Weekly Funding Report: 04th - 10th February 2023
- Ushur raises $50 Mn in Series C funding
- Mensa Brands raises $36.29 Mn debt
- Bike Bazaar raises $30 Mn
- Zypp Electric raises $25 Mn in Series B round
- Entropik raises $25 Mn in Series B round
- Simple Energy raises $20 Mn
- Turno raises $13.8 Mn
- FireCompass raises $7 Mn
- Cusmat raises $3.5 Mn
- Bluelearn raises $3.5 Mn in seed funding
- Magma raises $3.3 Mn in seed funding
- Pickmyad raises $157 K
- Winston raises $121 K
- RoyalPOS raises $60 K
Ushur raises $50 Mn in Series C funding
AI-powered CXA platform Ushur raised $50 million in a Series C funding round, led by Third Point Ventures. The round also saw participation from existing investors Iron Pillar, 8VC, Aflac Ventures, and Pentland Ventures. Usher will use the money to diversify its experience automation options, develop new AI innovations, and enter new geographies and industrial sectors. Ushur's no-code, cloud-native SaaS platform blends conversational automation with knowledge-based task automation to digitise the whole business customer experience.
Source: YourStory
Mensa Brands raises $36.29 Mn debt
D2C House of brands startup Mensa Brands raised $36.29 million in debt via TradeCred, an alternative debt marketplace. The funds will be used for working capital investment, supply chain integration, product development, and brand acquisitions. Mensa acquires direct-to-consumer companies using a "house of brands" strategy. It has 25 brands, including Dennis Lingo, Villain, Pebble, and MyFitness, in the fashion, home, cosmetics, and FMCG categories.
Source: YourStory
Bike Bazaar raises $30 Mn
Two-wheeler marketplace Bike Bazaar closed its Series D fundraising round at $30 million. Women's World Banking Asset Management and Lending Partners provided the startup with $20.6 million in the first tranche, and DEG provided $10 million in the second tranche, bringing the total to $30 million. The funding generated will be used to scale the business's operations in the areas of b2b and b2c transactions as well as global expansion. Bike Bazaar is a two-wheeler lifecycle service firm that offers a variety of economical solutions and hassle-free experiences throughout the two-wheeler lifespan
Source: The Startup Lab
Zypp Electric raises $25 Mn in Series B round
EV as a service platform Zypp secured $25 million in Series B funding, which was headed by Gogoro. The startup obtained the funds through a combination of equity and debt financing. The debt was financed by the global impact fund IIX and a significant national bank. The funding will be used to enhance the driver experience, extend the infrastructure of its EV hubs, develop IoT, and increase its operations staff by hiring for top-level roles in technology. Zypp Electric facilitates last-mile operations for neighbourhood retailers, e-commerce behemoths, and delivery managers and assists them in lowering delivery costs and reducing emissions on an asset-light basis.
Source: YourStory
Entropik raises $25 Mn in Series B round
AI-based market research platform Entropik raised $25 million in a Series B investment headed by Bessemer Venture Partners and SIG Venture Capital. The round also saw participation from Trifecta Capital, Alteria Capital, and veteran investor Bharat Innovation Fund. The new capital will be used to develop world-class products in India, allowing the research, marketing, and product teams to shift towards a more scalable research model. Entropik allows marketing, research, and product teams to record user feedback in a more continuous and collaborative manner. The business specialises in utilising emotion AI, including facial expressions, and more, to assist businesses in creating better goods.
Source: YourStory
Simple Energy raises $20 Mn
Sustainable energy and electric car startup Simple Energy raised more than $20 million in a current bridge round. The investors in this round included Dr Arokiaswamy Velumani, Ashwin Hinduja, Sanjay and Sandeep Wadhawa, Lambda Test, Purple Moon Ventures, as well as current investors Manish Bharti and Vasavi Green Tech. The company stated that it will utilise the funds to increase manufacture of the Simple ONE, an elegant and cost-effective electric scooter. Simple Energy is a research and development-driven startup on a mission to construct the future of electric and connected mobility and strives to make EVs more accessible, inexpensive, secure, and comfortable.
