Funding & M&A

Funding alert: Tech startups that raked in moolah this month

The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.

Startup: BluWheelz

Sector: EV

Amount: US$1 million

Led by: Venture Catalysts

Venture Catalysts, an Indian incubator in early-stage investments, participated in the $1 million bridge funding round for BluWheelz, a tech-enabled delivery company revolutionizing logistics with an exclusive electric vehicle (EV) fleet. The round also saw participation from esteemed investors including FAAD, LetsVenture, and Chakra Growth Fund.

Dr. Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts++ stated, “We are delighted to support BluWheelz in their mission to redefine logistics through sustainable mobility solutions. Their innovative approach, combining cutting-edge technology with a commitment to environmental responsibility, aligns perfectly with our investment philosophy. BluWheelz’s impressive growth trajectory, strategic partnerships, and visionary leadership position them as frontrunners in the rapidly evolving EV market. We are confident in their ability to drive transformative change and look forward to being a part of their success story.”

“Today, as Bluwheelz secures pivotal funding, we are on the cusp of seizing a greater share of the EV market,” said Sanjiv Gupta, Founder and Chairman of BluWheelz. “This is more than an expansion; it’s a commitment to redefine mobility and logistics through sustainability and innovation. We stand at the forefront, ready to steer the electric revolution in logistics, building not just a company, but an ecosystem that propels us towards a future where progress and the planet move forward together.”

Startup: RUNO

Sector: CRM

Amount: US$1.5 million

Led by: Unicorn India Ventures & Callapina Capital

RUNO, a modern Mobile SIM-based Outbound Call Management CRM raised $1.5 million in a Pre Series A round led by Unicorn India Ventures and Callapina Capital. Runo plans to use the funds raised primarily towards onboarding a senior management team in Product and Development. Additionally, the investment will facilitate the company’s expansion plans into the MENA region and the United States & Canada, positioning RUNO as a global player in the sales and outbound calling productivity space.

Anil Joshi, Managing Partner, Unicorn India Ventures, says, “With a proven success track record of RUNO, we decided to invest in the company due to its product that is enabling companies to achieve a higher conversion rate. The increasing use of advanced technologies, cloud based CRM is gaining traction. In the coming years the penetration of CRM is going to be AI driven and RUNO is already working on pioneering solutions on that front. We believe the fresh funds will not only help RUNO in its expansion plan but also create a path for new products to come in the market that will target MSMEs”.

Vinod Jose, Co founder CEO, Callapina Capital, adds, “As remote work and distributed workforces have become the norm in the post-pandemic world, there is a clear need for innovative tools and infrastructure to support these changes. Runo’s mobile-first solution is expertly designed to manage distributed workforces and enhance productivity in a variety of call-based operations, from outbound and inbound call centres to sales and hiring initiatives. We are excited to back Raj and Vamsi as they bring this solution to the world from India and take the lead in revolutionizing business communications.”

Startup: BRISKPE

Sector: Cross-border payments

Amount: US$5 million

Led by: PayU

BRISKPE, a Mumbai-based cross-border payments platform, raised $5 million in a seed round from PayU, the payments and fintech business of Prosus. This investment marks a crucial milestone in BRISKPE’s journey to empower Indian MSMEs and exporters by simplifying global payments.

BRISKPE will use the funding to enhance its product and service offerings, expand its team, and scale up its reach to enable more Indian businesses to set off on their global journey with seamless cross-border payments. The company remains committed to driving economic growth and allowing MSMEs to thrive in the fiercely competitive international market.

Sanjay Tripathy, Co-Founder and CEO of BRISKPE, said, “PayU’s investment in BRISKPE aligns with our shared mission to reshape global payments for small businesses. This partnership represents a pivotal stride in simplifying cross-border transactions for MSMEs, enabling them to scale globally. At BRISKPE, we are committed to bridging the gap between domestic and international trade, empowering local businesses with our innovative solutions to thrive globally.”

Vijay Agicha, Chief Investment Officer at PayU, highlighted the strategic importance of this investment, stating, “BRISKPE’s alignment with our cross-border payment strategy and focus on compliance highlights a symbiotic partnership. With BRISKPE’s top-notch management team expertise in digital-first business models and banking systems, we’re excited to actively participate in shaping their future growth. We’re optimistic about the potential in cross-border payments and remain committed to driving economic growth in India.”

Startup: Endimension Technology

Sector: AI healthtech

Amount: INR 6 Crore

Led by: Inflection Point Ventures

Endimension Technology, a healthcare AI startup has raised INR 6 Crore in Pre-Series A round led by Inflection Point Ventures. Other investors in this round include Sucseed Indovation, SINE IIT Bombay and individual angel investors. Endimension Technology, incubated at IIT Bombay, is driven by the vision to harness AI technology in radiology, ensuring early and precise diagnosis for patients globally.

