The Week that Was: Indian Startup News Overview (19th June - 23rd June)

By Team Startupcity  |  Friday, 23 June 2023, 15:03 IST

The Week that Was: Indian Startup News Overview (19th June - 23rd June)

India's startup environment has expanded significantly in recent years. The Indian government has launched a number of efforts to encourage innovation and entrepreneurship, creating a more favorable environment for startups to prosper. India's growth as a thriving startup hub has been influenced by a number of reasons.  It has built on several key pillars, including government support, access to capital, a growing talent pool, and a supportive culture for entrepreneurship.

This week, we saw Lumikai, a gaming and interactive media fund, launched its second fund targeting a USD 50 million corpus from global investors. ; and Tech-enabled flex space startup IndiQube aims to raise about $75 million in equity funding to acquire commercial assets in major cities and expand its portfolio. Here is the compilation of top 15 startups that raised million dollar funds this week.
Lumikai
Lumikai, a gaming and interactive media fund, launched its second fund targeting a USD 50 million corpus from global investors. The funds will be deployed in pre-seed to series A investments into India’s leading gaming and interactive media founders.
Lumikai Fund I has USD 40 million under management. Aside from the global corpus, for the first time, Lumikai is also inviting domestic Rupee capital with the setup of a dedicated USD 10 million AIF for Indian LPs. This will bring Lumikai’s total investment into India’s gaming and interactive media sector to over USD 100 million. The fund has already completed its oversubscribed first close.
Tummoc
Tummoc, a multi-modal connectivity platform, has raised USD 1 million in a Pre-series A round led by Inflection Point Ventures. These funds raised will cover various aspects such as the recruitment and training of personnel, the development of technology and software, the expansion of the system, marketing initiatives, and administrative requirements.
Tummoc is a comprehensive transit technology platform that offers multi-modal connectivity solutions to State Transport Authorities (STAs). It enables users to have a seamless journey experience through a single transaction, incorporating features like intracity journey planning, online bus and metro tickets bookings and convenient first-to-last mile connectivity, everything in one single app.
Temasek
Temasek, Singapore's sovereign wealth fund, is allegedly planning to lead a USD 300-350 million investment round for its portfolio startup Ola Electric. The private equity fund is reportedly interested in investing USD 100-150 million in the electric vehicle manufacturer. According to media reports, the acquisition is in the final stages of due diligence, and the investment round is expected to raise Ola Electric's valuation to USD 6 billion, which is 20 per cent higher than the USD 5 billion valuation it received in its USD 200 million funding round.
Temasek made its first investment in Ola Electric in 2021 as part of a USD 53 million round, valuing the EV company at USD 2.7 billion. The development comes only days after it was revealed that founder Bhavish Aggarwal is in discussions with Catamaran Ventures, the investment firm founded by Infosys Co-founder NR Narayana Murthy. Catamaran was also believed to be interested in investing up to USD 100-150 million at the time, matching Temasek's commitment in the future capital round.
Utsav App
Utsav App, an app focused on the spiritual and devotional needs of Indian users, has picked up Rs 2 crore in a seed funding round led by India Quotient. In December 2021, Utsav App raised its maiden funding led by 100X.VC. Additionally, the app has been funded by angel investors like Divyanshu Tambe and Vikrant Gandhi. The fresh proceeds will be deployed towards association with more religious organisations and set up operations in multiple geographies, Utsav App said .
Co-founded in 2021 by Sourajit Basu, Ankita De, and Prajata Samanta, the company provides organisations and their devotees with a digital platform for sharing information, making online puja bookings, and even facilitating prasad delivery at home. It aims to tap the mass religious audience in India and create an online ecosystem around it. According to Utsav App, it initially started as a platform for digitising Kolkata’s famous Durga Puja, now it grew significantly over the years and claims to be working with more than 30 auspicious religious organisations across India.
Good Flippin’ Burgers
