Startup77

Felicity Games Secures $700K Pre-Seed Funding to Expand Game Portfolio

Garima Bansal

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July 9, 2024

Felicity Games Secures $700K Pre-Seed Funding to Expand Game Portfolio

Felicity Games, a developer and publisher of casual games, has secured $700K in its pre-seed funding round. The investment came from DeVC, Visceral Capital, and prominent angel investors such as Kunal Shah of CRED, former Nazara CEO Manish Agarwal, Sriharsha Majety, Nandan Reddy of Swiggy, and Sameer Pittalwala, Head of Gaming at Google Cloud (APAC), among others.

The funds will be allocated to testing an additional 10 games by March 2025. The company aims to increase its revenue tenfold by the end of this year.

Established in 2023 by ex-Swiggy executive Anurag Choudhary, Felicity recently released two games, ‘Seek & Find’ and ‘Nova Solitaire,’ which have already achieved positive unit economics in the US and other Western markets, with over 100,000 downloads within three months.

Based in Bengaluru, Felicity uses its proprietary framework “Pokhran” to rapidly prototype and test casual games for commercial viability, scaling only the successful ones. In just one year, Felicity has launched more than 10 game titles, attracting over a million monthly users across 14 geographies.

Helium Raises Rs 4.52 Crore in Pre-Seed Funding Round to Expand AI-Powered Personalization in E-commerce

Garima Bansal

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July 9, 2024

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Helium Raises Rs 4.52 Crore in Pre-Seed Funding Round to Expand AI-Powered Personalization in E-commerce

Helium, an AI platform, has successfully raised Rs 4.52 crore ($550k) in a pre-seed funding round led by Merak Ventures, with participation from angel investor Alok Mittal. According to a recent press release, the funds will primarily support Helium in expanding its team and advancing its product offerings.

Founded by Shray Arora, Sidharth Sahni, and Deepak Kapoor, Helium specializes in collaborating with prominent brands in the fashion and consumer tech sectors. Their focus is on creating intelligent collection and product landing pages.

Utilizing AI technology, Helium tags each product and UI element and comprehends their context through anonymized behavioral interactions of site visitors. This approach enables Helium to personalize content, copy, and product combinations for each visitor, akin to Spotify’s personalized music recommendations. The outcome is heightened brand engagement and increased conversion rates.

Looking ahead, Helium aims to forge partnerships with leading e-commerce brands globally, with a strategic emphasis on the North American market.

Adda247 Expands CA Test Prep Market Presence with Acquisition of Ekagrata Eduserv

Garima Bansal

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July 9, 2024

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Adda247 Expands CA Test Prep Market Presence with Acquisition of Ekagrata Eduserv

Google-backed edtech company Adda247 has acquired the CA test preparation platform Ekagrata Eduserv for an undisclosed sum.

Adda247, which previously acquired StudyIQ in January 2021 and Veeksha in July 2023, expects this acquisition to significantly boost its user base. The company currently boasts 40 million monthly active users (MAU) and aims to capture a large share of the growing CA test preparation market, according to a company press release.

As part of the acquisition, Anshul Agrawal, the founder of Ekagrata, will join Adda247 as the director of the CA vertical, leading the category. Ekagrata’s employees will also join the Adda247 team.

Market research estimates the CA test preparation market at Rs 800 crore (approximately $100 million).

This acquisition follows Adda247’s recent foray into skilling, upskilling, and higher education sectors. Co-founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 provides live online classes, on-demand video courses, mock tests, and e-books.

According to data, Adda247 has raised over $55 million from investors including Westbridge, Google, Info Edge, and Asha Impact. The company was valued at $175 million during its last funding round in October 2022.

Gurugram-based Adda247 saw its revenue from operations nearly double to Rs 115 crore in FY23, up from Rs 61 crore in FY22. However, the company’s losses also quadrupled to Rs 110 crore during the same period.

