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Funding Rundown: IvyCap Ventures raises Rs 1,608 crore for fund 3, Xoxoday bags $30 million & Shipsy secures $25 million in Series B round

Funding Rundown: IvyCap Ventures raises Rs 1,608 crore for fund 3, Xoxoday bags $30 million & Shipsy secures $25 million in Series B round

By Aishwarya Anand  Feb 23, 2022 9:02:53 PM IST (Published)

Here are the top deals from the startup space.

IvyCap Ventures marks first close of third fund at Rs 1,608 crore

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Early-stage startup investor IvyCap Ventures has marked the first close of its third fund at Rs 1,608 crore ($214 million). The firm is targeting the final close of the third fund at Rs 2,000 crore and may even increase the size to Rs 2,500 crore due to huge demand, IvyCap said in a statement.
Two-thirds of the third fund has been raised from existing investors, or Limited Partners, it added. Few new institutional investors including banks, insurance companies, the government departments, and many family offices have also invested.
IvyCap’s portfolio includes beauty retailer Purplle, lingerie retailer Clovia, jewellery-maker BlueStone, and eatery Biryani By Kilo. IvyCap sold its stake in Purplle for a return of 22 times last year.
With its Fund 3, IvyCap said it will continue to focus on areas like consumertech, deeptech, healthtech, fintech, SaaS, edtech, among others. The firm plans to invest in 20-30 companies in their Series A rounds, with a starting cheque size of Rs 30-40 crore. In addition, about 20 percent of the fund will be reserved for co-investing in its existing portfolio from Fund 2.
Xoxoday raises $30 million from Giift and Apis Partners
B2B company for rewards, incentives, and payouts, Xoxoday, has raised $30 million from Giift and Apis Partners. The deal was a mix of primary and secondary capital components. The collaboration will enable both Giift and Xoxoday to enlarge their service offerings and collectively accelerate growth globally, the firm said in a statement.
According to Xoxoday, the fresh capital will be used to fuel the next stage of growth in international markets and upgrade the technology infrastructure required to serve the next set of billion users.
Xoxoday provides technology infrastructure to enable businesses to automate rewards, incentives and payouts across the value chain. The company has three SaaS offerings for the market. The first is Plum, a horizontal platform infrastructure that automates rewards, incentives, and payouts programmes at scale from the flow of work.
The second is Empuls, a vertical platform enabling organisations to build an engaged workplace where everyone is aligned, motivated, empowered, and connected. The third is Compass, a platform that automates and gamifyies sales incentives and commissions for sales teams.
SaaS-based logistics startup Shipsy raises $25million in Series B round
SaaS-based logistics management platform Shipsy has raised $25 million in a Series B round co-led by A91 Partners and Z3 Partners. Existing investors Info Edge and Sequoia Capital India's Surge also participated in the funding round.
The company plans to use the funding to continue growing its stronghold in the Middle East, India and Southeast Asian markets while also entering into new markets such as Europe and US.
The startup said it will also use the capital to drive rapid technological innovation with a greater focus on enhancing sustainability outcomes in the global logistics industry and their platform's AI, Machine Learning and Blockchain capabilities.
"This will help us build a much stronger product roadmap that will continue to make our customers successful by helping them further reduce logistics costs and drive an unparalleled customer experience. We will also continue to invest in our people to form a world-class A-player team that would make us the leading logistics SaaS company in the world, said Soham Chokshi, CEO and co-founder Shipsy.
To support a growing customer base in the Middle East, Shipsy established its regional HQs in Dubai in 2021 and, more recently, in Indonesia for its Southeast Asian customers. The company also claims to have clocked a growth rate of 2.5x in its ARR and grew its customer base by 75 percent last year.
Arrivae gets $10 million from Think investments and Havells
Rakesh Jhunjhunwala-backed made-to-order furniture manufacturer and home improvement company, Arrivae has received $10 million (Rs 75 crore) in its Series B funding round led by Think Investments and Havells Group.
Emerge Capital and current investors participated in this round. Apart from investing, Emerge Capital's Sahil Jain served as a transaction advisor, the firm said.
Angel investors including Rakesh Jhunjhunwala, the Enam family, Siddharth Yog (Founder, Xander Group), Anand Jain (Chairman, Jai Corp), Harsh Jain (Founder, Dream 11), Ramesh S. Damani (Chairman, DMart), and Harish Shah(Founder, Signet) also participated in the funding round.
The startup intends to use the fresh funds to expand its "Made By You" design process, as well as its digitally linked supply chain, intelligent 4.0 manufacturing process, onsite refurbishment platform, and private label creation. The platform has successfully created 12000+ spaces with the help of its 275+ designers through 35 stores in 19 cities.
Kalaari Capital invests Rs 10 crore in aastey through its CXXO fund
aastey, an athleisure wear brand for women of all body types has bagged Rs10 crore in a funding round led by Kalaari Capital. The funding in the D2C startup was backed by Kalaari through its $10 million CXXO programme, dedicated to invest in startups with women founders and CEOs.
"India is crowded with athleisure brands with no one focusing on the sustainability aspect. The country has a strong ecosystem for homegrown D2C brands and there is a huge demand for high-quality athleisure wear in our country. We even pay a premium to ship global brands to the country, because of a lack of domestic supply.
This funding will help us build our supply chain to scale aastey, while setting the foundation for marketing our brand to propel growth. Our R&D will focus on continuously innovating with sustainable fabrics and making original blends that create the best experience for our tribe,” says Jeevika Tyagi, co-founder and CEO of aastey. The firm said it will also focus on building and engaging with its growing community.
Finarkein Analytics raises undisclosed amount from IIFL and Info Edge
Data analytics startup Finarkein Analytics has raised an undisclosed amount in the seed funding round which was co-led by IIFL’s Fintech Fund and Redstart Labs, an Info Edge company.
Among others who participated in the round include Aaryaman Vir Shah’s Prophetic Ventures, Pearl Agarwal’s Eximius Ventures and angels such as Shalini Chhabra of Incipia Advisors, Chirag Jain of Ashika Group. Finarkein Analytics said its objective is to make sure India’s Open Digital Ecosystems (ODEs) are accessible to entrepreneurs and builders.
"ODEs are addressing the fundamental problem of access to quality, structured and authentic data. But our research and experience indicated another cross-industry challenge of making sense of data at speed and scale while staying compliant with current and upcoming data laws like the Data Protection Bill.
Finarkein’s products are addressing this by building a DIY analytics platform that provides organizations with a trusted execution environment. We are witnessing growing interest from BFSI organizations as we help them simplify the technical landscape, experiment at pace and generate tangible business outcomes quickly," said Nikhil Kurhe, Co-founder and CEO of Finarkein Analytics.
Online learning app StockDaddy secures funding from angel investors
Edtech startup StockDaddy had raised an undisclosed amount from angel investors like T.S. Shridhar (Executive Director, City Union Bank), Gurmimdar Pal Singh and Jatin Arneja (Directors at Smart Equity Brokers), Avinash Singh (MD, MyBioDx Healthcare), and Anil Goswami (Director at New Green Carriers India).
The firm which educates people about investment and trading in stock markets will use the funds for opening centres in the capital cities, boosting technical infrastructure, and team hiring to meet the organisation’s growing needs.
Commenting on the fundraise, Alok Kumar, founder and CEO, StockDaddy, said, "With more than 75,000 customers on the StockDaddy app in less than sixty days somewhat validate our progressive vision and leverage credibility among the stakeholders. The recently raised funds will further expedite our expansion spree." The firm is targeting 5 lakh customers on the app by the end of March 2022.
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