In an exciting development for burger enthusiasts, popular burger chain Good Flippin’ Burgers announced that it has successfully raised $4 million in a recent funding round led by Tanglin Venture Partners. This comes just a year after the company secured $1 million in previous funding. The infusion of funds will be utilized to drive expansion efforts in both the dining and quick-service businesses, as well as strengthen the brand’s supply chain network. Ashika Capital served as the financial advisor for the funding round, according to company executives.
Co-founder of Good Flippin’ Burgers, Viren DSilva, expressed his enthusiasm, stating, “This investment is a significant milestone and will empower us to expand our operations, fortify our supply chain, and bring our burgers to a wider customer base.” Since its establishment in 2019 by entrepreneurs Viren Dsilva, Sijo Mathew, and Sid Marchant, Good Flippin’ Burgers has quickly made a mark in the industry, with a current footprint of 23 outlets. The brand’s commitment to delivering delicious and quality burgers has garnered a loyal customer base.
SafEarth
SafEarth, a technology platform for adoption of renewable energy said that it has raised USD 35 million (Rs 3.5 crore) in the latest funding round. The funding was led by Anthill Ventures, Third Derivative and Mumbai Angels. This investment will fuel SafEarth's product development initiatives and support its expansion into new industrial belts across the country.
SafEarth has distinguished itself by helping industries reduce their carbon emissions by shifting from thermal power to solar energy at scale. SafEarth claims that its marketplace streamlines clean energy procurement process for industries, reducing time by 50 per cent, cost by 10 per cent, and errors to zero, resulting in over 20 per cent increased project returns.
Navadhan
Navadhan, a pioneering rural-fintech startup, has successfully secured $1.5 million in a seed funding round, with Varanium NexGen leading the investment. The round also saw participation from existing investor Anicut Capital, who co-led the funding, and Gemba Capital.
The funds raised will be utilized by Navadhan to expand and enhance its innovative AceN Tech platform. Serving as a crucial bridge between rural small businesses (MSMEs) and NBFCs and Banks, the platform facilitates seamless connections, driving economic growth and empowering rural enterprises. With a strong network of 15 lenders, including Ugro, Vivriti, Northern Arc, Caspian, Unitus, and TruCap, Navadhan has successfully enrolled over 2 lakh customers and disbursed over 100 crore.
Crib
Bangalore-based prop-tech startup Crib has successfully raised 15 crores in its Seed round, co-led by We Founder Circle and Rebright Partners. The funding round witnessed significant participation from more than 50 renowned founders and tech operators, including Vijay Shekhar Sharma (PayTM), Kunal Shah (Cred), Ghazal Alagh (Mamaearth), and many others. Angel syndicates and funds like Imperier Holdings, FAAD, Rogue Opportunities, Sigurd Ventures, Beej Network, Dream Green Capital Venture, and Supermorpheus Fund also contributed to the funding.
Crib, founded in 2022 by Sunny Garg, Shaifali Jain, and Archit Chauhan, operates as a digital ecosystem that connects landlords, tenants, and entrepreneurs. The startup provides a SaaS-based solution for landlords to streamline their rental housing business operations, while tenants can explore and book properties on their platform, enjoying exclusive discounts.
Truliv
Truliv, a Chennai-based co-living and holiday homes startup, has raised a pre-seed round of $1.5 million growth fund from various investors led by Conquest Global Ventures VCC, Vara Future LLP, and others at a post-money valuation of 60 crore. This is the first Chennai-based co-living startup to raise a seed round.
Incorporated in 2019, Truliv is a subsidiary of DRA created for the purpose of redefining alternate real estate class. “Truliv intends to utilise these funds for the growth of its co-living, and holiday homes business verticals. The company targets to reach 7,000 co-living beds in Chennai by 2025, which is a 3X increase from its current capacity, and to 36 holiday homes across Tamil Nadu by 2025 which is a 5X increase from its current capacity,” Rohit Reddy, Co-Founder, Truliv said.
Digantara
Spacetech infrastructure startup Digantara has raised $10 million as part of its latest round of funding led by Peak XV Partners (formerly Sequoia Capital India). The round also saw participation from existing investor Kalaari Capital as well as Japan-based venture capital firm, Global Brain; Campus Fund, and the founders of IIFL Wealth. The company had previously raised seed capital worth $2.5 million from Kalaari Capital.
