HomeLane raises $50 million in Series E funding
Home interior solutions platform HomeLane has raised $50 million Series E funding led by IIFL AMC's Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund), and Stride Ventures. "HomeLane has been highly capital efficient and has been able to achieve cash profitability which is a first in the category," said Chetan Naik - fund manager, private equity at IIFL AMC.
Existing investors Pidilite, Evolvence, NuVentures, Sequoia, and Accel also participated in the funding round. With this financing, HomeLane has raised more than $104 million over the past seven years. The company plans to use the funds raised to expand into newer markets and invest further in technology. It aims to touch a revenue target of Rs 2,500 crore by FY24. "We look forward to consolidating our position as a leading player in the home interiors segment in India with greater reach, better technologies, and a seamless customer experience," said HomeLane co-founders Srikanth Iyer and Tanuj Choudhry.
Nova Benefits bags $10 million in Series A funding led by SIG, Bessemer
Employee wellness platform Nova Benefits has raised $10 million as part of its Series A funding round led by Susquehanna International Group (SIG) and Bessemer Venture Partners. Existing investors Multiply Ventures, Better Capital and Titan Capital also participated in the funding round. The company will use the funds to expand its team across engineering, product management, sales and customer relationships.
Nova helps employees access their wellness benefits on a single platform, increase their insurance coverage as needed and get a 5-star experience during a claim. The company claims that it recorded over 10-fold growth in its business in the last year despite the pandemic. The platform has over 150 clients including venture capital-funded startups such as Dream 11, CoinDCX, Snapdeal, Zenoti and Yulu Bikes. It also has a direct insurance broking license from the regulator Insurance Regulatory and Development Authority of India (IRDAI) that allows the company to distribute insurance products from all insurers in India.
"Historically employee health insurance and wellness has just been a checkbox item for corporates. The pandemic has changed that. Nova's platform empowers progressive employers to provide personalised care for their team members which ultimately drives employee happiness & retention," said Saransh Garg, co-founder and CEO at Nova Benefits. The corporate health and wellness market in India is valued at $7 billion currently and is expected to rise to $18 billion by 2025, according to a Redseer report.
SolRazr raises $1.5 million in seed funding to build decentralised developer ecosystem for Solana Blockchain
SolRazr, a venture platform based on Solana blockchain has raised a $1.5 million seed round from Moonrock Capital, Ascensive Assets and Morningstar Ventures. The round also saw participation from Genesis Block Ventures, Divergence, Genblock Capital, CMS Holdings, PANONY, Skynet Trading, Sam Kazemian of Frax Finance, Leo Cheng of CREAM, Santiago R Santos and Chris McCann took part in the round.
"Solana will power SolRazr to help projects raise capital at lightning speed, and to help investors contribute at negligible transaction costs,” said Sreekanth Kalapur, co-founder of SolRazr, said. "SolRazr is not just a launchpad. We are building a platform with a host of developer tools to help anyone build fast on Solana," Kalapur added. SolRazr said it will also have a unique allocation model for retail investors, leveraging NFTs on Solana.
Investors rally behind climate-tech startups; $1.2 billion pumped into 120 cos
India's recognition of its vulnerability to climate change has spurred a set of ambitious targets to curb carbon emissions, ramp up renewable energy consumption and ignite electric vehicle adoption. Climate tech innovators and investors are responding to the challenge.
Investors have pumped $1.2 billion in equity into India’s 120 homegrown climate tech startups in the past five years, including $506 million in 2019, according to a new report by Impact Investors Council, Climate Collective and Arete Advisors. Most deals were early-stage and of smaller ticket sizes – 68 percent received seed-stage funding, and 83% of the transactions were $5 million or lower in size, the report added.
D2C food startup Anveshan gets Rs 3.67 crore in seed round
D2C food brand Anveshan has raised Rs 3.67 crore in its seed round led by DSG Consumer Partners, Titan Capital and Anjali Bansal. Existing backers along with angels such as boAt Lifestyle and Beardo Founders also participated. The startup will use the proceeds to strengthen its manufacturing units, in R&D of new product ranges and to hire new talent.
Also read: Era of modern farms and Agritechs in India
Anveshan creates food micro-entrepreneurs in villages across India who make these food products using traditional practices while ensuring quality control through traceability. The company claims to have served over 100,000 consumers across India, with its 16 micro-entrepreneurs and over 1000 farmers. It also clocked a 25-fold jump in its revenue in the last 18 months.
Biotech startup immunitoAI secures $1 million in seed round
Biotech startup immunitoAI has secured $1 million in a seed round led by Pi Ventures, with existing investor Entrepreneur First also participating. This is pi Ventures’s first investment from their Fund 2 which was announced in April 2021. According to the company, the funds raised will be deployed for product development and industry partnerships.
Founded in November 2020, immunitoAI designs and screens antibody candidates for a given antigen. With this technology, the startup aims to increase the number of antibodies discovered drastically, making targeted therapy a norm in the future. The startup is also looking to develop its own antibody candidates in the mid and long term.
Mumbai Angels Network invests $320K in-game developer GameEon Studios
Investment platform Mumbai Angels Network has invested $320,000 in GameEon Studios, one of the newest entrants in the gaming space.
The company said it will utilise the fresh capital to further strengthen its publishing model by establishing a strong distribution network for its mobile-based games, while also hiring senior-level talent to ensure that its upcoming PC game meets international standards.
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GameEon had recently announced that they are currently working on an open-world game based in Mumbai titled ‘Mumbai Gullies’. Founded in 2013, GameEon Studios claims to have a rapidly growing user base has developed more than 150 games that include a mix of their own games and those built to specifications for clients.
OckyPocky raises undisclosed seed round from Udaan co-founder
Edtech startup OckyPocky has raised undisclosed funding from Udaan co-founder and CEO Sujeet Kumar and SucSEED Indovation Fund as part of its seed round. The capital will be used to grow its repository of content for a wider vernacular audience and fine-tune its offerings to benefit a greater student base, the company said in a statement.
"With this seed funding round, we will be able to expand and further develop our technology to deliver high quality personalised learning experience enabled by an interactive and innovative approach across India’s high-potential Tier-II, III, and IV cities," Said Amit Agrawal, founder and CEO, OckyPocky. The company offers key language learning programmes so that kids can have a firm grasp of the English language. OckyPocky said it ensures better learning outcomes through an AI-based platform that gives real-time feedback to kids as they learn.
Setu.in raises revenue-based financing through Velocity
D2C brand Setu is establishing a long-term relationship with fintech Velocity, beginning with a credit line to build its inventory and ramp up digital marketing efforts. Velocity offers non-dilutive, collateral-free growth capital of up to Rs 2 crore, the company said in a statement.
"Setu.in is a digitally native brand with impressive RoAS and strong unit economics. The pandemic stirred a sense of health consciousness among people which increased the demand for nutritional supplements like Setu. We are excited to see the growth they plan to achieve with this round of financing," said Abhiroop Medhekar, co-founder and CEO of Velocity.
(Edited by : Jomy Jos Pullokaran)