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LG Electronics Injects $10M into SBVA’s Alpha Intelligence Fund to Propel AI and Robotics Startups

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Garima Bansal
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LG Electronics Injects $10M into SBVA’s Alpha Intelligence Fund to Propel AI and Robotics Startups

LG Electronics is advancing its commitment to artificial intelligence (AI) and deep tech by investing $10 million in startups within these sectors. This investment establishes LG as a key limited partner in the newly created $130 million Alpha Intelligence Fund (AIF) by SBVA. The fund is designed to curate a portfolio of startups with significant growth potential in AI, deep tech, and robotics.

Through this investment, LG seeks to enhance collaboration with innovative startups and secure future technologies. The company aims to strengthen its global networking efforts, discover new strategic investment opportunities, and bolster its technological capabilities for upcoming business ventures.

LG’s strategy is to accelerate its transformation into a company focused on “Smart Life Solutions” by acquiring cutting-edge technologies for its key growth areas, including platform-based services, B2B businesses, and other emerging sectors. The company is committed to securing future core technologies and expanding its business reach beyond home appliances to include business spaces, mobility, and more.

Eugene Yoo, vice president and leader of the Open Innovation Task at LG, emphasized that participating in the AIF will help the company secure AI capabilities through active open innovation. LG plans to discover and collaborate with capable startups to explore future business opportunities.

SBVA CEO JP Lee highlighted that the company will continue to invest in technological innovation, leveraging its technical expertise, global network, and investment experience. The goal is to maximize the growth potential of these startups by supporting joint ventures with major investors and promoting collaborative business projects.

Ankur Capital Secures Fresh Commitments for $150 Million Third Fund

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Garima Bansal
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Ankur Capital Secures Fresh Commitments for $150 Million Third Fund

Ankur Capital, an early-stage venture investor specializing in agritech, climate, and deeptech startups, has secured fresh capital commitments for its third fund from existing supporters British International Investment (BII) and the MacArthur Foundation.

The new fund, targeting Rs 1,200 crore ($150 million), has already received investments from the US International Development Finance Corporation and the Self-Reliant India Fund, a government initiative under the Ministry of Micro, Small and Medium Enterprises.

BII and the MacArthur Foundation were also investors in Ankur Capital’s second fund and have returned for this third round. The firm continues to focus on pre-series A investments, aiming to support companies at this critical stage of growth. Ritu Verma, managing partner at Ankur Capital, stated that approximately Rs 400 crore has been raised so far, with plans to close the fund by early next year.

Ankur Capital, known for backing companies such as Captain Fresh, String Bio, Cropin, Vegrow, and BigHaat, plans to maintain its strategy of investing $1-2 million in pre-series A rounds through this third fund.

The firm’s first fund, launched in 2017-2018, had a corpus of Rs 50 crore, while the second fund, launched in 2020, raised Rs 380 crore and is now nearly fully deployed. Ankur Capital aims to expand its portfolio by exploring new themes related to digital transformation and decarbonization opportunities, both in India and globally.

Currently managing around $200 million in assets, Ankur Capital has invested in nearly 30 companies through its first two funds. The firm is committed to enhancing market supply chain efficiency, agricultural productivity, and fostering climate and health-related innovations.

Through its partnership with Ankur Capital, BII aims to support more smallholder farmers and vulnerable communities in India, promoting better productivity and inclusion.

Ayurvedic Innovator ‘Dr. Mantra’ Accelerates Growth with Strategic Investment from Sirona Founders

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Garima Bansal
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Ayurvedic Innovator 'Dr. Mantra' Accelerates Growth with Strategic Investment from Sirona Founders

In a strategic move poised to further disrupt the Ayurvedic wellness sector, fast-emerging D2C brand Dr. Mantra has secured a crucial round of bridge funding from Deep Bajaj and Mohit Bajaj, the entrepreneurial minds behind the renowned FemTech brand, Sirona. This investment marks a significant milestone for Dr. Mantra as it prepares to scale its operations and gear up for its Series A funding round.

The infused new capital shall be used for scaling up current business operations of the brand by two-fold. This growth plan marks the beginning of the upcoming Series A funding round for Dr. Mantra, with the company already in talks with several potential investors. A number of committed plans toward expansion, quite aggressive in nature, clearly express the commitment and drive to make it one of Ayurveda wellness leaders.

