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Specialty chemical startup Mstack raises $40 million from Lightspeed, Alpha Wave, others

Economic TimesEconomic Times · 9m ago
Specialty chemical startup Mstack raises $40 million from Lightspeed, Alpha Wave, others
Medial

- Specialty chemical startup Mstack secures $40 million in funding round led by Lightspeed Venture Partners and Alpha Wave Global - Funding includes a debt facility from HSBC Innovation Banking and participation from other angel investors - Mstack plans to utilize the funds for strengthening R&D efforts, building a leadership team, expanding talent base, and scaling operations in Middle East, South America, and Asia - The company operates a custom manufacturing platform to help buyers source specialty chemicals from a tech-enabled network of capacities in low-cost production countries - Mstack offers a wide range of specialty chemicals in sectors such as oil and gas, coatings, water treatment, home and personal care, with plans to expand into agrochemicals and pharmaceuticals - The specialty chemicals sector is attracting investor interest due to the increasing demand for chemical solutions across various industries.

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ETtech Deals Digest: Startup funding drops 54% on year to $77 million this week

Economic TimesEconomic Times · 9m ago
ETtech Deals Digest: Startup funding drops 54% on year to $77 million this week
Medial

- Startups raised $77 million between September 28 and October 4, a 54.5% decrease from the same period last year. - This week, startups secured funding through 14 rounds, compared to 44 rounds in the year-ago period. - MStack, a specialty chemicals startup, raised $40 million in a funding round led by Lightspeed Venture Partners and Alpha Wave Global. - Basic Home Loan, a fintech startup, raised $10.6 million in a series B funding round led by Bertelsmann India Investments. - Troo Good, a snack brand, raised $8.6 million in a funding round led by Oaks Asset Management. - Str8bat, a sports technology startup, raised $3.5 million in a series A funding round led by Exfinity Venture Partners.

Specialty chemicals startup Scimplify raises $40 Mn in Series B round

EntrackrEntrackr · 4m ago
Specialty chemicals startup Scimplify raises $40 Mn in Series B round
Medial

Scimplify, a platform for sourcing and manufacturing specialty chemicals, has raised $40 million in a Series B funding round co-led by Accel and Bertelsmann India Investments, with participation from UMI and existing investors, including Omnivore and 3one4 Capital. This funding brings Scimplify’s total capital raised to $54 million, following its seed and Series A rounds. The fresh capital will accelerate Scimplify’s export expansion beyond the 16 countries it currently serves while strengthening its presence in key industries such as life sciences, crop sciences, and industrial chemicals, the company said in a press release. Many manufacturers struggle with sourcing raw materials, navigating regulatory requirements, and scaling up production to meet global demand. Scimplify addresses these challenges by offering an end-to-end manufacturing ecosystem, combining in-house scientific expertise with a network of over 200 specialized manufacturing plants across cost-efficient regions in India. Founded by Salil Srivastava and Sachin Santhosh, Scimplify is a B2B fulfillment platform that operates across the product life cycle, from contract research to commercial chemical manufacturing, serving industries such as pharmaceuticals, personal care, and agrochemicals. The company’s plug-and-play model enables global buyers to leverage India’s cost-efficient production capabilities without the burden of setting up dedicated manufacturing facilities. “As global supply chains undergo rapid shifts, customers are actively seeking reliable partners who can provide enterprise-grade R&D and comprehensive solutions for their specialty chemical manufacturing needs. Over the past year and a half, we have built great momentum, and with Accel joining this partnership, we remain steadfast in building a global R&D-led manufacturing company that brings a new-age approach to the modern customer,” said Srivastava. The Bengaluru-based company serves major markets, including the US, Europe, and Japan. Scimplify competes with Mstack, Atomgrid, Covvalent, Distil, and Elchemy.

Exclusive: Wealthy raises fresh capital from Alpha Wave

EntrackrEntrackr · 1y ago
Exclusive: Wealthy raises fresh capital from Alpha Wave
Medial