Source: YourStory
Turno raises $13.8 Mn
Commercial electric car startup Turno has secured $13.8 million in Series A funding from international venture capital companies B Capital and Quona Capital. The investment round included existing investors Stellaris Venture Partners and Avaana Capital, as well as new investors Alteria Capital and InnoVen Capital. The funds received will be used to expand operations and develop unique battery technology. Turno supports commercial vehicle operators that want to migrate to EVs. To assure the maximum return on value for EV owners, the firm offers a wide selection of vehicles from partner OEMs, inexpensive financing, and battery value assurances.
Source: The Startup Lab
FireCompass raises $7 Mn
Cybersecurity firm FireCompass raised $7 million in a round of fundraising co-led by Cervin and Athera Venture Partners. Participating in the funding round was existing investor BIF, which is a unit of the Centre for Innovation, Incubation and Entrepreneurship (CIIE) at IIM Ahmedabad.
The raised cash will be utilised for expanding the company's activities outside of the US and India as well as for employing new staff members. FireCompass is a software-as-a-service (SaaS) firm that provides a platform for security assessments such as Continuous Automated Red Teaming (CART) and Attack Surface Management (ASM).
Source: The Startup Lab
Cusmat raises $3.5 Mn
Platform for virtual reality skill development Cusmat secured $3.5 million in Series A funding led by Arkam Ventures. The round also saw participation from Unitus, We Founder Circle, Better Capital, Venture Catalysts, and Legacy asset LLP. The collected funds will go towards enterprise sales expansion, research and development, and global expansion. Cusmat is a startup that uses AI and the IoT to replicate industrial facilities, teach employees working in them and evaluate their performance.
Source: The Startup Lab
Bluelearn raises $3.5 Mn in seed funding
Upskilling platform Bluelearn raised $3.5 million in seed funding, which was co-led by Elevation Capital and Lightspeed. The funding round was also joined by Titan Capital, 2am VC, and angel investors Vidit Aatrey and Sanjeev Barnwal. The raised funds will be utilised for hiring, product development, and growing its user base. Members of Bluelearn are assisted in developing new skills, expanding their peer networks with like-minded individuals, and gaining exposure to business professionals.
Source: The Startup Lab
Magma raises $3.3 Mn in seed funding
Cross-border B2B supply chain enablement startup Magma raised a seed funding round of $3.3 million led by General Catalyst. Along with angel investors Varun Alagh, Aayush Phumbhra, and Srini, Accion Venture Lab, and All in Capital took part in the investment round. The startup will use the received funds for employment, product development, and tech stack development.
Magma is a technologically advanced cross-border B2B production and supply chain enabling platform for construction materials.
Source: The Startup Lab
Pickmyad raises $157 K
An influencer marketing platform, PickMyAd raised $157 K in its second pre-seed round of funding, which was led by Cookr co-founder Saravanakumar Kandasamy (SK). The startup will utilise the money to build out its technology and expand its services throughout India. Additionally, it will strive to expand its booking platform by adding new collaboration-enhancing modules and creator tools that will let influencers monetize in a variety of ways. PickMyAd organises the entire influencer marketing process on a single platform and quickly connects clients with influencers. It gives brands of all sizes more flexibility and links creators to a much wider range of options.
Source: YourStory
Winston raises $121 K
New personal care business that provides salon treatment to the home while incorporating technology into the personal care routine, Winston raised $121 K on Shark Tank's second season. Anupam Mittal and Vineeta Singh have invested in the beauty firm for 10% ownership at a valuation of Rs 10 crore. Winston India offers superior products and transforms how women view personal care. The company released items with high-end technology that are simple to use and allow users to achieve salon-quality beauty results at home.
Source: YourStory
RoyalPOS raises $60 K
B2B SaaS cloud business RoyalPOS secured $60,000 in seed funding from TVS Electronics Limited in Chennai. RoyalPOS enables neighbourhood eateries and shops, whether they have one location or several, to digitise their operations in terms of invoicing, inventory, payments, and reporting. According to RoyalPOS, more than 1,300 enterprises in more than 15 countries have already been digitalized.
Source: YourStory