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SigTuple raises $4 Mn in extended Series C led by SIDBI Venture

EntrackrEntrackr · 11m ago
SigTuple raises $4 Mn in extended Series C led by SIDBI Venture
Medial

Medtech startup SigTuple has raised Rs 33 crore ($4 million) in its extended Series C round led by SIDBI Venture Capital, with participation from existing investors including Endiya Partners, and a few strategic leaders from the healthcare sector. Previously, the Bengaluru-based company had raised $4.3 Mn in its Series C round led by Endiya Partners and Accel in March 2023. The firm has raised over $40 million to date. The new proceeds will be used to drive geographical expansion, expand its product portfolio and support regulatory clearances, SigTuple said in a press release. Founded in 2015 by Apurv Anand, Bharath Cheluvaraju, Rohit Kumar Pandey and Tathagato Dastidar, SigTuple makes AI-driven smart robotic microscopes to automate the manual process in clinical laboratories. Since 2020, SigTuple has focused on its core product, AI100, which is now gaining significant traction in the Indian market with major diagnostics industry players as customers. Partnering with Horiba Medical as its South Asia distribution channel, SigTuple has also expanded into Southeast Asia, the Middle East, and North Africa, and plans to enter Europe and the Americas. In September 2023, AI100 received US FDA 510(k) approval, making SigTuple the third company globally—and the first in India—to achieve this for AI-assisted digital haematology.

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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.

Euler Motors raises $24 Mn led by Piramal Alternatives

EntrackrEntrackr · 1y ago
Euler Motors raises $24 Mn led by Piramal Alternatives
Medial

Commercial electric vehicle manufacturer ​​Euler Motors has raised Rs 200 crore ($24 million) more in Series C round led by new investor Piramal Alternatives India Access Fund. Existing investors British International Investment and Blume Ventures also participated in the funding tranche. Euler Motors will utilize the fresh proceeds for pan-India presence and raising servicing infrastructure in 40 cities by March 2025, Euler Motors said in a press release. With this, the Delhi-based company also claimed to raise Rs 570 crore ($68.6 million) in its series C round. The firm had raised Rs 120 crore (approximately $14.5 million) in an extended Series C round co-led by British International Investment and Blume Ventures in November last year. It has raised Rs 770 crore ($92 million) to date. As per startup data intelligence platform TheKredible, Euler was valued at around $160 million during an extended Series C round in November 2023. According to Euler Motors, its commercial electric vehicles collectively transported goods over 45 million kilometers. The company’s flagship model HiLoad EV claims to be the most powerful electric cargo three-wheeler, with a range of 170 kilometers. In FY24, the company claims to have sold 3,700 vehicles and expanded its presence from 5 to 22 cities. On the lines of many startups, Euler also laid off 10% of its employees to cut costs and navigate through a tight funding environment. For the fiscal year ending in March 2023, Euler registered Rs 61.53 crore in revenue from operations against Rs 17.57 crore in FY22. As per TheKredible, its losses spiked nearly 5X to Rs 174.73 crore in FY23 from Rs 36.33 crore in the previous year. The heavy losses could be attributed to investment made by the firm in creating infrastructure and facilities. In the electric three-wheeler space, it competes with Altigreen and legacy players like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.

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.

Captain Fresh raises $25 Mn in ongoing funding round

EntrackrEntrackr · 1y ago
Captain Fresh raises $25 Mn in ongoing funding round
Medial

Captain Fresh, a fish and seafood tech startup, has raised $25 million as part of a continuing larger funding round. The extension of the series C round is joined by Nekkanti seafoods group and British International Investment (BII), a UK-based development finance institution and impact investor, and a few family offices. Proceeds will be used to fuel its distribution presence in the US and Europe, and enhance multi-origin vertically integrated seafood platform, among others, the company said in a press release. With this, Captain Fresh has raised a total of $45 million across multiple tranches in its Series C extended round with $20 million raised in September last year. Strategic Business Innovators (SBI) and Evolvence fund led the first tranche with participation from Tiger Global, Prosus, Accel and Matrix Partners India. The firm also raised $13 million in January this year and will close the extended Series C at $48 million. As per startup data intelligence platform TheKredible, Captain Fresh was valued at around $480 million when it raised $13 million and is likely to close the ongoing round at $500 million. Five-year-old Captain Fresh’s product portfolio encompasses over 100 species of fish and seafood, sourced from over a dozen countries globally and catering to customers in more than 30 countries. Captain Fresh has offices in India, the US, Dubai, Paris, Oslo, Amsterdam and Madrid. The firm claims that it handles over 80,000 metric tonnes of seafood annually with India constituting 90% of this. Some percentage of demand also comes from Southeast Asia. Captain Fresh recently completed the acquisition of a 40-year-old, Paris-based, shrimp cooker and distributor, Senecrus, as part of its EU expansion strategy. As per TheKredible, Captain Fresh’s gross revenue surged nearly 4X to Rs 817 crore in the fiscal year ending March 2023 while its losses also shot up 2.6X to Rs 294 crore in the same period.

D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 10m ago
D2C luggage brand uppercase raises $9 Mn led by Accel
Medial

D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel. As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners. The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release. Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. Its products are priced in the range of Rs 3,500-5,000. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June. As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss. The company is targeting to more than double its revenue to Rs 150 crore by FY25, up from Rs 70 crore in FY24.

Smallcase raises $50 Mn in Series D led by Elev8

EntrackrEntrackr · 3m ago
Smallcase raises $50 Mn in Series D led by Elev8
Medial

Smallcase raises $50 Mn in Series D led by Elev8 Wealthtech startup Smallcase has raised $50 million in its Series D round led by Elev8 Venture Partners, a $200 million growth-stage fund focused on high-potential Indian startups. The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The capital will be used to expand Smallcase’s investment product offerings across asset classes and strengthen its relationships with retail investors and ecosystem partners, Smallcase said in a press release. The new round is coming after a gap of more than 3.5 years. Smallcase has raised around $120 million to date, including $40 million in a Series C round led by Faering Capital in August 2021. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, followed by Faering Capital and Blume Ventures. Launched in 2016, Smallcase offers a model portfolio platform that has served over 10 million investors. It also provides technology solutions to more than 250 financial institutions, including research firms, advisors, wealth managers, and brokerages. The platform recently expanded its offerings through a joint venture with Zerodha to launch an asset management company focused on index funds and ETFs. Smallcase's revenue from operations surged to Rs 67.4 crore in FY24 from Rs 30.6 crore in FY23. A drop in advertising and employee benefits enabled the company to reduce its losses by 74.4% to Rs 34 crore in the last fiscal year. According to TheKredible, Indian wealthtech startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, InvestorAi, and Wealthy have garnered nearly $250 million in funding across 15 deals in the past 18 months. Elev8 Venture Partners, backed by South Korea’s KB Investment, focuses on B2B SaaS, enterprise tech, consumer tech, and fintech. This is its third investment after supporting identity verification platform IDfy and astrotech platform Astrotalk.

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