The funds will be utilized to fuel AI research and development, team expansion, software enhancement. These strategic investments aim to bolster their market position, accelerate growth, and establish Endimension as an industry leader.

Ivy Chin, Partner, Inflection Point Ventures says, “The Indian radio-diagnosis market, growing at a CAGR of 15%+ over the last decade, has got a lot of focus on equipment & infrastructure. The under-stated need is that of qualified professionals, i.e. radiologists, to manage this burgeoning demand. There has been growth across tier 1, 2 & 3 for equipment but the availability and prohibitive costs of trained radiologists exacerbates the problem of demand outstripping supply situation. Endimension focuses on leveraging AI to facilitate faster assessment and diagnosis, employing generative AI to streamline report generation and reduce the time required by radiologists. IPV is confident that this investment will contribute towards the betterment of the industry”.

Startup: PointO

Sector: EV

Amount: INR 6.2 crores

Led by: Equirus InnovateX Fund

Equirus InnovateX Fund (EIF) led the seed investment round in Lithium Battery Ecosystem startup PointO, marking this as their first investment from the fund. EIF led the round with an investment of INR 5 crores, from the total INR 6.2 crores raised in this round.

“Equirus InnovateX Fund is thrilled to partner with PointO in its mission to revolutionise the lithium battery ecosystem,” said Sunder Nookala, Early-Stage VC, and Head, Tech & Digital at Equirus “PointO’s innovative approach and strong execution capabilities align perfectly with EIF’s vision of supporting visionary founders and catalysing innovation. This investment marks a significant milestone for EIF, and we are excited to embark on this journey of driving positive change and sustainable growth.”

“In the last decade, e-rickshaws have created opportunities for millions by doubling their livelihoods, replacing traditional rickshaws. At Pointo, we strive to replicate this impact with the introduction of lithium-ion batteries. By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers’ take-home income. We are delighted to partner with Equirus on this journey, leveraging their extensive experience in the fintech sector to drive meaningful change.” said Riki Biswas, Founder and CEO of PointO.

Startup: vHub.ai

Sector: Influencer marketing

Amount: Undisclosed

Led by: Z21 Ventures & Start Up India Seed Fund Scheme

Influencer marketing company vHub.ai has raised an undisclosed funding in a seed round from a clutch of investors including Z21 Ventures and Start Up India Seed Fund Scheme. Several existing early-stage angel investors who supported Vhub’s initial launch and development phases have also participated in the round.

The funds will be utilised in advancing the company’s AI technologies to deepen influencer discovery analytics and in enabling more precise connections between brands and influencers. vHub.ai also plans to develop additional tools to understand their audience on their social media pages better and to devise marketing strategies around that.

“We are thrilled to partner with Z21 Ventures on this journey. This funding not only validates our vision but also empowers us to accelerate our innovations, making influencer marketing as measurable and reliable as traditional digital marketing,” said Sachin Modi, CEO of vHub.ai. The funding will also help the company in scaling up its technology to accommodate thousands of brands and to facilitate expansion into international markets. Since its inception, vHub.ai has grown significantly, and is now supporting over 40,000 influencers and more than a hundred brands.

Startup: Ecozen

Sector: Agtech

Amount: INR 24 crores

Led by: Coromandel International Limited

Coromandel International Limited, an Indian agri solutions company, increased its investment in Ecozen, a pioneering climate-smart technology solutions provider. The Rs 24 crores investment was made through its wholly owned subsidiary and corporate venture capital arm Dare Ventures Limited. With this, Coromandel has increased its shareholding in Ecozen to 5.54%, an increase of 3.13%.

Ecozen is known for its innovative and sustainable solutions such as the solar-powered irrigation (Ecotron) and cold chain systems (Ecofrost) that have positively impacted the lives of over 180,000 farmers in India. The company leverages advanced technologies including Artificial Intelligence (AI), Internet of Things (IoT), and energy storage to boost agricultural incomes and also significantly reducing greenhouse gas emissions and food losses.

Jayashree Satagopan, President, Corporate & CFO, Coromandel International Limited, stated, “The remarkable strides made by Ecozen, and its commitment to driving positive impact on the livelihoods of farmers aligns with our vision of building a smart and sustainable future. Our increased shareholding in Ecozen reflects our confidence in the company’s ability to drive positive change and create long-term value for stakeholders.”

Devendra Gupta, CEO, and Co-Founder, Ecozen, expressed his gratitude for Coromandel’s increased support and investment through Dare Ventures, stating, “We are immensely grateful for the continued support and investment from Dare Ventures, which underscores their belief in our mission and potential. Their contribution has been instrumental in our journey towards expanding our impact and reach. With Coromandel by our side, we are confident in our ability to accelerate the adoption of climate-smart technologies globally, empowering farmers and fostering sustainable growth.”

