The Week that Was: Indian Startup News Overview (19th February - 24th February)

By Team Startupcity  |  Monday, 26 February 2024, 13:08 IST

The Week that Was: Indian Startup News Overview (19th February - 24th February)

The Indian startup ecosystem has set a new record by bagging another up round of funding in a few sectors like HealthTech, Artificial Intelligence, FinTech, E-commerce, Supply Chain, B2B, and D2C marking another win for the startupreneurs by raising funds and updating the growth probability and standardizing the products and services. The week went by has successfully witnessed funds in every stage of funding from Pre-seed funding to Seed funding to Series B to Series C, to Series D.

Supply Chain Startup QuiD Raises 5 crore in Pre-seed Funding

Supply Chain Fintech startup which is based in Bengaluru, has recently raised 5 crore in pre-seed funding led by institutions like Mint Cap Enterprises and Stone Park Capital. The funding round was spearheaded by Mint Cap Enterprises and Stone Park Capital and further supported by Angel investors such as Sushant Kumar of Omidyar Network.

Stone Park Capital’s Abhishek Pandey acknowledges the start-up’s innovative zero-interest Buy Now, Pay Later (BNPL) offering as a strategic entry point. This offering is set to be just the beginning; QuiD plans to develop analytics-based financial products tailored to meet the working capital demands of diverse businesses.

Pratech Brands, HyugaLife parent entity secures $6.3M in Seed funding

Pratech Brands is a tech-first house of brands that focuses on products relating to home and health by uncovering consumer needs and building consumer brands. Finding customer needs and creating consumer brands is how Pratech Brands, a tech-first company, focuses on home and health-related products.

Spring Marketing Capital and Stride Ventures led a seed fundraising round that brought in $6.3 million, for Pratech Brands, the parent company of HyugaLife and a digital-first store.

Leading the Funding round with investments of Rs 15.5 crore and Rs 12.5 crore, respectively, Stride Venture and Spring Marketing Capital took part. Subsequently, Surge Ventures contributed an additional 10 crore.

Virohan Raises 14.9 crore in extended Series B Funding led by Blume Ventures

Healthcare edtech startup Virohan has recently secured 14.9 crore or $1.8 million in an extended pre-Series B round led by Blume Ventures. The Gurugram based company received such huge fund after a gap of 14 months.

A venture capital fund managed by MS&AD Ventures, Mitsui Sumitomo Insurance Venture Capital, also participated in the funding round along with Suneight OK Partnership (Suneight), Bharat Inclusive Technologies, GoldenBird MultiProduct LLP, VVAG Partners. Few individual investors also participated namely Pankaj Sharma, Sridhar Subramanian, Upasana Tilak Wadhwa, Viraj Nanda, Bhargav Suhas Jangle, and Vinita Bimbhet.

The company was founded in 2018 by Archit Jayasal, Kunaal Dudeja, Nalin Saluja, and Parul Dudeja. Virohan offers healthcare vocational training to students to build a career in the healthcare industry. It conducts hybrid classrooms at over 20 campuses and online training across India in cities including Delhi, Gurgaon, Faridabad, Roorkee, Raipur, Mumbai, Nagpur, etc. Till the time, the company has extracted around $15 million from Rebright Partners, AngelList, and Elea Foundation among others.

RailYatri Adds over 3 Million in Series C Funding

The train ticketing platform RailYatri has raised $3.44 million 28.58 crore, through a combination of debt and equity financing headed by Mirabilis Investment Trust. Omidyar Network, Blacksoil, and the NRJN Family Trust also participated in the round.
RailYatri introduced a "flexi-ticket" function that lets customers alter their plans at the last minute when reservations for trains are unavailable. Following the round's allocation, the NRJN Family Trust holds the largest interest (22.82 percent) in the business. Manish Rathi, a Co-Founder, owns 13.12 percent of the company, while Omidyar Network comes in second with about 15 percent of the total.
The RailYatri board has approved special resolutions to issue 21,107 Series C CCPS for 5,685 per share and 26,663 Series C CCPS at an issue price of 4,720 each, for a total consideration of $3 million. In accordance with the firm's regulatory filings with the Registrar of Companies, the company additionally issued 80 non-convertible debentures (NCDs) at a price of Rs 5,00,000 each in order to raise an additional 4 crore.
In Series D round by Edelweiss Discovery, Rentomojo uplifts $25 million
A inventive furnishing rental brand providing furniture, appliances, and fitness categories on a basis of monthly rental, Rentomojo has raised an investment of 210 crore which is approximately $25 million in its ongoing Series D & D1 funding round. The Funding round was led by Edelweiss Discovery Fund Series – I, with contribution from accessible investor Chiratae Growth Fund and Magnetic.
Since its inception, the Bengaluru-based Furniture Startup, Rentomojo activates in 16 cities and has served close to 450,000 customers. It has also erected dealings with most of the well-known & famous lenders across the nation to cater the increasing demands of the rising customer.
According to the company’s Founder and CEO, Geetansh Bamania, this most recent round of funding from investors serves as a launchpad, driving the firm to persist to lead the generation of the appliances & furniture under rental category in India.

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