Wealth management platform Wealthy has raised Rs 45 crore ($5.4 million) in a new round led by Falcon Edge’s Alpha Wave Incubation Fund. This is the first round of investment for the Bengaluru-based company this year. The board at Wealthy has passed a special resolution to issue 47,222 compulsory convertible preference shares at an issue price of Rs 9,556 each to raise Rs 45 crore or $5.4 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Alpha Wave led the round with Rs 20.7 crore while Savrola Lakshmi LLC put in Rs 16.38 crore. Good Capital and other individual investors cumulatively participated with Rs 7.92 crore. According to the filings, Wealthy will use these proceeds for expansion and general working capital purposes. As per startup data intelligence platform TheKredible’s estimates, the company has been valued at around Rs 278 crore or $33.5 million post-money. Wealthy has raised over $16 million to date including $7.5 million Series A funding led by Alpha Wave in early 2022. It looks like an ongoing round and the company may raise more capital. Founded in 2015, Wealthy offers investment management and tracking tools to retail investors. It also provides advisory and access to wealth management professionals. According to its website, the firm has facilitated over Rs 4,500 crore of investments through its marketplace. Following the fresh proceeds, existing backer Alpha Wave remains the largest external stakeholder with 24.16% followed by Good Capital which holds 9.69%. Its co-founders Aditya Agarwal and Prashant Gupta jointly command 36.64% of the company. Head to TheKredible for the complete shareholding pattern. Wealthy bled profusely in FY23 as its losses blew 8X to Rs 24 crore while its revenue grew 57.2% to Rs 11.82 crore during the same period. The company is yet to disclose its financial numbers for FY24. It competes with a clutch of wealthtech platforms including Stable Money, Deserv, Cube Wealth and many others.

Ultrahuman raises $35 Mn in Series B round

EntrackrEntrackr · 1y ago
Ultrahuman raises $35 Mn in Series B round
Medial

Wearable tech startup Ultrahuman has raised $35 million in a mix of debt and equity in its Series B round from Blume Ventures, Steadview Capital, Nexus Venture Partners, and Alpha Wave. The fresh investment also saw participation from Zomato’s founder and chief executive Deepinder Goyal. Post this, Ultrahuman has secured around a total of $60 million, including the $17.5 million Series A financing led by Alpha Wave in 2021. Entrackr had exclusively reported the fundraise then. Ultrahuman will use the fresh proceeds to build further manufacturing capacity and deeper research in health tracking, the company said in a press release. Started by Mohit Kumar and Vatsal Singhal, Ultrahuman is a self-quantification platform that provides smart ring called Ring Air, glucose monitoring wearable M1 Live, and blood testing product called Blood Vision, among others. For the uninitiated, Kumar and Singhal were also co-founders of Runnr, which later merged with Zomato in September 2017. According to Ultrahuman, it became the second-largest player in the smart ring market while maintaining profitability in the last 12 months. The company also grew rapidly and expanded into over 150 retail outlets worldwide, including locations like London’s Selfridges on Oxford Street, Changi airport in Singapore, and the Virgin megastore in Dubai. Ultrahuman registered a fourfold growth to Rs 30 crore in FY23 from Rs 7.38 crore in FY22. According to the startup data intelligence platform TheKredible, the firm witnessed a 20.3% increase in its losses to Rs 71 crore in the same period. As of Series A round, Nexus was the largest external stakeholder in Ultrahuman with 20.12% shares followed by Alpha Wave and Blume with 11.14% and 8.89% stakes, respectively. Its co-founders Mohit Kumar and Vatsal Sinhgal hold 38.27% of the company. Check TheKredible for more details. Globally, Ultrahuman competes with the likes of Levels Health, Super Sapiens and Oura.

Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round

EntrackrEntrackr · 12m ago
Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round
Medial

Wealthtech startup Stable Money has raised over Rs 123 crore nearly $15 million in a new round from RTP Capital, Lightspeed India, and Matrix Partner. The Bengaluru-based company has become one of the few startups to close two rounds within a year, especially during the so called funding winter. The board at Stable Money has passed a special resolution to issue 77,135 CCPS at price of Rs 16,019 each to raise Rs 123.56 crore or $14.74 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. RTP Capital led the round with Rs 54.26 crore ($6.5 million) while Lightspeed India and Matrix Partners India pumped in Rs 34.64 crore ($4.15 million) each in this round. In August 2023, Stable Money scooped up $5 million in its first equity fundraise led by Matrix Partners and Lightspeed. Titan Capital, Mar Shot Ventures and a clutch of prominent angel investors also participated in the round. As per startup data intelligence platform TheKredible, Stable Money will be valued at around $60 million post money. This is nearly four fold jump in valuation from $16.5 million in the last round. Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is building a fixed-return investment platform to provide financial consultation services to investors. The platform will also publish financial literacy content on its online platform to create awareness among investors. A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. Recently Deserv raked in $32 million in its Series B round led by Premji Invest. In May, wealth management platform Wealthy raised $5.4 million in a new round led by Alpha Wave Incubation Fund.

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