Pure EV raises $8 million in funding

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February 19, 2024

Pure EV, an electric two-wheeler company, announced that it raised USD 8 million (about Rs 66 crore) from a group of investors. According to a statement by Pure EV, the funding was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, along with Ushodaya Enterprises Pvt Ltd, existing investors, and high net-worth individuals.

The Hyderabad-based company announced that it is nearing the completion of its Series A1 funding round, totaling USD 25 million, with the involvement of a foreign institutional investor.

At the same time, Pure EV is engaged in discussions with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, aiming to secure an injection of USD 15 million.

“We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months,” Pure EV Co-Founder & CEO Rohit Vadera stated.

The company, known for its electric motorcycles and scooters, has achieved sales exceeding 70,000 units.

Aroa Venture Partners launches $50mn fund

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February 19, 2024

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Founded in 2020, Aroa Venture Partners, a venture capital firm known for investments in companies like Unacademy, Urban Company, and Cred, is introducing a new fund with a goal of Rs 400 crore (approximately $50 million).

The Aroa Opportunities Fund officially registered as a category II alternative investment fund (AIF) with the Securities and Exchange Board of India (Sebi) in October 2022. Founder and managing partner Gaurav Gulati reported that the fund has already received in-principle commitments exceeding Rs 400 crore.

“We plan on investing from seed to Series C. From seed to Series A, we will always lead the round and Series B and C, we will not lead but instead co-invest,” Gulati said.

As a greenshoe option, the fund has reserved an additional Rs 400 crore on top of the final fund corpus, Gulati mentioned.

The firm intends to invest checks ranging from Rs 4 crore to Rs 40 crore in 20-25 startups using the new fund.

Gulati shared that Aroa Venture Partners utilizes a feeder vehicle in Singapore, facilitating the aggregation of investment capital to be invested in the master fund.

“Our approach is largely multi-sector. However, real estate and Web3 are on the negative list. Real estate as a sector has matured, and we believe there are sufficient pools of capital available to take ventures in this space forward. Web3 is an area that is very compelling, but we have yet to build conviction around scalable and commercial use cases,” he added.

Gulati founded Aroa Venture Partners as a solo general partner fund, with Oyo founder and CEO Ritesh Agarwal as its sole limited partner. In 2022, the firm’s investor manager entity, ScaleX Partners, underwent rebranding to become Aroa Venture Partners. Having invested over Rs 100 crore in 40 startups, spanning early- and growth-stage companies.

Before establishing Aroa Venture Partners, Gulati served as the Chief Operating Officer at Innov8, a co-working space services provider acquired by Oyo in 2019. Additionally, he co-founded Purist, a corporate food service venture later acquired by Curefit.

Scandalous Foods secures INR 3-Cr in the completed pre-seed round

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February 16, 2024

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In a significant move to boost innovation and expansion, Scandalous Foods, a pioneer in the Indian sweets industry for restaurants and catering, proudly announces the completion of its pre-seed funding round, securing an impressive total of INR 3 crore.

The recent infusion of INR 1.4 crore from the Indian Angel Network (IAN), led by investors KRS Jamwal and Mrunal Jhaveri, along with notable angel investors Arjun Vaidya of V3 Ventures, Ajay Mariwala, MD of VKL and FSIPL, and Sushma Gupta, marks the successful completion of this funding phase.

Achieving a financial milestone, Scandalous Foods strategically utilized previous funds to establish a larger production facility, paving the way for an ambitious expansion. With upgraded production capabilities, the company is ready to extend its presence in the food service industry and establish a strong HoReCa base in key markets, including Mumbai and Nasik.

Sanket S., Founder of Scandalous Foods, shared his enthusiasm: “This funding round is not just about financial growth but a testament to our belief in our vision to redefine the Indian sweets landscape in the post meal consumption space. With the additional INR 1.4 crore, we are better equipped than ever to innovate, expand, and cater to the growing demands of our diverse clientele. Our journey from a nascent startup to a trailblazer in the industry has been exhilarating, and this is just the beginning.”

