Fabric sourcing platform Fabriclore has raised INR 13.1 Cr (around $1.6 Mn) in  a seed funding round co-led by PeerCapital and Regal Group.

The round also saw participation from Fluid Ventures, Matrix Partners India, DeVC and Bulleon Ventures.

The Jaipur-based startup plans to use the fresh capital to scale up its tech stacks, streamline operations, boost customer experience and expanding its marketing operations across India and overseas, including Europe, the US and the Middle East.

Founded by Vijay Sharma, Sandeep Sharma and Anupam D Arya in 2016, Fabriclore provides made to order fabric solutions, including designing, dyeing and printing of fabrics, all at a single stop.

The startup claims to have developed an in-house automation and management platform to streamline multiple vendors, raw material sourcing, processing and quality checks.

It competes against the likes of Fabric Root, Fabrifry and Fabmynta among others. 

“Our key differentiator is streamlining complex multi-stage fabric processing that includes dyeing, screen printing, digital printing, and block printing techniques. By implementing tech-enabled processes, the company has substantially reduced delays by 20% and customer rejections by 33%, setting a new benchmark in the industry,” said Vijay Sharma.

 Since its B2B pivot, it claims to have onboarded more than 200 private labels, primarily from India and the Middle East. 

Last month B2B apparel sourcing and manufacturing startup ZYOD raised INR 150.2 Cr (around $18 Mn) in a Series A funding round led by RTP Global. 

Meanwhile, the global B2B ecommerce market size was valued at $6.64 Tn in 2020 and is expected to grow at a compound annual growth rate of 18.7% from 2021 to 2028, according to a report by Grand View Research.

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Sports and fitness tech startup Machaxi has raised INR 4.8 Cr in a Pre-Series A funding round led by Inflection Point Ventures, with participation from Curefit cofounder Ankit Nagori.

The Bengaluru-based startup plans to deploy the fresh proceeds for expansion as well as to boost its tech stack and product offerings. 

Founded by Pratish Raj, Tushar Raj and Ashish Anand in 2019, Machaxi claims to transform India into a sports playing nation with technology enabled sports coaching where parents can track kids progress across various technical parameters of the sport.

“Partnering with IPV has been an incredible experience, and their support will play a pivotal role in accelerating Machaxi’s growth. This collaboration will enable us to enhance our services, expand our reach, and continue our mission to transform India into a Sports playing nation” said Pratish Raj.

As of May, Machaxi claims to have achieved a gross revenue run rate of INR 18 Cr, while maintaining a positive EBITDA.

The startup claims to have more than 50,000 users availing sports facilities month on month across a wide range of sports including badminton, swimming, table tennis, football and cricket.

Machaxi competes against the likes of Playo, Huddle and Khelomore among others.

According to Inc42 data, domestic sportstech startups have collectively raised $139 Mn across 29 funding deals between 2014 and November 2022. 

Earlier this year sportstech startup SportVot raised INR 9.4 Cr (approximately $1.1 Mn) in a Pre-Series A funding round led by Omidyar Network India.

As per a recent report by Tracxn, India is home to 1,549 sportstech startups and Nazara, Healthkart, Dream11, Games24x7 and MPL are among the top sportstech companies in India.

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Women-focused D2C fashion startup LetsDressUp has raised INR 11 Cr ($1.3 Mn) in a Pre-Series A funding round from a clutch of investors, including GVFL Limited, Indian Angel Network and The Chennai Angels.

The round also saw participation from its existing investor Titan Capital.

The Gurugram-based startup will use the fresh capital to boost production, scaling up its AI design technology stack and team expansion.

Founded by Drishti Anand and Aditya Balani in 2019, LetsDressUp aims to create an extensive range of outfits, ensuring every woman finds her perfect size. They have a range of sizes between XS to 8XL. The startup claims to work on a zero waste inventory model where no waste is produced during the production.

 “We are creating a win-win model at LDU. Our agile supply chain helps us cater to the growing need of consumers by providing them with fresh designs every week, without them being out of stock. This also empowers the manufacturers to earn more and better their lives. The zero dead inventory model helps us contribute in reducing the pollution caused by the fashion industry,” said Anand.

