The Week that Was: Indian Startup News Overview (8th April - 12th April)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Health care, Artificial Intelligence, Eyewear & Clean-Tech 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 to Series A to Pre-Series B.
Sector: Health care
Funding Round: Seed Funding
Startup: PlatinumRx
Established Year: 2023
Funding News: PlatinumRx wins over $800,000 in seed round funding led by India Quotient
PlatinumRx, a healthcare startup, has successfully secured $800,000 in funding during its seed round.
Investors: India Quotient & various notable angel investors
PlatinumRx intends to use the funds to expand its warehousing and distribution network, improve its nationwide presence, and broaden its range of products, as stated in a recent press release.
Ashutosh Pandey and Piyush Kumar established PlatinumRx with the goal of revolutionizing the method through which chronic patients obtain necessary medications. The company carefully selects and provides alternatives from reputable brands such as Cipla, Abbott, Alkem, and others. PlatinumRx assists individuals in locating precise substitute medications that contain identical salt composition, strength, and efficacy.
Founded by Anand Lunia and Madhukar Sinha, India Quotient unveiled its fourth fund totaling $80 million in February 2021. Few of the notable of its investors are WebEngage, Dhiwise, Vyapar, Pagarbook, Fleetx, Powerplay, Brands.live, and GoComet.
Sector: Artificial Intelligence
Funding Round: Seed Funding
Startup: Neysa
Established Year: 2024
Funding News: Mumbai Based Neysa bags $20 million to speed up Adoption Process of GenAI
A SaaS based and AI cloud platform startup Neysa has secured $20 million in seed funding round. Neysa has decided to use this freshly grabbed funds to expand infrastructure, accelerate research and development initiatives, and launch its services by the third quarter of 2024.
The fund will also help the company drive the Generative-AI-cloud platform as a service and observability for India and global markets. It claims that it can help enterprises to save over 60% when deploying their GenAI projects and help deploy them 8X faster.Investor: Mumbai based Xponentia Capital
Investors: Matrix Partners India, Nexus Venture Partners, and NTTVC
The Mumbai based AI based startup was founded by Sharad Sanghi and Anindya Das aims to assist its clients to discover, plan, deploy, and manage their Generative AI projects cost effectively and secure their AI landscapes in the cloud and at the edge in a consumption-based model. It works as AI platforms and services aimed at assisting clients in overseeing their AI projects.
The Co-founder and CEO Sharad Sanghi added, “Our goal is to leverage this funding to push the limits of innovation, assisting our clients with the power of our end-to-end Generative AI PaaS ecosystem and our AI-engineered Observability Platform, in a way that provides demonstrable and tangible outcomes for their business.”
Sector: Eyewear
Funding Round: Pre-Series A
Startup: EyeMyEye
Established Year: 2021
Funding News: EyeMyEye gains 
20.8 crore to achieve Pre-determined Business goals
20.8 crore to achieve Pre-determined Business goals
EyeMyEye, a Full-stack eyewear platform has elevated 20.8 crore – nearly 2.5 million in a new tranche as a share of its funding Round.
20.8 crore – nearly 2.5 million in a new tranche as a share of its funding Round.
The board at EyeMyEye has passed a special resolution to issue 14,44,847 pre-Series A CCPS at an issue price of Rs 143.96 each to raise Rs 20.8 crore, its regulatory filing sourced from RoC shows.
Investors: Ashish Ramesh Kacholia, RBA Finance & Sachin Shah
The eyewear platform EyeMyEye will utilize this fresh fund to activate the business, achieve the pre-determined milestones that aligns with the envisaged manner registered in the shareholder’s agreement. As per the startup data & information platform, TheKredible, the eyewear company has been estimated at nearly 162 crore, which is approximately $20 million.
162 crore, which is approximately $20 million.
Established by Ganesh Iyer, EyeMyEye presents a range of personalized eye-glasses, sunglasses & many other eye-wear focused products for users via its digital & physical channels.
Previously, EyeMyEye has secured around 90 crore funding to date comprising a $5 million in a round led by LC Nueva AIF in August 2022.
90 crore funding to date comprising a $5 million in a round led by LC Nueva AIF in August 2022.
Sector: Artificial Intelligence
Funded Round: Series A
Startup: GTM Buddy
Established Year: 2020
Funding News: AI based B2B service startup GTM Buddy Lifts $8 million in Series A funding
Artificial Intelligence based B2B sales platform GTM Buddy has recently announced that they have bagged $8 million in Series A funding round.
Investors: Archerman Capital, Leo Capital, Neon Fund & Stellaris Venture Partners.
The company was established by Serial entrepreneur Sreedhar Peddineni with an aim to fill the gap in the sales enablement market, which he observed while co-founding the leading customer success and financial success companies, Gainsight and Planful, respectively.
Peddineni said, “B2B companies spend heavily on enablement platforms, yet their adoption and role in improving sales rep effectiveness remains a frustrating mirage. The legacy enablement platforms and content management systems built for marketing teams, and learning management systems built for the learning and development teams, miss the essence of the problems that sales leaders are trying to solve: improving sales rep effectiveness and enabling them to win more, and win consistently.”
Previously, in the year 2021, the Mumbai-based GTM Buddy secured $2 million in a Seed funding round directed by Stellaris Venture Partners.
Sector: Clean-tech
Funding Round: Pre-Series B
Startup: Recykal
Established Year: 2016
Funding News: Hyderabad Based Morgan Stanley-backed startup Recykal grabs 110 crore
110 crore
B2B waste management and recycling marketplace Recykal, has recently raised 110 crore or approximately $13 million from a Category II scheme managed by 360 ONE Asset Management Limited.
110 crore or approximately $13 million from a Category II scheme managed by 360 ONE Asset Management Limited.
The Morgan Stanley-backed, firm attracted such a huge funding after a span of more than two years. The company announced that, this funding will help them to achieve a multi-bagger exit.
Investor: 360 ONE Asset Management Limited
The Hyderabad based startup was working with a mission to help businesses in fulfilling their EPR targets, become plastic-neutral, dispose of IT assets, source recyclable materials, and track and trace industrial waste flow.
Till the date, the company has successfully raised around $38 million across several rounds including a $22 million round led by Morgan Stanley India and Circulate Capital in January 2022. Prior to this round, Morgan Stanley was the largest stakeholder of the company with 27.05% in the company followed by Circulate Capital and Triton Fund. Its co-founders including Abhay Deshpande, Abhishek Deshpande and Anirudha Jalan cumulatively command 40.03% of the company.
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The Week that Was: Indian Startup News Overview (1st April - 5th April)
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