Funding Rundown brings you a wrap of all the best deals struck in the startup space.
Here’s the lowdown of the top deals from the startup space.
Recommended ArticlesView All
TaxTalks | The maturing GST regime
Feb 9, 2023 IST5 Min(s) Read
Pakistan Economic Crisis | What happens if the country defaults on its debt
Feb 8, 2023 IST5 Min(s) Read
View | Democratising digital markets, the ONDC way
Feb 8, 2023 IST6 Min(s) Read
Worldview | State of the Union Address — Biden knows how to aim the sling
Feb 8, 2023 IST6 Min(s) Read
Zomato invests $5M in food robotics company Mukunda Foods to scale the quick commerce biz
Online food delivery giant Zomato has invested $5 million in food robotics company Mukunda Foods, taking the company's post-money valuation to $30 million.
Prior to this, Mukunda has raised funds from Ncubate Capital, Singapore Angel Network, and Indian Angel Network. With the fresh investment, the brand’s cumulative fundraise stands at $8 million.
The company plans to utilize funds to expand its reach across QSRs, cloud kitchens and fine dine segment. According to MarketsandMarkets, the global food robotics market is projected to reach the $4 billion mark by 2026 at a CAGR of 13.1 percent. Another report states that the Indian industrial robotics market witnessed the installation of as many as 5,000 units in 2019 and is estimated to reach 11,760 units by 2025, expanding at a CAGR of 14.41 percent.
"Zomato and Mukunda Foods share the vision of reaching every restaurant and helping them grow. While Zomato does it by helping restaurants reach more customers & increasing their revenues, we help the F&B brands increase their profitability & grow fast with our kitchen technologies. This common interest will help the F&B industry greatly,” said Eshwar K. Vikas, CEO, and Co-Founder, Mukunda Foods.
Zomato’s investment will also help the startup introduce multiple ROI based models to help the F&B businesses scale, the company said in a statement.
"Our Investment will help Mukunda Foods scale Faster, help reduce restaurant food prices, expand margins and enhance customer delight," said Zomato spokesperson.
This announcement comes a week after Deepinder Goyal-led Zomato’s board approved the acquisition of a 16.66 percent stake in Mukunda Foods.
Puerto Rico-based startup Tea raises $8M from Binance Labs
Puerto Rico-based startup Tea that’s building an open source software platform on the blockchain, has $8 million in seed funding round led by Binance Labs, the venture capital and innovation incubator of Binance.
XBTO, Lattice Capital, Darma Capital, Coral Capital, Woodstock, Rocktree, SVK, and MAKE services, also participated in the funding round.
“We’re not changing the nature of open source. It’s still free,” explained co-founder Timothy Lewis. “Software wants to be free, but programmers need to be compensated. We’re bringing the creator economy to open source. Our vision is to fix how open source is funded and create the tools that will accelerate its creation for the benefit of all humanity.”
This fresh funds will be used by the firm to hire additional resources to continue work on the protocol, software, and the development of the community.
BlackSoil invests over $4.5M of growth capital in three new-age startups
Debt financing NBFC BlackSoil has invested over $4.5 million in three startups including Blu-Smart Mobility, BigHaat, and LoanTap.
BlackSoil has a credit platform that features an NBFC and 4 AIFs. The company till date has invested more than $250 million across 120 deals, and has an AUM of more than $80 million, it said in a statement.
Some of BlackSoil’s noteworthy investments include 5 unicorns – Udaan, Infra.Market, Zetwerk, OYO Rooms and Spinny.
“All our new partners have shown tremendous resilience and bounced back from the pandemic to enter a new phase of growth. We are happy to support them and hope our capital will contribute to help them reach the next level. They have unique value propositions and business models which have garnered the support of marquee institutional investors and made them an attractive investment opportunity for BlackSoil as well,” said Ankur Bansal, Co-Founder and Director of BlackSoil.
Aye Finance raises Rs 75 Cr in debt from Triple Jump and Northern Arc
MSME lender Aye Finance has raised Rs 75 crores in debt from global impact investment manager, Triple Jump BV and Northern Arc. The financial services startup said it will use these funds for on-lending.
