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VAHDAM India raises $3 Mn led by SIDBI Venture

EntrackrEntrackr · 3m ago
VAHDAM India raises $3 Mn led by SIDBI Venture
Medial

VAHDAM India raises $3 Mn led by SIDBI Venture Direct-to-consumer (D2C) tea brand VAHDAM India has raised $3 million (about Rs 25 crore) in funding from SIDBI Venture Capital. Prior to this, the company has raised over Rs 200 crore (approximately $25 million) in primary funding. The investment will further strengthen its balance sheet and cash reserves, VAHDAM India said in a press release. Founded in 2015 by Bala Sarda, VAHDAM India aims to build a homegrown Indian brand for the world, bringing India’s finest teas, herbs, and botanicals to global consumers. All of its products are sourced directly from partner farmers across India and manufactured at its own facility. The brand operates through wholly-owned subsidiaries in key markets such as the USA, Canada, the UK, and Europe. Over the past two years, VAHDAM India says that it has focused on reinforcing its core, optimizing product portfolio, and identifying key levers for scale. The company is also making significant investments in product innovation, R&D, and expanding our in-house manufacturing capabilities. With a sharper focus and a more resilient foundation, it aspires for sustained growth over the next three years. VAHDAM India claims that it is also set to close the current fiscal year with strong growth and positive EBITDA. The brand has been expanding its offline distribution network and has achieved a milestone by launching its teas & botanicals in over 2,000 Walmart stores across the U.S. For the financial year 2024-25, the company is on track to close with net revenues of more than Rs 265 crore and EBITDA profitability.

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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.

Livpure raises $28 Mn from M&G Investments and Ncubate Capital

EntrackrEntrackr · 11m ago
Livpure raises $28 Mn from M&G Investments and Ncubate Capital
Medial

Water purifiers and air conditioners manufacturer Livpure has scooped up Rs 208 crore ($25 million) in funding from M&G Investments through its Catalyst investment strategy, and around Rs 25 crore ($3 million) from Ncubate Capital Partners. The proceeds will be used to speed up category expansion, product development, expand offerings, market presence and cater to evolving consumer needs in the home category, Livpure said in a press release. Founded in 2012 by Rakesh Malhotra and Navneet Kapoor, Livpure offers water purifiers, subscription-based water purifiers, air coolers, kitchen appliances, mattresses, and sleep accessories among others. As per startup data intelligence platform TheKredible, Navodhyam Trust (owned by founders) had more than 50% stake in the company as of last funding round followed by Lakshya Holding which had over 10% holding. It has raised nearly $80 million to date. Among the venture capital funded startups, Livpure competes with DrinkPrime which recently raised $3 million led by SIDBI Venture Capital. DrinkPrime’s other notable investors include Omidyar Network India and Peak XV’s Surge. In the subscription model, Livpure also competes with traditional players such as Eureka Forbes’ Acquaguard and ZunPure. For the fiscal year ended in March 2023, Livpure registered 35% growth in its operating revenue to Rs 294 crore while its losses grew only 10% to Rs 48.62 crore. Water purifiers business has been the key revenue driver for Livpure, and accounted for more than 80% of its total collection. While the company is yet to file an annual report for FY24, it claims to record a 45% growth across all business segments in the first quarter of the ongoing fiscal year (FY25).

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.

Bhavik Koladiya-led OTPless raises $3.5 Mn led by SIDBI

EntrackrEntrackr · 1y ago
Bhavik Koladiya-led OTPless raises $3.5 Mn led by SIDBI
Medial

Authentication and access management platform OTPless has raised $3.5 million in its pre-Series A funding round led by SIDBI, said its co-founder and chief executive officer Bhavik Koladiya. Venture Highway, FJ Labs, and Piper Serica also joined the firm’s maiden institutional round. With this, OTPless raised $6.5 million to date. The Surat-based startup raised $2.7 million in seed round in February last year from Neeraj Arora, Kunal Shah, Amrish Rau, Jitendra Gupta, Utsav Somani, Amit Jain, Fabrice Grinda, and Luke Skertich. With a team of 50 members, OTPless plans to use the new funds to expand its global presence and service beyond authentication and into authorization, said Kodaliya. Its global peers include Auth0, Clerk, Stytch, Descope and Transmit Security and a few others. Founded by Koladiya, Satyam Nathani and Tanmay Sagar, former executives of fintech unicorn BharatPe, OTPless enables users to sign up and sign in on websites and apps via WhatsApp and other methods. This approach simplifies the process for users and weeds out the need for OTPs. The startup supports various social sign-in methods, including Google, iMessage, Microsoft, Github, Slack, UPI and modern protocols like Passkeys, Network Auth, Protected SMS and Device fingerprinting. As per the company, developers can easily integrate OTPless’s SDKs and APIs, going live within minutes using pre-built UIs. OTPless claims that more than 5,000 companies and 20,000 developers worldwide use the platform to authenticate over 30 million users. OTPless is a recent startup from BharatPe’s group which managed to raise significant funding. For record, CrickPe, led by Ashneer Grover, raised seed money led by ZNL Growth Fund. Last year, Genwise and Vegapay also announced their maiden fundraise after launch. The list of startups and venture funds launched by former BharatPe executives includes Jivi.ai, CubeAPM, GrowthCap Venture, Eternal Capital and OTP Ventures. While Growth Cap Venture and Eternal Capital already announced their maiden fund, Suhail Sameer-led OTP Venture is aiming to secure Rs 400 crore for its debut fund.

