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GetVantage Fuels Growth in Logistics with Strategic Investments

Supriya Biswas
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GetVantage Fuels Growth in Logistics with Strategic Investments

Embedded finance platform GetVantage has taken a significant step into the logistics space by investing Rs 1.8 crore each in three innovative startups: Celcius Logistics, Ohm Logistics, and Fitsol. These investments are aimed at accelerating growth for the companies, meeting working capital requirements, and enhancing their operational capacity.

GetVantage channels these funds through its licensed NBFC, GetGrowth Capital, and the AIF Venture Finance Fund, in collaboration with Varanium Capital and other NBFC partners. The strategic funding initiative supports the expansion of these logistics firms, which are experiencing rising demand across various industries.

Celcius Logistics, founded by Swarup Bose, specializes in cold chain logistics, leveraging technology to improve the safe and efficient delivery of temperature-sensitive products like food, pharmaceuticals, and other perishables. The startup is building a reliable ecosystem for the cold chain sector across India.

Fitsol, founded by Anand Pathak in 2022, is dedicated to reducing the carbon footprint in supply chains. It acts as a decarbonization partner for manufacturing firms, aiming to eliminate 1 billion tons of CO2 through its AI-powered carbon management platform, which helps businesses track and report emissions.

GetVantage, co-founded in 2019 by Bhavik Vasa and Amit Srivastava, provides data-driven funding solutions, offering non-dilutive capital ranging from Rs 2 lakhs to Rs 20 crore to support SMEs and startups across sectors such as B2B SaaS, eCommerce, and edtech. Having backed over 1,500 businesses, the company’s diverse capital solutions target key operational needs like marketing, logistics, and inventory. Supported by major investors like Chirate Ventures, Sony, and InCred Capital, GetVantage continues to lead the way in empowering startups to scale efficiently.

WishNew Wellness Secures $250,000 in Angel Funding to Drive Growth and Innovation

Supriya Biswas
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WishNew Wellness Secures $250,000 in Angel Funding to Drive Growth and Innovation

WishNew Wellness, a health and wellness brand co-founded by Karan Khurana and Pranshu Singh, has successfully raised $250,000 in its recent angel funding round, valuing the company at $5.65 million. This investment round was led by Ankit Khandelwal, with contributions from notable investors including Gyanesh Sharma, co-founder of DotPe, Abhijeet Rana, and Ashish Singh.

The newly acquired funds will be used to boost research and development efforts, expand the company’s product offerings, and make premium wellness solutions more accessible to a wider audience.

WishNew Wellness offers a range of products designed to promote overall health, from nutritional supplements and skincare to fitness tools and mental wellness solutions. The brand is committed to using science-backed approaches to promote holistic health and well-being.

Headquartered in Delhi, WishNew Wellness has also been named the official wellness partner for FC Goa in the upcoming season. The company is set to enhance its supply chain, improve its digital platforms, and strengthen retail partnerships to provide better customer experiences.

The brand prides itself on its innovative use of advanced bioavailability technology, ensuring maximum nutritional absorption of ingredients such as blueberries, ashwagandha, and brahmi. By blending modern scientific techniques with natural remedies, WishNew Wellness aims to elevate the wellness industry and improve the quality of life for its customers.

Zouk Secures $10 Million in Series B Funding Led by Aavishkaar Capital

Supriya Biswas
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Zouk Secures $10 Million in Series B Funding Led by Aavishkaar Capital

Zouk, a prominent direct-to-consumer (D2C) brand specializing in bags and luggage, has successfully raised $10 million in its latest Series B funding round. The round was led by Aavishkaar Group, with additional participation from Stellaris Venture Partners, Titan Capital, Sharrp Ventures, and the JJ Family. This investment brings Zouk’s total funding to $14.5 million.

With this infusion of capital, Zouk aims to accelerate its growth by expanding its retail footprint, targeting the opening of 75 exclusive brand stores. Additionally, the company plans to strengthen its marketing initiatives, optimize its supply chain, and invest in talent across various operational segments.

Founded in 2015 by Disha Singh and Pradeep Krishnakumar, Zouk is known for its handmade products, including laptop bags, tote handbags, sling bags, and wallets. All items are made from 100% vegan leather, sourced locally in India. The startup, which has served over 700,000 customers to date, is now eyeing growth in the luggage market with the launch of new backpacks and trolley bags.

Sources suggest that Zouk’s valuation post-funding could reach approximately $50 million (around Rs 400 crore). The company’s last valuation was estimated at $7 million, as reported by startup data platform TheKredible.

