The Week that Was: Indian Startup News Overview (22nd May - 26th May)
In recent years, the start-up landscape in India has undergone a remarkable transformation, experiencing a significant increase in the number of entrepreneurs, investors, and other stakeholders. By advising on government policies to act as market catalysts, they grow the maturity of young ventures. Startup India has laid down several measures to ease compliance with the most complex laws for startups to ensure the associated risks are prevented or mitigated. The proliferation of incubators and accelerators throughout the country has further bolstered the ecosystem by providing crucial support to young companies.
This week, we saw Ulipsu, a multi-skill learning platform and edtech firm based in Bengaluru, has raised $3.2 million to far and concluded the Pre-Series A round for $5.7 million; and Mohan K, the founder and CEO of IppoPay, has invested $1 million (about 8.3 crore) in the AI-based platform HaiVE.Tech. The Singapore-based business will use the new funding to hire people and grow its operations in Australia and India. Here is the compilation of top 5 startups that raised million dollar funds this week.
Ulipsu, a multi-skill learning platform and edtech firm based in Bengaluru, has raised $3.2 million to far and concluded the Pre-Series A round for $5.7 million. Existing investors and HNIs from the Middle East and Canada participated in the investment round, and the seed investors saw a secondary sale of $225K.
Ulipsu is an edtech and multi-skill learning platform that provides schools with a plug-and-play learning infrastructure so that they can teach their students important skills like art and craft, language and communication, coding, artificial intelligence, finance and entrepreneurship, and many more. Ulipsu was co-founded by Sumanth Prabhu and Nikhil Bhaskar in 2017. Children aged 6 to 16 can take advantage of structured learning opportunities provided by the Bengaluru-based firm. Additionally, its courses support the National Education Policy's (NEP) incorporation of digital learning and a holistic approach to child development.
An investment round sponsored by Amazon netted $20 million for Hit the Mark, Inc., the parent company of the kids' clothing line Hopscotch. Eduardo Saverin, a co-founder of Facebook, as well as other current investors Lionrock, IIFL Seed Venture Fund, RPG Ventures, and Techpro Ventures all participated in the round.
Hopscotch will be able to service more consumers and provide them the newest kid's fashion trends thanks to the funds. Hopscotch asserts that it can identify major fashion trends quickly and offer its consumers those trends before other stores. "Hopscotch is the go-to digital brand for parents who want their kids to look stylish – everyday and on every special occasion," said Rahul Anand, creator and CEO of Hopscotch. "This investment enables us to expand our selection, invest in marketing, and give more customers the opportunity to express their individual sense of style."
Gan.ai, a platform for generative AI video, has raised $5.25 million in a seed round from investors including Emergent Ventures, Sequoia Capital India, and Southeast Asia's quick scale-up programme. The business will utilise the funds to expand its operations and hire more engineers and salespeople in India and the United States.
Suvrat Bhooshan, a Californian, founded Gan.ai in March 2021 to provide brands with studio-quality video personalization software. With just one recording and the addition of dynamic keywords to a script, brands can quickly create millions of movies that are highly individualised. Additionally, businesses may utilise Gan.ai to build custom landing pages and send videos via chosen communications channels, enabling targeted user engagements and call-to-actions.
The bus tracking and ticketing firm Chalo said that it has raised $45 million in a fresh round of funding from Avataar Ventures and previous backers Lightrock India, Waterbridge Ventures, and Google Search Head Amit Singhal. Chalo has now raised $119 million in total funding, including $12 million in venture loans from Trifecta and Stride Ventures.
In the most recent investment round, Chalo was valued between $400 million and $500 million, almost twice as much as when it had raised $40 million from Lightrock India and Filter Capital in October 2021. Chalo's Singaporean filings, company had raised $20 million in investment. In order to raise a total of $20 million, the board of directors of Chalo passed a special resolution to issue 3,015 preference shares at a price of $6,634 per share.
Mohan K, the founder and CEO of IppoPay, has invested $1 million (about 8.3 crore) in the AI-based platform HaiVE.Tech. The Singapore-based business will use the new funding to hire people and grow its operations in Australia and India. HaiVE.Tech is a firm that provides AI solutions for finance clients. It was established in 2023 by Deepika Loganathan and Aravinth Ramesh. The startup, which has its research and development (R&D) team in Tamil Nadu, intends to assist businesses in using AI while still granting full control and intellectual property rights over the knowledge and data produced.
"This investment will enable us to offer AI services while protecting our clients' personal information and intellectual property. In addition to allowing users to integrate their chosen tools, our AI solutions guarantee data privacy and control, according to Loganathan, co-founder and CEO of HaiVE.Tech. After receiving the financing, it also plans to diversify its clientele by offering its solutions to e-commerce businesses.
Read More News :
The Week that Was: Indian Startup News Overview (15th May - 19th May)
The Week that Was: Indian Startup News Overview (8th May - 12th May)