The Week that Was: Indian Startup News Overview (8th July - 12th July)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like AI, Semiconductor, Electronic Renewal, Bio-tech & Wealth-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 Pre-Seed to Pre -Series A to Series A2 to Pre-Series B.
Sector: Artificial Intelligence
Funded Round: Pre-Seed round
Startup: Helium
Established Year: 2015
Funding News: AI-enabled platform 'Helium' bags 
4.52 crore in Pre-Seed Funding round
4.52 crore in Pre-Seed Funding round
AI-enabled platform Helium has successfully secured 4.52 crore (approximately $550K) Pre-seed Funding round. The funding round also registered a prominent participation from angel investor Alok Mittal.
4.52 crore (approximately $550K) Pre-seed Funding round. The funding round also registered a prominent participation from angel investor Alok Mittal.
Investors: Merak Ventures & Alo Mittal
According to the startup’s press relkease, the raised funding’s will be deployed to build a high performing team and further design Helium-based product offerings.
Established by Shray Arora, Deepak Kapoor and Sidharth Sahni, Helium partners with top brands in the consumer tech and fashion industry to generate intelligent collection and product landing pages.
By integrating Artificial intelligence, Helium labels each product and UI element, considering their context through anonymized communication interaction of visitors. This permits the startup to generate the amalgamation of content, copy & product for each and every visitor, comparable to how the streaming music app ‘Spotify’ modifies the preferences of music to their users. Here, the end result is greater brand affinity and robust conversations.
Sector: Semiconductor
Funding Round: Pre-Series A
Startup: iVP Semi
Established Year: 2024
Funding News: Fabless Semiconductor Startup 'iVP Semi' nets $5 million in Pre-Series A
A Fabless semiconductor startup established by Raja Manickam, Chief Executive Officer of Tessolve has launched a new venture, iVP Semi that designs and manufacturers semiconductors and owns their intellectual property IP whereas outsourcing manufacturing and packaging.
The startup has bagged $5 million in a Pre-series A funding round from unrevealed financial backers.
The raised funds will be utilized to establish testing services and amplify the startup’s presence in India. iVP Semi plans to setup chip design centers in Chennai and Bengaluru, certifying product IP from Japan, Taiwan and the US. The startup will deport internal chip and module testing, despite outsourcing it.
Investors: Undisclosed.
Speaking to this, Raja Manickam, Chief Executive Officer of Tessolve states, “Our mission is to localize semiconductor chip production, empowering Indian companies to improve product development cycles and achieve greater technological autonomy. This approach not only ensures tighter control over the chip supply chain but also fosters an environment where semiconductor ecosystem partners are encouraged to establish a local presence.”
Similarly, S Krishnan, Ministry of Electronics and Information Technology (MeitY) Secretary remarks on the launch by saying, “iVP Semi plays an important role in creating demand to fill up the manufacturing capacity in wafer fab and OSAT (outsourced semiconductor assembly and test). I would like to congratulate iVP Semi on the creation of an Indian fabless chip company”.by making it more sustainable, educational, and accessible for all children.”
Sector: Electronics Renewal
Funding Round: Pre-Series A
Startup: QarmaTek
Established Year: 2011
Funding News: Electronics Renewal Startup 'QarmaTek' gains $1 million in Pre-Series A
QarmaTek, an electronics renewal and refurbishment startup has lifted $1million ( 8.3 crore) in Pre-Series A funding round.
8.3 crore) in Pre-Series A funding round.
The startup has raised a total funding amount of $4.11 million till date. In the year 2021, QarmaTek has bagged $3million from the prominent financial backers such as Gujarat Venture Finance, Caspian Debt & others.
Investors: Umang Nahata, Rakesh Raman &Vishal Makwana.
According to the press release released by the startup, the raised funds by the startup will be utilized towards intensifying into diverse categories in electronic renewals, streamline operations and augment the organization’s presence geographically.
Established in the year 2011 by Krunal Shah & Arun Hattangadi, Qarmatek aids in the space of B2B in the retail market sectors and acts as a strategic provider of after-sale repair services. The startups presents multi brand renovating services, revamping services, call services, logistics and network services, personalized and predictive services, restoration services for diverse types of electronic gadgets such as smartphones, desktops, laptops, home-related appliances and appliance brands.
Sector: Bio-tech
Funding Round: Series A2
Startup: Immuneel Therapeutics
Established Year: 2018
Funding News: Cancer-focused Startup Immuneel Therapeutics nets 100 crore in Series A2
100 crore in Series A2
Immuneel Therapeutics, a cancer-focused biotech startup, has extended its Series A funding from Taiba Middle East FZ LLC to raise 100 crore, or $12 million.
100 crore, or $12 million.
This is the third round of venture for the Bengaluru-based startup since its commencement in 2018. According to its regulatory filing, which can be accessed from the Registrar of Companies, the board of Immuneel Therapeutics has approved a special resolution to issue 10 equity shares and 8,164 Series A1 CCPS at an issue price of 1,22,330 each to raise 100 crore, or $12 million.
1,22,330 each to raise 100 crore, or $12 million.
According to the filings, the company will use these investments for growth and expansion as determined by the board.
Investors: Taiba Middle East FZ LLC
Established by Biocon Founder, Kiran Mazumdar Shaw, oncologist and Pulitzer champ — Siddhartha Mukherjee and Kush Parwar, Immuneel Therapeutics is an Indian clinical-stage startup which is participated in creating cell and quality treatments for cancer patients.
It is also working on developing its own pipeline of cancer management and treatment cellular immunotherapies and chimeric antigen receptor T-cell (CAR-T) therapies. The firm professes to offer treatments at 33% of the expenses borne for quality treatments in America.
Immuneel Therapeutics, a six-year-old startup, remained in the pre-revenue stage in FY23, despite the fact that the company has yet to submit its annual statements for FY24. In the fiscal year that ended in March 2023, it suffered losses totaling 39 crore.
39 crore.
Sector: Wealth-tech
Funding Round: Series B
Startup: Dezerv
Established Year: 2021
Funding News: Wealthtech startup Dezerv escalates business lifting $32 million in its Series B Funding round
Wealthtech and investment platform Dezerv has bagged 265 crore or $32 million in a Series B round.
265 crore or $32 million in a Series B round.
According to the regulatory filings of the company, the managerial board of Dezerv passed a special resolution to issue 41,761 Series B CCPS at an issue price of 63,455 each to raise 265 crore or $32 million.
63,455 each to raise 265 crore or $32 million.
Investors: Premji Invest.
The company offers various services to portfolio management services to top-salaried and business individuals. It also claims to manage investment portfolios by leveraging in-house experts and claims to have delivered close to 30% returns to its users since its inception in April 2021.
According to the startup intelligence platform TheKredible, the company has been valued at around 1,715 crore or $207 million (post-allotment). The series B round appears to be an ongoing one and the firm may raise more capital. Dezerv’s post-money valuation will change accordingly.
1,715 crore or $207 million (post-allotment). The series B round appears to be an ongoing one and the firm may raise more capital. Dezerv’s post-money valuation will change accordingly.
After the Series B round allocation, Premji Invest holds 9.84% of the company's capitalization, while Elevation Capital, Matrix, and Accel collectively possess 15.28%, 15.28%, and 11.46% of the company, respectively.
Dezerv has secured approximately $60 million in total funding, which includes a $7 million seed round co-led by Elevation and Matrix in September 2021.