During the previous funding round, co-founders Disha Singh and Pradeep Krishnakumar each held 31% ownership in the company, while Stellaris was the largest external stakeholder, holding a 19.63% share.

Financially, Zouk has shown significant growth, reporting revenue of Rs 47.41 crore for the fiscal year ending March 2023, up from Rs 21.82 crore in FY22. However, the company’s losses also rose, reaching Rs 10.55 crore compared to Rs 77 lakh in the previous year. The company has yet to release its financials for FY24.

Aavishkaar Capital, the lead investor in this round, has a track record of backing innovative startups such as AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace.

Berrylush Collaborates with GoKwik to Enhance E-Commerce Growth

Supriya Biswas
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Berrylush Collaborates with GoKwik to Enhance E-Commerce Growth

Berrylush, a prominent women’s western fashion label, has formed a strategic alliance with GoKwik, a leading e-commerce enablement platform, to boost its online footprint and accelerate growth. This partnership aims to double Berrylush’s order volume and revenue by 2025, delivering an enhanced shopping experience for customers and broadening its direct-to-consumer (D2C) presence in deeper regions of India.

Alok Paul, co-founder and COO of Berrylush, highlighted the importance of a seamless customer experience and minimizing return-to-origin (RTO) rates in India’s rapidly changing e-commerce environment. “With GoKwik’s innovative solutions, we’ve already noticed positive changes. In just 15 days, we are making significant strides toward our goals and expect a substantial decline in both drop-offs and RTO rates. As e-commerce expands, tackling RTOs is vital for maintaining both profitability and customer satisfaction,” he stated.

As a key player in the omnichannel fashion sector, Berrylush is targeting a revenue of ₹100 crore in this fiscal year. Leveraging GoKwik’s extensive shopper network, which boasts 120 million users—one of the largest in India—Berrylush aims to enhance the e-commerce shopping journey, particularly throughout the checkout process.

Berrylush intends to use technology and data-driven insights to increase cash-on-delivery (COD) gross merchandise value (GMV) while effectively minimizing returns before delivery.

Chirag Taneja, co-founder and CEO of GoKwik, remarked, “Berrylush has adeptly connected with today’s style-savvy consumers. Their steady growth and ambitious plans for the coming year are impressive. We are eager to support them in realizing these growth aspirations through our solutions and look forward to facilitating their upward trajectory.”

Following the deployment of GoKwik’s solutions on their website, Berrylush aims to incorporate the system into its mobile application, with the goal of reducing drop-offs by 20% and RTOs by 50%.

With GoKwik’s assistance, Berrylush expects a smooth transition and ongoing expansion in the near future.

Having remained bootstrapped until now, Berrylush is also planning to secure funding to scale its operations and aims to achieve a 7% EBITDA profit this fiscal year. GoKwik’s network encompasses over 10,000 e-commerce brands, including Lenskart, Neemans, Man Matters, and Shoppers Stop, spanning various key online shopping categories such as fashion, beauty, health and nutrition, and electronics.

In addition, GoKwik recently announced its global expansion through the acquisition of Return Prime, a Shopify app designed to manage returns for e-commerce brands.

Paytm Gains NPCI Green Light to Onboard New UPI Users

Supriya Biswas
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Paytm Gains NPCI Green Light to Onboard New UPI Users

On October 22, Paytm’s parent company, One 97 Communications, announced that it has received approval from the National Payments Corporation of India (NPCI) to start onboarding new users to its Unified Payments Interface (UPI) platform.

This approval is expected to provide significant relief to Paytm, as it allows the company to bring in new UPI users while ensuring compliance with all relevant procedural guidelines and circulars. In a late-evening filing with the BSE, Paytm stated, “We would like to inform you that, through a letter dated October 22, 2024, the NPCI has granted us permission to onboard new UPI users, provided we adhere to all NPCI procedural guidelines and circulars.”

The NPCI’s approval comes with specific conditions that must be followed, including adherence to ongoing guidelines and circulars regarding risk management, branding for the app and QR codes, multi-bank regulations, TPAP market share, and customer data management.

Moreover, One 97 Communications must comply with the stipulations outlined in the tri-partite agreement involving NPCI and PSP Banks. The NPCI letter addressed to Vijay Shekhar Sharma, founder and CEO of One97 Communications, emphasizes the necessity of following all applicable laws and regulatory requirements, including the Payments and Settlement Act of 2007, the Information Technology Act of 2000, the Digital Personal Data Protection Act of 2023, and the circular on the Storage of Payment System Data issued in 2018.

