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Honestly Raises Rs 3.2 Crore in Pre-Seed Funding to Revolutionize Beauty Tech

Garima Bansal
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Honestly Raises Rs 3.2 Crore in Pre-Seed Funding to Revolutionize Beauty Tech

Honestly, an AI-powered platform focusing on beauty and personal care, has secured Rs 3.2 crore in its pre-seed funding round. The investment was led by Better Capital, with participation from Kunal Shah’s QED Innovations, as well as senior executives from Flipkart, Polygon, and Cred.

The funds will primarily support the platform’s initial product launch and efforts to achieve early product-market fit. Founded by Karishma Rathaur, Honestly aims to facilitate peer-to-peer connections for sharing product reviews.

The revenue strategy will center on a business-to-business (B2B) model, offering other brands access to its APIs and the integration of widgets into their product pages. The company targets reaching 1 million users across India in the coming years.

Lifetime Health Secures $1.5M Seed Funding to Expand At-Home Healthcare Services

Garima Bansal
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Lifetime Health Secures $1.5M Seed Funding to Expand At-Home Healthcare Services

Lifetime Health, a digital platform specializing in at-home healthcare services, has successfully raised $1.5 million in a seed funding round. This round was led by US-based venture capital firm The Garage Syndicate, with additional contributions from various angel investors.

Prior to this, the company had secured $900,000 in a previous funding round from an existing investor. According to a press release from Lifetime Health, the newly acquired funds will be allocated towards further development of the platform.

Lifetime Health was co-founded in 2023 by Konstantin Riabtsev, Mikhail Vorobev, and Nabil Ahmed. The platform offers comprehensive hospital-at-home care services, including phlebotomy, diagnostic tools, medical devices, nursing care, physiotherapy, and postoperative care—all accessible through a single app. Their automated system ensures prompt, high-quality, and cost-effective services, from the moment a client places an order to the nurse’s visit and results processing.

Currently, Lifetime Health operates in Bengaluru and has a network of 200 local clinics. The company plans to expand to major Indian cities, aiming to connect with over 10,000 medical offices nationwide. They intend to facilitate at-home medical service orders for residents in Bengaluru and its surrounding areas, with plans to extend to Mumbai. The platform aspires to have 1,000 doctors registered, with at least 300 actively using the platform to schedule appointments, provide recommendations, and maintain digital patient histories.

Gen-Z Fashion Brand Newme Secures $18 Million Series A Funding Led by Accel

Garima Bansal
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Gen-Z Fashion Brand Newme Secures $18 Million Series A Funding Led by Accel

Gen-Z-focused fast fashion brand, Newme, has secured $18 million in its Series A funding round led by Accel, with participation from existing investors Fireside Ventures and AUM Ventures. The Bengaluru-based startup previously raised $5.4 million in January this year and had an undisclosed round of funding from investors such as AUM Ventures, 2am VC, and All In Capital in November 2022.

Newme plans to use the new funds to enhance its omnichannel presence and improve supply-chain technology, according to a company press release. Founded by Shivam Tripathi, Sumit Jasoria, and Vinod Naik, Newme currently offers self-branded clothing through both online and offline channels.

The brand opened its first retail store in Bengaluru in July last year and has since expanded to five new cities with six retail outlets. In the next 12-18 months, Newme aims to establish 40-50 stores across 20 key cities, including underserved regions like Guwahati, Shillong, and Imphal. Over the past 18 months, Newme reports a 9X growth in revenue and anticipates at least three-fold growth this year.

Fast fashion brands have garnered significant funding in recent years. For instance, the omnichannel ethnic wear brand Libas raised $18 million in its first funding round. Other notable brands in the sector include DSLR, French Crown, and Virgio.

Lenskart Secures $20 Million from Co-Founders Amid Continued Investor Confidence

Garima Bansal
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Lenskart Secures $20 Million from Co-Founders Amid Continued Investor Confidence

Eyewear retailer Lenskart has successfully raised close to $20 million, funded by its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi. According to regulatory filings accessed from the Registrar of Companies (ROC), Lenskart’s board approved a special resolution to issue 695,875 CCPS (cumulative convertible preference shares) at Rs 2,300 each, amounting to Rs 160 crore or $19.12 million.

