Weekly Funding Report: 21st - 27th January 2023
Log9 raises $40 Mn in Series B round
Deep-tech battery business Log 9 Materials raised $40 million in a Series B fundraising round, led by Amara Raja Batteries and PETRONAS Ventures. The round also saw participation from other investors including Incred Financial Services, Unity Small Finance Bank, and Oxyzo Financial Services also took part in the round. The startup will use the additional funding to increase its capacity for battery production to 2 GWh by the end of 2024 and to launch India's first fully integrated Lithium-ion cell production line. Log9 is a deep tech and advanced battery-tech startup that produces fast-charging batteries that, according to the company, last longer and provide better performance and safety.
Source: YourStory
Ecozen raises $25 Mn
Deep tech firm Ecozen raised $25 million in a funding round which was a combination of equity and debt, led by Nuveen and Dare Ventures, with participation from the Export-Import Bank of India and existing investors Caspian and Hivos-Triodos Fonds. With funding from Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank, and Axis Bank, Ecozen raised the debt portion of the round. Ecozen is a deep-tech startup with a focus on addressing climate change. The start-up creates technologically advanced products to improve the perishables value chain from farm to fork.
Source: The Startup Lab
FuelBuddy raises $20 Mn
Mobile energy distribution network FuelBuddy raised $20 million in a round spearheaded by Jindal Power Limited, RJ Corp, and Nilesh Ved (Chairman of Apparel Group, UAE), through a special-purpose vehicle. The business will use the funding to increase its presence in India and other foreign regions like MENA and South East Asia. FuelBuddy is a fuel delivery app with over 45,000 satisfied clients.
Source: YourStory
Isprava Group raises $19.6 Mn
Isprava Group, the organisation that owns Isprava and Lohono Stays, raised $19.6 million from Symphony International Holdings Ltd. The money will be released in two installments: the first will be worth Rs 100 crore, and the second will be worth Rs 60 crore by March. The cash raised will be utilised to expand the reach of Isprava and Lohono Stays. Isprava and Lohono Stays are two of the brands owned by Isprava Group. While Lohono Stays provides luxury homestay rentals in India and other international markets, Isprava builds luxury second residences in non-urban areas.
Source: The Startup Lab
Rigi raises $12.25 Mn
Content Management platform Rigi raised $12.25 million in a funding round, spearheaded by Elevation Capital. The extension to the Series A round also included contributions from returning investors Accel, Stellaris, and Sequoia. New angel investors, including cricketer Mahendra Singh Dhoni, Kunal Shah, and Amit Agarwal, participated in the round as well. The funds will be used to grow in new content categories and geographies. Rigi provides a suite of solutions such as paid workshops, subscription management, live one-on-one sessions, and connections with platforms such as Telegram and WhatsApp.
Source: YourStory
Landeed raises $8.3 Mn in seed funding
Proptech firm Landeed raised $8.3 million in a seed funding round, co-led by Draper Associates, Y Combinator, and Bayhouse Capital. The round also saw participation from a number of investors, including Paradigm Shift VC, Salarpuria Sattva, 10x founders fund, Capital X, Olive Tree, and Stonks fund. The capital raised will be used to expand its tech stack and hire more employees. Landeed is a title search tool that enables owners, agents, and purchasers to carry out the required due diligence on the property.
Source: The Startup Lab
GENLEAP raises $3.3 Mn in pre-Series A round
EdTech start-up raised $3.3 million in pre-Series A fundraising from Mike Holland, Sanjay Dutt (CEO and MD of Tata Realty and Infrastructure), Neeraj Bansal, Karthikeyan Balasubramanian, Deepak Kaul, and Manish Dhawan. The funds raised will increase GENLEAP's worldwide reach and help it expand into markets in the US, the Middle East, and Europe. Additionally, it will introduce products that offer DNA-driven answers for many issues, including relationship compatibility, illness susceptibility, health and wellbeing, and more. GENLEAP offers practical insights through the use of genetics and psychology that enable people to lead happier, healthier, and more fulfilling lives.
