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Atomgrid raises Rs 10 Cr in seed round led by Merak Ventures

EntrackrEntrackr · 1y ago
Atomgrid raises Rs 10 Cr in seed round led by Merak Ventures
Medial

Atomgrid, an R&D-first platform for contract development, manufacturing and sourcing of specialty chemicals, has raised Rs 10 crore (around $1.2 million) in its seed round led by Merak Ventures. The round also saw participation from Dexter Ventures, Upsparks, Point One Capital and UniCards’s founders Nitin Gupta and Prateek Jindal. The proceeds will be used to expand its in-house R&D infrastructure, increase global outreach, build a supply chain tech platform and hirings, the firm said in a press release. Founded by Lakshit Bansal, Siddharth Gupta and Pratik Chowdhury, Atomgrid is an R&D first platform for contract development, manufacturing and sourcing of specialty chemicals. The platform aims to empower Indian chemical manufacturers to establish a global footprint by solving critical challenges faced by them on R&D, global outreach, raw material sourcing and tech enablement. Atomgrid competes with 3one4 Capital-backd Scimplifi and Nexus-backed Covvalent. The investment in Atomgrid marks Merak’s third significant investment of the year. Previously, it invested in Farmtheory and Rupyz.

Exclusive: Scimplify scoops up $7 Mn in Series A led by Omnivore

EntrackrEntrackr · 11m ago
Exclusive: Scimplify scoops up $7 Mn in Series A led by Omnivore
Medial

Scimplify, a platform for sourcing and manufacturing of specialty chemicals, has raised Rs 59 crore (approximately $7 million) in its Series A round from new and existing investors. The board at Scimplify has passed a special resolution to issue 17,514 Series A CCPS at an issue price of Rs 33,676 each to raise Rs 59 crore or $7 million, its regulatory filing with the Registrar of Companies shows. Omnivore led the round with Rs 24.7 crore while 3One4 Capital, Beenext Asia, and Bertelsmann participated with Rs 13.56 crore, Rs 5.6 crore, and Rs 14.82 crore, respectively. Entarckr was first to report about Scimplify’s Series A in June. The company has raised around $11 million to date including its $3.67 million seed round from 3one4 Capital and Beenext last year. According to the data intelligence platform TheKredible, Scimplify has been valued at around Rs 320 crore or $39 million post-allotment. Founded in 2023 by Salil Srivastava and Sachin Santhosh, Scimplify is a B2B fulfillment platform operating across the product life cycle from contract research to commercial chemical manufacturing across industries such as pharmaceutical, personal care, and agrochemical. According to the company’s website, it offers emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers, among others. The Bengaluru-based firm competes with Atomgrid, which raised $1.2 million in its seed round led by Merak Ventures in May this year. Covvalent, another key player in the space, raised $4.3 million led by Nexus Venture Partners.

Exclusive: Speciality chemicals startup Scimplify to raise $5 Mn

EntrackrEntrackr · 1y ago
Exclusive: Speciality chemicals startup Scimplify to raise $5 Mn
Medial

Scimplify, a platform for all sourcing and manufacturing of specialty chemicals, is raising a new round to the tune of $5 million, sources aware of the development told Entrackr. The new round is coming just after six months for the Bengaluru-based firm. “Omnivore is leading $5 million in Scimplify while existing backers will also double down,” said one of the sources requesting anonymity. Scimplify raised $3.67 million in its seed round from 3one4 Capital and Beenext in December last year. Founded by Salil Srivastava and Sachin Santhosh, Scimplify is a B2B fulfillment platform operating across the product life cycle from contract research to commercial chemical manufacturing across industries such as pharmaceutical, personal care, and agrochemical. During the last fundraise, Scimplify had said that it plans to expand its reach to 20 countries and 4 new categories in chemicals. Currently, it has manufacturing facilities in Karnataka, Hyderabad and Gujarat. “The deal is almost finalized and it will value Scimplify in the range of $20-25 million,” said another source. As per sources, Omnivore saw potential in Scimplify’s product portfolio of agrochemicals. According to the company’s website, it offers emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers, among others. As per startup data intelligence platform TheKredible, 3one4 Capital controls 17% in Scimplify while Beenext had 7% holding as of seed round. Co-founders collectively hold nearly 65% stake in the company. Queries sent to Scimplify co-founder Srivastava and Omnivore did not elicit response until publication of the story. Scimplify competes with Atomgrid and Covvalent. Bengaluru-based Atomgrid raised $1.2 million in its seed round led by Merak Ventures in May this year while Covvalent scooped up $4.3 million led by Nexus Venture Partners in November 2022. In June 2023, impact venture capital firm Omnivore announced the first close of its third fund at $150 million to make 25-30 new investments in seed and Series A rounds. Some of its portfolio companies include DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel.