Founded in 2021 by Takki Zain and Shivansh Jain, Dr. Mantra was born out of a desire to address pressing health issues, particularly focusing on the treatment of kidney stones. The brand’s distinct approach lies in its ability to blend the time-honored principles of Ayurveda with modern medical practices, resulting in highly effective wellness solutions that resonate with contemporary consumers.

Dr. Mantra has quickly gained recognition for its innovative Ayurvedic treatments, particularly in the area of kidney stone management, positively impacting over 20,000 lives in just two and a half years. The brand’s rapid growth is evident in its financial performance, with revenue tripling in the past six months and maintaining a strong Rs 60 lakhs MRR, all while ensuring positive unit economics. This latest funding round follows an earlier investment of Rs 1.25 crore from 100X.VC’s Sanjay Mehta and his team.

MediBuddy and Bank of Baroda Partner to Elevate Employee Healthcare with Comprehensive Health Checkups

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Garima Bansal
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MediBuddy and Bank of Baroda Partner to Elevate Employee Healthcare with Comprehensive Health Checkups

MediBuddy, India’s leading digital healthcare platform, has teamed up with Bank of Baroda, a prominent public sector bank, to offer exclusive healthcare benefits to the bank’s employees. This collaboration is designed to provide comprehensive annual health checkups through MediBuddy’s extensive healthcare network.

Bank of Baroda, with its extensive branch network across India and a rich history, is demonstrating its dedication to employee well-being through this initiative. The program will provide employees with access to a variety of health services, including lab tests, digital health records, and other benefits, facilitated by MediBuddy’s network of accredited labs and hospitals.

The initiative features a fully cashless transaction system, aimed at enhancing the healthcare experience for employees and boosting operational efficiency for healthcare providers. This system promotes financial transparency, ensures better accountability and tracking of healthcare expenses, and offers increased security for patients. Providers will also benefit from faster payment processing, which improves overall operational efficiency.

Satish Kannan, Co-Founder and CEO of MediBuddy, expressed enthusiasm about the partnership, noting that it represents a significant advancement in corporate wellness in India. By providing Bank of Baroda employees with comprehensive health checkups, MediBuddy supports the shift towards preventive healthcare, aligning with its mission to make quality healthcare accessible to a billion people. The collaboration is expected to enhance employee satisfaction, reduce absenteeism, and improve productivity and service quality for the bank’s customers.

This alliance between MediBuddy and Bank of Baroda sets a benchmark for corporate healthcare, reflecting a growing recognition of the link between employee health and organizational success. Both organizations are committed to delivering accessible, high-quality health checkup solutions and promoting overall employee wellness.

Pakistani Fintech Startup PostEx Secures $7.3 Million in Pre-Series A Funding

By
Garima Bansal
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PostEx founder

PostEx, a burgeoning fintech startup, has successfully raised $7.3 million in its pre-series A funding round, a crucial stage for startups aiming to accelerate growth and reach significant milestones before advancing to a larger Series A investment.

Pre-series A funding serves as a pivotal financial boost for startups, providing them with the necessary resources to refine their products, expand their market presence, and achieve critical benchmarks that pave the way for future funding rounds.

According to PostEx’s official statement, the newly acquired capital will be instrumental in solidifying the company’s market dominance in Pakistan and driving an ambitious expansion into the Gulf Cooperation Council (GCC) region. This move will help PostEx to offer its innovative services to new markets and customers across the GCC.

The funding round was spearheaded by Conjunction Capital, a global venture capital firm with a strong focus on technology-driven investments. Other notable investors included Dash Ventures, Sanabil500, VSQ, FJ Labs, and Zayn VC.

PostEx operates on a unique hybrid model that combines fintech and logistics, offering businesses instant access to capital. This approach effectively eliminates the traditional barriers and challenges associated with conventional financing methods.

Despite Pakistan’s $6 billion e-commerce sector, online transactions account for only 1-2% of total retail transactions, significantly lagging behind the global average of 15%. This underscores the importance of PostEx’s mission in the region.

The recent funding round follows a highly successful 18-month period for PostEx, during which the company achieved several financial and operational milestones, including an impressive annual recurring revenue of $21 million.

Muhammad Omer Khan, CEO of PostEx, noted the challenges faced by digital entrepreneurs and online businesses in the GCC and Pakistan due to outdated financial institutions. He reiterated PostEx’s commitment to empowering online sellers by providing them with the right capital to fuel their growth.