Managing director, GVFL Ltd, Kamal Bansal, said,“We see immense potential in LDUs approach to transform the fashion industry with their zero dead-inventory model and nimble supply chain”.

The startup claims to launch multiple new designs every month, in all sizes, with an AI supported inventory supply chain built in India.

It is also aiming for an annual recurring revenue of INR 100 Cr soon.

LetsDressUp competes with the likes of eShakti, WYO, Salt Attire and Freshmonk among others.

Many D2C fashion brands raised funding over the last few months. 

For instance, earlier this month fashion brand The Pant Project raised INR 34.85 Cr (around $4.2 Mn) in a Series A funding round led by Sorin Investments.

Last month, D2C ethnic wear brand Libas bagged INR 150 Cr (around $18.2 Mn) in a strategic funding round from ICICI Ventures.

In the same month, menswear brand DaMENSCH also raised INR 21.62 Cr (about $2.5 Mn) in an extended Series B round.

According to Inc42 data, India’s overall ecommerce market is expected to reach a size of over $400 Bn by 2030. Of this, the fashion apparel and accessories segment is expected to account for $112 Bn as against over $23 Bn in 2023.

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Electric two wheeler maker Ather Energy has partnered with TATA Indian Institute of Skills (TIIS) to offer specialised training programmes across the EV sector.

The programmes will be designed to equip trainees with technical knowledge in battery systems, electric motors, power electronics, charging infrastructure and vehicle safety, Ather Energy said in a statement.

Besides, these will also offer trainees with practical experience across EV maintenance, repair and diagnostics, apart from soft skills like communication, teamwork and problem solving.

As part of this partnership, Ather Energy will also provide TATA IIS with vehicles, motors, batteries and other hardware equipment to build EV labs across all its facilities, the statement added.

Founded by Tarun Mehta and Swapnil Jain in 2013, Ather Energy is one of the major players in the Indian electric two-wheeler market. Besides manufacturing and servicing electric two wheelers, the startup also operates its own charging infrastructure and is involved in storage, distribution and management of electric power and other ancillary services.

Ather Energy closely competes against Bhavish Aggarwal’s Ola Electric, which at the moment is dominating the EV two-wheeler segment in the country. It is pertinent to note that Ola Electric is also looking to go public and received the market regulator SEBI’s approval last week for its INR 5,500+ Cr IPO.

Meanwhile, TATA IIS is a training institution which offers vocational training facilities to enhance skill development.

“The growing popularity of EVs in India has spurred the demand for a specialized and diversified skill set within the larger automotive sector. To actively bridge this gap, we are delighted to work with Tata IIS in providing a skilling solution for the EV sector by developing training programs for EV technicians and battery specialists” said Jain.

The development comes on the back when it was reported that Ather Energy’s board passed a resolution last week, during its annual general meeting, to convert the startup into a public company from private.

Following this, the startup’s name has changed to Ather Energy Ltd from Ather Energy Pvt Ltd earlier, its regulatory filings revealed.

Besides the conversion into a public entity, the startup is also increasing its authorised share capital to INR 50 Cr from INR 93.6 Lakh. It will also issue bonus shares to its shareholders and allot them 2.96 bonus equity shares for every share held. 

This comes months after it was reported that the electric vehicle (EV) startup roped in HSBC Holdings Plc, Nomura Holdings Inc, and JP Morgan Chase & Co to handle its initial public offering (IPO). Ather Energy was said to be eyeing a listing in the second half of 2024 at a valuation of around $2 Bn.

Earlier this month, Inc42 reported that Ather Energy raised INR 286 Cr through a mix of debt and equity from Stride Ventures and its cofounders. While Stride Ventures invested around INR 200 Cr via debentures, cofounder Tarun Mehta and Swapnil Jain infused INR 43.28 Cr. 

Ather Energy’s net loss surged 150% to INR 864.5 Cr in FY23 as against INR 344.1 Cr in the previous year. Meanwhile, operating revenue jumped 4.3X year-on-year (YoY) to INR 1,783.6 Cr during the year under review.

As per Inc42’s report, the Indian EV market houses various small as well as large EV startups and is estimated to reach $110.74 Bn by 2029. Startups like Ather Energy, Altigreen Propulsion Labs, BluSmart, and Exponent Energy have now come up with sustainable solutions for mobility.