CRED’s competitor CheQ secures $4.5 Mn

EntrackrEntrackr · 1y ago
CRED’s competitor CheQ secures $4.5 Mn
Medial

B2B credit management platform CheQ has raised Rs 35 crore or $4.2 million in its extended seed round from new and existing investors. The funding for the Bengaluru-based firm came after a gap of 18 months. The board at CheQ has passed a special resolution to issue 12,952 Seed1 cumulative convertible preference shares at an issue price of Rs 26,989 each to raise Rs 35 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. 3one4 Capital invested Rs 12.49 crore while Venture Highway Fund and Multiply Ventures pumped in 6.24 crore and 2.08 crore, respectively. Individual investors including Lloyd Dizon Balajadia, Madhav Prakash Sehth, Vishal Gupta, and Deepk Tuli have collectively put in Rs 14.2 crore. As per filings, the company will use these funds for growth, expansion, marketing, and general corporate purposes as decided by the board. In June 2022, CheQ raised $10 million in Seed funding led by Venture Highway and 3one4 Capital. Following the fresh proceeds, 3one4 Capital holds 10.95% of the company while Venture Highway and Multiply Ventures command 11.45% and 2.49% respectively. It’s worth noting that these holdings exclude employee stock options and the firm’s cap table when we factor in the ESOP pool component. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 451 crore or $55 million (post-money) in the new funding round. Founded in 2022 by Aditya Soni, CheQ helps customers simplify the discovery and management of all credit products and allows you to pay your credit card bill, and EMI on a single platform. The startup has raised $15 million to date including its $10 million seed round led by Venture Highway and 3one4 Capital in June 2022. CheQ remained a pre-revenue stage firm with a revenue of only Rs 2 crore during the fiscal year ended March 2023. However, the losses for the three-year-old firm stood at Rs 19.4 crore in the same period. CheQ competes with fintech unicorn CRED which has secured around $1 billion to date and was valued at $6.4 billion in its last fundraise. According to the startup data intelligence platform TheKredibe, it posted Rs 1,400 crore in revenue with a loss of Rs 1,347 crore during FY23.

HexaHealth secures fresh funds led by Orios VP

EntrackrEntrackr · 2m ago
HexaHealth secures fresh funds led by Orios VP
Medial

Healthcare platform HexaHealth is set to raise Rs 37 crore (approximately $4.3 million) in its ongoing Series A round led by Orios Venture Partners with the participation of Enzia Ventures and existing investors including 3one4 Capital, Chiratae Ventures, and Omidyar Network. The board at HexaHealth passed a special resolution to issue 49,941 Series A3 compulsory convertible preference shares at an issue price of Rs 6,848 to raise the aforementioned sum, as per its regulatory filing. Orios Venture Partners will lead the round with an investment of Rs 12 crore, followed by Enzia Ventures contributing Rs 6 crore. Other investors, including 3one4 Capital, Chiratae Ventures, ITI Growth Opportunities Fund, and Omidyar Network, will each invest Rs 4 crore. The proceeds will be used for working capital, marketing, and general corporate purposes. Post-allotment, the company's estimated valuation is Rs 314 crore (approximately $37 million). Founded in 2021 by Vikas Chauhan, Ankur Girgas, and Aman Khanna, HexaHealth offers a full-stack solution for patients requiring surgery by partnering with leading hospitals. HexaHealth has raised $11.5 million to date, including a $4.5 million seed round in September 2021.

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