Peyush Bansal led this funding round with an investment of Rs 70.70 crore, followed by Neha Bansal with Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi contributed Rs 9.60 crore and Rs 9.35 crore, respectively. This fundraising effort follows a significant $200 million secondary deal announced recently, with Temasek and Fidelity Management & Research Company (FMR) investing at a valuation exceeding $5 billion.

Lenskart operates more than 2,500 stores, with around 2,000 located in India. Approximately 60% of its revenue comes from India, while the rest is generated from international markets including Singapore, Dubai, the US, and Southeast Asia.

Despite a challenging funding environment, the Delhi-based company has secured over $1 billion in the past 18 months. Investor interest remains strong, driven by Lenskart’s solid financial performance, sound unit economics, and growth prospects in foreign markets.

For the fiscal year ending March 2023, Lenskart’s operational revenue soared to Rs 3,788 crore, up from Rs 1,502 crore in FY22. The company also managed to cut its losses by 37.3%, reducing them to Rs 64 crore in FY23 from Rs 102 crore in FY22. The annual financial report for FY24 is yet to be filed.

InMobi Targets $10 Billion Valuation in 2024 IPO, Plans Headquarters Relocation to India

Garima Bansal
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InMobi Targets $10 Billion Valuation in 2024 IPO, Plans Headquarters Relocation to India

InMobi, an adtech unicorn, is reportedly preparing for an initial public offering (IPO) next year, targeting a valuation of approximately $10 billion. According to a TechCrunch report, the company aims to list in India. Alongside this, InMobi, which has achieved profitability, plans to relocate its headquarters from Singapore to India in the coming months. An IPO in India at this valuation would represent one of the largest listings by a local software startup.

Founded in 2007 by Naveen Tewari, Piyush Shah, and Abhay Singhal, InMobi has established itself as a leading marketing and monetization technology provider both in India and globally. Although headquartered in Singapore, the company has significant operations in Bengaluru and San Francisco, along with presence in New York, Chicago, Kansas City, Los Angeles, Delhi, Mumbai, Beijing, London, Dubai, and several other locations.

InMobi initially planned for an IPO in 2021 but postponed it due to unfavorable market conditions. With the recent recovery in tech stocks, the company is now reconsidering an IPO within the next 12-15 months. This move comes as part of a broader strategic realignment that encompasses technology, organizational structure, workforce skills, and operations, driven by the adoption of artificial intelligence.

Earlier this year, it was reported that InMobi, recognizing the need for technological advancement after nearly 17 years, aligned its strategy to incorporate advancements like generative AI. This shift is anticipated to lead to the reduction of approximately 125 jobs, representing about 5% of its current workforce of 2,500 employees.

As InMobi prepares for its IPO and strategic realignment, the company’s move to integrate artificial intelligence and relocate its headquarters to India underscores its commitment to staying at the forefront of the adtech industry. This upcoming IPO will be closely watched as one of the most significant listings for a local software startup in recent times.

Edtech Startup byteXL Secures $5.9 Mn to Enhance IT Skill Offerings for Students

Garima Bansal
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Edtech Startup byteXL Secures $5.9 Mn to Enhance IT Skill Offerings for Students

Edtech startup byteXL has raised $5.9 million (around INR 49 crore) in its Series A funding round, led by Kalaari Capital with participation from the Michael and Susan Dell Foundation. This Hyderabad-based B2B edtech startup, founded in 2019 by Karun Tadepalli and Charan Tadepalli, focuses on providing IT skills to students through partnerships with engineering colleges.

The newly acquired capital will be used to expand byteXL’s team, reach more colleges and universities across India, and develop new digital tools and technologies. The startup aims to bridge the gap between academia and industry by integrating curriculum, content, and practical learning. ByteXL’s program includes an IT skill-focused curriculum, the Nimbus software for coding, and mentors placed in colleges to assist students with their learning.