Kirill Kozhevnikov, Managing and Founding Partner at Conjunction Capital, expressed the firm’s confidence in PostEx, highlighting the strategic significance of the Saudi Arabian market as a key area for growth within the GCC.

Volt VC Launches Rs 45 Crore Fund to Back Early-Stage Consumer Startups

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Garima Bansal
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Volt VC Launches Rs 45 Crore Fund to Back Early-Stage Consumer Startups

Ahmedabad-based Volt VC, a micro venture capital firm, has launched its inaugural fund, Volt VC Fund-1, with the goal of raising Rs 45 crore. This fund is designed to invest in approximately 20-25 consumer-centric startups at the pre-seed stage across various sectors, particularly focusing on direct-to-consumer (D2C), business-to-consumer (B2C), and business-to-business-to-consumer (B2B2C) models.

In India, the availability of pre-seed and seed funds has increased, but many of these funds offer larger ticket sizes ranging from Rs 4 crore to Rs 10 crore. However, not all startups require such large investments. Recognizing this gap, the general partner of Volt VC, Param Patel, noted the need for smaller investment sizes that align with the needs of early-stage startups.

Based in Gujarat, Volt VC expects strong interest from local startups seeking their first round of institutional funding. The fund plans to provide investment amounts between Rs 50 lakh and Rs 2 crore, with capital sourced from ultra-high-net-worth individuals, entrepreneurs, and startup founders. The fund is expected to close within the next three to four months.

Additionally, Volt VC plans to make follow-on investments in around five of the most promising startups from the first fund as they advance to the seed stage.

This launch is part of a broader trend in India, where new domestic funds and micro venture capital firms are emerging to support startups at very early stages with smaller investments compared to traditional VC firms.

Accel Invests $9 Million in Uppercase to Boost Global Expansion and Retail Growth

By
Garima Bansal
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Accel Invests $9 Million in Uppercase to Boost Global Expansion and Retail Growth

Venture capital firm Accel has invested $9 million in Uppercase, significantly increasing the new-age luggage maker’s valuation to $60 million.

The investment is intended to fuel the brand’s expansion by opening new retail stores domestically and in Europe and the Middle East by next year, according to cofounder and managing director Sudip Ghose.

The aim is not just to establish another brand in India but to create a global brand. The recent investment will be primarily used to develop the retail segment of the Indian business and to strengthen the back-end supply chain to support global expansion.

Based in Mumbai, Uppercase currently sells its travel gear online and through 1,800 multi-brand stores across India. The company plans to open 10 exclusive retail stores in cities such as Mumbai, Bengaluru, Pune, Ahmedabad, and Kolkata by next month, with a goal of expanding to 50 outlets by March 2025.

Currently, about 60% of Uppercase’s sales are generated through offline channels, with the remainder coming from online sales. The company is aiming to more than double its revenue to Rs 150 crore by the end of this fiscal year, up from Rs 70 crore last year.

Uppercase’s products are priced in the Rs 3,500-5,000 range, while Mokobara’s price point is higher, around Rs 6,000, according to Ghose.

Uppercase, which designs and manufactures all its products domestically, is also set to open its own manufacturing facility in Nashik by December. At present, the products are made by contract manufacturers.

Uppercase is carving out a unique space in the market with its strong Indian identity and commitment to sustainability. With over two decades of industry expertise, Sudip Ghose drives the brand’s innovative approach to eco-friendly travel gear, said Barath Shankar Subramanian, a partner at Accel.

Zappfresh Expands Westward with Acquisition of Mumbai-Based Bonsaro

By
Garima Bansal
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"Zappfresh Expands Westward with Acquisition of Mumbai-Based Bonsaro"

Zappfresh, a Delhi NCR-based meat delivery startup, has recently expanded its operations by acquiring Mumbai-based online meat and seafood delivery brand Bonsaro in an all-cash deal. Although the financial terms were not disclosed, this acquisition allows Zappfresh to strengthen its presence in the western Indian market as part of its strategic expansion plan.

By taking over Bonsaro’s operations and assets, Zappfresh aims to establish itself as a leading player in the direct-to-consumer (D2C) meat market in western India. The combined entity is projected to achieve a revenue of ₹160 crore in the financial year 2024-25 (FY25), with a significant increase in profit after tax (PAT).