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Jaipur-based agritech startup Balwaan Krishi has bagged INR 40 Cr (around $4.8 Mn) as a part of its Series A funding exercise from JM Financial Private Equity, the private equity arm of JM Financial Ltd.

The company will deploy the fresh proceeds to build new products and also set up its distribution network across the country. Apart from this, it also looks to expand its footprint in the southern pockets.

Founded by Rohit Bajaj and Shubham Bajaj in 2016, Balwaan Krishi offers technologies that enable farmers to boost production, improves farmers’ lives. The startup claims that it alters rural communities by providing affordable and effective machinery to manage small and marginal farms.

“At Balwaan, enhancing farmers’ productivity and cutting their operational costs is at the core of our mission. The capital infusion and partnership with JM Financial Private Equity will accelerate our current and long term expansion plans” said Rohit Bajaj.

Balwaan claims to have sold over 60,000 units of equipment. The products are available on ecommerce platforms including Amazon and Flipkart, and the startup fulfills more than 1,000 orders daily. 

The startup aims to help farmers reduce their operational costs via new farm machinery.

This comes at a time when the broader agritech space is seeing interest from investors with startups like Ninjacart, Dehaat, and Cropin emerging as prominent players in the sector. 

The Indian agritech startup ecosystem continues to make rapid strides on the back of growing demand for new age tech products and services. Bolstering agriculture seems to be the incorporation of AI and renewed push from the Centre as well as states for smart agricultural practices. 

As a result, the market is growing but steadily and, alongside, a new crop of agritech players are also emerging that are disrupting the space. And investors are also lining up in droves to back these new-age tech companies.

Last month, agritech startup Poshn raised INR 32.8 Cr (around $4Mn)  in a Pre-Series A funding round co led by Prime Venture Partners and Zephyr Peacock India.

In the same month agritech startup Cornext raised INR 18.3 Cr (around $2.2Mn) in a seed funding round from Omnivore.

As per Inc42, the Indian agritech space is projected to be a $25 Bn market opportunity by 2025.

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Ice cream brand Go Zero has raised INR 12.3 Cr (around $1.5 Mn) as a part of its ongoing Pre-Series A funding round from its existing investors, including DSG Consumer Partners, Saama and V3 Ventures among others.

The round also saw participation from Reckitt Benckiser’s senior vice president and managing director Arjun Purkayastha.

The latest fundraise comes months after the Mumbai-based startup bagged $1 Mn in its Pre-Series A funding round from DSG Consumer Partners, Saama and V3 Ventures in August last year. 

Go Zero will use the fresh funds for marketing and channel expansions, hiring new talents and rolling out new products.

Founded by Kiran Shah in 2022, Go Zero manufactures zero sugar, high protein and low calorie ice creams. The startup claims to be focused on providing health conscious consumers with alternatives to traditional sugar-laden ice creams. 

“I started Go Zero with a simple mission, to make ice creams and desserts healthier and guilt free for all. We have become one of the fastest-growing ice cream brands on quick commerce platforms such as Blinkit and Zepto which I feel are going to become a key channel for the ice cream category as people seek convenience and instant gratification” said Shah.

Founder Kiran Shah brings extensive experience from the ice cream industry, having previously led his family business, Apsara Ice Creams, from 2014 to 2022.

The brand has its presence in more than 16 Indian cities including Mumbai, Pune, Bangalore, Delhi NCR, Hyderabad and Chennai among others. 

Go Zero competes with the likes of NIC, Get-A-Way and Amul.

A Market Research study shows that Indian ice cream market size reached INR 194.1 Bn in 2022 and is expected to reach INR 508.4 Bn by 2028 at a CAGR of 17.5% during 2023-2028.

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Mumbai-based fintech startup LEO1 has roped in cricketer Rohit Sharma as a strategic investor.

The company plans to use the fresh capital to resolve pending cash flow issue in educational institutes, along with providing innovative solutions for students across India.

Over the last three years, the company claims to have raised total funding of INR 291 Cr ($35 Mn) via two rounds from a pool of investors, including QED Investors, Aavishkaar Capital, Ardent Investors LLC, 100Unicorns and DMI Finance among others.

