Startup India, a transformative governmental drive, acts as a catalyst for a new era of Indian entrepreneurship. By intertwining traditional wisdom with cutting-edge technology, it endeavors to create a harmonious synergy. Through its initiatives, it not only nurtures innovation but also encourages a cultural shift, where innovation and creativity converge to redefine the entrepreneurial landscape. This initiative, with its multifaceted support and forward-thinking approach, seeks to weave a tapestry of diverse opportunities, fostering an ecosystem where every idea has the potential to flourish and contribute to India's growth story.

This week has been marked by observations of Bengaluru- based Kitchens@ Secures $65M Series C Led by Finnest to Expand Dinerium Hybrid Model and Farmley Secures $ 6.7 Million Funding Led by BC Jindal Group.  Here is a collection of the top ten startups that successfully acquired multimillion-dollar funding this week.

Kitchens@ 

Bengaluru-centered cloud kitchen startup Kitchens@ has successfully raised $65 million in Series C funding from Finnest, a growth investment firm based in London. Dr. Biswanath Patnaik, Finnest's Chairman and Founder, emphasized Kitchens@'s influential position in molding India's cloud kitchen industry. He particularly highlighted the company's strategic collaborations with entities such as Swiggy and Beenext, envisioning substantial future business expansion for Kitchens@.

Arun Suraj, serving as Finnest's Chief Operating Officer, spearheaded the investment round, marking the firm's debut in the food and beverage industry. Previously, Finnest has diversified its investments across multiple sectors such as renewable energy, electric and hydrogen-powered vehicles, sports and entertainment, smart urban development, hospitality, hotels, and aerospace technologies. Junaiz Kizhakkayil, the Founder and CEO of Kitchens@, expressed gratitude for garnering the confidence of investors like Finnest, highlighting their trust in the company's growth strategy.

BluSmart 

BluSmart Mobility, a prominent electric vehicle (EV) ride-hailing service and operator of EV charging superhub infrastructure, has concluded a successful equity round, securing $24 million. The investment round experienced robust engagement, with both existing investors, company founders, and the leadership team contributing funds beyond the expected amount. Although specific details about the investors involved in this recent funding were not disclosed, BluSmart has previously received support from well-known backers like BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others.

BluSmart had previously secured $42 million in a funding round in May, wherein half of the investment originated from its leadership team. With this latest round, the company has accumulated a total funding of over $133 million, including an $85 million Series A round conducted across several phases.

Azad Engineering

On the first day of the initial public offering (IPO) for Azad Engineering, which is endorsed by Sachin Tendulkar, the offering saw complete subscription, attracting strong responses from both retail and high-net-worth individuals (HNI). Brokerage firms have praised the IPO, advising investors to subscribe for potential long-term gains and positive listing results. Azad Engineering, supported by well-known sports personalities such as PV Sindhu, Saina Nehwal, and VVS Laxman, has generated considerable interest among investors. Notably, these figures are not selling their shares in the IPO. As of records until March 2023, Tendulkar held 4.38 lakh shares, acquired at an average price of Rs 114.10, while Laxman, Nehwal, and Sindhu each possessed 43,800 shares obtained at an average price of Rs 228.17.

At the upper end of the price range, the initial investments of Nehwal, Sindhu, and Laxman are expected to significantly multiply. Their Rs 1 crore investments are projected to grow to Rs 2.3 crore each, while Tendulkar's Rs 5 crore investment may surge to Rs 22.96 crore. The IPO, comprising a fresh issue of shares amounting to Rs 240 crore and an offer-for-sale of shares valued at Rs 500 crore by existing shareholders, garnered substantial attention from investors. Azad Engineering plans to use the funds for acquiring plant machinery, repaying debts, and general corporate purposes. Although Azad Engineering experienced a 71.2% decline in net profit in FY23 due to finance costs, it reported a 29.4% growth in revenue from operations. However, in H1FY24, the company achieved a Profit After Tax (PAT) of Rs 28.8 crore, with net debt increasing from Rs 70.5 crore in FY21 to Rs 290 crore in H1FY24.

Intract

Intract, a Web3 platform established in 2022 by Abhishek Anita, Apurv Kaushal, and Sambhav Jain, has secured $3 million in funding through a round led by Alpha Wave Global and BITKRAFT Ventures. Notable investors include Gumi Cryptos, Polygon Ventures, DeVC, Tokentus, MoonPay, Web3 Studios, as well as angel investors associated with companies like Coinbase and Alchemy. The funding aims to double the team's size and expand the platform, with a goal of reaching a billion users. Intract introduces an innovative concept called 'quests,' which serve to educate users on emerging technologies such as blockchain and incentivize them for early adoption of Web3 companies. These quests offer an interactive learning experience for users to explore new products and services, while earning rewards in the form of crypto, NFTs, and loyalty points.

Marketers and entrepreneurs are recognizing the potential advantages of Web3 quests, acknowledging their ability to effectively attract fresh users and cultivate loyalty. Intract has emerged as a favored platform among numerous projects aiming to augment user engagement and extend their outreach. Looking to the future, Intract intends to further amplify its operations and broaden its range of products. The platform has experienced substantial growth, boasting over two million active users and affiliations with over 1,000 companies, including prominent industry names such as Binance, Polygon and MetaMask. Linea, a layer-2 blockchain, recently launched its quest on Intract, attracting millions of users and facilitating a transaction volume surpassing $1 billion.

