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Optimist raises $12 Mn in seed round led by Accel and Arkam Ventures

EntrackrEntrackr · 7d ago
Optimist raises $12 Mn in seed round led by Accel and Arkam Ventures
Medial

Optimist, a technology-led cooling solutions startup focused on building future-ready air conditioners, has raised $12 million in a seed and pre-Series A funding round led by Accel and Arkam Ventures, along with participation from prominent angel investors. The fresh funds will be deployed to scale manufacturing, research and development (R&D), and go-to-market operations, Optimist said in a press release. Launched in 2024 by Ashish Goel, former CEO and co-founder of Urban Ladder, and Pranav Chopra, Optimist aims to transform customers’ lives through technology-driven cooling solutions. Backed by deep customer research and an understanding of Indian lifestyles, the company is designing and manufacturing products tailored to the country’s evolving needs. Its cooling systems are built to operate reliably under extreme heat conditions and power constraints. According to the company, Optimist has invested significantly over the past year in innovation and reimagining cooling solutions through sustained R&D efforts and multiple product testing cycles in real-world environments. These R&D initiatives are anchored at Nalanda, its in-house innovation lab in Gurugram. With in-house R&D and manufacturing capabilities, Optimist is able to shorten development cycles and build products that reduce electricity bills while easing pressure on power grids. Optimist aspires to design and manufacture ultra-efficient, customer-centric cooling systems for India’s extreme heat and energy-constrained markets. The company plans to sell its products through a mix of direct-to-consumer channels and brand stores, initially targeting residential and small commercial customers. Optimist air conditioners will be available from February 2026 in Delhi NCR, Rajasthan, Telangana, and Bengaluru, followed by expansion to other cities.

Decoding SpotDraft’s Series B funding round, latest valuation and captable

EntrackrEntrackr · 10m ago
Decoding SpotDraft’s Series B funding round, latest valuation and captable
Medial

SpotDraft, a contract lifecycle management (CLM) platform, has recently raised $54 million in its Series B round led by Vertex Growth Singapore and Trident Partners with the participation of Prosus, Premji Invest, Arkam Ventures, Volrado Venture Partners, and others. SpotDraft secured $26 million in its Series A funding round in March 2023. Entrackr has gone through its regulatory filings to decode the round breakup, captable, and current valuation. The board at SpotDraft allotted 1,39,025 Series B compulsory convertible preference shares at an issue price of Rs 33,938 each to raise Rs 472 crore ($54-55 million). The Series B round commenced in December 2024 with an initial investment of Rs 50.5 crore from Xeed Ventures through 021 Capital, Premji Invest, and Arkam Ventures through Unitary Fund. The remaining funds were secured in March 2025. Vertex Growth led the funding round with an investment of Rs 126 crore ($14.8 million), followed by Trident Partners and Prosus, which contributed Rs 109.6 crore ($12.9 million) and Rs 73.2 crore ($8.6 million), respectively. Other notable investors included Premji Invest (Rs 37.6 crore), Arkam Ventures (Rs 34 crore), and Xeed Ventures (Rs 33.6 crore), Volrado Venture Partners (Rs 25 crore). As per Fintrackr’s estimates, the company’s post-money valuation has now reached $190-$200 million. According to startup data intelligence platform TheKredible, the Bengaluru-based company has raised nearly $98.5 million to date. Following the allotment of the Series B round, Xeed Ventures emerged as the largest shareholder with a 15.8% stake in the company. It is followed by Arkam Ventures (10.27%), Premji Invest (10.24%). Co-founder Shashank Bijapur holds a 9.08% stake in the company. Founded in 2017, SpotDraft is an AI-powered contract lifecycle management (CLM) platform designed for in-house legal teams. It streamlines every stage of the contracting process, offering features such as AI-assisted redlining, e-signatures, an intelligent contract repository, third-party document handling, clickwrap agreements, and more. Spotdraft competes with other legaltech startups like Legistify, Leegality, Sirion, Vakilsearch, and others. SpotDraft’s revenue from operations grew threefold in FY24 to Rs 60 crore from Rs 20 crore in FY23, while its losses remained flat at Rs 68 crore during the same period.

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