Venture funding into Indian startups remained low in value but interestingly global biggies like energy giant bp and financial services powerhouse Morgan Stanley continue to place their bets on these young companies even as VC firms continue to raise capital.
Electric vehicle startup Magenta Mobility raised capital from bp and Morgan Stanley India Infrastructure and telematics startup LightMetrics received investment from Sequoia Capital India.
At the same time, specialised venture capital firms like Speciale Invest and Iron Pillar continue to raise capital as they announced the closure of their funds. It reveals that the investor community remains invested in the Indian startup ecosystem though there may be a delay in deploying capital.
Following below are some of the other startups which also raised capital.
SaaS startup Apptile raises $2.5 million in seed round
Apptile, a SaaS startup specialising in no-code mobile app development has raised $2.5 million in a seed round of funding led by Mankekar Family Office and Livspace founder Ramakant Sharma.
The startup will use this capital to launch its tech platform that will enable businesses on Shopify to create customised mobile apps without the need for coding or design experience, and hiring talent.
Founded in 2021 by Rohit Modi, Samyam Annappa, and Vishal Sood, Apptile helps D2C businesses to create very personalised apps. It serves brands in multiple regions with offices across the USA, India, and the UK.
Ossus Biorenewables receives $2.4 million in pre-Series A round
Ossus Biorenewables, a Bengaluru-based green energy startup, raised $2.4 million in a pre-Series A round from Gruhas and Rainmatter Climate.
Founded in 2017 by Suruchi Rao, Shanta Rao, and Kamar Suhail Basha, Ossus uses waste carbon in industrial effluents as the starting material for green hydrogen. It has developed a bioreactor, the OB HydraCel, which accesses carbon from wastewater of process industries and supplies them with on-demand, on-site green hydrogen gas.
Ossus Biorenewables founders: Shanta Rao (seated) with Suruchi Rao (left) and Kamar Suhail Basha
The funds raised will be used to accelerate the deployment of Ossus’ OB HydraCel across other sectors, including refining, foods, brewing, chemicals, and pharmaceutical industries, and produce 3-5 tonnes of green hydrogen each day before the end of the year.