ByteXL claims to have over 120,000 active platform users, with more than 1,500 students placed in top product-based companies and over 40,000 students placed in major IT firms like Wipro, Infosys, and TCS. The founders emphasize that their mission is to shape the futures of students by equipping them with cutting-edge skills and technologies.

Despite the recent funding boost, byteXL faces stiff competition in the edtech sector from giants like BYJU’S, Unacademy, UpGrad, Seekho, and Practically Trilogy Education Services. The startup reported a net loss of INR 1 crore for the fiscal year ending March 2023, with an operating revenue of INR 15 crore, up from INR 5 crore in FY22.

The funding comes at a challenging time for the Indian edtech sector, which has seen a significant decline in investments since the post-pandemic reopening of schools and colleges. Issues such as heavy cash burn, mounting losses, and weak governance have plagued the industry, leading to layoffs and shutdowns. In 2023, Indian edtech startups raised $283 million, a sharp decline from $2.4 billion in 2022.

Exclusive: Ixigo-backed FreshBus Secures $5.3 Million in Series A Round

Garima Bansal
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Exclusive: Ixigo-backed FreshBus Secures $5.3 Million in Series A Round

Ixigo-backed electric vehicle (EV) bus startup FreshBus has successfully raised Rs 43.7 crore (approximately $5.3 million) in its Series A funding round, marking the first round of funding for the Bengaluru-based company this year. The board of FreshBus approved a special resolution to issue 2 equity shares and 63,825 compulsory convertible preference shares (CCPS) at an issue price of Rs 6,845 each, as revealed in regulatory filings accessed from the Registrar of Companies (RoC).

Leading the round was Maniv Mobility, contributing Rs 35.68 crore, with additional investment from Riverwalk Holdings. Although FreshBus initially aimed to raise Rs 100 crore in this Series A round, the current fundraising appears ongoing, with expectations of further capital infusion. According to the startup data intelligence platform TheKredible, FreshBus has achieved a valuation of approximately $20 million post-allotment in this round, which may adjust with additional funding.

To date, FreshBus has raised around $9 million, including Rs 7.5 crore from investors such as Kunal Shah, TVS Motors Managing Director Sudarshan Venu, and Rivigo CEO and founder Deepak Garg in October of the previous year. FreshBus was founded by Sudhakar Reddy Chirra, who previously established the bus aggregator Abhibus, acquired by Ixigo in August 2021 through a cash and stock deal.

Despite being in the pre-revenue stage, FreshBus reported a loss of Rs 2.1 crore for the fiscal year ending March 2023, as per data from TheKredible. The company is yet to file its annual financial results for FY24. FreshBus plans to utilize the newly raised capital to scale its operations and further develop its EV bus services.

The investment in FreshBus underscores the growing interest in the EV sector, particularly in innovative solutions for sustainable public transportation. As the company progresses, it aims to revolutionize the premium dining space by leveraging its unique offerings and strategic backing from prominent investors.

Seeds Fincap Secures $8.5 Million in Series A Funding to Expand MSME Lending and Technological Infrastructure

Garima Bansal
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Seeds Fincap Secures $8.5 Million in Series A Funding to Expand MSME Lending and Technological Infrastructure

Seeds Fincap, a Non-Banking Financial Company (NBFC), has successfully raised over $8.5 million in a Series A funding round led by Lok Capital and Matrix Partners India (now Z47). According to a press release by the company, these funds will support Seeds Fincap in expanding its lending capabilities, enhancing its technological infrastructure, and increasing its branch network.

Seeds Fincap, headquartered in Gurugram, aims to cater to the financial needs of medium and small business owners through specialized credit products. The company offers both secured and unsecured loans ranging from Rs 1-5 lakhs to MSMEs. Their approach includes a rigorous credit assessment process that evaluates cash flows to provide appropriately priced loans. Leveraging technology, Seeds Fincap also monitors risk effectively, thus optimizing operational costs.