The NPCI also noted that One 97 Communications had submitted a request on August 1, 2024, seeking approval to onboard new UPI users on the Paytm app, which had been halted following directions from the Reserve Bank of India (RBI) on January 31, 2024, and February 16, 2024. The filing concluded, “After reviewing your request, we hereby grant our approval, allowing One97 Communications Private Limited (OCL) to onboard new users on their UPI application,” while listing various compliance conditions.

Udaan Aims for $100 Million in New Funding at Stable Valuation

Supriya Biswas
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Udaan Aims for $100 Million in New Funding at Stable Valuation

Udaan, the Bengaluru-based B2B ecommerce platform, is targeting a fresh funding round of $80-100 million, led by UK-based investors. The new investment is expected to maintain Udaan’s current valuation of around $1.8 billion, with negotiations already in the final stages.

This round of funding comes as Udaan continues to streamline its operations to manage costs in a tighter liquidity market. The company has sharpened its focus on select product categories and adopted a market cluster approach, particularly in regions like Bengaluru and Hyderabad, where it is focusing on grocery, staples, FMCG, and dairy. These operational changes are intended to boost efficiency and help the company achieve profitability.

According to sources close to the matter, the current funding round is crucial for Udaan as it seeks to strengthen its balance sheet and enhance profitability through improved EBITDA margins. The company has been growing its margins month-over-month while reducing its operating scale. Udaan’s net merchandise value currently stands at around $600-700 million, which is lower than in previous years, but the company remains focused on sustainable growth.

Udaan’s leadership, which includes co-founder and CEO Vaibhav Gupta, has been working to restructure the company’s debt and operations. The company still holds about $100 million in debt, but repayment timelines have been extended. The company has also undergone management changes, with co-founders Sujeet Kumar and Amod Malviya stepping back from daily operations, although they continue to hold board positions.

The funding round is Udaan’s first major equity raise since 2021. In a previous round in December 2023, the company raised $340 million through debt-to-equity conversion. This new injection of capital is expected to support Udaan’s path toward profitability.

Udaan’s parent company, Trustroot Internet, is currently domiciled in Singapore, but there are plans to shift the company’s domicile to India, possibly in preparation for an IPO in the coming years. Financial reports indicate that Udaan has reduced its losses in FY23, with gross revenue for the year standing at Rs 5,629 crore, down from previous levels, while also trimming losses to Rs 2,075 crore.

As Udaan continues to refine its strategy and operations, this new round of funding will be critical in achieving its financial goals and expanding its market presence. The company’s focus remains on driving profitability and optimizing its operational scale.

Avaana Secures Final Close of $135 Million for Climate-Focused Fund

Supriya Biswas
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Avaana Secures Final Close of $135 Million for Climate-Focused Fund

Avaana Capital, a prominent early-stage investment firm, has achieved the final close of its climate and sustainability-focused fund at $135 million. The fund, originally targeted at $100-125 million, made its first close at $70 million in June last year. Avaana aims to support 20-25 early-stage companies focused on innovative solutions in energy transition, supply chain, resources, industrial decarbonization, and food systems.

The fund’s initial investments will range between Rs 10 crore and Rs 30 crore, with plans to provide follow-up funding for successful ventures.

Anjali Bansal, Founding Partner of Avaana Capital, emphasized the profound impact climate change and sustainability will have on social systems, likening it to the digital revolution that transformed economies and societies in recent decades. “The biggest investment opportunities, and subsequently returns, come from innovations in areas undergoing significant transitions,” Bansal noted. “Two mega trends defining our world are artificial intelligence and climate change.”

Avaana’s climate fund is designed to address sustainability, which Bansal sees as the next major challenge to be tackled globally. She believes sustainability will reshape how we live, much like digitization did in the past 30 years.

The fund will provide early-stage capital to startups that demonstrate a core innovation focus in critical areas such as energy transition, supply chain efficiency, and industrial decarbonization. Avaana evaluates startups through a technical lens, guided by the Green Climate Fund (GCF) framework, with an emphasis on climate mitigation, adaptation, and resilience.

The GCF, a major climate financing initiative under the United Nations, is among the key sponsors of Avaana’s Sustainability Fund. Other contributors include the US International Development Finance Corporation, the UK-India Development Cooperation Fund, the Self Reliant India Fund managed by SBI Ventures, Small Industries Development Bank of India (SIDBI), Azim Premji Trust, and several large corporations.

Avaana has already invested in six startups through this new fund, including Kazam, which provides electric vehicle charging solutions; Sentra World, a platform supporting ESG (environmental, social, and governance) initiatives; and agritech company Eeki Foods.