Founded in 2018 by Rohit Gajbhiye, Naveesh Reddy and Debi Prasad Baral, LEO1 helps in streamlining fee collection for the institutes by incentivising students for advance fee payments using a reward mechanism, encouraging responsible financial behavior. 

LEO1 has recently launched ‘Financial SAAS’ providing solutions for financial transactions within the education sector. It will include a LEO1 payment card that will serve as both a Smart card and a LEO1 Smart ID card within campus premises.

The company also provides immediate education loans, encouraging responsible financial behaviour. Moreover, it is committed to promoting financial literacy among students, providing them with the knowledge and skills to manage their finances effectively.

“Rohit Sharma’s endorsement has infused our teams with tremendous enthusiasm to deliver outstanding work. With his support as our brand ambassador and now as a valued investor, I am confident that we will become even more efficient and motivated” said Gajbhiye.

LEO1 has partnered with 31 major institutions like Narayana, Jain Group, SAGE University to offer its ‘Financial SAAS’ platform, which will benefit around half a million students across the country.

Other fintech startups working on SAAS based financial solution for educational institutions include the likes of Avanse, Auxilo, Perfios and Eduvanz.

Last month, B2B fintech startup Vegapay raised INR 45.73 Cr  ($5.5 Mn) in a seed funding round led by Elevation Capital.

In the same month, fintech startup Rupeek raised INR 51 Cr in a down round from 360 One Large Value Fund (formerly IIFL Wealth Management) and BlackSoil.

As per INC42’s report, in Q4 2023, fintech funding in India saw a 12% decline compared to Q4 2022, totaling $413 Mn, alongside the lowest median ticket size in the past three years. Despite this, lending tech sustained investor interest, with fintech SaaS emerging as a strong contender.

The Indian fintech market is projected to soar to $2.1 Tn by 2030, with lending tech emerging as the most lucrative sub-segment.

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Proptech startup Landeed has raised an undisclosed amount as a part of its ongoing seed funding round from Paradigm Shift VC.

The Hyderabad-based startup plans to use the fresh funds to boost its product stack and further increase its India and overseas headcount.

The latest round comes over a year after Landeed raised INR 69.3 Cr ($8.3 Mn) in a seed funding round from Y Combinator, Draper Associates and Bayhouse Capital.

Founded in 2022 by Sanjay Mandava, ZJ Lin and Jonathan Richards, Landeed is transforming property due diligence for all parties involved, facilitating seamless communication and efficient deal closures providing innovative solutions for property title searches.

In India, where land ownership has largely been under the ‘presumptive ownership’ model, and a property buyer conducts due diligence without a single title document, Landeed’s property title search engine is aimed at streamlining the process. 

Further, Landeed’s mobile application helps owners, agents, developers and legal advisors to check real estate records for building, lending, and transacting properties

Landeed has recently launched India’s first AI Property Analyzer, which provides a complete ownership history of properties, from the initial owner to the most recent, including any transactions or encumbrances. 

“Paradigm Shift has been a great partner for us in this journey. Though we weren’t actively raising funds, were heavily oversubscribed in the last round and still had the majority of our previous round’s funding intact, we decided to move forward with their investment due to our strong relationship,” said Mandava.

Other similar startups working on transforming land and property records in India are tapping the likes of proptech platforms, including NoBroker, PropTiger, NVG Group,PG on Palm, Edu Prop listing and Kashyap.

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Fintech SaaS startup Prosperr.io has raised INR 12.9 Cr (around $1.55 Mn) in a pre-seed funding round led by Pinterest and Coinbase board member Gokul Rajaram.

The round also saw participation from a host of angel investors, including JioSaavn’s cofounder Vinodh Bhat, Livspace founder Ramakant Sharma and CRED founder Kunal Shah among others.

The Bengaluru-based company plans to use the fresh funds to build its AI-first Tax Advisor and to build a tax optimisation platform for both Indian and overseas users. 

Founded by Manas Gond and Dev Kumar in 2022, Prosperr.io offers a subscription-based service designed to simplify the process of managing and paying taxes for individuals in India.

The company is also aiming for an annual revenue of $100 Mn in the next four years.

“The growing complexity of income tax regulations and the increasing number of individuals filing income tax returns (ITR) highlighted the need for a user-friendly  and technology-driven solution. Our mission is to address this challenge by developing AI-powered solutions that redefine income tax management and help our customers save money while achieving their financial goals,” said Gond.

