Funding Rundown brings you a quick recap of all the best deals struck in the startup space.
Here’s the lowdown of the top deals from the startup space.
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Mela Ventures closes its maiden fund at Rs 320 crore
Early-stage venture capital firm Mela Ventures has marked the close of its maiden fund MV Core Tech Fund-1 at Rs 320 crore, exceeding its initial target by 1.6x times.
The capital commitments were made by a diverse group of global investors, government institutions, tech professionals and family offices — including investments from Nippon India Digital Innovation AIF (NIDIA) and SIDBI Fund of Funds for Startups, the company said in a statement.
Founded by Mindtree co-founders Krishnakumar Natarajan and Parthasarathy NS, the VC firm will back early stage startup companies in the B2B space such as technology startups in areas of augmented reality/virtual reality (AR/VR), artificial intelligence/ machine learning (AI/ML), drone and quantum computing.
With this fund corpus the Fund expects to invest in 14-18 startups. It has already invested in four startups and will be investing in three more in the next 30-45 days. The ticket size of the investment per company that Mela Ventures will make is around $1.5 million to $2 million, it said in a statement.
Accel raises $650M for new fund: Report
Early-stage venture capital firm Accel has launched a $650 million seventh fund to back startups across India and Southeast Asia, according to a report by the Economic Times.
The new fund comes three years after it raised up $550 million. The VC firm will continue to focus on early, seed and pre-seed stage startups, the report added.
The total commitments for Accel in the region have now crossed $2 billion, ET said.
Sixth Sense Ventures invests $10M in supply chain startup Prozo
Supply chain and warehousing startup Prozo has raised $10 million (Rs 76 crore) in its Series-A funding round led by Sixth Sense Ventures. Jafco Asia and several HNIs also participated in the funding round.
As per the company, the funds will be used to expand Prozo’s warehousing and fulfilment footprint, client base, and technology and analytics capability.
Prozo provides end-to-end supply chain solutions that helps them replicate Amazon Prime’s promise of same day or next day delivery to to SMEs, D2C brands and Enterprises. The firm’s clientele list includes Reliance JioMart, McGraw Hill, Lavie, WinMagic Toys and others.
Commenting on the fundraise, Ashvini Jakhar, Founder and CEO, Prozo, said, “Prozo is revolutionizing the e-commerce supply chain for brands and enterprises via its full-stack, end-to-end, multi-channel fulfillment solutions. Deeper penetration of e-commerce and proliferation of brands has led to strong tailwinds for the business that has been growing close to 40% month-on-month.”
Sequoia India invests $2.15M in Bangladesh-based Shajgoj through Surge
Bangladesh-based e-commerce platform Shajgoj has bagged $2.15 million in funding led by Sequoia Capital India’s Surge and SBK Tech Venture.
The company said it is rapidly expanding its portfolio of local and international brands across makeup, skincare, hair care and wellness.
“We’ll be concentrating on growing our customer base, opening more outlets across the country and expanding our portfolio of international brands that our customers can trust,” said Nazmul Sheik, co-founder and CEO of Shajgoj.
Shajgoj is part of Surge's sixth cohort of 20 companies.
Proptech startup Zapkey gets $2M in seed funding from Gruhas Proptech, others
Proptech startup Zapkey has secured $2 million in seed funding led by Nikhil Kamath and Abhijeet Pai-backed Gruhas Proptech.
The round also saw participation from DLF Family Office, Blume Founders Fund, Alkem Labs Family, Aprameya Radhakrishna (co-founder, Koo), Srini Sriniwasan (MD, Kotak Investment Advisors).
Zapkey provides customers with guaranteed home sales within three months of the listing date. The pricing is driven by proprietary algorithms which track over 30 lakh property registration records.
“We have seen this model play out in the cars space with Cars24, Spinny and others. Globally, giant funded start-ups like Opendoor and Loft have demonstrated this in resale homes. The problem and the solution are clear, present, and inevitable. We intend to use this funding to strengthen our technology and operations teams. Our initial program has been launched in Thane (Mumbai) and we aim to close deals on over a hundred apartments in the next 3-4 months, supported by a credit line" said Shubhankar, co-founder of Zapkey.
Digital freight brokerage platform LOBB raises $1.1M in Pre-Series A round
LOBB, a digital freight brokerage platform has raised $1.1 million in Pre-Series A funding round led by Byju Pillai, Group Managing Director, Inflow Technologies and angel investor Gopal Kaul.
The round also saw participation from 3one4 Capital and other investors including, Srinath Ramakkrushnan (Zetwerk & Ofbusiness), Mohit Mittal (Southern Cargo Carriers), M D Ramaswami (former MD, Dell India) and Vishad Gupta (Fidelity Information Services, India).
According to the company, the fresh funds will be used to scale the business and expand LOBB’s network across newer geographies in India. The company is also looking to strengthen its technology to automate tasks, grow its team across functions to increase fulfillment ratio, as well as add more truckers and transporters onto the platform.
Currently, LOBB is operational in 12 cities across India and is working with 500+ logistics companies. It plans to expand to another 20 cities to have a pan India reach within the next 8 months.
Macmerise gets $1M in Pre-Series A round from IPV, Amitabh Bachchan and others
Merchandise selling platform Macmerise has raised $1 million in a Pre-Series A round led by Inflection Point Ventures. The round also saw participation from megastar Amitabh Bachchan, Tarun Katial, Ajmera Group and NAFA Capital, among others.
The fresh capital will be utilized towards improving tech infrastructure, onboarding more brands / celebrities to launch their merchandise, reaching a wider audience, and developing new innovative products, the startup said in a statement.
Currently, the company has tie-ups with brands like Disney, Marvel, DC Comics, Jim Beam to name a few to sell themed merchandise on their platform.
D2C food brand Eat Better Ventures secures Rs 5.5 Cr in seed funding
Healthy snacking brand Eat Better Ventures has secured Rs 5.5 crore in a seed funding round led by Java Capital and Mumbai Angels.
The round saw participation from Shiprocket Ventures, Capier Capital and Plan B Capital. Entrepreneurs such as Harpreet Grover, Arjun Vaidya, Radhika Ghai, Vishesh Khurana, Bimal Kartheek Rebba, Ishank Joshi, Venus Dhuria, Bhavik Vasa, Divij Bajaj among others also pitched in.
The D2C brand said it will use the funds to ramp up its production capacity, build a robust team, launch new products, and augment its marketing and distribution.
First Published: IST