Founded in 2014, the company claims to have disbursed over Rs 5000 crores to over three and a half lac micro enterprises. The firm recently announced the opening of 100 new centers.
With this fresh infusion of capital, the lender will make credit a reality for an even larger population of the underserved segment of micro enterprises, the startup added.
Wipro invests $3M in D2C ayurvedic brand The Ayurveda Co
D2C ayurvedic brand The Ayurveda Company has bagged $3 million in its maiden funding round led by Wipro Consumer Care Ventures, Rahul Gupta of Tricity Technologies and Harsh Gupta of School of Design & Entrepreneurship.
As per the firm, this investment will accelerate its growth towards becoming India's first & fastest growing D2C Ayurvedic Personal Care & Wellness Brand.
The fresh capital will be used to ramp up growth, production capabilities and venture into the retail sector. In the next 12-15 months, the startup is eying Rs 100 crore turnover, boost team and technology, expand market share, and strengthen its footing in the D2C space.
Metasky raises $1.8M in funding round led by Sequoia Capital, Woodstock
IT startup Metasky has raised $ 1.8 million in a funding round led by Sequoia Capital India and Woodstock Fund.
Metasky positions itself as a bridge to Web3 – working with influencers, creators, and brands closely to form a Web3 strategy for their followers with the help of its user-friendly tools for buying, storing, and using NFTs (non-fungible tokens). The fund has come to the company in a pre-seed token sale round, it said in a statement.
"This round of fundraising was focused on growing the team and getting the product built and ready for the various user communities. The funds will empower Metasky in developing 'SkyWallet', designed especially to store every Web3 possession at a single place and 'SkyClub', a decentralised community platform," Metasky co-founder Ankit Arora said.
MedisimVR raises Rs 3.5 Cr in Pre-Series A round led by IPV
Medtech startup MediSimVR has received Rs 3.5 crore in its pre-Series A round led by Inflection Point Ventures. The round also saw participation from Chennai Angels and Jana Balasubramaniam (MedTech investor).
The funds will be used for scaling up their product offering and adding more skill training content to their library, the firm said in a statement.
MediSimVR offerings include Procedural Simulation, Virtual Patient Simulation and Clinical education. The firm claims to have on boarded almost 500 medical students in the last 4 months.
The Global VR healthcare market is valued at $3.8 billion and projected to reach $30.40 billion by 2026. MediSimVR is aiming to facilitate medical students to learn, practice & hone their skills in a more accurate environment.
Cricketer Mayank Agarwal invests in sports nutrition brand Fast&Up
Cricketer Mayank Agarwal has turned into an entrepreneur after investing an undisclosed amount in Fullife Healthcare, the parent company of sports nutrition brand Fast&Up. The new-age startup is backed by investors such as Morgan Stanley, Rakesh Jhunjhunwala, Sixth Sense Ventures, Kotak Securities and Akash Prakash.
It is in partnership with over 100 professional Indian athletes and active association with Tata Mumbai Marathon, Airtel Hyderabad Marathon Expo, Skechers Performance Chennai Marathon, among others. The firm said its flagship products are available across 40,000+ pincodes throughout India via its retail and Omni channel strategy.
"I have been quite mindful of where I invest, as my principles have always been to put my money in a product and a brand that I truly believe in. Fast&Up ticks every requirement on the list for me, and I believe the potential for growth and range of products that Fast&Up has will make the brand the apex choice for many sportspersons across India and the world in the coming years," said Agarwal.
India Accelerator invests in D2C startup MOPP Foods
D2C food startup MOPP Foods has bagged seed funding from existing investor network of India Accelerator.
With this funding the startup plans to expand capacity in its existing cloud kitchens across Delhi NCR, it said in a statement. The startup currently operates 3 brands – MOPP - Mad Over Parathas & Pakodas, Mealy and Mad Over Curry across Delhi NCR.
“We are currently clocking about 25,000 orders a month with a GMV ARR of Rs 8 Crore,” says Geetika Anand Gupta, Co-founder MOPP Foods.
The firm said it has grown at a CAGR of 80% over the past 3 years and is looking to achieve even faster growth now on as the pandemic challenges seem to be behind us. It is looking to raise additional funding to fuel the next stage of scale across Delhi NCR.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!