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ShipEase Secures Funding from JITO Angel Network to Boost Logistics Solutions

By
Garima Bansal
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0
shipease founders

ShipEase, a rapidly growing logistics startup, has announced a new round of funding from prominent backers including the JITO Angel Network Investment Arm of JITO Incubation and Innovation Foundation (JIIF), COGNIPHY.US, and the Ministry of Electronics and Information Technology (MEITY). The amount remains undisclosed, but the infusion of capital is set to drive the company’s ambitious plans for growth and innovation.

Founded by Pawan Kumar, Lalit Singh, and Ajay K, ShipEase has quickly established itself as a key player in the logistics sector, focusing on enhancing the supply chains of Direct-to-Consumer (D2C) brands and small to medium-sized e-commerce retailers. The startup offers automated shipping services that span over 28,000 pin codes, utilizing intelligent courier assignment to ensure efficient deliveries.

Pawan Kumar, CEO of ShipEase, emphasized the critical role of supply chain management, which accounts for around 10% of overall business costs. He explained that ShipEase aims to be a tech-savvy partner for both the D2C community and offline brands, offering comprehensive management solutions from production to inventory and logistics. By leveraging their deep expertise in logistics, ShipEase helps businesses build sustainable and efficient operations.

The founding team brings a wealth of experience from top companies. Pawan Kumar’s background includes significant roles at Xpressbees, Ecom Express, and Delhivery Ltd. Lalit Singh, the Chief Revenue Officer, has an impressive track record with FedEx, Delhivery, and Reliance Industries. Ajay K, the Managing Director and Chief Technology Officer, has extensive technical experience from his time at RBS, Iris Inc., and Aricent. Together, their diverse backgrounds in logistics, e-commerce, and technology fuel ShipEase’s mission to innovate and streamline the shipping industry.

Rajat Mehta, Chairman of JIIF, highlighted the importance of efficient logistics for D2C brands. He noted that managing supply chains is a significant expense for new and emerging brands. ShipEase’s platform and technological approach provide a cost-effective solution, helping brands reach their customers swiftly while keeping logistics costs low.

ShipEase has developed a technology-driven logistics solution that offers end-to-end automation for various delivery needs. Key features include real-time tracking, non-delivery report (NDR) management, returns management, and a consultative dashboard, all designed to enhance shipment security and efficiency.

Currently, ShipEase serves a diverse base of 3,000 clients, handling over a million shipments per month. The company has also maintained a positive EBITDA in double digits, showcasing its financial health and growth potential.

The broader Supply Chain Management Market was valued at approximately $26.8 billion in 2022 and is expected to reach around $62.20 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.1% from 2023 onwards. This promising market outlook positions ShipEase well for continued expansion and impact.

ShipEase’s latest funding round will be used to expand its team, enhance its technological infrastructure, and develop new products to strengthen its market presence. With its innovative approach and robust platform, ShipEase is poised to continue making significant strides in the logistics sector, helping D2C brands and e-commerce retailers optimize their supply chains and deliver exceptional customer experiences.

Palette Brands Secures $2 Million in Pre-Series A Round

By
Garima Bansal
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0
palette brands founders

Palette Brands, formerly known as White.Inc, a forward-thinking consumer goods firm, has successfully raised nearly $2 million in its pre-series A funding round, spearheaded by Rockstud Capital.

The funding round also witnessed support from existing investors such as IPV and Dholakia Ventures, alongside contributions from notable angel investors including Stoffer Anko Norden and Apurva Salapuria.

Founded by Siddharth Gadodia, Young Yun, Himanshi Tandon, and Bret Recor, Palette Brands is dedicated to catering to the aspirational affluent consumer segment, characterized by their appreciation for exceptional product design and value. The company focuses on developing products within the mass premium segment across categories with substantial total available market (TAM) and significant unmet consumer needs.

Palette’s current portfolio includes Unbottle, a range of reusable and sustainable drinkware products, and Totem, which specializes in creating accessories tailored exclusively for the expanding Apple consumer base in India. Additionally, the company is gearing up to introduce Ember, a cookware brand inspired by vibrant Indian lifestyles and modern décor, emphasizing non-toxic materials.

