The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.
Sector: Entertainment tech
Amount: US$22 million
Led by: Courtside Ventures & Griffin Gaming Partners
Eloelo, India’s a live entertainment and social gaming platform, raised $22 Million in its Pre-Series B round. The round was jointly led by Courtside Ventures and Griffin Gaming Partners, joined by MIXI Inc along with existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital investing in the round.
With this fresh funding, Eloelo has now raised a total of $37.5 million. The funds from this round will be utilized to forge partnerships with creators, develop innovative tools across AI and AR for them, attract a broader pool of tech and product talent, and strengthen revenue generation and monetisation initiatives. The round comes 14 months after its Series A round of $13 million in June 2022.
“Courtside is thrilled to co-lead the investment in Eloelo alongside Griffin Gaming Partners”, said Kai Bond, Partner at Courtside Ventures. “Eloelo is pioneering a new form of entertainment in India. Through a unique combination of game participation within live streaming, they are building the next generation of social networking that enables true interactivity within their community.”
Sector: Unified Process Digitalization
Led by: EvolveX
EvolveX, an early-stage program founded by We Founder Circle, announced its latest investment in Deltafour, India’s 1st Unified Process Digitalization Platform. This startup caught the attention of investors while participating in EvolveX’s Cohort 3, launched in April 2023.
In its pre-seed funding round, Deltafour successfully raised an undisclosed amount with EvolveX taking the lead. Notable investing platform like We Founder Circle, as well as preeminent investors including Neeraj Tyagi, Bhawna Bhatnagar, Vikas Aggarwal, Abhinav Ayan, and Anirban Chakraborty also participated and contributed to the investment. The raised funds will be strategically utilized to invest in team expansion, technology development, and go-to-market initiatives. With this financial backing, Deltafour is well-positioned to scale its operations and extend its revolutionary industrial solutions to a broader audience, leaving a lasting impact in the industry.
Bhawna Bhatnagar, Co-Founder of EvolveX, stated, “Deltafour’s Unified Process Digitalization Platform addresses a serious concern in the industrial landscape. The prevalence of widespread accidents and inefficiencies in manufacturing plants due to manual processes calls for effective solutions like theirs. By automating and streamlining critical processes, Deltafour has the potential to significantly enhance safety measures and operational efficiency, thus making a meaningful contribution to improving industrial practices. We are committed to providing Deltafour with all the necessary backing to help them scale their operations effectively.”
Amount: INR 3 crore
Led by: Inflection Point Ventures
Artificial Intelligence and automation-as-a-service platform ?EaseMyAI has raised Rs. 3 Crore in a Seed Round led by Inflection Point Ventures. The funds will be utilized for product development, recruiting a sales and marketing team, and expanding our distributor network.
Madhukar Bhardwaj, Sr. Vice President, Inflection Point Ventures, says, “As the technology advances across the globe, it’s imperative for the businesses to use technology to its favor and make the most of it. EasemyAI’s end-to-end solution allows businesses to deploy AI based operating systems to automate their operations and processes. This creates a huge growth opportunity for the large and small companies to focus on the core business and eliminate the manual work with the EasemyAI platform. Their Business Model is highly scalable and IPV will support them to expand their services geographically with a strategic approach.”
Gagan Randhawa, CEO, EaseMyAI, says, “AI and IOT based automation will drive the industry 4.0 and dark warehouses. EasemyAI automation platform smoothens the digital transformation journey of enterprise where the platform is capable of handling AI models, IOT devices and 3rd party software’s. This investment will help us to scale up in markets other than India especially the USA and Middle east market and turn operationally profitable within the coming months”.
Amount: INR 4 crore
Led by: Unicorn India Ventures
Bhubaneswar-based IoT enabled climate tech startup Aurassure has raised INR 4 crore in a seed round led by Unicorn India Ventures. The funds raised will be deployed to strengthen product capabilities by creating a data analytics team, acquiring product certifications for international scaling, and sales team expansion for growing reach to multiple cities.
Akanksha Priyadarshini, Co-founder & CEO, Aurassure, says, “Empowering communities with hyperlocal data to build resilience against climate change is not just a mission, it’s a responsibility we wholeheartedly embrace. Together, we’re not just innovating but driving a positive change for a healthier, more resilient, and sustainable future, one city at a time. Our vision goes beyond data collection. We aim to be instrumental in policy-level decision-making by providing vital insights to form responsible environmental practices. We also plan to offer robust decision support systems and environmental consultancy services, guiding governments and organisations in making sustainable choices.”