Mrunal Jhaveri, founding partner at Ice.vc and leading the round at Ian with KRS Jamal, expressed confidence in the venture, said, “Scandalous Foods stands out with its unique proposition in the Indian sweets segment, especially in the B2B space. Their approach to combining tradition with innovation is precisely what the industry needs. We are excited to support Scandalous in their journey towards becoming a leader in the food service industry. Their vision aligns with our commitment to backing businesses that have the potential to scale and make a significant impact.”

Scandalous Foods reinforces its commitment to quality and scalability with a strategic investment in an expanded production unit. The company’s dedication to product excellence and customer satisfaction aligns with its ambition to revolutionize the Indian sweets scene. Through partnerships with key accounts nationwide, Scandalous Foods aims to improve its offerings and accessibility, cementing its market position.

Moving ahead, Scandalous Foods maintains its dedication to providing outstanding Indian sweets that cater to changing consumer preferences. With the successful completion of this funding round, the company is ready to enter its next growth stage, ensuring the delivery of more innovative and delightful sweets to tables throughout India.

Operating primarily through cloud kitchens, Scandalous Foods intends to broaden its reach into diverse food service sectors such as wedding catering, corporate catering, and large-format commissaries. Additionally, the brand plans to introduce mithai bars and sachets, catering to spontaneous indulgence shortly.

UiPath aims to equip 5 lakh Indian professionals with automation skills by 2027

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February 16, 2024

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UiPath, a US-based enterprise automation software company, aims to empower 500,000 Indians with artificial intelligence (AI) and automation skills by 2027, according to a company statement.

The announcement came during the 2024 UiPath Academic Summit in Bengaluru, where the company introduced various initiatives to enhance upskilling opportunities for Indians.

The programs are designed to provide access and opportunities for Indians to embrace new roles in the age of AI and automation.

UiPath is extending its collaboration with FutureSkills Prime, a joint venture of Nasscom and the electronics and IT ministry. It intends to introduce two additional learning plans tailored for business analysts and test automation professionals. These new course maps address the growing demand for skilled automation professionals in India, aiming to establish inclusive and accessible pathways for individuals entering emerging job roles.

To promote broader access to digital upskilling opportunities, UiPath plans to offer 100 scholarships annually for the next three years to economically disadvantaged individuals pursuing UiPath certifications. The company is collaborating with its ecosystem to introduce automated interview opportunities for graduates from UiPath Academic Alliance partner institutions.

This platform will provide opportunities for internships and full-time roles, allowing individuals with UiPath certifications to access entry-level jobs within the UiPath ecosystem.

UiPath is poised to establish 50 automation skills labs across various colleges in India, broadening the scope for students to enhance their automation skills and expertise. These dedicated facilities, scheduled to be operational by the second half of 2024, will emphasize skills development, innovation, and research.

“The advent of AI and automation opens India’s economy and population to vast new opportunities, and this must be supported with a dedicated commitment to elevating the skills and expertise available in the market. UiPath recognizes the value and urgency in ensuring equitable access to skills training and development, and these new initiatives by the UiPath Academic Alliance underscore our commitment to this cause,” said Arun Balasubramanian, managing director – India and South Asia, UiPath.

Kirti Seth, CEO of Sector Skills Council Nasscom, said the collaboration with UiPath is a crucial step in realizing the vision of the Skill India Mission.

“Automation fuelled by AI is transforming businesses and to leverage the growing opportunities, Sector Skills Council Nasscom is adapting education to meet industry demands with a focus on practical career development. UiPath’s efforts to skill half-a-million learners in India through the introduction of specialized learning plans for 1.7 million learners on the FutureSkills Prime platform will significantly contribute to a skilled workforce that’s ready to make Inevitable India a reality,” she said.

Online seafood firm Captain Fresh raises $25mn in funding

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February 16, 2024

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Online seafood firm Captain Fresh raises $25mn in funding — Captain Fresh founder Utham Gowda

Captain Fresh, an online seafood company, secured $25 million in funding. British International Investment (BII), supported by the UK government, and Andhra Pradesh’s Nekkanti Seafoods Group led the funding round.

