Agritech startup DeHaat raises $115 million in Series D round led by Sofina, Lightrock India
Agritech startup DeHaat has raised $115 million in Series D funding, led by Belgium based investment firm Sofina and Lightrock India. Temasek co-invested in the round, with participation from existing investors Prosus, RTP Global, Sequoia Capital India and FMO. The startup said it will use the funding to expand its technological offerings, for value-added services, and people.
The startup claims to have built a rural retail network of more than 3,000 DeHaat microentrepreneurs for last-mile delivery as well as aggregation, serving more than 650,000 farmers located across Bihar, UP, Jharkhand & Odisha. The company has now started expanding to new geographies like MP & Rajasthan with multiple agri services for farmers.
"Last 7 months have been phenomenal with 5x growth for DeHaat. Hence we are now well poised to replicate the success in all major agriculture clusters of India in the next 12-15 months,” Shashank Kumar, co-founder and CEO, DeHaat said. DeHaat is a technology-based business-to-farmers (B2F) platform that offers full-stack agricultural services, including distribution of high-quality agricultural inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.
Fintech startup Zolve secures Rs 300 crore; valued at Rs 1,575 crore
Cross-border fintech platform Zolve has raised Rs 300 crore (around $40 million) in a funding round led by DST Global. Tiger Global, Alkeon Capital, as well as existing investors Accel and Lightspeed Venture Partners also participated in the Series A round. This funding round has pushed the 10-month old startup’s valuation to Rs 1,575 crore.
The funding will help the company expand the product suite and ramp up hiring and technology, says Zolve founder and chief executive Raghunandan G in a statement. Zolve provides immigrants, working professionals and US-bound students with access to FDIC-insured bank accounts, high-limit credit cards, and debit cards, without the need for an SSN (social security number) or US credit history. The company is on track to become a full-stack financial service provider and focus on products such as instant remittance, insurance, and loans, it said.
Healthtech startup BlueSemi bags $69 million ahead of an IPO
Healthtech startup Bluesemi has announced a $69 million (about Rs 515 crore) funding commitment from Luxembourg-based GEM Global Yield.
As per the agreement signed, the amount will be provided on a shared subscription facility for over a 36-month term following a public listing of BlueSemi's common stock.
The startup said it will be able to determine the timing and maximum amount of drawdowns under this facility, with no minimum obligation. In connection with the shared-subscription facility, BlueSemi will issue warrants to GEM to purchase its common stock on IPO (initial public offering) at up to 7.8 percent of its total equity interests for three years, which will be subject to a $120 million lesser floor valuation cap, the startup said in a statement.
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BlueSemi plans to utilise the funding to launch its flagship consumer healthtech product -- a non-invasive and revolutionary device that analyses six key vitals like blood glucose, ECG, BP, HR, SPO2, and temperature in just 60 seconds.
D2C brand R for Rabbit gets Rs 40 crore from Xponentia Capital Partners
D2C baby products brand R for Rabbit has bagged Rs 40 crore from private equity firm Xponentia Capital Partners. The fresh capital will be used to strengthen the brand, scale distribution and operations in the domestic market, for enhancing the existing product portfolio and for introducing new categories of products, the company said in a statement. R for Rabbit has a pan-India presence and a diverse range of baby products, including baby gear, ride-ons, nursing, activity and bathing toys, among others.
"In the last seven years, we have successfully managed to create a strong base of 1.5 million loyal customers. With this funding, we aim to strengthen our brand, increase our consumer reach and enter into newer product categories," said Kunal Popat, founder, R for Rabbit. The startup aims to clock an annualised revenue run rate of around Rs 100 crore in the current financial year (FY 22) through online and offline channels.
Instoried raises $8 million in funding from Pritt Investment Partners & 9Unicorns
Artificial intelligence-driven content intelligence platform Instoried has raised $8 million in funding from Pritt Investment Partners and 9Unicorns with participation from Mumbai Angels, Venture Catalysts Angel Fund, SOSV and a few HNIs. The funds will be used to further strengthen tech stack, enter newer geographies and expand the team and operations, the company said.
