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Hero Enterprise-backed Corvi LED raises $8 Mn in Series B

EntrackrEntrackr · 1y ago
Hero Enterprise-backed Corvi LED raises $8 Mn in Series B
Medial

Consumer lighting company Corvi LED has raised $8 million in a growth capital round led by Enam Investments. The fresh funding has come after a hiatus of seven years for the Mumbai-based firm. This infusion will allow Corvi LED to expand into new geographies, diversify its product portfolio, and refine its technological capabilities, the company said in a press release. Corvi LED will also strengthen its market presence in B2C and B2B segments and is set to introduce a range of new LED products that meet the modern demand. Founded in 2012 by Vimal Soni, Corvi offers a portfolio of more than 100 products spanning across 7 categories like bulbs, tubes, flat, surface and others. As per the company, it has set global benchmarks with top efficiency ratings and features such as eliminating metal bodies, drivers, and heat sinks. The company claims to hold over 100 patents and registrations and has exported to 24 countries across Europe, the Middle East, Africa and South-East Asia. In 2017, Hero Enterprise had invested $10 million for a significant stake in Corvi LED Light. For the fiscal year ending in March 2023 (FY23), Corvi reported a minor decline in operating revenue to Rs 15.5 crore from Rs 16.65 crore in FY22. During the period, its losses increased to Rs 9.74 crore from Rs 7.41 crore. The firm is yet to file its annual financial statements for FY24. In the past couple of months, a clutch of established companies announced raising strategic money after a long gap or their maiden fundraise. In May, 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise while fast fashion omnichannel ethnic wear brand Libas also raised $18 million in its first ever external financing. Last month, 18-year-old Salon chain JCB (Jean Claude Biguine) Salons India raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. Around the same time, consumer electronics startup Indkal also announced $36 million in its first venture capital funding.

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Dogsee Chew raises $8 Mn in Series B round

EntrackrEntrackr · 5m ago
Dogsee Chew raises $8 Mn in Series B round
Medial

Dogsee Chew raises $8 Mn in Series B round Natural pet treat brand Dogsee Chew has raised $8 million in its Series B round led by Ektha.com, with participation from promoters, Shivanssh Holdings, and Poddar Family Office. The brand has raised a total of $22 million in funding to date, including the current round. In January 2022, the startup raised $6.7 million in its Series A round, led by Mankind Pharma, along with existing investor Sixth Sense Ventures. The new funds will be used to scale up manufacturing capabilities by expanding existing factories and constructing a new production facility. The company also plans to strengthen its Amazon Global Selling strategy to drive growth in international markets and expand further into the United States and Canada in 2025. Founded in 2015 by husband-wife duo Bhupendra Khanal and Sneh Sharma, Dogsee Chew now has a presence in more than 30 countries. The startup claims to offer 100 percent vegetarian dog treats that are all-natural, human-grade, and protein-rich. "With the premiumization of the pet food category on the rise, the demand for our human-grade chews is exploding. This investment ensures we are well-prepared to meet this demand by scaling production and expanding our presence globally. To make our products more accessible, we also plan to open distribution hubs in key international markets, allowing our retail partners to seamlessly access Dogsee Chews with shorter lead times,” said Bhupendra Khanal. According to data intelligence platform TheKredible, Dogsee Chew’s revenue in FY24 stood at Rs 53.76 crore, compared to Rs 98 crore in FY23. The firm reported an almost flat loss of Rs 27.73 crore in the last financial year. The Bengaluru-based startup competes with brands such as Khanal Foods, Captain Zack, Fidele Dog Food, and others in the pet care segment.

Blue collar recruitment platform Vahan raises $10 Mn in Series B

EntrackrEntrackr · 10m ago
Blue collar recruitment platform Vahan raises $10 Mn in Series B
Medial

Blue collar recruitment platform Vahan.ai has raised $10 million in its Series B funding round led by Khosla Ventures. The round also saw participation from Y Combinator, US-based VC firm Gaingels, and Paytm founder Vijay Shekhar Sharma. In September 2021, the Bengaluru-based startup had raised $8 million in a Series A round led by Khosla Ventures. Vahan was a part of Airtel’s Startup Accelerator Program and the telecom giant also picked up an 8.82% stake in the Madhav Krishna-led firm in October 2019. The fresh funds will be used to develop AI recruitment technology that supports eight major Indian languages, Vahan said in a press release. Currently, Vahan’s AI recruiter conducts interviews in English and Hindi. It also plans to expand into industries such as manufacturing and retail. Since its launch in 2016, Vahan claims to have recruited over 500,000 workers in more than 480 cities with leading companies such as Zomato, Swiggy, Flipkart, Zepto, Blinkit, Amazon, Rapido, and Uber. With over 25,000 recruits each month, Vahan reduces costs and turnaround time for recruitment. For the fiscal year ending March 2023, Vahan reported Rs 29.7 crore in operating revenue with a loss of Rs 17.71 crore. While the firm has yet to file its annual report for FY24, it expects to grow 2X or more in FY25. In the blue-collar recruitment sector, Vahan had faced initial competition from the likes of Baba Jobs and Aasaan Jobs. However, both struggled to grow and eventually merged with Quikr and OLX in 2017 and 2019, respectively. Tiger Global-backed Apna, which became a unicorn in 2021, emerged as a major competitor after the pandemic.

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