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Indkal Technologies Secures INR 300 Crore in Series A Funding Round

By
Garima Bansal
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Indkal Technologies, a Bengaluru-based consumer electronics startup, has successfully raised $36 million (approximately INR 300 crore) in a Series A funding round.

Spearheaded by Mauritius-based Aries Opportunities Fund, this substantial investment underscores the company’s commitment to expanding its infrastructure and product offerings to revolutionize the consumer electronics landscape in India.

Established in 2020, Indkal Technologies aims to redefine the consumer electronics sector by prioritizing localized product development tailored to the unique preferences and needs of Indian consumers. Anand Dubey, CEO of Indkal Technologies, articulated the company’s strategic vision following the funding round, emphasizing the importance of investing in product development to enhance local manufacturing capabilities.

A significant portion of the funds will be allocated towards company’s research and development infrastructure, with plans to establish a robust support network for distribution and customer service.

With a strong revenue of approximately INR 800 crore in the financial year 2023-24, Indkal Technologies is poised for exponential growth, setting ambitious targets to reach INR 8,000 crore within the next two to three years. The company’s remarkable performance in the television category, achieving over 300% growth annually for the past three years, underscores its potential for further expansion into emerging product categories.

The recent Series A funding round marks a significant milestone for Indkal Technologies, providing the necessary resources to fuel its ambitious growth plans and solidify its position as a key player in the Indian consumer electronics industry. As the company continues to innovate and expand its product offerings, it remains dedicated to driving positive change and enhancing the overall consumer experience in India’s dynamic electronics market.

Trampoline Secures $5M in Seed Funding Round Led by Matrix Partners India & WaterBridge Ventures

By
Garima Bansal
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0
trampoline founders

Trampoline, a pioneering cross-border B2B Home Décor brand, has successfully raised $5 million in a seed funding round led by Matrix Partners India and WaterBridge Ventures.

The round also saw substantial participation from Alteria Capital, contributing an additional $2 million in venture debt. These funds are earmarked to bolster Trampoline’s supply chain and sourcing capabilities, drive new product development, and build its early team.

Trampoline’s core mission revolves around democratizing access to design-led home décor for independent retailers, who represent a significant portion of the global Home & Living market, valued at over $800 billion. Leveraging industry trends such as the “China+1” dynamic and growing consumer preference for design-centric, artisanal products, Trampoline aims to establish robust supply chains across key manufacturing hubs in India and Southeast Asia.

Founded in December 2023 by Abhik Ghosh, Anushka Mahanti, and Varun Deo—former executives at leading firms such as Amazon, Wayfair, and Arla Foods—Trampoline boasts a wealth of experience totaling over 40 years in leadership roles spanning category management, supply chain, marketing, and product development. Anushka, with her extensive experience in go-to-market strategies for global brands, identified the untapped potential in serving independent retail customers, particularly in emerging markets like India.

Following a successful launch in the UK in February 2024, Trampoline has experienced robust demand, with over 1,500 units ordered within the initial months. Independent retailers and interior designers alike have embraced Trampoline’s mission to bridge the gap between their stores and manufacturers, underscoring the company’s potential to disrupt the traditional home décor supply chain.

With the backing of prominent investors and a seasoned leadership team, Trampoline is poised to redefine the landscape of B2B home décor, driving innovation and empowering retailers worldwide.

South Park Commons Expands to Bengaluru with Support from Binny Bansal, Marking First International Outpost

By
Garima Bansal
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0
south park commons founder

Early-stage venture fund, South Park Commons (SPC), has ventured into India with the inauguration of its Bengaluru outpost, marking its first international expansion beyond the United States. Collaborating with Flipkart co-founder Binny Bansal, SPC aims to leverage India’s vibrant entrepreneurial ecosystem and talent pool.

Founded in 2016 by Ruchi Sanghvi and Aditya Agarwal, SPC has established itself as a community of founders, engineers, and researchers, alongside running an early-stage venture fund.

Embracing its philosophy of fostering innovation from the ‘negative one to zero’ phase, SPC views India as a prime destination for technology entrepreneurship. Agarwal highlighted India’s dynamic ecosystem and its potential to nurture world-class startups, eliminating the necessity for founders to relocate to the US.

Distinguishing itself from traditional incubators like Y Combinator, SPC offers a unique platform for aspiring entrepreneurs, welcoming individuals even before they conceptualize their startup ideas. This approach fosters a supportive community environment, emphasizing collaboration and knowledge exchange.