Founded in 2018 by Anirudh Sharma, Rahul Rawat, and Tanveer Ahmed, Digantara is building a space situational awareness platform that will help satellites in lower earth orbit to avoid space debris, further mitigating the risk of collision with other satellites.
Eye Mantra
Eye care hospital chain Eye Mantra, which specialises in Lasik and cataract treatments, has secured an investment of $10 million from MantraCare. With the fresh investment, Eye Mantra plans to hire and train additional medical professionals, acquire medical equipment, and establish new branches to meet the rising demand for eye care services.
The firm aims to accelerate its expansion across India and establish a presence in more than 30 cities. The hospital chain also intends to extend its footprint to international markets, including Africa and Southeast Asia. "This investment will accelerate our growth plans, allowing us to reach more patients in need of quality eye care," said Dr Shweta Jain, Founder and CEO of Eye Mantra Group of Hospitals.
The Yarn Bazaar
B2B managed marketplace The Yarn Bazaar has raised Rs 15 crore in a pre-Series A round led by the Rajiv Dadlani Group and Equanimity Ventures. The round has also witnessed participation from Family Offices of Arihant Patni, Ekta Kapoor of Balaji Films, Ritesh Malik of Innov8, Aakrit Vaish of Haptik, Sumeet Srivastava of Spocto. Cred’s Miten Sampat, also participated in the round, along with textile industry stalwarts Anil Mansingka and Dr Amit Lath, Sharda Group of Companies, Nikunj Bagdia of Ken Enterprises and Vineet Garg of Shri Ram Sarup Garg Cotton Mills.
The funding will primarily be used to solidify its senior leadership team, expand operations, and activating its existing strong inbound pipeline, The Yarn Bazaar said in a press release. Founded in 2019 by Pratik Gadia, The Yarn Bazaar empowers users to access real-time yarn prices, valuable information, and crucial market trends. By leveraging the proprietary processes and flexible financing options, yarn sellers can expand their market reach, boost sales, and achieve higher margins, while buyers can effectively reduce raw material and procurement costs.
Starya Mobility
EV scooter startup Starya Mobility has bagged $2 Mn from ah! Ventures and Exedy Clutch India. Founded in 2018 by A B Sachin Anchan, Bharath Rao K S, Gowrav Lakshmegowda, Mallikarjuna Nagesh, and Ravikumar Jagannath, Starya Mobility makes Electric Power Trains and retrofits of gearless IC engine scooters. The startup has announced that it has signed a partnership with Exedy to explore new ideas and innovation, creating mutual benefits along the way. Exedy manufactures clutch plates of three and four wheeler vehicles and assembles products for some of its global clients.
As a result of the strategic partnership, the customers of the startups will soon be able to avail E-CVT installed on upgraded Electric Propulsion Kit (EPK), which will help EV users climb gradients of 21 degrees and upwards depending on speed and load. Commenting on the partnership, Starya’s CEO Ravi Kumar said, “By leveraging each other’s strengths both strategic as well as technical we hope to aid faster adoption of EVs not just nationally, but internationally as well.”
PMI Electro Mobility
PMI Electro Mobility, India's largest electric bus manufacturer, is in talks with investors to raise 400 crore. It plans to primarily deploy the equity raised into its special purpose vehicle (SPV) All-Fleet, which purchases buses from PMI and runs and maintains them for state transport undertakings.
The fundraise comes against the backdrop of the company winning a contract of 2,026 electric buses from the Delhi government. "The latest bus order we have bagged marks the largest order for PMI Electro," Satish Jain, chairman of PMI Electro Mobility, told. "The equity infusion will be utilised for funding operations of our SPV, expansion of our existing capacity, and research and development."
IndiQube
Tech-enabled flex space startup IndiQube aims to raise about $75 million in equity funding to acquire commercial assets in major cities and expand its portfolio. "We have turned profitable at the company level and are looking to raise equity over the next 12 months. We are finding that there is a lot of interest in the flexible office operator space from public sector banks and private equity funds," cofounder Rishi Das said.
The company had secured $30 million in funding during April 2022 for expansion, with participation from promoters, WestBridge Capital and angel investor Ashish Gupta, including a $17-million infusion by the promoters themselves. The company aims to expand its portfolio to 15 million square feet, more than doubling its current office space of 7 million sq ft across 85 properties in 12 cities.

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