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Manufacturing startup Whizzo raises $15 Mn in a Series A led by Fundamentum

EntrackrEntrackr · 12d ago
Manufacturing startup Whizzo raises $15 Mn in a Series A led by Fundamentum
Medial

Materials science–based manufacturing startup Whizzo has raised $15 million in a Series A funding round led by Fundamentum, with participation from Korea-based deep-tech investor LB Investment and existing backers Lightspeed Venture Partners and BEENEXT. This marks LB Investment’s first direct investment in India, while Whizzo had previously secured $4.2 million in its seed round from Lightspeed and BEENEXT in January last year. The fresh capital will be used to invest in materials science research, develop in-house intellectual property, and enter fundamental research. Whizzo also plans to strengthen its R&D and supply-chain capabilities across India, Vietnam, China, Bangladesh, and Indonesia, while expanding its science and engineering team with researchers specialising in non-woven technologies and composites. Founded in 2024 by Zetwerk alum Shrestha Kukreja, Whizzo positions itself as India’s first Contract Development and Manufacturing Organisation (CDMO) platform for technical textiles. The company integrates materials research, formulation, prototyping, process engineering, and commercial-scale manufacturing under one roof. Whizzo operates in the technical textiles segment, which includes engineered materials used across infrastructure, agriculture, protective wear, and industrial applications. The global technical textiles market is currently valued at over $250 billion and is expected to cross $400 billion by 2030, driven by strong growth across application segments. The Bengaluru-headquartered startup currently works with more than 120 SME and MSME manufacturing partners and exports to over 15 countries. Over the next 12 months, Whizzo plans to double its export footprint to more than 30 countries and expand its manufacturing network. Around 40% of the company’s revenue comes from exports. Whizzo is backed by a 65-member team, with about 10% focused on research, including polymer science, process engineering, and advanced textile technologies.

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Exclusive: Manufacturing startup Whizzo to raise $11 Mn at 3.5x valuation jump

EntrackrEntrackr · 2m ago
Exclusive: Manufacturing startup Whizzo to raise $11 Mn at 3.5x valuation jump
Medial

Whizzo, a materials science manufacturing company, has begun its Series A round by raising Rs 97.36 crore ($11 million), led by The Fundamentum Partnership with participation from existing investors Lightspeed India and BEENEXT. This is the company’s second fundraise in 2025. It previously secured $4.2 million in its seed round from Lightspeed and BEENEXT in January. The board at Whizzo passed a resolution to approve the issue of 60,317 Series A compulsory convertible preference shares (CCPS) at an issue price of Rs 16,140 each to raise the above-mentioned amount, as per its filing from Registrar of Companies (RoC). New investor, The Fundamentum Partnership will lead the round with a Rs 70 crore investment, while existing backers Lightspeed and BEENEXT will invest Rs 19 crore and Rs 8.3 crore respectively. According to the filing, the funds will be used for capital expenditure, marketing, working capital needs, and general corporate purposes. According to Entrackr’s analysis, Whizzo’s valuation is set to rise nearly 3.5x to Rs 435 crore ($49.4 million) post-money from about Rs 125 crore in its $4.2 million seed round. Founded in 2024 by former Zetwerk executive Shrestha Kukreja, Whizzo develops proprietary textile blends, including cellulosic and polymer based fibers, tailored for diverse industry applications and faster time to market. According to startup data platform TheKredible, Lightspeed India will remain the largest external shareholder with a 19.5% stake after the latest infusion. The Fundamentum Partnership will hold 16.11%, while BEENEXT will own 8.48%. Founder Shrestha Kukreja will retain 48.22% ownership, and the company has an ESOP pool of 7.52%. The one-year-old company is yet to disclose its financials for the fiscal year ended March 2025.