Prosperr.io claims to offer two core products to its B2B customers, Super Saver Product and Prosperr-FBP Flexi Benefits Plans. While the former helps individuals plan and save their taxes efficiently, the latter enables employers to provide non-taxable allowances.

To be sure, taxpayers seeking advice on taxation and filing services are tapping the likes of fintech platforms, including Clear, JJ Tax, Quicko and ESARWA among others, for tax filing solutions.

The company also claims to leverage a powerful AI engine to examine invoices and transactions,  further ensuring lawful claim of tax benefits. 

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Delhi NCR-based edtech SaaS soonicorn Classplus has opened its first college in Bengaluru to offer BTech courses offline.

The college, Polaris School of Technology (PST), will have a four-year BTech programme offering students classroom learning and hands-on industry experience, the company said in a statement.

The engineering college will not only offer a campus experience to the students but also provide easy access to leading global tech companies for internships and industry exposure.

Founded by Mukul Rustagi and Bhaswat Agarwal, Classplus is an edtech platform that offers teachers to expand their coaching business online, and improve students’ learning outcomes.

As per the company, Rustagi and Agarwal launched PST to address the gap between industry requirements and job preparedness of fresh graduates from BTech programmes.

The programme will also offer specialisation on courses such as computer science, artificial intelligence and machine learning.

“At Polaris, we are committed to nurturing the next generation of tech leaders. We believe that PST will set a new standard for tech education in India and globally,” said Rustagi.

The company further said that the courses will be designed with work-integrated degree model incorporated with 5,000 hours of coding and internships offering practical experience and industry exposure in the second year.

PST faculty will comprise IIT alumni, tech leaders, CTOs and founders, it claimed.

Classplus also aims to foster entrepreneurial skills in students through its inhouse incubator programme, Polaris Tech Combinator, where students can launch and pitch their tech startups and raise seed funding of up to INR 8.2 Lakh (around $10K)

Classplus claims to have digitised creators across more than 3,000 cities, serving more than 50 Mn students.  

Classplus counts Tiger Global, Blume Ventures and Alpha Wave Ventures among its marquee investors and has raised a total funding of around $147 Mn till date.

Classplus’ net loss jumped 57% year-on-year to INR 256.6 Cr in FY23, while operating revenue nearly quadrupled to INR 102.04 Cr. 

This comes at a time when Classplus is fighting a string of legal battles. For instance, in March, test prep platform Abhinay Maths accused Classplus of forgery and cheating.

Similarly In August last year, edtech startup Saarthi dragged Classplus to court in a breach of trust.

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Electric mobility startup BluSmart has rolled out a new app for its Delhi-NCR and Bengaluru users to help them locate nearby EV charging stations.

The app, BluSmart Charge, was launched on Android and iOS platforms.

As per the company, the app will cater to all EV users, including fleet operators and individuals, providing mobility convenience and meeting diverse customer needs across Delhi NCR and Bengaluru.

Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart offers EV ride hailing services and charging infrastructure across Delhi NCR, Bengaluru and other megacities in India. 

The app will help in locating nearby charging stations, specifying the distance from the user, also the availability of AC and DC connectors as per the vehicle and real time updates of the number of stations available.

It will also streamline the payment process for both fleet operators and public users, making it convenient for users to access charging services on the go.

It competes against the likes of Bengaluru-based Lithium, Delhi-based eee-Taxi, Kolkata-based Snap-E Cabs as well as ride-hailing giants like Ola and Uber.

BluSmart also plans to expand its charging infrastructure and build large-scale EV charging superhubs, enabling the expansion of its electric ride-hailing service.

Tushar Garg, cofounder and chief executive, BluSmart, said, “As we expand our footprint, the magnitude and density of EV charging. India is undergoing an e mobility transition and BluSmart’s deep network of established infrastructure and well equipped charging hubs will contribute to the rapid adoption and ease of access to charging stations.”

The startup currently operates over 5,500 EVs and aims to increase the fleet size to 8,000 across Delhi NCR and Bengaluru by next year. It claims to have reported a revenue of over INR 390 Cr in FY24, a 144% higher from INR 160 Cr in FY23.