This funding is a part of a larger $48 million extended funding round. The company had already raised $20 million in September last year. SBI Investment and Evolvence Capital from Japan led the previous round. Existing investors like Tiger Global, Prosus, Accel, and Matrix Partners India also participated in the funding.

Utham Gowda, the founder and chief executive of the firm, announced that they are currently negotiating an additional $3 million in funding from SBI Investment.

“By supporting Captain Fresh, we are delighted to be able to reach and support more fishermen with improved economic opportunities, as well as to promote sustainable production and reduce wastage. We are also keen to support India’s food exports as a way to support global food security,” Abhinav Sinha, managing director and head of technology and telecoms at BII, said in a statement.

BII and SBI Investment are investing in the firm for the first time. After this funding, Utham Gowda, the CEO, will have a 19% stake in the company. Matrix Partners will hold 12.5%, while Accel and Ankur Capital will have about 11 to 12% each. Prosus and Tiger Global will each have around 10%, Gowda added.

The raised funds will be primarily used to expand Captain Fresh’s operations in the US and European markets.

“We expect to become fully vertically integrated in these markets and evolve from being just an exporter to also distributing on our own (sic),” Gowda said. The company plans to invest in expanding its supply chain in Southeast Asia, sourcing products from countries like Indonesia and Malaysia.

Captain Fresh recently acquired Senecrus, a Paris-based shrimp cooker and distributor, as part of its European expansion strategy.

The firm operates in a business-to-business (B2B) format, supplying fish and seafood to sellers. In the next two to three months, over 50% of its business will come from the US market, up from 25-30% previously. Captain Fresh anticipates that 80-85% of its total business will come from the European and US markets.

Captain Fresh collaborates with retailers such as Metro, Auchan, and Carrefour, operating in France, Germany, Poland, and the Middle East. While about 2-3% of its business comes from India, the firm decided to shift from an India-focused approach to an international export focus.

Utham Gowda said that this shift offers a better opportunity for profitability. He noted that the company has already achieved profitability on a monthly basis and anticipates full profitability in FY25, although specific numbers were not disclosed.

Signum Hotels launches Signum Jamboree Creek Resort in Mandrem, Goa

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February 15, 2024

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Today, Signum Hotels and Resorts, a fast-growing hotel management company in India, unveiled Signum Jamboree Creek Resort in North Goa. Situated in Mandrem, this eco-boutique resort spans 1.5 acres and showcases a commitment to sustainable hospitality, creating an intimate escape in Goa surrounded by nature.

Strategically positioned on the river/creekside from Ashwem Beach to Mandrem, Signum Jamboree Creek Resort offers exclusive private beach access just 5 minutes away. The resort’s tranquil ambiance delivers a distinctive and breathtaking experience for guests seeking a harmonious connection with nature.

Signum Jamboree Creek Resort goes beyond being just a resort, embodying permaculture principles by recycling water and garbage for garden cultivation. The entire property showcases sustainable living with bamboo pagodas, mud-and-hay yoga barns, and gardens featuring various edible fruit trees.

The resort features 15 air-conditioned and non-air-conditioned wooden cottages with open-air showers, sit-out balconies, Wi-Fi, and daily housekeeping. Facilities include a multi-cuisine café, private beach access, a swimming pool, yoga shala, in-house ayurveda massage therapy, an event space, and a personal meditation space. To enhance the guest experience, the resort offers curated activities like beach yoga classes, Indian cooking classes, Chef-grown organic vegetables, beach picnics, poolside BBQs, and permaculture walks, all available through pre-booking.

Commenting on the new opening, Mehul Sharma, founder & CEO of Signum Hotels & Resorts, said, “Signum Jamboree Creek Resort marks a significant milestone for Signum Hotels. This eco oasis in North Goa reflects our commitment to blending hospitality with sustainability. We believe in creating hospitality spaces that not only provide unparalleled comfort but also foster a deep connection with our surroundings. This resort reflects our dedication to offering unique and environmentally conscious experiences to our discerning guests.”