Source: YourStory
Myelin Foundry raises $3 Mn in Series A round
Deep technology startup Myelin Foundry Pvt. Ltd raised $3 million in a Series A fundraising round that was spearheaded by US-based automotive supplier Visteon Corporation. The round also saw participation from Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust. The funds raised will be utilised to increase its global presence. Myelin Foundry is a deep-tech product firm that creates artificial intelligence algorithms using video, audio, and sensor data for consumer edge devices to alter human experiences and industry outcomes.
Source: The Startup Lab
WhizHack raises $3 Mn
Cybersecurity firm WhizHack raised $3 million in a pre-Series A funding round from its current backers Vedswasti Holdings and SAA Capital. The capital raised will be put to use for the National Power Training Institute and IIT Jodhpur centers of excellence construction, product development, and geographic expansion.
WhizHack creates security product intellectual property and offers businesses and students access to global security services and security training.
Source: The Startup Lab
Studio Sirah raises $2.6 Mn in pre-Series A round
Game studio startup Studio Sirah raised $2.6 million in a pre-Series A round of funding led by Kalaari Capital and its seed investor Lumikai. They plan to use the capital to deploy Kurukshetra: Ascension, its flagship game, across the globe. Additionally, it will use the money to develop its second title. Studio Sirah aspires to create a new white space in the gaming industry with its Indian-themed IPs by earning enormous popularity around the world.
Source: YourStory
Suraasa raises $1.2 Mn
Skill-based tech platform Suraasa raised $1.2 million from Inflection Point Ventures, NB Venutres, SuperMopheus, SucSEED, and Vinners. The round also saw participation from Anuj Saraiwala and Kunal Shah. Suraasa wants to make teaching a popular career choice with an emphasis on preparing new teachers with the necessary skills and assisting current teachers in achieving both their professional and personal objectives.
Source: YourStory
PrivaSapien raises $1 Mn seed funding
Enterprise solutions startup PrivaSapien Technologies Pvt Ltd received $1 million in seed funding from Omidyar Network India. The funds obtained will be used for product development and research, as well as to broaden its geographic reach. PrivaSapien offers technology-based privacy risk assessment, mitigation, and data sharing services. The B2B privacy engineering company assists companies with data unlocking without compromising user privacy.
Source: The Startup Lab
Upsurge raises $370 K
Gaming-focused ed-tech platform upsurge raised $370,000 in a pre-seed funding round from venture capital company JCBL India. The startup will utilise the funds raised for product development and worldwide growth. Upsurge is a financial gaming platform with a focus on GenZ that teaches kids about money management using games, interactive instructional content, and gamified real-world duty management.
Source: The Startup Lab
D'chica raises $198.8 K
Clothing and apparel company D'chica raised revenue-based financing from Velocity for $198.8 K. The startup will utilise the funds to expand hiring and marketing initiatives. D'chica offers an array of apparels including teenage footwear, sportswear, loungewear, and undergarments. In addition to selling innerwear in the US, UK, and Germany, the brand now sells products on a variety of e-commerce sites, including Amazon, Myntra, Ajio, FirstCry, Jabong, and others. D'chica has physical locations all throughout Delhi-NCR and UP.
Source: YourStory
CosIQ raises $42.9 K
Skincare startup CosIQ raised $42.9 K from 292 investors through a Consumer Stock Ownership Plan (CSOP). A CSOP is a method for startups to raise funds from individuals. These services are offered through platforms like Tyke. The funds will be used to study and create new products, among other things. CosIQ provides skincare solutions that are supported by clinically proven technologies, focusing on pure components and effective formulations that produce noticeable results.
Source: YourStory
Disprz raises undisclosed funds
Skill development startup Disprz raised undisclosed funds as part of a bridge fundraising round that was organised by venture capital firm Silverneedle Ventures. The funding round also saw participation from a number of investors, including Kae Capital, Go1, Dallas Venture Capital, and Auctus Capital. The money raised will be utilised for marketing, employment, and geographic expansion. Disprz is a right-skilling suite driven by AI that assists businesses in realising their full commercial potential by facilitating organizational-wide skilling. The startup provides businesses with a platform for employee skill development and engagement while operating on a software-as-a-service (SaaS) approach.
Source: The Startup Lab