Dezerv Secures Rs 265 Crore in Series B Funding Led by Premji Invest

Garima Bansal

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July 9, 2024

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Dezerv Secures Rs 265 Crore in Series B Funding Led by Premji Invest

Wealthtech platform Dezerv has successfully raised Rs 265 crore (approximately $32 million) in a Series B funding round, led by Premji Invest. This funding achievement underscores Dezerv’s resilience in navigating the challenging landscape of wealth management funding.

According to regulatory filings, Dezerv’s board approved a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each, totaling Rs 265 crore or $32 million. Premji Invest spearheaded the round with an investment of Rs 169 crore, while existing investors Elevation Capital and Matrix Partners contributed Rs 35 crore each. Accel India, the lead investor in Dezerv’s Series A round, also participated with Rs 26 crore during the Series B funding.

The company plans to use the new funds to drive growth and strengthen its financial position, as indicated by the filings. Dezerv provides portfolio management services to high-earning salaried and business professionals. Utilizing its team of in-house experts, the company claims to have delivered nearly 30% returns to its users since its inception in April 2021.

The company is currently valued at approximately Rs 1,715 crore (around $207 million) post-allotment. The Series B funding round appears to be ongoing, suggesting the firm may raise additional capital, which would adjust Dezerv’s post-money valuation accordingly.

Following the Series B funding, Premji Invest holds a 9.84% stake in Dezerv, while Elevation Capital and Matrix Partners each hold 15.28%, and Accel holds 11.46%. To date, Dezerv has raised around $60 million, including a $7 million seed round co-led by Elevation and Matrix in September 2021.

Goat Brand Labs Secures $21 Million to Fuel Growth of D2C Brands

Garima Bansal

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July 9, 2024

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Goat Brand Labs, an e-commerce roll-up company, has raised $21 million in debt and equity from investors including BlackRock, Mayfield, and NB Ventures. This funding comes after a gap of more than two years for the Bengaluru-based company, which plans to close the round at about $30 million. The new capital will be used to boost the growth of its portfolio brands like Chumbak, trueBrowns, The Label Life, Pepe Jeans Inner Fashion, Voylla, Petcrux, and Nutriglow.

The company, which acquires and scales direct-to-consumer (D2C) brands, currently has around 19 subsidiaries in its portfolio. In FY23, Goat Brand Labs saw a 746% increase in revenue from operations, reaching Rs 139.6 crore, up from Rs 16.5 crore in FY22. However, losses also grew by 158% to Rs 80.28 crore in FY23, compared to Rs 31 crore the previous year.

Co-founder Rishi Vasudev stated that Goat Brand Labs is on track to achieve profitable revenue of over Rs 500 crore in annual recurring revenue (ARR) within the next 9-12 months. Prior to this funding round, the company had raised a total of $87 million, with significant stakeholders including Tiger Global, Flipkart, and Mayfield India.

The funding landscape for e-commerce roll-up companies has seen a decline in the past few years compared to the 2021-22 period. While some players have managed to secure debt funding at regular intervals, others have pivoted or faced challenges in scaling.

PhysicsWallah Poised for $150 Million Funding Round Amid Edtech Sector Slump

Garima Bansal

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July 9, 2024

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PhysicsWallah Poised for $150 Million Funding Round Amid Edtech Sector Slump

Despite the prolonged “funding winter” in the edtech sector, PhysicsWallah (PW) is on the verge of securing a significant new funding round. This fresh infusion of capital will be led by new investors, with existing backers Westbridge and GSV Ventures also participating, according to sources familiar with the matter. The terms of the deal have been finalized, and the transaction is expected to be announced soon.

This upcoming round will mark the second major fundraising effort for the company, led by Alakh Pandey, within the last two years. PhysicsWallah previously raised $100 million in a Series A round in June 2022, spearheaded by Westbridge and GSV Ventures. The new funding round will value PhysicsWallah at approximately $2.8 billion, representing a more than 2.5-fold increase from its Series A valuation of $1.1 billion.