Founded in 2021 by Subhash Acharya and Avishek Sarkar, Seeds Fincap has established a network of 90 branches across 8 states, with a strong presence in UP, Bihar, Rajasthan, and Haryana. Over the past three years, the company claims to have disbursed more than Rs 600 crore in loans, benefiting over 50,000 customers, with their current loan book exceeding Rs 330 crore.

Seeds Fincap has developed a diversified liability base, collaborating with over 35 lending partners that include AU Small Finance Bank, Tata Capital, IDFC Bank, Yes Bank, and Vivriti Capital.

Recently, Matrix Partners India rebranded to Z47, aligning with its venture capital activities in India while continuing its operations in the US under the Matrix brand. Matrix/Z47 operates as an early-stage venture capital fund with headquarters in Boston and San Francisco.

Corvi LED Secures $8 Million in Growth Capital to Drive Expansion and Innovation

Garima Bansal
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Corvi LED Secures $8 Million in Growth Capital to Drive Expansion and Innovation

Consumer lighting company Corvi LED has raised $8 million in growth capital, led by Enam Investments. This funding marks the first infusion of capital for the Mumbai-based firm in seven years. The new funds will enable Corvi LED to expand into new regions, diversify its product offerings, and enhance its technological capabilities.

Founded in 2012 by Vimal Soni, Corvi LED offers a portfolio of over 100 products across categories such as bulbs, tubes, flat panels, and surface lights. The company has set global standards with high-efficiency ratings and innovative features like eliminating metal bodies, drivers, and heat sinks. Corvi LED holds over 100 patents and registrations and has exported its products to 24 countries across Europe, the Middle East, Africa, and Southeast Asia.

In 2017, Hero Enterprise invested $10 million for a significant stake in Corvi LED. For the fiscal year ending in March 2023 (FY23), Corvi reported a slight decrease in operating revenue to Rs 15.5 crore from Rs 16.65 crore in FY22, while its losses increased to Rs 9.74 crore from Rs 7.41 crore. The firm has not yet filed its annual financial statements for FY24.

The recent funding will help Corvi LED strengthen its presence in both B2C and B2B markets and introduce new LED products designed to meet modern demands. This move comes as other established companies, such as performance wear brand TechnoSport and fast fashion ethnic wear brand Libas, have also announced new funding rounds after long gaps.

Last month, 18-year-old salon chain JCB (Jean Claude Biguine) Salons India raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. Around the same time, consumer electronics startup Indkal announced $36 million in its first venture capital funding.

Dharana Capital Acquires $50M in Urban Company Secondary Shares, Founder Joins Board

Garima Bansal
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Dharana Capital Acquires $50M in Urban Company Secondary Shares, Founder Joins Board

Vy Capital’s subsidiary, Dharana Capital, has acquired $50 million in secondary shares from employees, early investors, and founders. This deal is part of a larger $63 million secondary round that also saw participation from Prosus. A significant portion of this transaction includes a $25 million ESOP buyback from employees conducted in May this year.

As a result of this secondary transaction, Vamsi Duvvuri, the founder and managing partner of Dharana Capital, will join Urban Company’s board as a non-executive director, according to a press statement from the fund. Dharana Capital is an India-focused fund that has invested in several startups, including Zopper, Lentra, NoBroker, and Itilite.

Urban Company has granted ESOPs to 1,593 employees, with around 784 participating in five buybacks, collectively liquidating shares worth Rs 306 crore ($37 million). The last ESOP liquidity program Urban Company conducted was in December 2021, at a valuation of $2.8 billion.

According to reports, Urban Company reported a revenue of Rs 637 crore in FY23 and managed to reduce its losses by 40.1% during the fiscal year. The company became profitable at the profit before tax (PBT) level in April and claimed to have maintained this profitability in the June quarter of FY25.

Urban Company currently operates in 62 cities across India, the UAE, Singapore, and the Kingdom of Saudi Arabia, with a partner network of over 55,000 service professionals.

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