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[Funding News] Top 10 Funding Wrap of the Week – October 07 – October 11, 2024
- Millennium Babycares raised Rs 122 crore in a private placement round to grow its market share.
- Economy Process Solutions secured Rs 100 crore in a Series A funding round led by Stakeboat Capital Fund II.
- Urja Mobility raised Rs 100 crore in a pre-Series A funding round with debt and equity funding.
- BioPrime Agrisolutions secured $6 million in its Series A round led by Edaphon.
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Inc42
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Distributors’ Body Flags Use Of Private Vehicles By Ecommerce, Quick Commerce Players
- The All India Consumer Products Distributors Federation (AICPDF) has raised concerns over the use of private vehicles by quick commerce and ecommerce players for commercial deliveries.
- The Federation has written to the road transport ministry and the health ministry, seeking an inquiry into this practice.
- They pointed out that using private vehicles for food deliveries violates the guidelines of the Food Safety and Standards Authority of India (FSSAI).
- The AICPDF previously expressed concerns about quick commerce and urged the Ministry of Commerce and Industry to regulate quick commerce players.
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VIE Stories
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Noel Tata Wiki Bio, About Noel TATA Companies, Education, Age, Family
- Noel Tata was appointed chairman of Tata Trusts, Trent, Tata Investment Corporation, and vice chairman of Titan Company and Tata Steel.
- Noel Tata is an Indian-born Irish businessman.
- He started his career in the Tata Group in the early 2000s and became the managing director of Tata International by 2011.
- Noel Tata's net worth is around 12,455 crores.
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Startupreporter
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ApeLabs AirSpin-The Next Big Thing in Audio Tech
- Users have praised AirSpin for its comfort, durability, low latency, and immersive gaming experience.
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Yourstory
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Appreciation and livelihood – how Chennai’s Gallery Veda promotes art and stimulates markets
- Chennai's Gallery Veda aims to foster an understanding of art and create a market for artworks.
- The gallery offers affordable artworks from over 200 artists, with more than 800 works of art in its collection.
- Gallery Veda provides services such as choosing artworks for home decor, art consulting, and corporate gifting.
- The gallery sees potential for professionals in India's art ecosystem and believes art is becoming increasingly important in daily lives.
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Startupreporter
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Bollywood Actor Girish Thapar becomes Brand ambassador of Arlak J C BEST pain oil
- Bollywood actor Girish Thapar becomes the brand ambassador of Arlak J C Best Pain Relief Oil.
- Thapar found relief from knee pain by using the oil and decided to make others aware of its benefits.
- Arlak J C Best Pain Relief Oil is made from natural herbs and effectively relieves joint pain, back pain, and other body pain.
- Arlak Biotech Company plans to launch more innovative Ayurvedic products in the future.
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Inc42
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Zetwerk To Invest INR 500 Cr To Expand Renewables Manufacturing Capacity
- Zetwerk, a contract manufacturing startup, plans to invest INR 500 Cr over the next two years to expand its manufacturing capacity for the renewables segment.
- The investment will be funded through Zetwerk's balance sheet in a mix of debt and equity.
- The startup aims to expand in the offshore wind segment in the US and Europe.
- Zetwerk sees the solar sector in India and the US as a multi-decade opportunity.
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Economic Times
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Robotics startup Haber raises $38 million from Creaegis, others
- Artificial intelligence-driven robotics startup Haber has raised Rs 317.2 crore (about $38 million) in a funding round led by private equity firm Creaegis, along with participation from Accel India, and BeeNext Capital.
- The funds will be used for the company’s growth, expansion, marketing, and general corporate activities, the company said in the filing.
- Haber is an AI-driven robotics startup that develops and provides industrial robots designed to automate labour-intensive tasks in factories.
- Haber’s AI-powered automation solutions enable industries to cut down the consumption of chemicals, energy, and water, leading to cost savings and more sustainable operations.