According to data, Westbridge held a 2.4% stake in PhysicsWallah, while GSV owned 1.44% as of the Series A round. Co-founders Alakh Pandey and Prateek Maheshwari together hold 86.54% of the company. PhysicsWallah, which initially focused on online coaching for IIT/JEE exams, has expanded into a comprehensive education provider, offering offline coaching, schools, colleges, and upskilling programs. Around 30% of its revenue comes from JEE and NEET coaching, with offline coaching (via Vidyapeeth and Pathshala) contributing 35%.

Although the company has yet to release its FY24 figures, PhysicsWallah’s revenue surged 3.3 times to Rs 779 crore in FY23. However, its profit declined by over 90% to Rs 8.87 crore in the same period. In November of last year, the company laid off 120-150 employees as a cost-cutting measure.

The anticipated funding underscores strong investor confidence in PhysicsWallah’s long-term potential. The company’s loyalty and credibility with the student community have set it apart from other edtech competitors. This new funding round will provide PhysicsWallah not only with the necessary time but also the resources to scale up more cost-effectively, given the weakened state of the competition.

Ecofy and Mahindra LMML Partner to Drive Electric Three-Wheeler Adoption in India

Garima Bansal

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July 9, 2024

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Ecofy and Mahindra LMML Partner to Drive Electric Three-Wheeler Adoption in India

Ecofy, an Indian green-focused NBFC supported by Eversource Capital, has teamed up with Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Ltd. This collaboration aims to boost the adoption of electric three-wheelers in India by combining Mahindra’s electric vehicle manufacturing expertise with Ecofy’s innovative financing solutions to promote sustainable transportation, the companies announced in a press release.

Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, emphasized the alignment of this partnership with their mission. Nambiar highlighted that the partnership with Mahindra LMML perfectly aligns with Ecofy’s mission to promote sustainable transportation solutions. She noted that Ecofy and Mahindra LMML are contributing directly to India’s goal of achieving 30% EV penetration by 2030. Through this collaboration, Ecofy now addresses 85% of industry demand and offers financing, leasing, and subscription models.

Suman Mishra, MD & CEO of MLMML, highlighted the significance of the partnership. Mishra stated that the partnership marks a significant stride in accelerating the adoption of electric three-wheelers in India. This tie-up will bring tailored finance solutions to their customers and support their micro-entrepreneurial journeys. Together with Ecofy, they are committed to making green mobility accessible and affordable for all.

The electric three-wheeler market, valued at around USD 677 million in 2020, is expected to grow at a CAGR of approximately 10% from 2021 to 2027. With strong government incentives and subsidies supporting electric mobility, this partnership is seen as a crucial step towards a more sustainable transportation future in India.

Mahindra Last Mile Mobility Limited, known as India’s leading electric three-wheeler manufacturer, offers the largest range of electric three-wheelers. This partnership aims to address the evolving demands of the EV sector and significantly contribute to India’s green transition goals. It is a collaborative effort designed to make green mobility more accessible and affordable for a broader audience.

Dvara KGFS Expands into Andhra Pradesh, Strengthens Financial Inclusion with $10M Fundraising

Garima Bansal

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July 9, 2024

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Dvara KGFS Expands into Andhra Pradesh, Strengthens Financial Inclusion with $10M Fundraising

Dvara Kshetriya Gramin Financial Services Private Limited (Dvara KGFS), a leading rural NBFC dedicated to fostering financial inclusion in deep rural villages across India, has expanded its footprint by entering Andhra Pradesh. The expansion follows the successful raising of $5 million in subordinated debt and another $5 million in senior secured debt through external commercial borrowings (ECBs) facilitated by Triple Jump, acting as portfolio manager of the global gender-smart fund (GGSF).

The GGSF focuses on bridging the gender gap by providing responsible and accessible financial services to traditionally underserved women, women-owned enterprises, and women-led businesses in developing markets.