In a recent strategic move, Palette Brands has forged a partnership with Box Clever which is recognized for developing products for industry leaders in the USA, making this collaboration a significant milestone for Palette Brands as it continues to expand its market presence and innovation.

Ola Electric Receives Sebi Approval for Rs 7,250 Crore IPO

By
Garima Bansal
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0

Ola Electric, the electric vehicle startup founded by Bhavish Aggarwal, has garnered approval from the Securities and Exchange Board of India (Sebi) for its Rs 7,250 crore initial public offering (IPO), as per sources familiar with the matter. This milestone positions Ola Electric to become the first Indian EV company to debut on the public market.

Sebi’s approval, combined with a buoyant market sentiment, potentially paves the way for the company to launch its IPO within a month, though this timeline remains unconfirmed. Attempts to solicit comment from the company were unsuccessful.

The IPO is set to include a fresh issue of equity shares worth Rs 5,500 crore, along with an offer for sale (OFS) of over 95 million equity shares valued at approximately Rs 1,750 crore.

Bhavish Aggarwal intends to offload up to 47.4 million shares, representing a 3.48 per cent stake in the IPO. Other selling shareholders include Indus Trust, Alpine Opportunity Fund, DIG Investment, Internet Fund III (Tiger Global), MacRitchie Investments, Matrix Partners, SoftBank Vision Fund, Alpha Wave Ventures, and Tekne Private Ventures. Ola Electric is eyeing a valuation range of $7-8 billion.

Since its foray into the EV segment in 2017, Ola Electric has emerged as a dominant player, capturing over 35 per cent of the market share in FY24. Data sourced from the VAHAN portal indicates a steady rise in Ola Electric’s market share from 21 per cent in FY23.

According to the draft red herring prospectus (DRHP), proceeds from the fresh issue will be allocated towards capital expenditure (capex), debt repayment, and research and development (R&D). The company plans to invest Rs 1,226 crore in capex, allocate Rs 800 crore for debt repayment, and earmark Rs 1,600 crore for R&D. An additional Rs 350 crore will be directed towards organic growth initiatives.

Plotline Raises $2.6 Million to Revolutionize App Customization for Consumer Brands

By
Garima Bansal
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plotline founders

Plotline, a pioneering SaaS startup, has secured $2.6 million in seed funding led by Elevation Capital. This funding will support Plotline’s mission to empower B2C product marketers by offering a dynamic platform that customizes app experiences based on user behavior.

Founded in 2022 by former HyperVerge leaders Shubham Jindal and Adarsh Tadimari, Plotline aims to solve the common issue of app underutilization due to users being unaware of all available functionalities. “Mobile apps today offer much more functionality compared to half a decade ago, creating a unique challenge in user navigation and discovery,” said Jindal. “Our platform makes apps dynamic, which can significantly benefit both companies and end users.”

Plotline’s no-code platform enables consumer brands to create personalized app experiences through in-app experimentation with inline widgets, nudges to improve activation and retention, and gamification to deepen engagement. The platform leverages billions of data points to tailor these experiences, integrating large language models (LLMs) for content creation and continuous experimentation.

plotline team

Since its launch, Plotline has gained traction with 50 consumer app teams, including major players like Dream11, Khatabook, BharatPe, and CoinDCX. The startup has impacted over 150 million end users, improving implementation and experimentation speeds by up to tenfold.

The funding will enhance Plotline’s R&D, marketing, and sales efforts, and support its expansion into the US, Middle East, Africa, and Asia-Pacific regions. Jindal emphasized the importance of this expansion: “As apps become multifunctional, the role of app adoption platforms is becoming crucial. We’re helping companies and users navigate the dynamic digital landscape, and this journey is just beginning.”

Elevation Capital’s Vice President, Poorvi Vijay, highlighted the strategic importance of Plotline’s platform in the evolving app market. “With the rise of vertical super apps, Plotline helps consumer apps cut through the noise and deliver top-notch in-app experiences,” she said. “We’re excited to support Shubham and Adarsh as they redefine user engagement and drive growth in this industry.”