Neo-bank Freo raises debt funding from SIDBI

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February 15, 2024

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Neo-bank Freo raises debt funding from SIDBI — Freo cofounder Anuj Kacker

Mwyn Tech, the company behind the digital banking platform Freo, secured debt funding from the Small Industries Development Bank of India (Sidbi).

The funds will fuel expansion into new categories, segments, and pan-India geographies.

Established in 2015, Freo offers digital banking services like a digital savings account, a personal credit line through Moneytap, and pay-later and credit score products.

It aims to enter new product segments, including ‘credit on UPI.’

“The investment from Sidbi bolsters our confidence in our processes and diligence and is a start to a relationship as we look to expand into newer categories and demographics. We look to use the capital for growth and launch newer products such as credit on UPI,” said Anuj Kacker, cofounder of Freo.

This investment by Sidbi is notable because Sidbi typically invests in startups indirectly through the Securities and Exchange Board of India (SEBI)-registered alternative investment funds (AIFs).

Freo claims to have reached 25 million users in 1,200 cities across India.

According to a recent report from rating agency Crisil, Sidbi, through its fund-of-funds, has invested Rs 17,534 crore across 938 startups. The report, conducted in collaboration with Sidbi, also revealed that 129 AIFs received commitments from various fund-of-funds schemes.

Rewards-focussed mobile browser Veera secures $6mn in funding

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February 15, 2024

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Rewards-focussed mobile browser Veera secures $6mn in funding — Veera cofounder and CEO Arjun Ghose

Veera, a rewards-powered internet browser, announced it had raised $6 million in seed funding led by Ayon Capital, a Florida-based single-family office.

Ayon Capital previously invested in Vested Finance, an online platform enabling Indian investors to invest in the US stock market.

The funding round included participation from various investors, both institutions and angels, such as 6th Man Ventures, Folius Ventures, The Operating Group, and iSeed Ventures.

Ayon Capital, an investor in Brave, a privacy-focused internet browser, is also part of this round. The team behind Brave had previously built Firefox.

Arjun Ghose, Founder and CEO, stated that the additional capital would be used to grow the company’s engineering team, speed up product development, improve infrastructure, and invest in marketing initiatives.

“We are thrilled to have secured this funding from Ayon Capital and other top-tier investors. This investment validates our vision to revolutionize the mobile internet experience in India. The overwhelming response from users following the introduction of our rewards program and the launch of our super-fast browser has reinforced the need for a product like Veera in India… We aim to continue innovating and delivering value to our users as we solidify Veera’s position as the preferred browser for Indian internet users,” Ghose said.

“What better distribution platform than a browser, an application that almost all of us irrespective of socioeconomic status, open every day and spend immense amounts of time on it. It just hasn’t been leveraged to be a distribution or discoverability platform. That is the gap or opportunity we saw,” Ghose added.

In September 2023, Veera introduced its mobile-only internet browser, which was entirely developed in India. According to Ghose, the browser, featuring customized content and ad-blocking services, has surpassed 100,000 users.

Additionally, the company initiated an engagement-driven rewards program to encourage user loyalty and interaction on the Veera platform through gamification.

Ghose, an alumnus of IIT Kharagpur and Wharton, has a background as an investor at firms like Falcon Edge and Pantheon Ventures. He previously held positions at The Carlyle Group and McKinsey & Company.

Ghose co-founded the company with Rahul Pagidipati, the founder and former CEO of Zebpay. The founding advisors included Aditya Julka, a serial entrepreneur and founder of Paddle8, and Kanu Gupta, a founding leader at Goldman Sachs in India and a serial investor.

Winston India launches Valentine Campaign with its limited edition gift boxes: You are Enough

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February 14, 2024

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Winston India launches its Valentine campaign with the theme ‘You are enough’. The campaign focuses on the importance of self-love, emphasizing that Valentine’s Day isn’t just about expressing love to others and celebrating oneself. To make this Valentine campaign a success, the brand collaborated with popular influencers, including Tripti Bisht Gulati, Devansh Kamboj, and Kushal & Khushi.

