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Mohit Gupta, Mukesh Bansal’s omnichannel fashion startup Lyskraft raises $26 million in seed funding

Economic TimesEconomic Times · 1y ago
Mohit Gupta, Mukesh Bansal’s omnichannel fashion startup Lyskraft raises $26 million in seed funding
Medial

Former Zomato executive Mohit Gupta and Myntra founder Mukesh Bansal have raised $26 million in seed funding for their omnichannel fashion startup Lyskraft. The investment will be used to build an online marketplace for premium brands, starting with women's fashion and expanding into other lifestyle categories. The funding round was led by Peak XV Partners, with participation from investors such as Prosus, Sofina, and DST Global. Gupta will serve as the CEO of Lyskraft, while Bansal will be a strategic advisor and shareholder. The company aims to capture a significant portion of India's premium fashion market, which is estimated to be worth billions of dollars.

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Former PayU’s exec startup Zinc raises $25.5 Mn in seed funding

EntrackrEntrackr · 8m ago
Former PayU’s exec startup Zinc raises $25.5 Mn in seed funding
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Zinc, an edu-wealth startup founded by former PayU Finance India CEO Prashanth Ranganathan, has raised $25.5 million in its seed round, led by Nexus Venture Partners with participation from Quona Capital, EDBI, Global Ventures, and Credit Saison. According to the company, the funds will be used to drive product innovation and expand offerings, focusing on global investment tools, AI-powered university counseling, and cross-border payment solutions to help families secure their children’s futures. Zinc aims to address the rising costs of overseas education by building a financial foundation tailored specifically for this purpose. Its proprietary AI-powered edu-counselor platform, Ada, provides comprehensive support and guidance to young Indian aspirants. The company offers global investment tools that enable parents to expand their savings into international markets, helping them build financial plans for their children’s education while mitigating currency fluctuation risks. Zinc has also secured RIA (Registered Investment Advisor) license approval from SEBI and in-principle approval for the PSP (Payment Service Provider) license. The company has applied for a brokerage license from the International Financial Services Centres Authority (IFSCA) in GIFT City. Ranganathan, previously the founder of Paysense, which was acquired by PayU in 2020, joins the ranks of several second or third time startup founders who raised more than $20 million in their seed rounds in 2024. According to startup data intelligence platform TheKredible, notable recent seed rounds include blockchain startup Avail ($27 million), Lyskraft, Mukesh Bansal’s new venture ($26 million), and generative AI startups EMA and Nesya, which raised $25 million and $20 million, respectively. Wealthtech startup Centricity and elder care startup Primus Senior Living also raised $20 million each, marking strong seed-stage funding activity.

Nected raises $1.5 Mn led by Binny Bansal’s Three State Ventures

EntrackrEntrackr · 12m ago
Nected raises $1.5 Mn led by Binny Bansal’s Three State Ventures
Medial

Nected, a next-generation low-code platform, has raised $1.5 million in its seed round led by Binny Bansal’s Three State Ventures. The round saw participation from Endurance Capital, Relentless VC, Climber Capital, Lykke Capital, and Forward Slash Capital. Additionally, over 15 founders and CXOs participated in the round, including Nitin Gupta from PayU, Pallav Pandey from Uolo and Knowlarity, Archit Gupta from Clear, Tonmoy Shingal from Mettl, Ravi Bhushan from BrightCHAMPS, Akshay Saxena from Avanti Fellows, Puneet Kumar from Supr Daily (acquired by Swiggy), and Prashant Kumar from Unbxd. The proceeds will be used to enhance product usability, simplify integration, and scale operations to meet the growing demands of Nected’s user base, particularly on the international front. Founded by Prabhat Gupta and Mukul Bhati, Nected helps businesses overcome inefficiencies and inherent delays in traditional software development. It serves as a toolkit that provides pre-built tech building blocks such as rule engines, workflow automation, and A/B testing tools that saves companies time and money and keeps them from requiring additional technical expertise. The platform is currently used by over 20 customers spread across 5 countries. Prior to this, Prabhat Gupta co-founded TravelTriangle, an online travel marketplace while Mukul Bhati co-founded FastFox, a real-estate company, in 2015 and sold it to Elara Group (the parent company of Housing.com) in 2019.

Exclusive: DealShare co-founder’s new startup Sports For Life raises seed round

EntrackrEntrackr · 9m ago
Exclusive: DealShare co-founder’s new startup Sports For Life raises seed round
Medial

Sourjyendu Medda, co-founder of social commerce platform DealShare, has ventured into the sportstech space with his new startup, Sports For Life, which aims to invest in and support the sports ecosystem in India, focusing on providing athletes with the necessary resources to excel. While Sports For Life has yet to announce its official launch, the Bengaluru-based startup has raised seed funding from individual investors and early-stage venture capital firm Roots Ventures. The board of Sports For Life’s parent company, Jambavan Academy, has passed a special resolution to issue 3,000 Seed CCPS to raise Rs 9.5 crore, according to its regulatory filings accessed by Entrackr. Roots Ventures invested Rs 5 crore, while ML Tondon and Sons HUF and Blume Ventures pumped in Rs 3 crore and Rs 1 crore, respectively. The rest of the amount was poured in by Kunal Shah’s QED Innovation and Himanshu Arora. According to TheKredible, the company is valued at Rs 36.65 crore ($4.3 million) following this seed round. Following the fresh funding, Roots Ventures has become the largest external stakeholder with a 12.08% stake, followed by ML Tandon HUF and Blume Ventures. Co-founders Sourjyendu Medda and Armaan Tandon collectively hold 66.83% of the company. See TheKredible for the detailed shareholding pattern. According to the firm’s website, Sports For Life is investing in sports academies across India, with the goal of creating a sports ecosystem that elevates the overall standard of sports in the country. Medda, who was one of the co-founders and a board member of DealShare before leaving in January, has also roped in Armaan Tandon, a former data and operations analyst at Cartesian, as a co-founder of Sports For Life. In 2024, several prominent startup founders have launched new ventures, many of which have already secured initial funding. Notable launches include ZeroPe by BharatPe co-founder Ashneer Grover, OppDoor by Flipkart co-founder Binny Bansal, Unikon by Bella Vita founder Aakash Anand, Gabit by Zomato co-founder Gaurav Gupta, Callmatic by Mitron TV co-founder Shivank Agarwal, and Lyskraft and Nurix AI by Cult.fit co-founder Mukesh Bansal.

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