Plotline’s innovative approach and rapid growth reflect the broader trend of increasing investment in Indian enterprise tech startups, which have raised $15 billion across 1,100 deals from 2014 to 2023. Plotline’s successful seed round follows other notable funding activities in the sector, underscoring the vibrant investment environment surrounding Indian tech startups.

ICON Secures $1.2 Million Seed Funding to Expand Product Line and Team

By
Garima Bansal
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Icon Founders

ICON, a direct-to-consumer startup specializing in luggage and travel accessories, has successfully raised $1.2 million in seed funding. This investment round, led by DSG Consumer Partners with support from various angel investors, marks a significant milestone for the Mumbai-based company as it aims to disrupt the Indian luggage market.

CEO Mohammad Patel shared that the fresh capital will be used to enhance ICON’s product range, grow the team, and strengthen the distribution network. He emphasized the untapped potential in the Indian luggage market, which is valued at approximately ₹20,000 crore and is expected to grow at a robust annual rate of 14% over the next three years. Notably, nearly half of this market remains unbranded, presenting a significant opportunity for ICON to establish itself as a key player in the mass premium segment.

ICON, founded by industry veterans Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, aims to cater to modern travelers with products that combine superior design, functionality, and durability. The founders previously achieved success with MyFitness, a health food startup that was acquired by Mensa Brands in 2022. They now bring their expertise to ICON, seeking to redefine the luggage industry in India.

With its innovative products, ICON is set to capitalize on the growing demand for travel and lifestyle goods. The company’s offerings include hard luggage, backpacks, and handbags, all designed to meet the needs of the modern, fashion-conscious traveler. ICON’s products feature unique elements such as wide-handle trolleys, smart bags with power bank slots, and Bluetooth-enabled trackers. The materials used are premium and globally sourced, ensuring durability and style.

DSG Consumer Partners’ MD and Head of India, Hariharan Premkumar, expressed confidence in ICON’s vision, noting the team’s proven track record with MyFitness and the immense growth potential in the luggage market. He highlighted the expected boom in domestic and international tourism in India, which is set to become the fourth-largest global spender in travel by 2030. This growth, coupled with an increasing demand for high-quality, fashionable luggage, underscores the strategic timing of this investment.

Looking ahead, ICON plans to diversify its retail presence by launching its first offline store by 2025, complementing its strong online presence. This move aims to provide customers with a tangible experience of their high-quality products.

ICON’s mission is to transform the travel experience for Indian consumers, making it more stylish, efficient, and enjoyable. With this seed funding, ICON is well-positioned to lead a revolution in the luggage market, offering products that reflect the evolving needs and preferences of today’s travelers

Liquid Diamonds Secures Rs. 9 Crores in Funding for Expansion

By
Garima Bansal
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liquid diamonds Kashyap Mehta founder

Liquid Diamonds, a Mumbai-based provider of a B2B diamond sourcing platform, has recently raised Rs. 9 Crores ($1.1M) in funding, marking a significant milestone in its growth trajectory.

The funding round saw participation from notable backers including Varun Alagh of Mamaearth, Aakrit Vaish of Haptik, and Miten Sampat of CRED, indicating a strong vote of confidence in Liquid Diamonds’ vision and potential within the diamond industry.

Liquid Diamonds intends to utilize the funds to expand its operations and business reach, further solidifying its position as a leading player in the market. Founded by Kashyap Mehta, Mark Molloy, and Chetan Gupta, Liquid Diamonds is a technology startup with offices in New York and Mumbai, offering a B2B sourcing platform for diamond and jewelry businesses.

The platform aims to revolutionize the industry by bringing price transparency and liquidity to diamonds, enabling buyers to purchase at fair market value quickly and easily, while providing suppliers with the opportunity to liquidate their inventory instantly.

Powered by a patented universal continuous double auction technology, Liquid Diamonds’ platform ensures that diamond buyers obtain the best price by putting suppliers into open competition with each other. On the supply side, the company offers a SaaS-based pricing co-pilot that leverages artificial intelligence (AI) and machine learning to help diamond suppliers competitively price their diamonds.