Dhruva Space raises $15 Mn in Series A round

EntrackrEntrackr · 1y ago
Dhruva Space raises $15 Mn in Series A round
Medial

Space tech startup Dhruva Space has raised $15 million (Rs 123 crore approximately) in its Series A round from Indian Angel Network Alpha Fund and Blue Ashva Capital, as well as Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group) IvyCap Ventures, Mumbai Angels, and Blume Founders Fund. The fundraise also includes a Rs 10 crore venture debt from Small Industries Development Bank of India (SIDBI) and a Rs 14 crore venture debt from Technology Development Board. The proceeds will be used for upcoming spacecraft manufacturing facilities, strategic business acquisitions, and enhancing product offerings, the company said in a press release. Founded by Sanjay Nekkanti and Chaitanya Dora, Dhruva Space has launched as many as eight payloads in the last 24 months, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission on 01 January 2024. The Hyderabad-based startup is active across space, launch, and ground segments, and supports civilian and defence clients worldwide. It offers satellites teamed with Earth Station/s and Launch Services as an integrated solution or individually as technology solutions to power space-based applications on Earth and beyond. Over the past few years, several space tech startups such as Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara and InspeCity have managed to raise decent funding. In June last year, spacetech startup Digantara raised $10 million in Series A1 funding led by Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital. In the same month, Pixxel scooped up $36 million in a series B funding round from new investors such as Google.

Proptech startup Truva raises $3 Mn led by Stellaris

EntrackrEntrackr · 11m ago
Proptech startup Truva raises $3 Mn led by Stellaris
Medial

Proptech startup Truva has raised $3 million in a funding round led by early-stage venture capital firm Stellaris Venture Partners. The round also saw participation from angel investors such as Mukesh Bansal, Ankit Nagori and Lalit Keshre, among others. The funds will be used for team expansion, product enhancement, raising debt for working capital, and scaling operations, Truva said in a press release. Founded in 2023 by Puneet Arora, Monil Singhal and Ankit Gupta, Truva provides detailed property listings with extensive insights and support for buyers, including help with financing, paperwork, and registration. The startup also offers features such as natural light scores, noise ratings, 3D tours, and high-quality photos and videos. Currently operating in Powai and Bandra in Mumbai, Truva plans to expand its reach to other areas in Mumbai within the next year.

Fyllo raises $4 Mn led by India Quotient and SIDBI Ventures

EntrackrEntrackr · 1y ago
Fyllo raises $4 Mn led by India Quotient and SIDBI Ventures
Medial

Agritech startup Fyllo has raised $4 million in a fresh funding round led by India Quotient and SIDBI Ventures. Existing investors Triveni Trusts, IAN, and KIAORA participated in the round. The proceeds will be used to expand into new geographies and crops and develop more precision agriculture products, Fyllo said in a press release. Founded in 2019 by Sudhanshu Rai and Sumit Sheoran, Fyllo essentially installs a farm IoT device containing several on-field sensors. It collects data from the soil, crop canopy, and environment around the crop. As mentioned above, the data is then analyzed by the company’s machine learning algorithms to help give recommendations to farmers on their mobile app, which supports all major Indian languages. As per Fyllo, over 8,000 farmers are using its services on more than 50,000 acres and have consistently received 25% more yield, 80% export-quality produce, and 30% more income. Fyllo is now looking to make its current offering widespread by expanding around its existing geographies and working on expanding its product offerings. Earlier, the startup had raised $2 million in funding led by Triveni Trust, Ninjacart, and existing investor Indian Angel Network (IAN) in May 2022.

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