BluSmart’s gross business value (GBV) has experienced growth, achieving a CAGR of 300%.BluSmart crossed an annual run rate (ARR) of INR 500 Cr ($60 Mn) in FY24, clocking 102% growth over the previous year.

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Flipkart’s social commerce vertical Shopsy has roped in former Unilever executive Prathyusha Agarwal as its new chief executive officer, a year after Adarsh Menon resigned from the role to start his own venture.

With over two decades of experience, an IIT-IIM alumni Agarwal started with Unilever in 2001 as an area sales manager and later stepped down from the company as regional brand manager in 2006. Following that, she also worked in various roles across media and marketing sectors, including Star India, HDFC, Tata Cliq, Zee, BYJU’S and Zydus Group.

Launched in 2021, Shopsy allows users to share catalogues with potential customers via social platforms and earn a commission on each sale depending on the product category and ticket size. Its model of social commerce has rapidly gained popularity, particularly among small entrepreneurs and home-based sellers.

Shopsy was earlier headed by Flipkart’s senior vice president (SVP) growth & monetisation, Prakash Sikaria until July 2022. In the same month, Menon, senior vice president (SVP), and head of new businesses at Flipkart, took over the leadership. Menon had stepped down from the company to start his new venture.

Shopsy strengthened Flipkart’s supply chain infrastructure and tech capabilities, matching the selection and range available on Flipkart Grocery. 

According to the company, it delivered Flipkart’s groceries in Ahmedabad, Bengaluru, Chennai, Coimbatore, Delhi, Hyderabad, Kolkata, Lucknow, Mumbai, Patna and Pune.

Shopsy competes against the likes of Meesho. Although both empower users to resell products through their networks, however, they have differences in product focus, business models, and user experience.

Prathyusha’s appointment comes at a time when Flipkart is undertaking a restructuring exercise amid exodus of several long-term executives. Recently, the company appointed Swiggy’s top executive Anuj Rathi as chief executive of its travel platform Cleartrip.

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Haircare brand Fix My Curls has raised an undisclosed amount in a seed funding round led by Amazon’s small and medium businesses-focused venture fund Smbhav Venture Fund. 

The round also saw participation from India Quotient and DSG Consumer Partners.

The startup plans to use the fresh funding to scale up its product stack, advance innovations, strengthening leadership team and boosting customers base in tier II and III cities.

Founded by Gurugram-based entrepreneur Anshita Mehrotra in 2020, Fix My Curls claims to have gained traction for its range of products tailored specifically for curly, wavy and coily hair types. 

It is pertinent to note that Mehrotra is no stranger to the beauty business as her family already runs Fixderma, a skincare brand which specialises in dermatological products. After having quit her journalism midway, she started Fix My Curls in a bid to create a space for the Indian curly hair market which was unattended for many years, along with a dedicated range of products.

Fix My Curls offers a range of haircare products including shampoo, conditioner, accessories and styling products, among others. The startup procures its ingredients from France and Germany. Its flagship products such as curl-quenching hair butter and hair gelly are paraben- and silicone-free and all its products are vegan and cruelty-free.  

It competes with the likes of Curl Up, Amazing Grey, Anveya and Zeme in the haircare vertical space.

“Through the strands of innovation and power of inclusivity, Fix My Curls is not just redefining haircare, but with time, it has become a symbol of representation and acceptance in the Indian beauty landscape,” said Mehrotra.

Fix My Curls has its presence across 11 countries,  including Germany, Romania, and Malaysia. The brand’s products are available across major ecommerce platforms like Amazon, Nykaa, and Blinkit, apart from its website.

In 2021, Amazon unveiled its INR 1,850 Cr (around $250 Mn) fund Amazon Smbhav Venture Fund, focused on digitisation of small businesses, agri-tech innovations to raise farmer productivity and healthtech for quality universal healthcare.

The fund has already deployed capital across various sectors, backing companies such as FreshtoHome, XYXX, Hopscotch, Fitterfly, Cashify, The Good Glamm Group, M1xchange, smallcase and Innovist.

Over the last 18-24 months, the venture fund’s focus has expanded to include opportunities in fintech products and services, e-commerce services, consumer brands, gaming, electrification, machine learning and social media offerings. 

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