With this recent funding injection, Liquid Diamonds is poised for significant growth and innovation, as it continues to disrupt and transform the diamond industry landscape.

BriskPe Secures $5 Million Seed Funding from PayU to Revolutionize Cross-Border Payments

By
Garima Bansal
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0
BriskPe founders

BriskPe, a rising star in the fintech world, has successfully raised $5 million in seed funding from PayU, a major player in digital payments and fintech. This substantial investment is set to fuel BriskPe’s mission to streamline and enhance cross-border payment solutions for Indian businesses aiming to expand globally.

Founded in Mumbai, BriskPe has swiftly positioned itself as a crucial platform for micro, small, and medium enterprises (MSMEs), helping them manage international transactions efficiently. The startup’s innovative approach addresses the unique challenges faced by these businesses, offering cost-effective and rapid payment processing services.

The fresh capital will be pivotal for BriskPe, enabling it to strengthen its product and service offerings, expand its team, and scale its operations. This strategic infusion is expected to significantly bolster its capacity to support more Indian enterprises in navigating the complexities of global payments.

BriskPe’s impressive growth trajectory includes a robust customer base of over 1,000 exporters. By simplifying global payments and ensuring rigorous compliance and tracking, the platform aims to make international business transactions more accessible and efficient. Additionally, BriskPe has partnered with Yes Bank to facilitate transactions in over 36 foreign currencies across more than 180 countries, demonstrating its extensive reach and operational capabilities.

This seed funding marks BriskPe’s first institutional investment round, reflecting strong confidence from PayU in the startup’s potential. PayU’s backing is part of its broader strategy to create a comprehensive payments platform that spans both domestic and international markets. This partnership is expected to significantly enhance PayU India’s offerings in the cross-border payments sector.

Sanjay Tripathy, Co-Founder and CEO of BriskPe, expressed enthusiasm about the partnership, stating, “This investment represents a pivotal step in simplifying cross-border transactions for MSMEs. Our goal is to bridge the gap between domestic and international trade, empowering local businesses with innovative solutions to thrive globally.”

PayU’s Chief Investment Officer, Vijay Agicha, echoed this sentiment, highlighting BriskPe’s alignment with PayU’s cross-border payment strategy and its focus on compliance. “We are excited to actively participate in shaping BriskPe’s future growth. Their expertise in digital-first business models and banking systems is crucial for driving economic growth in India,” Agicha remarked.

As BriskPe continues to evolve, its commitment to making global payments more efficient, cost-effective, and compliant positions it as a key player in the fintech landscape, competing with other innovators like PayPal, Razorpay, and Skydo. With PayU’s support, BriskPe is well on its way to revolutionizing the cross-border payment experience for Indian businesses.

Foxtale Secures $18 Million in Funding Led by Panthera Growth Partners

By
Garima Bansal
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0
foxtale founder

Foxtale, a Mumbai-based direct-to-consumer (D2C) skincare brand, has recently achieved a significant milestone in its growth journey by securing $18 million (about Rs 150 crore) in its Series B funding round. The funding round was spearheaded by Panthera Growth Partners, a distinguished investor based in Singapore, marking a substantial endorsement of Foxtale’s vision and potential within the competitive skincare market.

Alongside Panthera Growth Partners, the funding round saw continued support from existing investors, including Matrix Partners India and Kae Capital.

IndigoEdge acted as the financial advisor to Foxtale throughout this transaction, as stated in the official press release. Foxtale’s post-allotment valuation stands at approximately Rs 790 crore or $96 million. With this latest infusion of capital, Foxtale’s total funding to date exceeds $22 million, a testament to investors’ belief in the brand’s potential to disrupt the skincare industry.

Founded by Romita Mazumdar in 2021, Foxtale has carved a niche for itself as a low-cost skincare brand catering specifically to Indian skin types. Its product range addresses common concerns such as acne, aging, and hyperpigmentation, offering tailored solutions to a diverse customer base.

Foxtale’s products are not only available on its website but also across various popular marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra, ensuring accessibility and convenience for consumers.