SPC-India aims to build upon its reputation as a hub for early-stage AI researchers and founders, fostering a conducive environment for innovation and growth. Drawing parallels to its Silicon Valley origins, SPC endeavors to replicate its success in India by attracting top talent and facilitating groundbreaking projects.

Jupiter Granted RBI Approval for Mobile Wallet License, Expanding Financial Services Portfolio

By
Garima Bansal
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0
Jitendra Gupta Jupiter founder
Jitendra Gupta, founder Jupiter

Jupiter, a neobanking startup has recently received approval from the Reserve Bank of India (RBI) for a prepaid payments instrument (PPI) license. This milestone enables the fintech firm to introduce digital wallets to its users, facilitating UPI payments, fund transfers, and bill payments.

Backed by prominent investors such as Tiger Global and Peak XV Partners, Jupiter’s founder, Jitendra Gupta, expressed enthusiasm about the RBI’s decision, stating that the company plans to roll out prepaid account facilities in the near future. Gupta emphasized the extensive functionalities of PPI, likening it to a bank account, thus broadening Jupiter’s user base and enhancing its ecosystem.

With the PPI license secured, Jupiter aims to diversify its app offerings by introducing new use cases. Currently providing digital savings accounts, UPI payments, and financial management tools, the startup intends to leverage its expanded capabilities to cater to various financial needs of its users.

The regulatory approval also grants Jupiter’s customers the flexibility to operate risk-free accounts, utilizing the app for UPI transactions and similar activities. This move aligns with the company’s commitment to providing convenient and secure financial services to its user base.

Having raised a total of $165 million through multiple equity funding rounds, Jupiter has been steadily expanding its market presence. As of June 2023, the startup boasted a valuation of $654 million, according to data from Tracxn.

Jupiter’s entry into the PPI ecosystem further solidifies its position in the fintech landscape, joining fellow Bengaluru-based peer Slice, which obtained a similar license last September. Gupta’s successful acquisition of the PPI license marks another significant achievement for him, following Amica Financial Technologies’ receipt of a non-banking finance company (NBFC) license from the RBI last year.

This strategic move underscores Jupiter’s commitment to offering comprehensive financial solutions and underscores Gupta’s entrepreneurial vision in driving innovation within the fintech sector.

TBO Secures Rs 696 Crore from Anchor Investors

By
Garima Bansal
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0
TBO founders

TBO, a prominent online B2B travel distribution platform, co-founded by Gaurav Bhatnagar and Ankush Nijhawan has successfully garnered Rs 696 crore through its offering of shares to anchor investors, marking a significant stride in its initial public offering.

According to regulatory filings accessed from the Bombay Stock Exchange (BSE), TBO Tek’s board has greenlit the offering of 75,70,807 equity shares at an issue price of Rs 920 each to anchor investors.

Among the notable anchor investors are ABU Dhabi Investment, ICICI Prudential, Kotak Mahindra Securities, Nippon Life, SBI Technology Opportunities, Axis Mutual Fund, Goldman Sachs, Aditya Birla, and Invesco India.

Of the total allocation to anchor investors, amounting to 7,570,807 equity shares, 3,155,236 equity shares have been assigned to 14 domestic mutual funds across 26 schemes, as outlined in the filing.

In its Draft Red Herring Prospectus (DRHP), the Gurugram-based company proposed to raise funds through the issuance of equity shares with a face value of Rs 1 each, comprising a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 12,508,797 equity shares.

According to the DRHP, Lap Travel holds the largest stake in the firm at 25%, followed by Augusta TBO with a 24.32% stake. Bhatnagar and Dhingra control stakes of 20% and 5.63%, respectively.

For the nine-month period from March 2023 to December 2023 of FY24, TBO Tek recorded a consolidated revenue of Rs 1,023 crore, with a profit of Rs 154 crore. Notably, revenue from hotels and packages accounted for 72% of its total revenue, while collections from air ticketing contributed 25% to its revenue stream.

Hummsa Biotech Redefines Diagnostic Testing with Cutting-Edge Aptamer Technology

By
Garima Bansal
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0
harshad lalwani hummsa

In the realm of medical diagnostics, precision and speed are paramount. Conventional methods often falter due to lack of sensitivity or delays in obtaining critical results. Enter Hummsa Biotech, offering a transformative solution that seamlessly integrates precision, speed, and accessibility into diagnostic testing.

Hummsa Biotech leverages aptamer technology, synthetic molecules designed to bind specifically to target molecules. Unlike antibodies, aptamers excel in affinity, stability, and ease of modification. Chemically synthesized, they are cost-effective and stable at room temperature, reducing logistical complexities and storage costs. This innovation powers InsGen, an IVD kit delivering molecular biology’s sensitivity with lightning-fast results – just 10 minutes for precise diagnostics.

