Funding Rundown brings you a roundup of all the best deals from the startup space.
Here’s the lowdown of the top deals from the startup space.
Open turns unicorn, raises $50 mn in Series D funding round
Neobanking fintech startup Open has entered into the unicorn club after raising $50 million in its Series D funding round from IIFL along with existing investors Temasek, Tiger Global and 3one4 Capital.
With this round, Open is now valued at $1 billion and plans to launch three new products — Open Flo, Open Settl and Open Capital — targeting disbursement of $1 billion in the next 12 months, the firm said in a statement.
The funding will also help Open accelerate its existing product lines Zwitch (embedded finance platform) and BankingStack (enterprise banking solution for banks), drive global expansion and reach over 5 million customers within the next one year. The funds will also be used to strengthen the leadership team and increase the employee base from 500 to 1,000 within the year, it added.
Dental tech startup Toothsi gets $40 mn in Series C round
Dental tech startup Toothsi has raised $40 million in Series C funding from leading global investment firm Eight Roads Ventures, South Korea-based Paramark, IIFL, and the family office of Medlife co-founders: Prashant Singh and Tushar Kumar.
The round also saw the participation of existing investors Think Investments and the Mankekar family, and independent angel investors such as Aditya Puri, former managing director of HDFC Bank and Karan Singh, managing partner of Bain & Company's India offices.
The company plans to utilise the funds to further scale its technology platform and operations to ensure a seamless customer experience across the treatment journey. It will also invest in robotic automation for aligner manufacturing.
BarRaiser secures $4.2 mn in seed round from 021 Capital & Global Founders Capital
AI-powered smart interviewing platform BarRaiser has raised $4.2 million in seed funding round led by 021 Capital and Global Founders Capital, with participation from other angel investors.
The capital will be used to expand the company’s geographic presence and enable BarRaiser to scale its engineering and data science teams to meet growing demand for its SaaS and Interview community product (BarRaiser+), a statement said.
“We are working with 250+ leading tech companies and are seeing continuously growing demand across the globe. This financing round will help us expand our reach and make additional investments in technology that helps close the gap between talent and opportunity,” said Avinash Saxena, CEO, BarRaiser.
Social commerce startup Frendy raises $3 mn in Series A round
Social commerce startup Frendy has raised Rs 23 crore ($3 million) in Series A funding round led by New York's Marv Capital and UK-based Centera Fund.
The round also saw participation from existing investor Desai Family Office and new investors via LetsVenture Angel Fund. Prominent angel investors including Shalabh Mehrish of Vinson Cap Advisors, Jon Piebenga, partner, Social Venture Partners, Kunal Shah, founder, Cred also pitched in.
The company said it has clocked a revenue of Rs 43 crores in the first year of operations with break-even unit economics. Frendy is on track to reach an ARR of Rs 300 crore by the end of the financial year. “We understand how to make a micropreneur business successful. A partners’ monthly income is our North Star Metric. A stable monthly income assures higher retention of Partners which in turn ensures customer retention and overall sustainability of the model. We have disbursed over Rs 2 crore to our active microentrepreneur community and the average income our Frendy Partner earns is several times higher than what is typically seen in other reseller/micropreneur platforms,” said Gowrav Vishwakarma, Co-Founder, Frendy.
Twixor raises $2.4 mn in Series A funding round
Twixor, a low-code no-code conversational AI and process automation platform has bagged $2.4 Million in Series A round led by Indo-US corridor VC firm Season Two Ventures, Axilor Ventures and The Chennai Angels.
The company is looking to aggressively scale up its reach and operations. The new funds will be utilized for further their innovation journey, to strengthen strategic partnerships, global expansion, and hire talent, the startup said in a statement.
Twixor soon plans to launch its global SaaS platform: ‘Twixor AIM’, a no-code omni-channel messaging engine, and ‘Twixor Compute’, a low-code process automation engine.
Headquarter in Singapore, Twixor was entirely developed at the IIT Madras campus and has a significant presence in India, with offices in Chennai and other parts. It helps businesses build hyper-personalized engagement solutions.
Alternative healthcare platform Lifechart bags $200K in pre-seed round
Lifechart, an alternative healthcare platform, has raised $200,000 in pre-seed funding round from Expert Dojo and Nitish Mittersain founder of Nazara Technologies.
The platform manages and reverses chronic diseases by creating a whole ecosystem of affordable, scalable and simple alternate healthcare solutions. The firm said it is on the verge of raising another $2 million in funding from Indian and overseas investors by the next quarter.
The startup will use the fresh capital to expand business internationally and to create a 'Health Metaverse', as well as a few new categories of alternative healthcare products. Lifechart plans to go international in the next 3-4 months owing to a high demand for alternative healthcare solutions in the US and Japanese markets, alongside India.
The company is also looking to double their counselors, yoga and meditation experts and aims to reach $1 million in ARR.
Mira Kapoor backs Wellbeing Nutrition, joins the brand as an investor
Mira Kapoor has joined Wellbeing Nutrition as an investor after infusing an undisclosed capital in the organic and whole foods multivitamin nutrition brand.
Wellbeing’s Melts are plant-based and sugar-free oral vitamin and supplement strips, Mira Kapoor stated.
“They integrate seamlessly into oneʼs lifestyle and make healthy living a habit. There’s no going back to a conventional supplement now that nutrition is backed by science and flavour in one single strip. I started out as a Wellbeing customer and have transitioned into an investor,” she added.
Recently, the brand also partnered with Disney to launch an all organic and natural line of vitamins, probiotics and omega for kids globally.
As per the company, Wellbeing Nutrition works with over 150 organic farms and suppliers globally. The brand currently sells on its online platform, across more than 2,000 stores in India and over 5,000 stores across the world, in USA, UK, UAE and Germany.