Despite the challenges posed by the pandemic, Foxtale has demonstrated remarkable growth, with its scale expanding significantly from Rs 20 lakh in FY22 to Rs 13.8 crore in FY23. However, this rapid expansion has been accompanied by a proportional increase in losses, which surged to Rs 18.59 crore during the same period.

In conclusion, Foxtale’s latest funding round not only signifies a significant milestone in its growth journey but also underscores the immense potential of the D2C skincare segment in India. With the backing of prominent investors and a commitment to innovation and customer satisfaction, Foxtale is well-positioned to redefine the standards of skincare in the country.

Atlan Secures $105M in Series C Funding, Led by GIC and Meritech Capital

By
Garima Bansal
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0
atlan founders

Atlan, a groundbreaking data infrastructure company, has announced the successful closure of its Series C funding round, securing a substantial $105 million. Spearheaded by GIC, a prominent Singapore-based sovereign wealth fund, and co-investor Meritech Capital Partners, known for early support of industry giants like Snowflake and Datadog, this round also saw participation from existing investors Salesforce Ventures and Peak XV Partners. Insight Partners and Waterbridge Ventures also contributed, bringing Atlan’s total funding to over $206 million.

Co-founder Prukalpa Sankar underscored the pivotal role of data readiness in today’s rapidly evolving technological landscape, emphasizing the importance of enriching data with business context, trust, and security.

Atlan’s impressive growth trajectory is evident from its substantial revenue increase and remarkable success rate in competitive trials. Experiencing a sevenfold surge in revenue over the past two years and achieving a 75% success rate in competitive trials, Atlan’s enterprise sales skyrocketed by 400% in the first quarter of 2024.

Varun Banka, Atlan’s Co-founder, highlighted the company’s mission to unify diverse data sources, recognizing that diverse approaches to data management are inherent across organizations. Atlan’s solution aims to unify data across warehouses, lakehouses, vector DBs, BI tools, and AI agents.

Rob Ward, Co-founder of Meritech Capital, commended Atlan’s innovative approach to modern data governance, recognizing the company’s efforts in setting a new standard for enterprises with a cloud-first data strategy.

Atlan’s recent recognition as a leader in the Forrester Wave for Enterprise Data Catalogs for DataOps, coupled with its leadership positions in various G2 categories, reaffirms its pivotal role in shaping the future of data management.

Matrix Pharma Acquires Viatris’ API Business for ₹1,445 Crore with Funding from KSSF II

By
Garima Bansal
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0
kotak strategic fund CEO Eshwar Karra

Matrix Pharma Private Ltd has finalized the acquisition of Viatris’ active pharmaceutical ingredients (API) business for ₹1,445 crore, a deal facilitated by funding from Kotak Strategic Situations Fund II (KSSF II).

This acquisition is poised to elevate Matrix Pharma to the position of the second-largest Indian API player, with a notable global presence in antiretroviral APIs, as highlighted in a statement regarding the development. KSSF II, managed by Kotak Alternate Asset Managers Ltd, played a pivotal role in financing the transaction.

The acquisition grants Matrix Pharma access to valuable research capabilities, with over 185 scientists on board, and a robust portfolio

of over 600 Drug Master Files (DMFs). Additionally, Matrix Pharma aims to leverage its existing relationships with global pharmaceutical companies to further enhance its market position.

Kotak Alternate Asset Managers will support Matrix Pharma in consolidating its presence in the API business by bolstering third-party sales. Furthermore, the company will explore selective opportunities for growth in the pharmaceutical contract development and manufacturing organization (CDMO) space.

Srini Sriniwasan, Managing Director of Kotak Alternate Asset Managers, emphasized that this transaction underscores the firm’s capabilities in the pharmaceutical industry and its capacity to create a platform for building a robust API business through organic and inorganic growth. Eshwar Karra, CEO of Kotak Strategic Situations Fund, noted that India’s chemistry capabilities and cost-competitive manufacturing position it as the third-largest API manufacturer globally, further highlighting the potential for growth and expansion in the pharmaceutical sector.

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