The Week that Was: Indian Startup News Overview (21st October - 25th October)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Vehicle Ownership, AI, Healthcare, D2C & Diary-tech another win for the startupreneurs by raising funds and updating the growth probability and standardizing the products and services. The week went by successfully witnessing funds in every stage of funding from Pre-Seed, Series A, Series B & Series C.
Sector: Vehicle ownership
Funding Round: Pre-Seed round
Startup: Automoto
Established Year: 2018
Funding News: Vehicle ownership platform 'Automoto' wins $12 million in Pre-seed round
At a valuation of 
100 crore ($12 million), the vehicle ownership platform Automoto has raised the first tranche of its extended pre-seed fundraising round.
100 crore ($12 million), the vehicle ownership platform Automoto has raised the first tranche of its extended pre-seed fundraising round.
Investors: Venture Bridge.
According to a press release from the firm, the money will mostly be utilized to open Automoto's first experience center, which will act as a hub for integration for its digital products.
Sreeraj founded Automoto with the goal of providing prompt automotive repair and service for a variety of vehicles, including commercial trucks and two-wheelers. Offering value-added services like insurance, IoT integration, connected cars, a marketplace, and analytics for automotive insights are all part of its medium- to long-term strategy.
The Mumbai-based business is creating an enterprise management system for B2B2C customers with the goal of improving the Indian car ownership experience. These digital products will be integrated into the company's forthcoming experience center, enabling it to present its value propositions and the practicality of its solutions in real time.
Sector: AI
Funded Round: Series A
Startup: Neysa
Established Year: 2023
Funding News: AI-based Cloud Startup 'Neysa' nets $30 million in Series A Funding round
Accelerating artificial intelligence (AI) Neysa, a provider of cloud systems, has secured $30 million in Series A funding.
Investors: NTTVC, Z47 (previously known as Matrix Partners India), and Nexus Venture Partners
Neysa is committed to meeting the demands of developing markets, such as India, by offering custom AI solutions to businesses of all kinds. Neysa makes it possible for organizations to use AI technologies without the complexity by providing scalable and affordable AI infrastructure. This tailored strategy guarantees that Indian businesses across a range of industries, including IT, BFSI, and GCCs, have access to the resources required to thrive in an AI-driven market.
Sharad Sanghi, co-founder and chief executive officer (CEO) of Neysa says, "This investment brings us closer to our vision of democratizing access to Generative AI (Gen AI) and AI solutions for organizations across the world".
Vab Goel, founding partner at NTTVC and Board Member of NTT DATA, Inc notes, "We are excited to co-lead the Series A round and deepen our partnership with Neysa".
Sector: Healthcare
Funding Round: Series A
Startup: Even Healthcare
Established Year: 2020
Funding News: Managed Care providing Startup 'Even Healthcare' wins $30 million in Series A
Even Healthcare, a managed care provider, has raised $30 million in a Series A fundraising round.
Investors: Khosla Ventures, Lachy Groom, 8VC, and Founders Fund
Even stated in a news statement that the fresh funds will be utilized to start hospital operations and scale patient care and resource procedures.
In 2021, Even Healthcare raised $5 million in startup finance sponsored by Khosla Ventures, and in November 2022, it raised $15 million from Alpha Wave and Aspada.
Even Healthcare was established by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo. Through its in-house clinical team and insurance partners, the organization provides its members with free consultations, diagnostic testing, and cashless hospitalization. The organization claims that it only collaborates with medical facilities that promise to provide its members with care in return for a regular payment.
Additionally, the platform provides Even cards that can be used to pay bills at its affiliated laboratories and hospitals, as well as customized managed care plans. It asserts that it has an edge over health insurance by providing limitless OPD testing and consultations.
Even Healthcare, which employs 300 people, says it has attracted hundreds of thousands of users and made $28 million (more than Rs 230 crore) in revenue rise just 18 months after going on sale.
Sector: D2C
Funding Round: Series B
Startup: Zouk
Established Year: 2015
Funding News: Zouk lifts $10 million from Aavishkaar Capital in Series B Funding
Zouk a direct-to-consumer bags and luggage brand raises $ 10 million in its Series B funding round
Investors: Aavishkaar Group, Stellaris Venture Partners, Titan Capital, Sharrp Ventures, and the JJ Family.
With the fresh capital, Zouk will focus on expanding its network of exclusive brand outlets, aiming for a total of 75 stores. The firm also plans to enhance its marketing efforts and supply chain while investing in talent across various verticals.
It was founded by Disha Singh and Pradeep Krishnakumar, Zouk which specializes in handmade products, also includes laptop bags, tote handbags, sling bags, and wallets, all crafted from 100% vegan leather sourced in India. With over 700,000 customers served, the startup is also expanding into the luggage segment with new backpacks and trolley bags, anticipating strong growth in this area.
Sources indicate that Zouk will be valued in the range of $50 million (approximately Rs 400 crore). According to the startup data intelligence platform TheKredible, the Mumbai-based startup was valued at around $7 million during its last round.
Sector: Diary-tech
Funding Round: Series C
Startup: Stellapps
Established Year: 2011
Funding News: One-stop Diary tech Startup 'Stellapps' secures $26 million in Series C
An inventive Diary tech firm, Stellapps Technologies secures $26 million in Series C funding round that consisted of debt and equity funding.
Investors: Miledeep Capital, Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation.
After a long three-year break, the Bengaluru-based venture has returned with this new investment round. In the month of October 2021, the company raised $18 million in a pre-Series C funding round from Nutreco. The business has raised more than $50 million to date.
The Founder and CEO of mooMark, Ranjith Mukundan, stated that the funds received will enable the business to grow and provide customers in India with more sustainably produced value-added dairy products. It will also bolster mooMark's export business. The vertical emphasizes high quality, sustainability, and traceability in its offers and concentrates on contract manufacturing and private-label dairy products.
