The Week that Was: Indian Startup News Overview (26th August - 30th August)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Internet & technology, Fintech, Edtech, Beauty & Personal care & Device management marking 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 to Seed to Series A to Series B to Series D.
Sector: Internet & technology
Funding Round: Pre-Seed
Startup: Medront
Established Year: 2023
Funding News: User Data Storage Startup 'Medront' lifts 
1.06 crore in Pre-Seed round
1.06 crore in Pre-Seed round
In an Inflection Point Ventures-led Pre-seed round, user data storage startup, Medront successfully raised 1.06 crore. The funds will be put toward product development, expansion efforts, user acquisition, onboarding DAAS clients, and other expenses to guarantee effective user acquisition and retention.
1.06 crore. The funds will be put toward product development, expansion efforts, user acquisition, onboarding DAAS clients, and other expenses to guarantee effective user acquisition and retention.
Investors: Inflection Point Ventures
Established by Nitesh Singh and Saurav Suman, Medront Datalabs engages clients with command over their own information through imaginative data pods, offering brands an option in contrast to the syndications of tech giants.
Regarding the fund raise, Vikram Ramasubramanian, Partner at IPV says, “With the digital world expanding rapidly, securing personal data is more crucial than ever. In this context, Medront emerges as a comprehensive platform that empowers consumers by giving them real ownership of their data”.
Ramasubramanian states, "In this context, Medront emerges as a comprehensive platform that empowers consumers by giving them real ownership of their data, allowing them to manage their web browsing, music, finances, food choices, interests, and social media —all from one secure platform. Inflection Point Ventures (IPV) recognizes that digital privacy tools are going to be the next big thing in the tech landscape, which is why we decided to invest in Medront”.
Sector: Fintech
Funding Round: Seed round
Startup: PropFinTech
Established Year: 2022
Funding News: New-age Fintech Startup 'PropFinTech' pockets $1.4 million in Seed Funding
PropFinTech Technologies, a new-age fintech startup has lifted $1.4 million in a seed funding round.
Investors: HNIs & the family office of K.I Varaprasad Reddy, Rahul Gedupudi, Sreeman Chalasani & Srinivas Kalagara, and many others.
Co-established by Ravi Tanniru & Sandeep Kunkunuru, ProFinTech harneses data-backed trade recommendation and funding fulfillment engines to permit MSMEs to secure financing through a user-friendly interface, removing the difficulties often linked with conventional apps and documentation process. It underscores major hurdles for small businesses looking for faster and simpler financing options.
Based in Hyderabad, the company aims to reinforce collaborations with banks and non-banking financial companies to scale up their supply chain and trade funding operations. The startup is about to launch products with new features and augmentations developed to provide further benefit for MSMEs, empowering them to streamline their businesses.
The startup is incubated at T-Hub, Hyderabad and functions from T-Hub’s machine learning and artificial intelligence – MATH center of excellence in Hyderabad.
Sector: Edtech
Funding Round: Series A
Startup: Kreedo
Established Year: 2012
Funding News: Early Childhood-focused Edtech Startup 'Kreedo' hits $4 million in Series A
Kreedo, an inventive Edtech startup has brought $4 million up in Series A funding round.
Investors: Singapore-based Heritas Capital, UBS Optimus Foundation, Grey Matters Capital, 1Crowd, The ChennaiAngels, The Joka Angel Network
According to Kreedo’s press release, the raised capital in the funding round will be used to expand into new regions in India and enhance its product offerings.
Kreedo, which was co-founded by Mridula Shridhar & VK Manikandan, works with affordable private schools and preschools to change how early childhood education is taught.
Its interesting 6T learning system is a creative model focused on the Kreedo Action Labs which offers an organized climate for play-based learning.
As per Kreedo, it presently takes care of kids in the age group of 3 to 8 years (Nursery to Grade 2), in accordance with play-based rules recommended in the NEP 2020 for the fundamental phase of learning. The stage offers an exhaustive arrangement that enables and upholds schools to further develop learning results essentially.
Kreedo also claims that over the past two years it has experienced significant growth, increasing the number of children who benefit from its programs from 55,000 to over 1, 40,000, doubling its revenue, expanding its reach from 700 to 1,700 schools/pre-schools, and doubling its reach.
Sector: Beauty & Personal care
Funded Round: Series B
Startup: Pilgrim
Established Year: 2019
Funding News: Beauty & personal care Startup 'Pilgrim' nets 75 crore in Series B
75 crore in Series B
In its extended Series B funding round, the beauty and Personal Care D2C Company Pilgrim raised 75 crore, or approximately $9 million.
75 crore, or approximately $9 million.
Investors: Fireside and Vertex Ventures
Fireside and Vertex Ventures each contributed 25 crore and 23 crore. During the funding round, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi invested 27 crore in total.
25 crore and 23 crore. During the funding round, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi invested 27 crore in total.
The organization will involve these returns for extension and general corporate purposes as concluded by the board, the filings further added.
Established by Anurag Kedia, Pilgrim offers more than 90 SKUs across face care, haircare, and skincare items, and fragrances in more than 25,000 pin codes.
According to the company, it offers a wide range of products crafted from ingredients sourced from Australia, France, Korea, Spain, the Amazon Rainforest, and Swiss glaciers.
The company, which has been around for five years, has raised about $35 million in rounds, including a $20 million Series B in 2023 that was led by Vertex Ventures. From 17 crore in FY22, the company's scale increased by 4.47 times to 76 crore in FY23. In quest for development, its misfortunes likewise bounced 3X to 23 crore in FY23.
17 crore in FY22, the company's scale increased by 4.47 times to 76 crore in FY23. In quest for development, its misfortunes likewise bounced 3X to 23 crore in FY23.
Sector: Device management
Funding Round: Series D
Startup: Servify
Established Year: 2022
Funding News: Device management platform Servify grabs $10 million in Series D Funding round
Servify, a firm specializing in post-sales service, has secured 84 crore or $10 million approx. for its Series D round.
84 crore or $10 million approx. for its Series D round.
Investors: Bajaj Holdings, Trifecta and Innoven Capital
Servify provides authorized post-sales support for mobile phones, personal gadgets, electronics and household appliances. Through its platform, customers can register their electronic devices, save receipts and obtain genuine brand-authorized service during or after the warranty period.
The company was founded in Mumbai and till now they raised approximately $125 million. Precisely, a sum of $65 million was secured in ongoing Series D funding aided by Singularity Growth Opportunity Fund.
During March 2023, they faced net losses of 229 crore Servify successfully managed to fetch over 95% year-on-year revenue growth to 611 crore for the same period.
229 crore Servify successfully managed to fetch over 95% year-on-year revenue growth to 611 crore for the same period.
The company is yet declare its annual financial results for the fiscal year 2024 and might be keenly watched by stakeholders for its progress and financial position in the coming periods.
Read More News :
The Week that Was: Indian Startup News Overview (19th August -23rd August)
The Week that Was: Indian Startup News Overview (12th August - 16th August)
.jpg "Green Is The Way To Sustainable Shipping Solutions")