Founded and led by Harshad Lalwani, with a robust background in real estate and entrepreneurship, Hummsa Biotech thrives under the scientific prowess of Dr. Swapnil Sinha. With a Ph.D. in Life Sciences and extensive experience managing BioNEST at IIT Guwahati, Dr. Sinha drives innovation and strategic growth, ensuring Hummsa Biotech remains at the forefront of diagnostic advancements.

The global aptamer market, valued at $1.7 billion in 2022, is projected to reach $7 billion by 2031, driven by increasing demand for accurate diagnostic solutions amidst rising chronic diseases. Hummsa Biotech’s InsGen addresses this market need with unparalleled accuracy, outperforming traditional antigen detection methods, particularly in detecting infectious diseases.

Hummsa Biotech pioneers point-of-care diagnostics, offering rapid, affordable solutions that redefine healthcare accessibility. InsGen’s intuitive features, such as instant color change for positive samples and seamless smartphone integration, enhance diagnostic capabilities. Their commitment to sustainability through eco-friendly production processes further underscores their leadership in transformative healthcare solutions.

Backed by strategic partnerships and a commitment to transformative healthcare ventures, Hummsa Biotech emerges as a leader in decentralized diagnostic solutions. As the industry shifts towards faster, more precise diagnostics, Hummsa is positioned for exponential growth, aligning with a 100X commitment to revolutionize healthcare accessibility and diagnostic accuracy.

Hummsa Biotech’s pioneering use of aptamer technology not only addresses current diagnostic challenges but also sets new benchmarks for precision, speed, and accessibility in healthcare. With a relentless pursuit of innovation and a clear vision for growth, Hummsa Biotech promises a future where diagnostic excellence is the norm, empowering healthcare professionals with faster, more accurate diagnostic tools.

OTPless Raises $3.5 Million to Enhance Authentication Offerings

By
Garima Bansal
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0
otpless founders

OTPless, an innovative authentication and access management platform, has secured $3.5 million in its pre-Series A funding round, spearheaded by SIDBI, with participation from Venture Highway, FJ Labs, and Piper Serica.

The funding infusion marks a significant milestone for OTPless as it gears up to expand its global footprint and diversify its service portfolio beyond authentication into authorization. With ambitions to challenge established players such as Auth0, Clerk, Stytch, Descope, and Transmit Security, OTPless aims to leverage the funding to bolster its technological capabilities and solidify its position in the market.

Leveraging innovative methods such as WhatsApp and other social sign-in options, OTPless delivers a seamless and secure authentication experience for users across websites and applications.

The platform offers a comprehensive suite of authentication solutions, supporting various social sign-in methods including Google, iMessage, Microsoft, Github, Slack, UPI, and modern protocols such as Passkeys, Network Auth, Protected SMS, and Device Fingerprinting. Developers can effortlessly integrate OTPless’s SDKs and APIs, enabling rapid deployment within minutes through pre-built UIs or customizable options.

Bhavik Koladiya, co-founder, and CEO of OTPless expressed his excitement about the funding, emphasizing the company’s vision to simplify, accelerate, and fortify user authentication. The investment will fuel OTPless’s operational expansion and technological advancements, aligning with the surging global demand for seamless and secure authentication solutions.

OTPless also outlined its plans to introduce new features and integrations aimed at further streamlining the authentication process for both users and developers. These enhancements include additional social sign-in options, enhanced biometric authentication methods, passkeys, adaptive authentication, and advanced security features to mitigate emerging threats effectively.

Having secured a total of $6.5 million in funding to date, OTPless continues its trajectory of growth and innovation in the authentication space.

Skye Air Raises $4 Million in Series A Funding to Expand Drone-Based Logistics Network

By
Garima Bansal
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0
Skye Air founder

Skye Air, a pioneering drone delivery startup, has announced the successful closure of its Series A funding round, securing $4 million from a consortium of prominent venture capital funds.

The investment round was led by Mount Judi Ventures and Chiratae Ventures, with participation from Venture Catalyst, Windrose Capital, Tremis Capital, Faad Capital, Misfits Capital, Hyderabad Angels, Soonicorn Ventures, along with other existing investors, family offices, and angels.

Founded in 2019 by Ankit Kumar and Chandra Prakash, Skye Air specializes in providing drone-based logistics solutions to various industries, including healthcare, e-commerce, quick-commerce, and agri-commodity sectors. The company has developed an innovative unmanned traffic management system to efficiently manage drone traffic, enhancing the safety and reliability of its operations.

