Here are some updates about the Indian Startup Ecosystem for 12th October 2022:
1. MS Dhoni Backs Plant-Based Meat Brand Shaka Harry
Former Indian skipper and cricketer MS Dhoni has invested an undisclosed amount of equity funding in plant-based meat startup Shaka Harry.
With the current fundraising, Shaka Harry will form a partnership with Dhoni to expand customer reach and introduce new product offerings. The development comes three months after Shaka Harry secured $2 Mn in its seed funding round led by Better Bite Ventures, Blue Horizon and Panthera Peak Ventures, said the startup.
2. YC Backed Explorex Bags $5 Mn Funding To Help Restaurants Digitise Operations
Restaurant-focused full stack SaaS startup Explorex (Explorex Inc.) has raised $5 Mn in a seed funding round led by Super Angel’s Taher Savliwala, Twitch cofounder Kevin Lin, Fitbit CEO James Park, Oura’s Harpreet Rai and Relationship hero cofounder Liron Shapira.
The startup will use the funding to ramp up product development and scale up growth-related initiatives. Explorex will also deploy the investment to fuel its expansion in metros such as Mumbai and Delhi.
3. FitBudd raises $3.4 Mn from Accel, Sequoia and others
Health and fitness SaaS platform FitBudd has raised $3.4 million in a seed round from Accel India, Sequoia Capital India, BEENEXT and Waveform Ventures, the company’s co-founder and CEO Saumya Mittal told press.
FitBudd was a part of Accel India’s first cohort of Atoms program in February. Launched in August 2021, the accelerator program makes pre-seed funding of $250K in startups without taking any stake.
FitBudd is a SaaS platform for global health and fitness coaches to deliver personalized coaching. A brainchild of Mittal, Pranav Chaturvedi, and Naman Singhal, it allows coaches on the platform to cater to a global audience.
4. Nisarg Shah-Led Kettleborough VC Closes Its Early Stage-Focussed Maiden Fund At $5 Mn
Angel investor Nisarg Shah-led Kettleborough VC, an India-based venture capital firm, has launched its maiden fund to focus on early stage Indian startups.
Kettleborough VC will sign cheques of $150K – $300K and also participate significantly in the follow-on rounds of its portfolio companies. The fund will invest in 8-10 ventures in the next 12 months.
5. Assiduus Global Raises $15 Mn To Offer Ecommerce Solutions To D2C Brands
Bengaluru-based Assiduus Global Inc, an AI-powered cross-border, multi-platform ecommerce accelerator, has raised $15 Mn in its Series A funding round. The Series A funding round was led by Pulsar Capital, with participation from 9Unicorns, Venture Catalysts | India’s First Integrated Incubator, StrongHer Ventures, Thrasio founder Carlos Cashman, among others.
Assiduus Global will use the fresh funding to enhance its technological architecture and deepen its global footprint with business expansion across markets like Europe and South-East Asia
6. D2C footwear startup Yoho raises Rs 20 Cr in pre-Series A round
Direct to consumer footwear startup Yoho has secured Rs 20 crore in a Series A round of funding led by existing investors SoftBank Investment Advisers’ chief executive officer Rajeev Mishra, Rukam Capital, Vijay Shekhar Sharma and others.
The company plans to utilise funds to create capabilities for new product developments and achieve sustainable manufacturing standards, according to Yoho’s press statement.
Founded in 2021, Yoho leverages technology and artificial intelligence to create high-performance footwear. The one and half year-old company manufactures affordable orthopaedic lightweight footwear which is suitable to Indian consumers.
7. Adda247 Raises $35 Mn Led By WestBridge Capital, Adds Google To Cap Table
Vernacular government test prep platform Adda247 has raised $35 Mn in a round led by WestBridge Capital. While Google joined the funding round as a new investor, existing investors Info Edge India Ltd and Asha Impact also participated in it.
Adda247 plans to use the fresh capital to enhance its tech and product profile, expand its student counselling team, and hire across some key leadership roles. The edtech platform will also explore a few strategic acquisitions in the coming months to complement its offerings in the government job preparation category.
8. Co-living brand Isthara raises $10 Mn in fresh round
Isthara Coliving & Student Housing, a premium co-living brand and smart food court firm, has raised $10 million or Rs 81 crore in its new round led by Dubai-based Eagle Investments. With this round, Isthara’s total funding stands at $21 million.
The proceeds will be used to foray into the B2C retail food court space and expand its presence in the co-living sector, Isthara said in a press release. Additionally, the funding will also be utilized to double bed capacity in the co-Living and student accommodation segments to around 50,000 beds by 2025.
9. Tiger Global, Blume Back EV Startup Vecmocon In Its $5.2 Mn Round
The startup plans to use the funds to build its team, scale operations and product innovation. Vecmocon offers services such as battery management systems, vehicle intelligence services, instrument clusters, motor controllers, EV chargers and more.
10. D2C firm Good Health Company raises $10 Mn in Series A round
Direct to consumer health-tech startup GHC (Good Health Company) has raised $10 million in Series A funding led by Left Lane Capital, along with participation from existing investors such as Khosla Ventures, Quiet Capital, and Weekend Fund.
The proceeds will be utilised to introduce more product categories, foray into product innovation and expand the existing team, Good Health said in a press release.
Founded in 2021 by Samarth Sindhi, Good Health provides free consultations and a course of treatment for any skin, hair and sexual health problems for both men and women. The company claims to have helped over 10 million customers in free consultation, course of treatment, and delivery of products.
11. Gigforce raises fresh capital led by 9Unicorns Accelerator Fund
The board at Gigforce passed a special resolution to issue 682 compulsory convertible preference shares (CCPS) at an issue price of 1,13,694 per share to raise Rs 7.75 crore.
12. Fireside Ventures Announces Final Close Of Third Fund At $225 Mn
Early-stage venture capital (VC) firm Fireside Ventures has announced the final close of its third VC fund, the Fireside Fund III, at $225 Mn (INR 1,830 Cr). The third fund from Fireside Ventures will invest in 25-30 startups across healthtech, edtech and D2C.
Fund III saw the participation of investors such as the Investment Corporation of Dubai, SBI, Premji Invest, ITC, Emami and several startup founders. Fund III’s final close follows a year after the VC firm closed its second fund, Fireside Fund II, at $118 Mn.