This Week in Startups 🌟 | Stay ahead with Entrepreneurship Studio as we bring you the latest and most exciting updates from the startup world.
From groundbreaking funding rounds to innovative breakthroughs, we've got your weekly dose of entrepreneurial spirit right here:
Sanjay Nayar's Sorin Investments Closes Maiden Fund at Rs 1,350 Crore, Adds Former ICICI Venture Partner:
Sorin Investments, led by Sanjay Nayar, a former KKR India head, successfully completed its maiden fund at Rs 1,350 crore. This venture fund, co-founded with Angad Banga of the Hong Kong-based Caravel Group, focuses on early-stage technology startups. Adding to its robust management team, Sorin Investments has brought on Subeer Monga, a former partner at ICICI Venture, the alternative investment arm of ICICI Bank. Monga's addition is expected to bring valuable experience and insight, enhancing the fund's strategic operations. The fund recently celebrated its first close and aims to support burgeoning tech enterprises in India, fostering innovation and growth within the sector.
Sauce.vc Launches Third Venture Fund Targeting ₹250 Crore for Early-Stage Consumer Brands:
Sauce VC has launched its third venture fund with a target of ₹250 crore to invest in early-stage consumer brands. Recently approved by the Securities and Exchange Board of India (SEBI), the fund aims to support 15-16 startups with investments between ₹3.5 and ₹4 crore each. The focus remains on direct investments to maintain consistency in investment stage, sector, and size. The New Delhi-based firm continues its strategy of investing in consumer-oriented startups, building on previous successes with companies such as Mokobara, The Whole Truth, and Supertails. The fund will primarily raise capital from domestic limited partners, including family offices and corporate houses in the consumer sector.
Euler Motors Secures $24M in Series C Funding for National Expansion:
Euler Motors has successfully secured $24 million in a Series C funding round, with the strategic goal of expanding its operations nationally. This funding will support the company's ambitious plans to establish a presence in 40 cities across India by 2025. The capital will primarily be utilized to enhance Euler Motors' servicing infrastructure and broaden its market reach, ensuring a stronger foothold in the rapidly growing electric vehicle market. This expansion is pivotal for Euler Motors as it aims to capitalize on the increasing demand for sustainable transportation solutions.
DiFACTO Robotics Bolsters Global Expansion with Rs 40 Cr Investment from Stakeboat Capital:
DiFACTO Robotics and Automation, a leading provider of robotic automation systems in India, has received a substantial investment boost of Rs 40 crore from Stakeboat Capital to support its global expansion efforts. This investment will aid DiFACTO in enhancing its comprehensive offerings across various industrial sectors such as automotive, welding, and material handling. With over 200 engineers and a significant presence in over 15 countries, DiFACTO is well-positioned to leverage this investment to scale operations and increase its market penetration. Stakeboat Capital, specializing in mid-market companies, focuses on industries like manufacturing and healthcare, making them a fitting partner for DiFACTO’s growth trajectory.
Hyderabad-Based Fitness Startup Portl Secures $3 Million in Pre-Series A Funding:
A funding led by Bharat Innovation Fund, with Kalaari Capital and T-Hub Foundation also participating. The capital will boost Portl's product development, market expansion, and AI system enhancements. Founded in March 2021 by Indraneel Gupta, Vishal Chandapeta, and Armaan Kandhari, and incubated at T-Hub, Portl disrupted the fitness tech sector with its flagship Portl Studio. This smart mirror features a 43-inch 4K screen, embedded bio-sensors, HD cameras, and edge-AI processing. It offers personalized fitness experiences, real-time health monitoring, and telehealth integration, aiming to make personalized health and fitness accessible to all through innovative technolgy.
WayCool Foods Secures $6.5M in Debt Funding to Accelerate Tech Innovations in Agri-commerce:
WayCool Foods, a leading B2B agri-commerce company based in India, has successfully secured $6.5 million in debt funding from Stride Ventures. This funding is aimed at advancing technological innovations within the company. The fresh capital supplements a $40 million investment from 57 Stars Global Innovation Fund and a substantial $117 million Series D round from a consortium of investors, including the World Bank Group's IFC. WayCool's initiatives are focused on enhancing the Indian food economy, impacting the lives of 150,000 farmers, and aiming to become the world’s largest food development and distribution service.
Agritech Leader Fyllo Secures $4 Million in Funding from India Quotient and SIDBI Ventures to Boost Farming Innovation:
Fyllo, an agritech startup, recently secured $4 million in funding to drive innovations in farming. The investment round was led by India Quotient and SIDBI Ventures. This financial backing is poised to support Fyllo's ongoing efforts to enhance agricultural practices through advanced technologies. India Quotient, known for its support to burgeoning startups, and SIDBI Ventures, a branch specializing in small industries development, aim to facilitate Fyllo's mission in integrating cutting-edge solutions in the agricultural sector.
TechEagle Lands Key Bridge Funding to Elevate Drone Delivery Systems in India:
TechEagle, a drone delivery startup based in Gurgaon, India, has successfully raised $500,000 in a seed funding round led by India Accelerator. The round included contributions from Vinners Group, Sitics Logistics, and several prominent angel investors. This funding is set to bolster TechEagle's infrastructure for their drone logistics airline, which focuses on enhancing last-mile and mid-mile delivery services across India. Founded by Vikram Singh Meena, a graduate of IIT Kanpur, TechEagle is dedicated to transforming the logistics sector, particularly targeting the accessibility issues in rural and remote areas. The company has gained crucial regulatory approvals from MoCA and DGCA for BVLOS flights in India, paving the way for a scalable deployment of their technology. The investment will facilitate the launch of new products, scaling of operations, and expansion of their team, aiming to impact a billion lives by 2030 through efficient and economical drone deliveries.