With #YouAreEnough, Winston embraces the art of love, reminding both the recipient and the giver that, like the allure of a gift box, they possess more than enough within themselves to captivate hearts and souls. The brand has rolled out the campaign on different social media platforms and its authentic Limited Edition Gift boxes for both men and women.

The Limited Edition Men’s Gift Box is a carefully curated selection of grooming essentials, including the Nut Groomer 1.0, Blackhead Remover, Callus Remover, and Foot Cream. This groundbreaking gift box is just enough to meet the modern man’s grooming needs. Simultaneously, the Limited Edition Women’s Gift Box features a 2-in-1 face and eyebrow trimmer, Blackhead Remover, Callus Remover, and Foot Cream. It is an ideal and comprehensive set that will enhance and pamper your beauty routine on this special day and make your grooming experience exceptional anytime and anywhere.

Himanshu Adlakha, Co-Founder of Winston India, comments on this launch by stating, “Self-love is the foundation of all relationships and what can be better to show this kind of love on this Valentine’s Day. The launch of our Limited Edition Gift Boxes is nothing but a token of appreciation for oneself or a loved one. On this special day of love, we hope that our customers feel the essence of self-love through our thoughtfully curated products. We envision users conveying the sentiment that just as this Winston Gift Box embodies completeness and delight, their loved ones—or even themselves—are inherently whole and cherished, just as they are.”

The Limited Edition Gift Boxes are now available on the Winston India website and other platforms, including Amazon, Flipkart, and Nykaa. This Valentine, surprise yourself and your loved ones with the gift of self-care because love truly begins with you!

About Winston India

Started in the Year 2021, we set forth our personal care journey crafted especially for women. We’ve introduced easy-to-use, high-end technology-embedded products with an ethos to provide exceptionally high-quality products and alter how women see personal care. From optimum facial care to superlative bodycare, we offer all top appliances including epilators, eyebrow trimmers, blackhead remover and much more to revitalize your beauty. Our main motive is to let you flaunt your natural beauty without visiting a salon.

Classplus announces second ESOP buyback

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February 14, 2024

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Classplus announces second ESOP buyback — Mukul Rustagi (left) and Bhaswat Agarwal

Classplus, an Indian B2B edtech startup, declared its second Employee Stock Ownership Plan (ESOP) buyback on Wednesday. This is their second time offering this opportunity in the last three years.

The buyback enables more than 150 employees, spanning various roles and business sectors, to sell their vested shares back to the company. This move was announced through an official statement.

Mukul Rustagi, Co-Founder and CEO of Classplus said, “This ESOP buyback is a big moment for all of us. We started Classplus with the goal of creating value for everyone involved with us, right from our customers, to our team, and investors. It is truly gratifying to see that vision come to fruition.”

“It’s also a chance for our younger team members to start building wealth early, something we’re really proud to offer. The youngest participant in the buyback is just 23, and the average age of the 150+ eligible people is 28. ESOP buybacks can seem infrequent in our industry, but we’re happy to show that they’re very much a part of Classplus’ plan,” Rustagi added.

Mukul Rustagi and Bhaswat Agarwal established Classplus in 2018. This mobile-first SaaS platform assists creators in transforming their skills into lucrative online ventures by facilitating content monetization, as the official statement outlines.

Classplus, India’s premier B2B edtech startup, empowers educators and content creators to establish and expand their online coaching enterprises. Operating in over 3,000 cities, they’ve reached 50 million students, conducting 1.5 million live classes in the past year. Classplus creators have multiplied their earnings 5-6 times by extending their reach beyond local boundaries.

On the Classplus platform, creators can launch recorded courses, conduct live webinars, offer 1-on-1 consultations, sell books, and even merchandise. Since its inception, Classplus has secured approximately $150+ million in funding from esteemed global investors such as Tiger Global, AWI, RTP Global, Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, Strive, Times Internet, and Abu Dhabi-based Chimera Ventures.

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