Even Healthcare Secures $30 Million in Series A Funding Led by Khosla Ventures

Supriya Biswas
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Even Healthcare Secures $30 Million in Series A Funding Led by Khosla Ventures

Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures, with contributions from Founders Fund, 8VC, and Lachy Groom. This investment brings the total funds raised by the company to $50 million.

The fresh capital will be directed towards launching hospital operations and enhancing patient care and resource management processes, the company revealed in a statement.

This funding round had been reported earlier in August. Previously, Even Healthcare secured $15 million from Alpha Wave and Aspada in November 2022, building on an initial $5 million seed investment led by Khosla Ventures in 2021.

Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare provides its members with free consultations, diagnostic services, and cashless hospitalization through its in-house clinical team and insurance partners. The company collaborates only with hospitals that guarantee consistent care for its members in exchange for a subscription fee.

In addition, Even offers managed care programs and provides Even cards for payment at partner hospitals and labs. The platform differentiates itself from traditional medical insurance by offering unlimited OPD consultations and diagnostics.

Even Healthcare has grown rapidly, boasting a team of 300 employees and a member base in the hundreds of thousands. The company has generated $28 million (over Rs 230 crore) in revenue within 18 months of its commercial launch.

Looking ahead, Even Healthcare intends to open three hospitals in Bengaluru focused on secondary care. This expansion aims to minimize hospitalization risks through early risk profiling and managed care services.

India’s healthcare market, valued at $372 billion in 2022, continues to expand at a compound annual growth rate (CAGR) of 22%. However, private insurance still covers only a fraction of the population.

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Nvidia Eyes Expansion in Thailand with Upcoming Investment Plans

Supriya Biswas
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Nvidia Eyes Expansion in Thailand with Upcoming Investment Plans

Nvidia, the global chip-making giant, is preparing to announce its investment strategy in Thailand later this year. CEO Jensen Huang is expected to reveal these plans during his visit to Bangkok in December, although he has refrained from disclosing specific details about the scale or nature of the investment, as reported in an interview with Bloomberg.

Thailand’s Commerce Minister, Pichai Naripthaphan, also confirmed Nvidia’s intention to invest in the country. While the full extent of the investment remains under wraps, Huang’s trip signifies a strategic move that could have a significant impact on Thailand’s technology landscape. More information is anticipated as the December trip approaches.

This new development highlights Nvidia’s growing interest in Southeast Asia as a potential hub for future operations.

DriveU Achieves Profitability in FY24 with Significant Revenue Growth

Supriya Biswas
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DriveU Achieves Profitability in FY24 with Significant Revenue Growth

Bengaluru-based DriveU, an on-demand driver aggregator platform owned by Humble Mobile Solutions Private Limited, has reported an impressive 66% increase in its revenue for the fiscal year ending March 2024. Along with this growth, the company also reached profitability for the first time.

DriveU’s operational revenue surged to ₹24.50 crore in FY24, up from ₹14.75 crore in the previous year. This boost in earnings is largely attributed to a rise in platform usage. Founded in 2015 by father-son duo Ashok Shastry and Rahm Shastry, DriveU operates in key cities like Mumbai, Bengaluru, Delhi NCR, Hyderabad, Chennai, and Kolkata, offering round-the-clock services through its expansive network of driver partners.

While revenue grew, the company remained focused on managing expenses. Direct costs increased to ₹7.55 crore from ₹4.26 crore in FY23, and employee benefit expenses saw a 21% rise to ₹10.44 crore. Notably, DriveU posted a profit before tax of ₹11.35 lakh, a remarkable turnaround from a loss of ₹2.29 crore in FY23. This success was primarily due to cost-cutting measures in areas like finance costs, which dropped to ₹82.11 lakh from ₹1.18 crore, and reduced depreciation and amortization expenses, recorded at ₹23.79 lakh.

In addition to its financial performance, DriveU managed to significantly reduce its long-term debt, bringing borrowings down to ₹44.90 lakh in FY24 from ₹6.82 crore the previous year. Improved cash flow was another positive outcome, with net cash from operations turning positive at ₹2.18 crore, thanks to better working capital management.

Looking ahead, DriveU has set a revenue target of ₹125 crore for FY25.

To date, DriveU has raised nearly ₹60 crore ($7 million) and is currently valued at approximately ₹260 crore ($30 million), according to startup intelligence platform TheKredible.

While DriveU continues to strengthen its position, the on-demand driver space has seen increased competition. In March, Cars24 briefly entered the market with its AutoPilot app, though the service was later discontinued. Additionally, PeakXV-backed Park+ joined the sector in June, alongside other notable competitors like Drivers4Me, Driverzz, PickMyCar, and Namma Driver.

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