Funding
DrinkPrime raises $3M funding
Water purifier rental startup has raised $3 million in funding from SIDBI Venture Capital and existing investors.
DrinkPrime will use the funds to accelerate its expansion plans, develop its product portfolio and strengthen its Internet of Things (IoT) feature, it said.
“From 2021 to 2023, we have witnessed a remarkable 3X growth. The strategic investment is to set the context for business expansion,” said Vijender Reddy Muthyala, Co-founder and CEO of DrinkPrime, adding the company is gearing up for its next Series B funding round.
Sprect raises Rs 50 lakh in angel funding
, a platform that allows people to connect for knowledge sharing, has raised Rs 50 lakh in angel funding from several industry veterans, including Siddarth (Sid) Shetty, Chief Business Development Officer at ServiceChannel.
Founded by Mohit Khadaria and Vishal Rupani in 2023, Sprect is a startup that helps people connect with other people and professionals from all walks of life for advice, knowledge sharing and inspiration.
“I’m excited to support their vision of empowering people by enabling them to connect with professionals seamlessly while unlocking new monetization opportunities for PROs (professionals) from all backgrounds and walks of life,” said ServiceChannel’s Shetty in a press note.
Sprect’s platform currently has professionals from companies like Airtel, Google, Times Internet, and WarnerBros.Discovery; prestigious educational institutions like IIM, IIT, ISB, and UCLA; and government officials.
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Stupa Sports Analytics raises Rs 28 Cr in pre-Series A funding
Sports tech startup Stupa Sports has raised Rs 28 crore from Centre Court Capital and PeerCapital.
The company will use the funds raised to hire more people, expand the company, and improve its products.
Founded in 2020 by Megha Gambhir and Deepak Malik, Stupa Sports Analytics provides a wide range of AI-powered solutions tailored for in-depth analysis of player performance data, broadcasting functions, and tools for digitalising sports, catering to athletes, sports federations, broadcasters, and fan bases globally.
“Our ambition is to elevate the sporting journey for every Indian athlete and amateur player, fueling their passion and enabling them to realise their true potential in the global space,” Gambhir says.
Madras Mandi raises Rs 3 Cr funding
Fresh produce company Madras Mandi has raised Rs 3 crore in funding through revenue based-financing platform, Klub.
The company said it’ll use the funds to expand its D2C vertical and enhance delivery services in Chennai, where it plans to set up 20 new stores by 2024-end.
“India’s dynamic landscape is witnessing a paradigm shift in the realm of fresh produce where the consumers driven by a pursuit of quality are gravitating towards this sector. In this burgeoning market that is expected to grow ~8% annually from 2024 to 2028, Madras Mandi reigns as the undisputed leader in Chennai,” said Sudharshan Venkatakrishnan, Senior Vice President at Klub.
BimaPay raises $2M pre-Series A funding
Insuretech startup BimaPay said it has raised $2 million from investors such as LC Nueva Investment Partners.
The company will use the funding to scale its operations, especially in underserved markets, and upgrade its tech infrastructure.
“This funding not only validates our vision but also fuels our determination to revolutionise the insurance industry through innovation and technology,” said Kapil Garg, Managing Director of Mufin Group.
BimaPay, part of the Mufin Group, uses advanced tech to help more people access insurance. It offers digital loans, like paying insurance premiums in instalments, making it easier and cheaper. They also help insurance middlemen manage their money better, so they can reach more people who need insurance.
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Infurnia raises $1.2M funding
Design software startup Infurnia said it has raised $1.2 million from companies such as Coast to Coast, Greenply, Ozone, EyeQ Dezigns, and the promoter group of Livspace.
The round was led by Jaipur Rugs owner and existing investor, Yogesh Chaudhary.
The startup will use the funds to expand into newer geographies, and continue to develop its design product.
Infurnia is a cloud-native design software startup for architecture and interior design, offering integrated tools and solutions for the industry’s needs on a subscription basis. It was founded by IIT grads Nikhil Kumar and Lovepreet Mann in 2014, with operations spanning India, Southeast Asia, and the Middle East.
3SC raises $4M funding
Supply chain solutions company 3SC said it has raised $4 million in funding from existing investor GEF Capital’s South Asia growth fund.
The company will use a major portion of the investment to expand its product and tech, as well as expand globally.
“The investment will accelerate our growth trajectory and strengthen our offerings while driving greater value for our clients and stakeholders,” said Sarita Das, Co-founder of the company.
Founded in 2012, 3SC provides supply chain solutions, catering to industries such as pharmaceuticals, healthcare, industrials, FMCD, FMCG, and ecommerce.
Other news
Fashion company Beyoung to open offline stores
Beyoung, a fashion brand that sees demand mainly from Tier III to Tier IV cities, said it plans to launch 100 offline stores in the ongoing fiscal year.
Over the next three years, it hopes to launch a total of 300 stores across the country, as well as hit a gross merchandise value of Rs 650 crore, up from Rs 200 crore currently.
It’ll open at least 30 stores by the end of December 2024 in Rajasthan, Uttar Pradesh, and Tamil Nadu.
“We will also be adding more categories in the year ahead,” said Shivan Soni, Founder of Beyoung.
The company’s product range currently includes plain t-shirts, joggers, cargo pants, urban shirts, etc.
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Ex-Wells Fargo exec joins Zeron as president, chief growth strategy officer
Cybersecurity startup Zeron has named Santanu Sengupta, a banking veteran, as its President and Chief Growth and Strategy Officer.
Sengupta will focus on leading Zeron’s growth by expanding its reach, improving operations, acquiring and retaining clients, and increasing revenue, the company said.
He previously served as Managing Director & Regional Head of Wells Fargo Asia Pacific South.
“Zeron’s pioneering approach to cyber risk quantification is fundamentally transforming how businesses manage their security posture,” said Sengupta in a press note.
“I am confident that my experience in the financial services industry can significantly contribute to Zeron achieving its ambitious growth goals and solidifying its position as a leader in the industry,” he added.
COGOS names new co-founder
Tech logistics startup COGOS has named Katta Prasad as its new co-founder, and promoted technology Vice President Goutham BV to Chief Technology Officer.
Prasad joined COGOS in 2023 as its COO, and has been instrumental in driving profit across key units in the company.
“COGOS has been at the forefront of integrating technology into intra-city logistics, and we’re committed to pushing the boundaries even further,” he said.
COGOS is a B2B logistics platform with a 450+ city network of truckers across India. Its investors include EV2 Ventures, Transworld, WorldQuant Ventures etc.
Twid names new senior VP of products
Rewards-based payments network Twid has appointed Vaibhav Srivastava as Senior Vice President of Products, a role where he’ll be expected to drive the company’s product vision and innovation strategy.
Srivastava has worked at several major Indian fintech companies such as Paytm Payments Bank, JioMoney, Rain Instant Pay, etc.
“I am super excited to join Twid where my passion for payments will fuel the growth of this innovative rewards-based platform, creating a delight for customers and merchants,” he said in a press note.
(This copy will be updated with the latest news throughout the day.)
Edited by Kanishk Singh
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