Ankit Kumar  expressed his enthusiasm about the funding, emphasizing that the fresh capital infusion will facilitate the company’s expansion of its last-mile delivery network across Gurugram and other cities.

This expansion is particularly geared towards enhancing healthcare, e-commerce, and quick-commerce deliveries, thereby addressing critical logistical challenges and improving service efficiency.

The support and guidance received from regulatory bodies such as the Ministry of Civil Aviation, DGCA, AAI, District Administrations, and other authorities have been instrumental in enabling Skye Air to develop innovative drone delivery solutions with the potential to positively impact millions of lives, Kumar noted.

Apoorva Ranjan Sharma, Founder and Managing Director at Venture Catalysts, underscored the transformative impact of drone-based last-mile deliveries on India’s logistics landscape, emphasizing the need for efficient and innovative solutions to navigate the country’s diverse terrain. The implementation of favorable government policies, including the ban on drone imports to promote local production and stringent certification processes, has catalyzed significant investments in the drone sector, paving the way for its rapid growth trajectory.

Indian beauty unicorn Purplle raises $100m from Abu Dhabi wealth fund: report

By
Garima Bansal
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0
purplle founders

Purplle, the beauty and personal care platform, has successfully secured $100 million (INR 835 Cr) in funding through a mix of primary and secondary investments, with Abu Dhabi’s sovereign fund ADIA leading the investment round.

This latest funding round has propelled Purplle’s valuation to approximately $1.2-1.3 billion, marking a notable 15% increase from its previous fundraising round last year.

In addition to ADIA’s significant investment, Creaegis, a sector-agnostic private equity fund is poised to join Purplle’s investor lineup as a new participant, with final negotiations reportedly in the advanced stages. Noteworthy backers such as Peak XV Partners and Blume Ventures already feature prominently among Purplle’s investors.

This infusion of fresh capital arrives at a strategic juncture for Purplle as it gears up to expand its physical retail presence substantially throughout the current year. Previous reports had hinted at Purplle’s ongoing discussions with ADIA regarding a significant investment aimed at supporting these expansion endeavors.

Established in 2012 by Manish Taneja and Rahul Dash, Purplle has established itself as a key player in the beauty e-commerce sector, offering an extensive array of beauty products and appliances. The platform boasts products from numerous direct-to-consumer (D2C) brands, including Plum, WOW Skin Science, mCaffeine, Maybelline, and SUGAR Cosmetics.

Notably, in the financial year 2022-23 (FY23), Purplle witnessed a remarkable surge in operating revenue, soaring to INR 474.9 Cr, reflecting a notable 116% increase from INR 219.8 Cr in FY22.

CredAble Secures Rs 30 Crore Funding from SIDBI to Empower MSMEs and Women-Led Businesses

By
Garima Bansal
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0
credable founders

CredAble, a pioneering working capital financing startup, has announced a significant boost to its operations with the infusion of Rs 30 crore in debt funding from the Small Industries Development Bank of India (SIDBI). 

his funding aims to fortify CredAble’s commitment to supporting the growth of Micro, Small, and Medium Enterprises (MSMEs) and women-led businesses across India.

CredAble intends to leverage this capital infusion to expand its product offerings tailored specifically for MSMEs while also scaling up its operational capabilities. Furthermore, the company plans to broaden its financing scope to encompass a diverse portfolio of businesses, with a particular emphasis on those led by women.

Manu Prakash, MD, and Head of Partnerships & FI Coverage at CredAble, expressed optimism about the growth potential of the MSME sector and emphasized the company’s dedication to addressing the evolving needs of small and medium-sized enterprises.

Notably, CredAble has recently allocated a substantial portion of its resources, amounting to Rs 200 crore, to support women-led enterprises. This initiative has already benefited over 50 businesses across India within a span of 10 months, reaffirming the company’s commitment to fostering gender-inclusive economic empowerment.

Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble has emerged as a leading working capital technology platform, facilitating the annual disbursement of over $8 billion in working capital for a diverse clientele, including large corporations, mid-sized enterprises, MSMEs, and financial institutions.

With a robust platform boasting over 125 corporate customers, more than 350,000 small business borrowers, and partnerships with over 35 major financial institutions and banks, CredAble continues to drive innovation and efficiency in the realm of working capital financing.

As the company embarks on its next phase of growth, fueled by the recent funding from SIDBI, it is poised to make even greater strides in empowering MSMEs and fostering the success of women entrepreneurs across the nation.

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