LVLN Murty, MD-CEO of Dvara KGFS, noted that the funding strengthens their financial foundation, enabling them to reach more under-resourced communities with tailored financing solutions. The proceeds will be used primarily for micro enterprise loans to women beneficiaries. Dvara KGFS views its enterprise loans product as a key growth driver and has expanded its presence to 11 states across India with the entry into Andhra Pradesh.

Shilpa Bhatter, CFO of Dvara KGFS, added that the subordinated debt facility enhances their capital adequacy and provides a solid foundation for the company’s growth initiatives.

Atul Gupta Launches Trident Growth Partners: A New Venture Capital Firm Targeting Diverse Sectors

Garima Bansal

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July 8, 2024

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Atul Gupta Launches Trident Growth Partners: A New Venture Capital Firm Targeting Diverse Sectors

Former Premji Invest partner Atul Gupta has launched a new venture capital firm named Trident Growth Partners (India). This firm is set to invest in startups across various sectors, including consumer, financial services, enterprise software and technology, industrial and manufacturing, and healthcare.

Gupta co-founded Trident Growth Partners with Rajesh Ramaiah, another former executive of Premji Invest, and Pravan Malhotra from Malacca Ventures. Gupta announced his new venture in a LinkedIn post, marking the end of his 15-year tenure at Premji Invest. His journey with Premji Invest began with a chance meeting with Prakash Parthasarathy in mid-2008, where they discussed the Indian economy and the ambitious vision of Premji Invest, which was still in its early stages at the time.

Gupta was intrigued by the opportunity to build a platform dedicated to growing an endowment that supported the Azim Premji Foundation’s impactful work in education and healthcare across India. A pivotal meeting with Azim Premji himself solidified Gupta’s decision to join Premji Invest and relocate from the US to India within a few months. During his tenure at Premji Invest, he worked with startups such as Policybazaar, Lenskart, Amagi, Myntra, Flipkart, FirstCry, GlobalBees, Purplle, MedPlus, KreditBee, and Mintifi.

Gupta’s move to start his own firm is part of a broader trend where fund managers and partners leave established VC firms to launch their own ventures. In recent months, notable departures include Piyush Gupta from Peak XV, who launched a secondary-focused fund, and venture partners Vaibhav Agrawal and Abhishek Nag from Lightspeed. Additionally, Sameer Brij Verma stepped down as managing director of Nexus Venture Partners to start a multi-stage fund. In 2023, the launch of 64 new funds, including venture capital, micro-funds, and corporate VC funds, amounted to over $5.6 billion, compared to 126 funds raising over $18 billion in 2022.

IBM Launches GenAI Innovation Center in Kochi to Drive AI Advancements

Garima Bansal

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July 8, 2024

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IBM Launches GenAI Innovation Center in Kochi to Drive AI Advancements

Tech giant IBM announced on Monday the inauguration of its GenAI Innovation Center in Kochi, aimed at facilitating enterprises, startups, and partners in exploring and developing generative AI technology. This center is poised to accelerate AI innovation, enhance productivity, and bolster GenAI expertise in India, IBM stated in a press release.

The company emphasized that as organizations shift from experimenting with AI to deploying it for enhancing business value, they often encounter challenges in integration due to limited skills or expertise. The GenAI Innovation Center aims to address these challenges by providing organizations access to IBM’s experts and technologies tailored to assist in building, scaling, and expediting the adoption of enterprise-grade AI solutions.

Built upon InstructLab, a cutting-edge technology co-developed by IBM and Red Hat for advancing Large Language Models (LLMs) using client data, the center will leverage IBM’s ‘watsonx’ AI and data platform alongside AI assistant technologies. Situated within the IBM India Software Lab in Kochi, the GenAI Innovation Center will be overseen by IBM’s technical specialists.

With access to the latest generative AI technology, LLMs, real-world case studies, and guidance from IBM experts, the center aims to cultivate a community focused on harnessing generative AI’s potential to tackle societal and business challenges such as sustainability, public infrastructure, healthcare, education, and inclusion, IBM explained.