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Economic Times
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60% of unicorn founders achieved $1-billion valuation in maiden attempt: report
- About 60% of the 261 unicorn founders in India built a startup valued at over $1 billion in their first attempt, according to a report by research analytics firm PrivateCircle.
- 29% of unicorn founders took two attempts to reach the $1 billion valuation milestone.
- India's startup ecosystem has produced more than 100 unicorns, but the pace of unicorn creation slowed down in the last two years due to a global downturn.
- Recent Indian startups that achieved unicorn status include Zepto, InCred, Krutrim, Perfios, Rapido, Ather Energy, and Moneyview.
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Inc42
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Justdial Q2 Profit Doubles To INR 154 Cr
- Reliance Retail-owned Justdial reported a 115% increase in net profit to INR 154.07 Cr in Q2 FY25 compared to INR 71.79 Cr in Q2 FY24.
- Operating revenue grew by 9.3% to INR 284.83 Cr in Q2 FY25 compared to INR 260.61 Cr in Q2 FY24.
- Total income rose by 25% to INR 398.44 Cr in Q2 FY25 from INR 318.53 Cr in Q2 FY24, driven by other income.
- Justdial's expenses decreased by 4% to INR 216.88 Cr in Q2 FY25 compared to INR 226.43 Cr in Q2 FY24.
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Economic Times
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Tiger Global-backed Toplyne shuts shop on inability to achieve product-market mix
- Toplyne, a sales software provider for product-led companies, is shutting down operations due to its inability to achieve product-market fit.
- The startup, backed by Tiger Global, raised $15 million in funding but couldn't reach the scale or product-market fit it aimed for.
- Toplyne will return capital to its investors and focus on helping its team find new roles.
- The company specialized in analyzing product-usage data to identify potential paid subscribers.
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Economic Times
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Startup funding drops 37% on year to $103 million this week
- Startups raised around $103.2 million between October 5 and October 11, marking a 36.7% decrease from the same period last year.
- However, this represents a 34.1% rise from last week’s total of $77 million.
- Top deals of the week include Haber raising $38 million, Spry Therapeutics raising $15 million, Economy Process Solutions raising $12 million, Urja Mobility raising $12 million, and BioPrime raising $6 million.
- Startups raised funds through 21 deals this week, compared to 29 deals in the year-ago period.
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Economic Times
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Amazon Business corporate gifting store sees 134 % growth in festive sale
- Amazon Business corporate gifting store witnesses 134% growth in festive sale.
- The growth is measured in the first ten days of Amazon Great Indian Festival 2024.
- Kitchenware and mixer grinders/juicers are the most gifted categories.
- Headphones, speakers, chocolates, dry fruit, and tea-coffee hampers are popular tech and snack/sweets gifting items.
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Yourstory
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Amicus invests Rs 125 Cr in Equirus; Federal Bank part-exits
- Private equity firm Amicus Capital has invested Rs 125 crore in Equirus Group for an undisclosed stake. Federal Bank has taken a partial exit.
- The investment is a combination of primary and secondary purchase of sales.
- The new investors include Kishor Patil, Ajai Kumar, N Sivaraman, Yagnesh Dosshi, Krishna Jha, Anand Archak, Abhishek Goyal, Badri Mohapatra, Shankar Valiya, and Deepak Singhal.
- The money raised will be used for capital expansion, technology investments, talent acquisition, operational improvements, and risk management.
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Inc42
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Exclusive: CaratLane Founder Mithun Sacheti Sets Up Investment Firm
- CaratLane founder Mithun Sacheti and his brother Siddhartha Sacheti have established an investment firm called Finqube Capital Private Limited.
- The firm based in Chennai will manage the Sacheti brothers' investments in early and growth stage companies.
- The structure of Finqube is yet to be determined, but it may function as a family office or corporate venture fund.
- Mithun Sacheti aims to expand his investments across various sectors, particularly focusing on startups in the D2C category.
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