Apna Mart raises $25 Mn led by Fundamentum and Accel

EntrackrEntrackr · 10m ago
Apna Mart raises $25 Mn led by Fundamentum and Accel
Medial

Exclusive: Apna Mart raises $25 Mn led by Fundamentum and Accel Founded by Abhishek Singh and Chetan Garg, Apna Mart guarantees grocery and FMCG deliveries within 15 minutes, in addition to its brick-and-mortar stores. Apna Mart, a franchise-driven omnichannel grocery and FMCG chain, has raised Rs 214.5 crore (approximately $25 million) in equity and debt led by Fundamentum Partnership Fund and Accel with the participation of existing investors. The board at Apna Mart has passed a special resolution to issue 6,342 Series B compulsory convertible preference shares at an issue price of Rs 2,78,402 to raise Rs 176.5 crore or $20.5 million and 3,800 debentures for Rs 38 crore or $4.5 crore, its regulatory filings sourced from the Registrar of Companies (RoC) show. Fundamentum Partnership Fund is leading the round with Rs 84 crore while Accel India, Peak XV, and Sparrow Capital will invest Rs 60.88 crore, Rs 17.4 crore, and Rs 4 crore, respectively. 2 AM Ventures, Disruptors Capital, and Alteria will invest the rest of the amount. Entrackr estimates Apna Mart's post-allotment valuation at approximately Rs 738 crore ($87 million), an 81% jump from its previous funding round. Founded by Abhishek Singh and Chetan Garg, Apna Mart guarantees grocery and FMCG deliveries within 15 minutes, in addition to its brick-and-mortar stores. Operating across 14 cities—including Ranchi, Hazaribagh, and Bilaspur—the firm utilizes a franchise model to ensure operational efficiency. According to startup data intelligence platform TheKredible, Apna Mart has raised approximately $40 million across multiple funding rounds. Following the latest investment, Accel India remains the largest external stakeholder with a 20.91% stake, followed by Peak XV at 13.06% and Fundamentum at 11.39%. The Bengaluru-based firm recorded an 85.6% year-on-year growth to Rs 59.6 crore of revenue during the previous fiscal year ended March 2024. In pursuit of growth, the losses for the firm also grew 51.4% to Rs 33 crore in the same period. Apna Mart has been working to crack the grocery model through a franchise-led approach with a strong online touch. The company is scaling steadily with solid backing from investors, including Nandan Nilekani’s Fundamentum and Accel, which has doubled down on its investment. Apna Mart certainly seems to be a company to watch in the grocery category for the long haul—a space currently dominated by quick commerce players like Blinkit, Swiggy Instamart, and Zepto.

Exclusive: EV startup Qucev raises $15 Mn in Series B

EntrackrEntrackr · 1m ago
Exclusive: EV startup Qucev raises $15 Mn in Series B
Medial

Exclusive: EV startup Qucev raises $15 Mn in Series B Qucev has raised Rs 131.25 crore ($15 million) in Series B round led by existing investor Singularity AMC with the participation of Lotus Family Trust, Volrado Venture Partners, Anchorage Capital and others. Electric commercial vehicle startup Qucev has raised Rs 131.25 crore (approximately $15 million) in Series B round led by existing investor Singularity AMC with the participation of Lotus Family Trust, Volrado Venture Partners, Anchorage Capital and others. According to its regulatory filing with the Registrar of Companies (RoC) in September 2025, Qucev’s board issued 4,467,375 Series B compulsorily convertible preference shares at an issue price of Rs 293.8 per share to raise the said amount. Singularity AMC led the tranche with an investment of Rs 25.76 crore (nearly $3 million), followed by Lotus Family Trust, which put in Rs 18.5 crore. Anchorage Capital, Volrado Venture Partners, Param Capital, and S Gupta Family Investments each invested Rs 17.98 crore. The remaining amount was contributed by other investors, including angel investors Lakshay Singhal, Anubhav Gupta and company’s founder Naresh Rawal. According to Entrackr’s analysis, the company is currently valued at around Rs 538 crore or $61 million post-money. Founded in 2022 by Naresh Rawal, Qucev is a next-generation electric commercial vehicle company in partnership with China-based EV manufacturer BYD, designs and manufactures electric tractors, trucks, buses, and three-wheelers, focusing on sustainable and cost-effective mobility. Beyond manufacturing and sales, Qucev also offers financing, charging infrastructure, and fleet solutions. According to startup data intelligence platform TheKredible, Qucev has previously raised around $4 million from Singularity AMC, Barclays and Maa Creations. For the fiscal year ended March 2025, the company did not report any product sales and generated Rs 2.08 crore from the sale of services. During the same period, it recorded a loss of Rs 9.35 crore. Qucev competes with players like Euler Motors, Altigreen, as well as established names such as Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.

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