Bikram Mahajan, Partner, Unicorn India Ventures, says, “Although the global environment monitoring market is valued at over $12 billion, of the 1.4 million devices needed just for air quality monitoring, only 3% are operational, underscoring the urgent need for action and the vast market potential. In our quest for a scalable climate-tech venture, Aurassure stood out. In a world choked by data silos and the escalating threat of climate change and air pollution, the Aurassure platform leverages AI, machine learning, and data points from multiple devices to generate accurate insights and actionable intel. Driven by a powerhouse team, Aurassure resonated with our ethos of championing disruptors, and we’re thrilled to partner with them as they redefine environmental monitoring to pave the way for a cleaner future. “
Startup: NIKOL EV
Led by: EvolveX
EvolveX, an early-stage program founded by We Founder Circle, that has been providing high-impact acceleration to early-revenue startups, has announced investment in NIKOL EV. Emerging as a standout startup from EvolveX’s Cohort 3, NIKOL EV launched in August 2021 and is set to revolutionize India’s Electric Vehicle (EV) industry with its innovative approach to EV Charging Infrastructure.
The Pre-Seed funding round saw participation from notable investors including Vikas Aggarwal, Neeraj Tyagi, and Bhawna Bhatnagar. With this funding, NIKOL EV plans to strengthen its team with experienced professionals and establish a robust backend support system to facilitate business scaling. Additionally, the company aims to develop a hybrid charger capable of charging 2-wheelers, 3-wheelers, and 4-wheelers simultaneously, with a portion of the funds allocated for testing and certification.
Bhawna Bhatnagar, Co-Founder of EvolveX, stated, “Insufficient charging infrastructure continues to pose a major barrier to achieving widespread adoption of electric vehicles (EVs). The scarcity of charging stations and the persistent issue of range anxiety discourage potential buyers from fully embracing the transition to electric vehicles. At EvolveX, we are committed to addressing this challenge by investing in startups like NIKOL EV. With their commitment to enhancing accessibility and uptime of EV charging stations, NIKOL EV emerges as a key driver of mass-scale EV adoption, contributing to a cleaner, sustainable transportation landscape.”
Expressing gratitude to EvolveX, Arjun D Pawar, Founder & CEO, NIKOL EV affirmed, “We want to thank EvolveX & We Founder Circle for showing their trust in us and our vision. We are turning EV owner’s experience of non-availability and non-functionality of chargers into a pleasant charging experience and with the support of our investors we will be able to create a healthy ecosystem for EV stakeholders and scale faster towards adoption of Electric Vehicles in India.”
Amount: US$3 million
Led by: Bluehill Capital
EV Motorcycle Startup, Raptee has raised $3 Million in a Pre Series A round led by deep-tech VC fund Bluehill Capital. The all-equity funding round saw participation from industry stalwarts including Mr. Eugene Mayne, Founder and CEO of Tristar Global (UAE), Lakshmi Narayanan, Former CEO Cognizant, Ramesh Kannan, Managing Director, Kaynes Technology, Chandu Nair, Director, Shankara Building Products and other HNIs from India and the UAE.
The funds will be allocated towards augmenting the manufacturing facility, acquiring machinery, tooling for the soon to be launched motorcycle, and to scale up the team.
Dinesh Arjun, Co-founder CEO, Raptee, said, “India is the largest motorcycle market in the world, with EV adoption on the rise. At Raptee, we want to launch a motorcycle in a mid-premium segment for consumers who believe that EVs are a true upgrade from ICE vehicles. We are extremely fortunate to be backed by investors from the manufacturing and transportation industries who understand long-term value creation and can add strategic value for us as we gear up for production and scale up. This being our first institutional round, we’re also proud to be backed by a DeepTech VC, Bluehill Capital. We’ve been refining and testing our vehicles, and the results are very promising. We are looking forward to launching it very soon.”
Manu Iyer, CEO & Partner, Bluehill Capital, said, “We strongly share the vision of the Raptee team to build world-class core EV technology right here in Chennai, India in a focused and cost-effective manner. Dinesh and his co-founders have diligently built the vehicle platform indigenously with intellectual property on various aspects of the vehicle sub-system. Having evaluated over 30 EV OEMs in India and having invested deeply in the EV and clean-tech ecosystem in India, we are impressed by Raptee’s cutting edge tech and excited to partner with them on their journey. We believe Raptee’s motorcycles will change the face of EV 2-Wheelers in India,”
Sector: Digital Imaging
Led by: Flipkart Ventures
Flipkart Ventures to invest $500k in Mumbai-based AI post-production startup Algomage in a pre-series A funding round to fuel company’s growth and expansion plans. Algomage provides professional AI tools and services for digital imaging to enterprises, retail industry and photographers.
The proceeds from the latest funding will be used to expand its sales and marketing team to expand its reach and replicate what it has achieved in its home turf across geographies. The company is on track to achieve its business objectives along with its strategic roadmap.
Anand Rathi, Founder and CEO, said, “It’s truly an honor to be funded by some of the most respected investors. Algomage has been contributing significantly to the automate post-production segment and has become a crucial element in the ecosystem. Association with Flipkart Ventures will go a long way in deepening relationships with all stakeholders in the Digital images ecosystem. This fundraiser will help expand the company’s operations into newer geographies and yield significant business growth and value in the future.”
