Space raises $15 Mn in Series A round
Medial

Space tech startup Dhruva Space has raised $15 million (Rs 123 crore approximately) in its Series A round from Indian Angel Network Alpha Fund and Blue Ashva Capital, as well as Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group) IvyCap Ventures, Mumbai Angels, and Blume Founders Fund. The fundraise also includes a Rs 10 crore venture debt from Small Industries Development Bank of India (SIDBI) and a Rs 14 crore venture debt from Technology Development Board. The proceeds will be used for upcoming spacecraft manufacturing facilities, strategic business acquisitions, and enhancing product offerings, the company said in a press release. Founded by Sanjay Nekkanti and Chaitanya Dora, Dhruva Space has launched as many as eight payloads in the last 24 months, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission on 01 January 2024. The Hyderabad-based startup is active across space, launch, and ground segments, and supports civilian and defence clients worldwide. It offers satellites teamed with Earth Station/s and Launch Services as an integrated solution or individually as technology solutions to power space-based applications on Earth and beyond. Over the past few years, several space tech startups such as Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara and InspeCity have managed to raise decent funding. In June last year, spacetech startup Digantara raised $10 million in Series A1 funding led by Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital. In the same month, Pixxel scooped up $36 million in a series B funding round from new investors such as Google.

The Ayurveda Experience raises $27 Mn in Series C led by Jungle Ventures

EntrackrEntrackr · 1y ago
The Ayurveda Experience raises $27 Mn in Series C led by Jungle Ventures
Medial

The Ayurveda Experience (TAE), a direct-to-consumer skincare and nutrition brand, has raised $27 million in a Series C round led by Jungle Ventures, a Singapore-based VC firm focussed on early-growth stage companies in India and Southeast Asia. The financing round also saw participation from SIDBI Ventures, Anicut Capital and Sharrp Ventures (Mariwala Family Office), pushing the total amount raised by the company to over $41 million. The Ayurveda Experience plans to use the new funds to further deepen its brand presence, ramp up customer engagement, invest in product R&D and scale new avenues for distribution, the company said in a press release. Founded by Rishabh Chopra in 2010, The Ayurveda Experience offers ayurveda-inspired skincare and wellness products, foods, beverages, and supplements. The firm owns four lines of beauty and health products: iYURA, Ajara, A Modernica Naturalist, and Ayuttva — which it manufactures, sells and distributes on its platform. They also offer a range of services including consultation, content, webinars, and courses on ayurveda. Currently, The Ayurveda Experience sells products in 20 countries including India, with over 97% of its customers purchasing the products directly from its own app and website. The company claims that it is the largest D2C Ayurveda content and products company in North America, Europe, Canada, Australia, and India. For the fiscal year ending in March 2023, The Ayurveda Experience’s revenue from operations grew 84% to Rs 259 crore from Rs 141 crore in FY22, according to startup data intelligence platform TheKredible. The growth in scale and controlled expenditure may help the company break even or turn profitable in FY24 as its losses declined 30% to Rs 17 crore in FY23 from Rs 24 crore in FY22. As of Series B round, Fireside Ventures was the largest external stakeholder in The Ayurveda Experience with 17.81% followed by Kalpavriksh Trust and Anicut Capital. The company’s founder, Chopra, held more than 30% stake. Check TheKredible for more details.

Phot.AI raises $2.7 Mn to automate e-commerce creative design

EntrackrEntrackr · 4m ago
Phot.AI raises $2.7 Mn to automate e-commerce creative design
Medial

Phot.AI, an AI-driven creative automation platform, has secured $2.7 million in a seed funding round led by Info Edge Ventures, with participation from Together Fund and AC Ventures. The funds will be used to expand the team, invest in R&D, and launch the much-awaited copilot. Phot.AI was co-founded in 2023 by Venus Dhuria, Aneesh Rayancha, and Akshit Raja, who previously built AppyHigh. Phot.AI automates creative design and marketplace listings for e-commerce, brands, and retail by using AI agents that learn which designs perform best. The platform reduces manual effort and costs by up to 80% and enables A/B testing of creatives, boosting conversions by 40%. Phot.AI supports product photography, image enhancement, and batch processing using Generative AI, with over 3 million sign-ups pre-launch.

Anicut raises $11 Mn via GIFT City Structure for Private Credit Fund 3

EntrackrEntrackr · 9m ago
Anicut raises $11 Mn via GIFT City Structure for Private Credit Fund 3
Medial

Alternative investment firm Anicut Capital has announced the receipt of $11 million in dollar-denominated investments via GIFT City Structure in its Private Credit Fund 3. In September last year, Anicut Capital secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund. Within the first year of operations, the fund has already invested in six companies including Earth Rhythm, Neemans, Wheelocity, The Ayurveda Experience, Blue Tokai Coffee and XYXX. The investment structure aims at attracting dollar-denominated investments into India from a diverse group of institutional investors, family offices, and high-net-worth individuals (HNIs) from key global markets including the US, UK, Europe, and the Middle East. The funds are raised in the International Financial Services Centres Authority (IFSC), a statutory authority established by the Government of India to facilitate international investments. The funds received via GIFT City Structure feed into the overall corpus of Rs 1,500 crore that Anicut Capital is currently raising for its third private credit fund. In private credit, Anicut claims to have deployed Rs 3,200 crore to date across mid-sized enterprises since inception.

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