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SaaS startup Rocketlane raises $24 Mn led by 8VC, Matrix and Nexus

EntrackrEntrackr · 1y ago
SaaS startup Rocketlane raises $24 Mn led by 8VC, Matrix and Nexus
Medial

SaaS startup Rocketlane has raised $24 million in its Series B funding round co-led by 8VC, Matrix Partners India and Nexus Venture Partners. Back in January 2022, Rocketlane scooped up $18 million in Series A round while the firm snagged a $3 million in seed round in June 2021. The new funding will push Rocketlane’s AI roadmap which includes development of advanced features and capabilities for project delivery, the company said in a press release. As part of its growth strategy, Rocketlane has also announced the appointment of Rao Adavikolanu as Chief Marketing Officer (CMO). Rao’s expertise will be instrumental in driving the firm’s market presence and strategic initiatives. Previously, he was the CMO of San Francisco-based Pilot.com. Founded in 2020 by Srikrishnan Ganesan, Vignesh Girishankar and Deepak Bala, Rocketlane offers a purpose-built unified workspace for collaborating with customers for onboarding projects. It helps businesses shorten their time-to-value, streamline their software implementation, and provide real-time visibility. Previously, the trio built an in-app messaging startup FreshChat that was acquired by NASDAQ-listed SaaS firm Freshworks in 2015. Besides India, it has presence in the US and Europe. Rocketlane currently has 500 paying customers globally and the US contributes 30% to the company’s total revenue. Over the last year, Rocketlane claims to have tripled its revenue and reached over 500 customers, including enterprise companies that have switched to Rocketlane from legacy Professional Services Automation (PSA) tools. The company’s customers include Chargebee, Pando, ParcelLab, Yellow.ai, LinkSquares, Appcues, and Netcore.

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CapGrid Solutions raises $5 Mn led by Anicut Capital

EntrackrEntrackr · 7m ago
CapGrid Solutions raises $5 Mn led by Anicut Capital
Medial

CapGrid Solutions raises $5 Mn led by Anicut Capital B2B manufacturing startup CapGrid Solutions has raised $5 million (around Rs 45 crore) in a funding round led by Anicut Growth Fund. The round also saw participation from existing investors Nexus Venture Partners and Axilor Ventures. Earlier in January 2023, CapGrid had raised $7 million led by Nexus Venture Partners. The round closed at a valuation of Rs 305 crore after the investment, according to an ET report. The proceeds will be used for global expansion and investments in technology to improve supply chain and operational efficiencies. Founded in 2020 by Tiwari and Himanshu Singh Raghuvanshi, CapGrid helps car part makers and suppliers by making it easier to find and buy the materials they need. It helps OEMs procure precision parts and components from suppliers that it has tied up with. CapGrid currently operates around 11 fulfilment centres and has 50 strategic supply manufacturing partners. The Gurugram-based startup claims to have recorded a revenue of around Rs 99 crore in the last fiscal year and expects to reach Rs 220 crore in FY25.

Mosaic Wellness raises $20 Mn at $400 Mn valuation

EntrackrEntrackr · 5m ago
Mosaic Wellness raises $20 Mn at $400 Mn valuation
Medial

Exclusive: Mosaic Wellness raises $20 Mn at $400 Mn valuation Mosaic Wellness, the parent firm of Man Matters, Boywise, and Little Joys, has raised Rs 175 crore (approximately $20 million) from Think Investment in a new round. The board at Mosaic Wellness has passed a special resolution to issue 16,279 compulsory convertible preference shares at an issue price of Rs 1,07,500 each to raise Rs 175 crore or $20 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The filings further noted that the company plans to utilize the fresh capital for growth, expansion, and general corporate purposes. According to Entrackr estimates, the company has been valued at around $400 million post-allotment. Following the fresh proceeds, Think Investment will hold 5.04% of the company. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. Mosaic Wellness has raised over $65 million to date, including its $24 million Series A led by Peak XV along with existing investors Elevation Capital and Matrix Partners India in 2021. As per the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder, followed by Peak XV and Matrix Partners. The company has recorded a 61.7% year-on-year growth to Rs 333 crore during the fiscal year ended March 2024, compared to Rs 206 crore in FY23. Moreover, the firm managed to control its losses by 37.1% to Rs 39 crore in the same period.

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