Finhaat

Insurtech platform Finhaat has successfully secured a $3 million Seed funding round led by Omnivore, with participation from Kettleborough VC. The startup specializes in offering digital insurance services, specifically aiming to serve underprivileged demographics, including rural communities and middle to low-income groups residing in tier 2 and tier 3 cities. Founded in June 2022, Finhaat initially focused on insurance as its primary product vertical. Its fundamental goal is to construct a B2B insurance distribution and servicing platform customized for institutions that cater to marginalized populations such as NBFCs, MFIs, BC networks, Nidhi companies, cooperatives, NGOs and FPOs.

The company emphasizes its distinctive APIs for swift policy issuance and a seamless end-to-end claims process, aiming to make insurance more accessible to all. In their statement, they underscored their dedication to broadening insurance availability to a larger customer base. Finhaat provides a SaaS-based digital platform designed to facilitate easy implementation and effective customer service for partner institutions.

BatX Energies 

Batx Energies, a lithium-ion battery recycling firm, has secured $5 million in a pre-Series A funding round spearheaded by Zephyr Peacock. The funding round also witnessed involvement from Lets Venture, along with existing investors such as JITO Angel Network and the family offices of Mankind Pharma, Excel Industries, and BluSmart. The company intends to use the raised capital to enhance its commercial research and development initiatives, specifically focusing on the extraction of lithium ferro-phosphate salts from used batteries. Moreover, BatX plans to broaden its scope in repair, refurbishment, and recycling operations, as highlighted by CEO Utkarsh Singh.

Singh highlighted the significance of BatX Energies' control over research and development, identifying it as a key factor contributing to the company's competitive pricing. BatX has fostered robust collaborations, particularly with the material science research department at BML Munjal University, to integrate cutting-edge technologies, providing a distinct edge over competitors. Vikrant Singh, Co-Founder and CTO of BatX Energies, expressed the company's commitment to channel resources into pioneering R&D initiatives aimed at elevating the production of superior battery-grade materials. He mentioned that this investment accelerates their mission to expand globally and establish micro facilities across the nation, envisioning a future where clean energy becomes a standard rather than a choice.

MangoPoint 

MangoPoint, recognized as the first-ever APEDA- and NPPO-approved packhouse in Tamil Nadu, has secured an investment of INR 3.5 Crores. This funding was led by the Chennai Angels, in partnership with the Nativelead Angel Network and Keiretsu Forum. Founded in 2018 by the forward-thinking duo Manjula Gandhi Rooban and Prasanna Venkatarathnam, MangoPoint specializes in exporting high-quality mangoes and mango products, free from carbide and chemicals, to Europe and North America. The influx of capital aims to enhance farm infrastructure, boost scalability, expedite expansion, and globally exhibit India's exceptional mangoes and their derivatives.

"Manjula Gandhi Rooban, Co-Founder of MangoPoint, expressed our dedication to building an environmentally conscious mango value chain, focusing on sustainable farming, eco-friendly processing, and responsible packaging. She highlighted that this investment will strengthen our capacity to consistently deliver exceptional mangoes and products worldwide while maintaining stringent quality standards".

GIFT City

The GIFT City Fund by We Founder Circle has triumphantly raised $10 million, attracting more than 250 investors. This fund is dedicated to enabling startup investors to participate globally, eliminating geographical limitations. The WFC Global Angels Fund aims to secure investments ranging from $50,000 to $1.5 million per funding round. Gaurav VK Singhvi, Co-founder of We Founder Circle, expressed the objective to onboard over 300 investors and gather contributions surpassing $15 million by March 2024. Singhvi emphasized that the success of the GIFT City Fund is gauged by consistent reinvestment from syndicates and investors, coupled with the achievements of the supported startups.

The total fund size, inclusive of the Green Shoe option, is $60 million, comprising $30 million as the base fund and an additional $30 million under the Green Shoe option. Within this scope, WFC's GIFT City Fund has effectively secured $10 million. This fund has already made investments in six startups across various sectors like artificial intelligence, space technology software, gamification, and healthcare.

Finayo

The EV finance and asset management platform, Finayo, announced raising Rs 16 crore in funding from a consortium of investors, including NBFCs F Mec and CFPl, alongside contributions from High Net Worth Individuals (HNIs) and angel investors. Finayo expressed that the funding infusion is intended to drive technological enhancements and expand the platform's reach across the Indian market.

F Mec International Financial Services Ltd and Choice Finserv Pvt Ltd, registered under the RBI as Non-Banking Financial Companies (NBFCs), specialize in providing funding to progressive businesses, as indicated by the platform. Finayo highlighted that the recent funding acquisition aims to promote the adoption of affordable lectric vehicles (EVs) and enhance accessibility to green financing for consumers.

Farmley

Farmley, a snacking brand supported by TechnifyBiz, has effectively raised $6.7 million (around Rs 56 crore) in its latest funding cycle. The primary investment came from BC Jindal Group, a significant figure in the field. Noteworthy, prior investors including DSG Consumer Partners, Omnivore, and Alkemi Partners also joined in this financial upswing.

Co-Founder Akash Sharma highlighted the strategic allocation of the raised funds, emphasizing their pivotal role in driving product innovation, expanding distribution channels, and strengthening brand-building initiatives. Sharma emphasized, "These funds will significantly fuel our efforts in innovating products, diversifying distribution channels, and amplifying brand-building initiatives. Our focus remains on enhancing consumers' snacking experiences through a consumer-centric approach".