Founder Deepanshu Manchanda emphasized that the acquisition of Bonsaro is a critical step in building a pan-India brand, particularly highlighting the importance of the Mumbai market. Zappfresh’s disciplined expansion strategy focuses on ensuring profitability in each city before moving to new markets.

This acquisition follows Zappfresh’s earlier purchase of Sukos Foods’ Dr Meat, which expanded its reach in southern India. The company, now a public entity, is also considering a public listing and aims to become the first D2C startup in the meat delivery segment to be listed on stock exchanges.

Despite the challenges in the D2C fresh meat market, including competition and market slowdowns, Zappfresh has managed to stand out as a profitable startup. In FY23, the company reported a profit of INR 3.5 crore with a revenue of ₹70 crore, positioning itself for continued growth in the competitive online meat delivery sector.

Yotuh Energy Raises ₹1.53 Crore for Next-Gen Refrigeration Solutions

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Garima Bansal
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Yotuh Energy Raises ₹1.53 Crore for Next-Gen Refrigeration Solutions

Yotuh Energy Private Limited, an innovative cleantech startup specializing in electric refrigeration systems for mid-mile and last-mile cold chain logistics, has secured ₹1.53 crore in funding. The investment round, led by the Campus Angels Network, will significantly advance the company’s mission to transform cold chain logistics.

Founded by IIT Delhi alumni Vivek Mahindrakar, Shaivee Malik, and Dharmik Bapodara, Yotuh Energy was established in 2022 and is incubated at the IIT Madras Incubation Cell. The company is dedicated to developing electric refrigeration systems that eliminate fuel usage, lower operational costs, and promote greener industry practices.

The funding will be allocated towards enhancing product development, testing, and expanding the team. It aims to bolster Yotuh Energy’s proprietary adaptive control technology, which optimizes energy consumption and improves efficiency in cold chain logistics. This move addresses the industry’s demand for sustainable and cost-effective solutions.

Chandran Krishnan, Managing Director and CEO of Campus Angels Network, expressed confidence in Yotuh Energy’s potential to revolutionize cold chain logistics, noting that their systems promise increased efficiency, sustainability, and significant cost savings for the industry.

The startup has received notable support from various government and private entities, including grants and awards from the Ministry of Agriculture, Department of Science and Technology (DST), Ministry of Electronics and Information Technology (MeitY), Acumen, the Australian Council for International Research (ACIR), the IIT Madras Incubation Cell, and Daimler India Commercial Vehicles.

Vinod Dasari, former Managing Director of Ashok Leyland and ex-CEO of Royal Enfield, and advisor to Yotuh Energy, praised the company’s focus on sustainability and efficiency. He expressed excitement about the potential impact of their solutions on the industry.

FlexiLoans Secures INR 75 Crore in Debt Funding to Strengthen SME Lending

By
Garima Bansal
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FlexiLoans Secures INR 75 Crore in Debt Funding to Strengthen SME Lending

FlexiLoans, a prominent fintech startup dedicated to offering loans to small and medium enterprises (SMEs), has successfully secured INR 75 crore (approximately $9 million) in debt funding from JM Financials Limited. This capital was raised through the issuance of non-convertible debentures (NCDs).

The board of FlexiLoans approved a special resolution to issue up to 7,500 rated senior, secured, unlisted, transferable redeemable NCDs, each with a face value of INR 1 lakh. This fundraising initiative aims to collect INR 75 crore in one or more tranches, as indicated by regulatory filings. This latest round of funding follows an earlier debt financing round in February, where the company raised $7.23 million.

Founded in 2016 by Abhishek Kothari, Deepak Jain, Manish Lunia, and Ritesh Jain, FlexiLoans has become a key player in the online lending industry, focusing on providing quick and flexible loans to SMEs and other underserved sectors. The Mumbai-based company has consistently expanded its influence and presence within the fintech space.

In 2022, FlexiLoans raised $90 million through a combination of equity and debt financing during its Series B funding round. This round attracted notable investors, including Denmark-based MAJ Invest, UK-based Fasanara Capital, the family offices of Harry Banga and Yogesh Mahansaria, as well as existing investors.

Since its inception, FlexiLoans has raised nearly $148 million through a mix of venture and debt funding.

This recent funding comes at a time when India’s fintech sector is experiencing considerable investor interest. For instance, in June, another lending tech startup raised $90 million (approximately INR 750 crore) in its Series E funding round led by multiple investors, through a mix of primary and secondary transactions.

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