The Week that Was: Indian Startup News Overview (26th February - 2nd March)

The Week that Was: Indian Startup News Overview (26th February - 2nd March)

The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Construction, Travel, Mobility, Drone, Spacetech 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-series A funding to Series A to Series B to Series C, to Bridge Funding.

Construction-tech Startup Bandhoo bags 7. 35 Crore to Digitize Projects

A Bengaluru-based Construction-tech startup, Bandhoo raised 7.35 crore in a booming pre-Series A funding round directed by Venture Catalysts. Also, the round registered participation from the prominent industrial experts including Neeraj Aggarwal, Manish Gupta, S Srinivasan, Amit Khera, & Abhishek Kumar.

After securing a $1.5 million in a seed round in the year 2021, this funding capital marks a magnificent milestone for the company. It displays the increasing confidence of investors in the creative approach of Bandhoo to transform the landscape of construction. Established by Prashant Gupta and Sridhar Sundaram in the year 2020, Bandhoo harnesses the cloud-SaaS solutions & market solutions to improve the connectivity and competence amid all the stakeholders, builders & contractors in the construction sector.

This latest funding capital will allow Bandhoo to enlarge its services and fortify its presence in the marketplace. As the construction landscape is perched for digital transformation, Bandhoo is expected to utilize this for such offerings and take a leading role in this transformative shift.

The specializations of the company in improving the project management & presenting seamless operations holds the intensity to minimize the costs and timelines for the construction projects, so it will be beneficial for the whole ecosystem. Seeing that Bandhoo boots up to record the upcoming phase of growth & development, the construction industry may foresee a technological advancement obsessed by innovation, dedication and commitment towards advancement.

Spacetech Startup Digantara Bags $1.88 million in Extended Series A Funding

Notable spacetech startup Digantara, with their extraordinary skill and quality, grabbed 15.54 crore or $1.88 million in an extended Series A funding led by Naman Finance And Investment Private Limited (NFAI) with the participation of SIDBI Venture Capital. Amidst the crowd of notable spacetech startups, diganatra has marked their excellence, and is making headlines with its recent financial milestone. After the round of fundraising, the valuation of the company stood at 590 crore or $71 million.

The company was founded in December 2018 by Anirudh Sharma, Rahul Rawat and Tanveer Ahmed digantara has emerged as a pioneer in the realm of space situational awareness (SSA). According to the statement of Digantara, a staggering 96% of the 1 million objects currently orbiting Earth remain untracked, posing a significant threat to spacecraft. Using the technologies with a multi-modal data pool, Digantara aims to shed light on these hidden dangers, ensuring the safety of future space missions.

In the last fiscal year, which ended in March 2023, the spacetech firm recorded 2.37 lakh revenue from operations whereas its losses stood at 3.54 crore. The startup’s notable competitors are Agnikul cosmos, Skyroot Aerospace, Bellatrix, GlaxEye, Dhruva, SatSure, Vesta Space, and InspeCity.

Travel-essentials startup Mokobara secures 100 Crore from Peak XV Partners

The innovative D2C Luggage brand, Mokobara has captured 100 crores in series B funding round led by Peak XV partners – previously known as Sequoia Capital India. In the year 2024, this is the first funding round of the Bengaluru based travel essentials company.

The Series B funding round has also seen participation from the company’s existing investors such as Sauce VC and Saama Capital.

The Bengaluru-based company will utilize these funds for expanding their business to tap even more customers in the major market cities such as Bengaluru, Delhi, Mumbai and others. As well, the company projected to use the capital to mark its offline footprints by launching more physical stores in prominent markets.

Next to the latest fund raise, Mokobara has raised more than $23 million from a bunch of investors comprising Varun Alagh from Mamaearth and Ramakant Sharma from Livspace and others.

As per the report from TheKredible, the revenue of Mokobara from operations increased to 4.4x to 53.27 crore in FY23 from 12.18 crore in the FY22.

Established in 2019 by former Urban Ladder executives, Sangeet Agrawal & Navin Parwal, the D2C startup, Mokobara offers high-quality & classy designed laptop bags, suitcases & other luggage travel accessories that caters to the mid-premium to premium consumer groups.

Mobility Service platform IntrCity bags 37 crore in Series C Funding

Intercity mobility platform,IntrCity has recently unveiled new mobility services in bus and trains and grabbed 37 crore in its Series C funding round led by Mirabilis Investment Trust.

The funding round also saw participation from existing investors Nandan Nilekani’s family trust (NRJN) Omidyar Network India and US-based Ujamaa Ventures.

The company asserts that it has achieved profitability in terms of EBITDA and has stated its intention to utilize the new capital in order to improve its range of products, facilitate rapid user acquisition for expansion, and further expand its services in its hub routes by offering more options to its expanding customer base.

Co-founder and CEO, Manish Rathi quoted, "In FY23, we experienced solid growth, with both our revenue and business turning profitable. As we step into FY24, we aim to keep this momentum going, backed by the incredible support of our investors. We are now the top inter-city mobility brand in the country."

On road to hit Unicorn status - Drone Startup NewSpace hoists $ 52 Million

NRT - NewSpace Research & Technologies, a drone manufacturing startup in the Indian Defence sector has raised 430.9 Cr or $52 Million in a bridge funding round. According to sources, the funding round includes $33 million of equity from diverse investors & $19 Million debt from the startup hub of SBI – SIDBI. Into the NRT’s investors’ board, NRT added three new venture capitalists which are namely, Volrado Venture Partners, 360 ONE Asset and Cornerstone Venture Partners. More than 40 percent of the investments arise from its present investors.

In the month of February 2022, the drone manufacturing startup raised $21 million in its first round and intends to develop as a unicorn within five years. During the last few years, the startup supplied numerous systems to the Indian ministry of defense & achieved a global record for the maximum altitude flight in an arena of Multirotor systems. Currently, NRT revealed a solar-powered UAV along with a continuous 21-hour flight which is first in India.

Outside the market of India, NRT has its international commitments & has already established Swarm drone operations & functions in Japan, a first response capability for disaster management & it is looking forward to enlarging its operation portfolio in Japan, US and in the Middle east.

Similarly, Julius Amrit, Co-Founder & COO of NRT said, “It’s not an easy path, but the timing for an Indian company to be amongst the top five in this industry transformation across the world couldn’t be better”.

With a team of 46 members, NewSpace Research & Technologies is a Bengaluru based startup that builds smart technologies for the next generation. The next generation aerospace technology of the startup comprises unmanned air systems; GPS denied operations, artificial intelligence, augmented reality, virtual reality, and collective robotics.