The Week That Was: Indian Startup News Overview (5th Febraury - 9th Febraury)
Indian startup ecosystem is undergoing a remarkable transformation and becoming a guiding light of innovation and entrepreneurship. Indian startup’s prowess at global stage is a testimony to the country’s potential for transformative innovation.This trajectory growth highlights a proactive embrace of entrepreneurship, innovation and economic expansion and locating India at the front position to shape its future through technology & resourceful solutions. This vivacious advancement is fortified by the presence of futuristic entrepreneurs, incubators, accelerators and engaged stakeholders. These accelerating vanguards have equipped the Indian startup ecosystem by presenting crucial support to budding ventures.
This week, we saw Ivory, an Agetech startup specializing in brain health has raised $500,000 in a funding round led by early-stage VC fund - Capital A TDV Partners (UjwalSutaria); and Attentive.ai, a startup building vertical software for landscaping and construction services has bagged $7 million in a fresh funding round led by Vertex Ventures Southeast Asia and India. Here is the compilation of Top 5 startups that raised million dollar funds this week.
An Agetech startup specializing in brain health, Ivory has raised $500,000 in a funding round led by early-stage VC fund - Capital ATDV Partners (UjwalSutaria). The Funding round also saw participation from several notable angel investors including AbhishekKabra (MD, Samara Capital), TusharVashisht (Co-Founder and CEO, HealthifyMe), Abhishek Ganguly (Co-Founder and CEO, Agilitas Sports) and Rajeev Singh (VP, SAP India).
By means of this round of funding, Ivory intends to enlarge its reach to over 15 million elderly Indians at risk of dementia, marking a crucial stride in the largely unaddressed domain of neurowellness. With this fund raise, the startup aims to bridge the gaps in healthcare by offering a tech-driven platform that makes clinical tools and expertise for better brain health accessible to millions of Indians.
A startup building vertical software for landscaping and construction services, Attentive.ai has bagged $7 million in a fresh funding round as it looks to develop its AI-driven offerings & enlarge them to more businesses. The funding round led by Vertex Ventures Southeast Asia and India, the all-equity Series A round, which follows the earlier $5 million seed investment.
Also the startup funding round received participation from Attentive.ai’s accessible investors including Peak XV’s Surge and InfoEdge Ventures. In addition, an investment firm based in Mumbai, Tenacity Ventures has come on board this time through a secondary investment. The inventive startup plans to use the elevated capital to develop its AI-driven offerings, speed up & and expand its presence within the U.S. market. Also the startup has an occurrence in Noida, India.
Mufin Green Finance
Mufin Green Finance has raised 140 crores in Series B round of equity funding, on the top of 530 crores raised in debt funding, last financial year. This new funding came after it raised $1 million in funding from the UK-registered Shell Foundation. Mufin Green Finance is a subsidiary of Hindon Mercantile Limited and is backed by Incofin India Progress Fund, a Belgium-based impact investor, as an equity partner.
In the raised amount of funding, the equity funding was led by their family offices, and Debt funding has been raised from some of the leading financial institutions, including the State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments. This remarkable infusion of the stream of fund will help them to expand their growth trajectory and expansion plans for 2024, especially, in the western part of India.
Bangalore based EV Scooter; River has raised $40 million in a Series B funding round led by Yamaha Motor Corp and existing investors such as UAE-based Al-Futtaim Automotive, Lowercarbon Capital, and Toyota Ventures. Existing investors in the round included Silicon Valley investor Chris Sacca'sLowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC, according to the company.
The additional capital will assist the firm in expanding its manufacturing and distribution networks, with deliveries planned to begin in August of this year. While other electric scooter companies such as Ather and Ola have received hundreds of millions of dollars, Aravind Mani, CEO & Co-founder believes that $15 million is sufficient at this point of the company's development. Aravind Mani told that, they are planning to enter 100 cities over the next two years, and metro cities such as Hyderabad, Chennai, Bengaluru, Mumbai, Pune, Ahmedabad, and Thiruvananthapuram, among others, are at the top of its list.
Keus Smart Home
The leading home automation company based in Hyderabad, Keus Smart Home has announced in a press release that the company has raised 100 Crores from major PE player OAKS Asset Management. The Funding round was led by Mid-market PE fund and OAKS Consumer Fund with 80 crores and the founders of the company, BrijeshChandwani and SubramKapoor participated in the round for the balance. And most importantly, this funding round into Keus is the biggest amount invested for the segment of smart home automation in India by any leading or upcoming player.
As the company is consolidating its place as a prominent market leader in Hyderabad, the newly lifted capital will be utilized to start on experience centers in key cities such as Delhi NCR, Bangalore, Pune, and Mumbai to accomplish the motto to expand the company’s presence in Tier I & II cities. Moreover, the company aims to widen the new product offerings in home automation & lighting, and deliberately locate the brand in the premium segment of homes.
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