The Week that Was: Indian Startup News Overview (4th March - 9th March)

The Week that Was: Indian Startup News Overview (4th March - 9th March)

The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Edtech, Food & Beverages, Personal care products, Ecommerce, Artificial Intelligence 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 Seed funding to Pre-series A funding to Series A to Series C, to Bridge Funding. 

Silicon products Startup Azimuth AI bags Unrevealed Fund from AUM Adventures

Azimuth AI, Custom silicon products startup has effectively raised undisclosed seed funding from AUM Adventures, India-focused Venture Capitalists situated in Abu Dhabi Worldwide Market-ADGM.

The undisclosed funding will fuel the development of Azimuth AI’s first-generation SoC (System-On-Chip) for a well-known & recognizable OEM (Original Equipment Manufacturer) gaining practical experience in smart city solutions & arrangements.

The impending first-gen SoC, presently being developed, flaunts a distinctive IP & system equipped towards conveying prevalent execution, including upgrades & expanded productivity compared with existing arrangements.

Established in 2022 by Praveen Yasarapu and Sridevi Badiga, Azimuth AI focuses on computer based intelligence centers around making reason fabricated SoCs for brilliant urban communities, electric vehicles (EVs), 2/3-wheeler vehicles & other cutting edge applications. The startup Azimuth AI holds a strong track record of manufacturing & delivering over 30 silicon products to the markets along with working with prominent semiconductor firms in Silicon Valley.

Placement-guaranteed Ed-tech Startup MyCaptain wins 14 Crore Funding

E-learning startup providing placements & certification courses, MyCaptain secures investment of 14 crore from Inflection Point Ventures in a funding round. The round saw participation from other investors such as MyNavi, Piper Serica, Super Capital & Ankur Capital. Previously, the bengaluru-based Ed-tech startup raised $3 million in pre series A funding in January 2022.

Within this capital, MyCaptain aims to strengthen its products & services by launching more new courses, establishing additional sales centers & fostering expansion in new locations.

Established in 2016 by Mohammed Zeeshan, Sameer Ramesh and Ruhan Naqash, MyCaptain aims to empower everyone to chase the career they love. It provides career-based courses along with job-ready boot camps which are conducted via online & classroom centers that lead the learners to achieve full-time job opportunities, freelance & internship opportunities.

Speaking to this acquiring fresh investment, Co-Founder & CEO of MyCaptain, Mohammed Zeeshan says, “With this fresh round of funding, we continue our focus on building out a full stack career platform for your early career journey. Our platform has courses designed for career discovery and exploration as well as Job Focused Bootcamps being run in Classroom Centres and Online.”

Further he added, "We crossed 20,000+ enrollments across our courses and will be ending with Rs 31 crore in booking revenue in FY 23/24. Our next focus is to reach 50,000+ yearly enrollments in our courses and Rs 100 crore in bookings by FY 25/26”.

abCoffee Brews Up $3.4 Million USD in Series A Funding Led by Nexus Venture Partners, Tanglin reinvests

abCoffee, India’s first tech-enabled grab-and-go specialty coffee company announced the successful closing of its Series A funding round, securing $3.4 million USD. The round was led by Nexus Venture Partners, with participation from existing investor Tanglin Venture Partners. The funds raised will enable abCoffee to accelerate its supply chain and technology stack to bring on-demand coffee beverages at lower prices in a quicker time.

abCoffee has established itself as the highest-rated coffee company with an average of 4.6 stars rating across customer ordering platforms. The company boasts an impressive customer loyalty rate of 61%, nearly double the industry average, reflecting its commitment to exceptional service with a TAT of 1.5 mins.

abCoffee was founded in 2022 by Abhijeet Anand, an alumnus of IIT Dhanbad with over eight years of experience at Schlumberger, a leading oil and gas multinational.  He has a strong entrepreneurial spirit and a deep understanding of different aspects of business. abCoffee was born from a vision to bring specialty coffee to the masses. "We are thrilled to partner with Nexus Venture Partners and receive continued support from Tanglin Ventures in our mission to make specialty coffee accessible and enjoyable for everyone in India. We continue to remain extremely capital efficient, leverage supply chain optimization and continue to innovate new products for the masses”, said Abhijeet Anand, Founder & CEO of abCoffee.

Ayurveda-inspired, Skincare & Nutrition Startup TAE lifts $27 million Funding

A direct-to-consumer (D2C) skincare & nutrition brand, The Ayurveda Experience (TAE) has bagged $27 million in Series C round led by Singapore-based VC firm, Jungle Ventures – specialized in nurturing early-growth stage business in India & Southeast Asia.

Also, the financial funding round registers a presence from Anicut Capital, SIDBI Ventures and Sharrp Ventures – Family office of Mariwala. Wholly the round pushed the startup to raise over $41 million.

In a press release, the company told that the newly acquired fresh capital will be utilized to strengthen the brand presence, boost up the consumer engagement and invest capitals to amplify the research & development and level up the new opportunities for distribution.

Established by Rishabh Chopra in 2010, the D2C startup The Ayurveda Experience presents an Ayurveda-inspired & derived skincare & wellness products, beverages, food and supplements. The startup holds four categories of beauty & wellness products including iYURA, Ajara, A Modernica Naturalist & Ayuttva. They also present a wide range of services comprising Ayurveda-based consultation, webinars, courses and contents. The startup proudly declares that it is the biggest direct-to-customer Ayurveda content & products company in India, Australia, Canada, and Europe & America.

Find your own Beauty with Myntra Grabs $54 million from E-commerce Giant Flipkart

Ecommerce Giant Myntra has acquired $54 million from its parent company Flipkart on Myntra’s 17th Birthday. This strategic fund will help Myntra to go ahead of the cutthroat competitive market where it has notable competitors like Reliance’s Ajio and Tata Cliq, Nykaa Fashion and more. The amount of funding was disclosed in a regulatory filings in Singapore.

This huge investment of Flipkart marks the second significant investment within a year through which flipkart has stretched its arms of friendship to Myntra. The first investment was significant $105million, took place in March 2023.

Ahead of the tussling market structure, Myntra has showcased resilience and growth, and reported a 25% increase in operating revenue, reaching 4,375 crore for the year ended March 31, 2023. Apart from this fund Myntra has also grabbed a notable amount of fund amounting 689 crore or nearly $83 million from FK Myntra Holdings based in Singapore, which further boosted their financial strength.

Presently, Myntra is extensively stretching out for international brands to foster their growth. Myntra has partnered with global brands like Turkish Trendyol and French apparel brand Kiabi, enhancing its international brand offerings to more than 420.