The startup is looking to scale its operations in the US. Instoried said it uses OpenAI's GPT-3 technology along with in-house built proprietary AI to enable enterprises to reach their optimal content goals. The company has previously raised $2 million from investors including SOSV, Artesian Investments, Mumbai Angels, 9Unicorns, Venture Catalysts, and Rockstud Capital.
Staircase AI raises $4 million in Seed Round
Relationship intelligence company Staircase AI has raised $4 million in a seed funding round. The company received funding from Disruptive AI, an early-stage VC that specialises in artificial intelligence (AI), and StageOne Ventures, a VC fund focused on solving large enterprise challenges.
The startup said this investment will be used to scale its engineering and accelerate market plans. Staircase AI uses advanced machine learning to analyse thousands of digital engagements between companies and their existing customers.
Fintech platform Hypto secures $3 million seed fund
Tech infrastructure platform Hypto has raised $3 million in seed funding led by Stellaris Venture Partners. 3one4 Capital, Core 91 and angel investors including Amrish Rau (CEO, Pine Labs) and Jitendra Gupta (CEO, Jupiter) also participated in the round.
The startup will use the funding to expand its technology team and build web services for fresh financial use cases for technology businesses, the company said. Hypto provides back-end tech infrastructure as a service for developers building solutions for financial use cases.
It launched its first stack that supports payments infrastructure in March 2020. The startup claims to have amassed over 55 million transactions totalling over $15 billion and currently works with over 10 banks.
Enterprise software startup OSlash gets $2.5 million in seed funding round
Enterprise software startup OSlash has raised $2.5 million in a round of seed funding led by Accel Partners. The pre-series A funding round also saw participation from Dylan Field, CEO and founder of Figma; Akshay Kothari, COO of Notion; Girish M, CEO of Freshworks; and other top executives from Quora, Stripe, and Airtable.
With this new investment, the company plans to attract new talent and introduce the world to its vision of seamless information access and sharing within an enterprise for supercharged productivity, the company said.
OSlash is an enterprise productivity tool that enables every employee to get access to the right information and resources within the company in the quickest possible way in a friction-free environment. The company claims to have expanded its reach to 1000 teams including those within 'Retool', 'Notion', and 'Postman'.
B2B auto parts startup Koovers secures $1.5million
B2B automobile spare startup Koovers has raised $1.5 million led by Inflection Point Ventures, JPIN-VCats, and Venture Catalysts. The funds raised will be used to enter more regions across India, expand products, portfolio and upgrade its technology platform, the company said.
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Koovers assures workshops of spares with ease of ordering, doorstep delivery, a genuine and complete basket of spare parts of all Car Manufacturers. The startup claims to have more than 5,000 Workshops in the network and has clocked 100 percent YoY growth despite the Covid lockdown, with an average revenue run rate of $4.5 million.
Food startup The State Plate raises pre-seed funds from Antler India
Indian regional foods platform The State Plate has raised an undisclosed capital in a pre-seed funding round from Antler India. Since its inception, the company claims to have delivered 35,000+ orders to customers across India from their inventory of 500+ products across 9 Indian states.
The platform said it is growing over 45 percent month-on-month, with 50 percent of total customers returning for repeat purchases. "We will double down on our private label strategy over the next few months, and see it as a large part of our platform play in the long-term,” Muskaan Sancheti, co-founder, The State Plate said.
The startup said it has recently launched its private label, which currently spans 14 new products native to different parts of the country. The team plans to expand The State Plate white-label offering to 500+ unique products by the end of 2022. The State Plate said it is aiming to solve pan-India accessibility of regional cuisine by building a platform of regional specialities from across the country.
The firm will also use the funds to expand its team across design, marketing and procurement. With a strong focus on storytelling, pricing and curation, the startup said it is aiming to disrupt a massive yet nascent niche within the F&B segment.
(Edited by : Jomy Jos Pullokaran)