Lubna Ahmed, Head of Flipkart Ventures, said, “Flipkart has always been at the forefront of empowering the startup ecosystem in India. We are excited to witness the transformative journey of startups in India as they harness Flipkart’s resources and guidance to bring their innovative ideas to life. We are pleased to invest in Algomage as it continues to fuel innovation and growth in its industry. The investment is being made by Flipkart Ventures through its cohort-based Leap Ahead program.”
Amount: US$35 million
Led by: Creaegis
Doceree, a global network of physician-only platforms for programmatic messaging, announced a US$35 million Series B round led by Creaegis, the digital and technology investment firm. Existing investors, Eight Roads Ventures, and F-Prime Capital, also participated in the round.
Driven solely by the mission to transform healthcare professional (HCP) marketing globally, the funds will enable Doceree to accelerate product development, augment technologies, scale global expansion, and expand team.
“We are pioneering HCP messaging solutions that are first to market. It is incredible to watch our innovative products disrupt the space and drive adoption of programmatic technology in the life-sciences industry, not just in evolved markets like the US, but also elsewhere in the same vein. We have been able to simplify HCP engagement globally with our unique AI-enabled proprietary technology and offer quality end-to-end HCP-targeting solutions that have helped our clients succeed with profitable growth. The pharma messaging space is evolving at a fast pace and our solutions are aligned to meet the immediate requirements of the life sciences industry. The investment speaks volumes about the value we are creating in the space,” said Harshit Jain MD, Founder & Global CEO, Doceree. Jain further added, “We are growing massively and have competitive edge. We are thrilled about the future as we continue to expand and touch new horizons in the space.”
Prakash Parthasarathy, Managing Partner & CIO and Nitish Bandi, Partner, Creaegis, said, “We are excited to partner with Harshit and the Doceree team to support the company in its next phase of growth led by an industry leading digital platform driven by deep learning-based data models. Our past experience of investing in pioneering global SaaS companies and in the healthcare ecosystem will enable us to support the company’s mission to create superior outcomes for pharma brands, providers and patients.”
Amount: US$2 million
Led by: Lumikai
QuriousBit, a casual puzzle gaming studio co-founded by Ramakrishna Reddy Y L and Shubham Joshi, former core team members of PlaySimple, has recently secured US$2 million in its initial funding round. Lumikai, a leading VC fund in India specializing in Gaming and Interactive media, took the lead in this investment round, with General Catalyst joining as co-investors.
Fuelled by the vision to pin India on the global map of hit puzzle games, the company aims to utilize the funds from this seed round to create a new benchmark in innovative puzzle games built in India for global audiences. The founders will be investing heavily in curating a stellar team to build a high-quality casual mobile gaming studio.
Salone Sehgal, Founding General Partner, Lumikai stated “A fresh and innovative approach both in game design and distribution is imperative to achieve category leading success in the highly competitive global casual gaming market given current market conditions. Ram and Shubham’s deep thinking, category expertise, and design orientation deeply impressed us. We are excited to be on the QuriousBit journey with them”.
Ramakrishna Reddy Y L, Founder, QuriousBit, said “We see a huge opportunity in casual puzzle games beyond match-3 and blast genres. We believe some of these genres are ripe to disrupt with innovative core gameplay mechanics and deeper narratives. Our aim is to build a world class gaming studio based out of India, entertaining global audiences. Lumikai and General Catalyst partnering with us in this journey positions us well to achieve it.”
Startup: Vyapaar Vistaar Tech Private Limited
Sector: supply chain
Led by: Various investors
Vyapaar Vistaar Tech Private Limited, a B2B tech-based distribution startup focused on supply chain innovation, raised in pre-series A funding to roll out its next phase of expansion. Marquee investors like Deepak Agarwal, MD of Bikaji Foods International Ltd., Mr. Sunil Chordia, Chairman & MD of Rajratan Global Wire Ltd., Authum Investment and Infrastructure Ltd. and Ajay Gupta, a prominent startup investor, invested in the company. This funding round is designed to strengthen the firm’s distribution network in the existing markets of Central and North India and expand in South India, further solidifying its position with the added expertise of investors.
The company will utilise the raised capital to enhance the technology platform and bolster private-label brands. Vyapaar Vistaar Tech Private Limited also aims to seize emerging opportunities within the FMCG space.
Satvik Kumat, Promoter and Director, Vyapaar Vistaar Tech Private. Limited said, “We are excited to partner with our new investors to embark on this next phase of growth for Vyapaar Vistaar. With the support of our investors, we are well-positioned to drive growth, expand our distribution network, and promote our own private-label brands along with several other domestic brands.”
“This infusion of funds not only validates the hard work of our dedicated team but also reinforces our commitment to creating a technology-driven seamless flow of products from brands to rural consumers and overcoming the limitations of traditional retail distribution,” said Arushi Kumat Dugar, Promoter and Director, Vyapaar Vistaar Tech Private Limited.