Startup: Treacle

Sector: Cybersecurity

Amount: INR 4 Crores

Led by: Inflection Point Ventures

Treacle, a cybersecurity startup has raised INR 4 Crores in a pre-seed round led by Inflection Point Ventures. The funds will be utilised to enhance technical and business development, marketing and office expenses, partnerships, and expansion in the Indian market.

Incubated from the IHub program at FIRST, IIT Kanpur, Treacle, specializes in Defensive Security.

Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “Treacle’s core strengths lie in our AI-Based Deception Technology, a cornerstone of our Defensive Cyber Security solutions. By analyzing attacker behavior and diverting them into simulated networks, Treacle provides advanced protection. Additionally, the AI-Based Early Warning System enhances the ability to identify threats swiftly and proactively, issuing early alerts to SOC analysts.”

Subhasis Mukhopadhyay, Co-Founder & CEO, says, “Our mission centers on safeguarding network infrastructures through early detection, containment, and deception of threats. We’re committed to delivering unparalleled value in the market, ensuring our clients have access to premium security solutions in an affordable manner. Our goal is to establish ourselves as a market leader and create sufficient value to make the cyber world a safer place within the next five to six years.”

Startup: 3SC

Sector: Supply Chain

Amount: US$4 million

Led by: GEF Capital’s South Asia Growth Fund

Gurugram-based SS Supply Chain Solutions (3SC) announced fundraising of an additional USD 4 million from existing investor GEF Capital’s South Asia Growth Fund.

This investment’s goal is to fuel the company’s growth trajectory and strategic expansion plans. The funds will primarily be allocated towards enhancing AI/technology capabilities and scaling operations to meet increasing market demand. A major portion of the investment is geared towards product and technology development along with global market expansion.

Sarita Das, Co-Founder of 3SC said “This funding is a significant step in our journey and we aim to amplify our operations in the global markets, particularly in enhancing our SaaS offerings. The investment will accelerate our growth trajectory and strengthen our offerings while driving greater value for our clients and stakeholders. At 3SC we strive to be the best in our field and dominate the market.”

Raj Pai, Managing Partner at GEF Capital stated, “At GEF Capital, we’re pleased to further support 3SC’s journey. This investment is an outcome of our confidence in the company’s leadership and innovative solutions. We believe in 3SC’s potential to make a meaningful impact in the industry, and we’re committed to assisting their growth and expansion efforts.”

This funding round follows an earlier Series B round, where 3SC secured $15 million from GEF Capital’s South Asia Fund, with continued support from GEF Capital, 3SC endeavors to further consolidate its market position and bolster its capabilities in supply chain management SaaS and Analytics offerings. The company offers a comprehensive suite of tech-enabled end-to-end supply chain solutions leveraging AI/ML, analytics, and digital technologies encompassing supply chain planning, risk mitigation, decarbonization, distribution, control tower, and 4PL services.

Startup: Stupa Sports Analytics

Sector: Sports technology

Amount: INR 280 million

Led by: Centre Court Capital & PeerCapital

Stupa Sports Analytics, a leading sports technology company, has recently secured INR 280 million in a Pre-Series A funding round led by Centre Court Capital and PeerCapital. The company intends to utilize this capital to fuel its talent acquisition, global expansion, and product enhancement initiatives.

Stupa Sports Analytics offers a comprehensive suite of AI-driven solutions for advanced analytics of player performance data, broadcasting capabilities and sports digitization tools for athletes, sports federations, broadcasters and fan communities worldwide.

The latest fund pool will be deployed to attract top AI/ML and engineering talent to build advanced solutions that stay ahead of the curve in the rapidly growing sports-tech industry. The fund will also power Stupa’s ambitions to expand globally into markets like the US, UK, Australia, and the Middle East while deepening its existing presence in regions like Europe and Asia. With the freshly infused capital, Stupa plans to enhance its product offerings to cater to the expanded sports disciplines portfolio, that includes table tennis, badminton, and upcoming sports like pickleball and padel along with other multi-sport capabilities.

Megha Gambhir, the Co-founder and CEO of Stupa Sports Analytics, said, “At Stupa, we envision a future where cutting-edge sports technology empowers athletes, federations, and fans alike with data-driven insights and digitally augmented experiences. I am grateful for the enthusiastic support and confidence shown by Centre Court Capital and PeerCapital. Their backing propels us closer towards our vision of transforming sports through innovative technology.”

Before this Pre-Series A round, Stupa had raised INR 75 million in seed and pre-seed funding. The company plans to initiate another fundraising round in 2025 to implement data and media rights monetization strategies, build a B2B2C segment catering to players, coaches, and fans, and further broaden its portfolio of sports disciplines.

Navanwita Bora Sachdev

Navanwita is the editor of The Tech Panda who also frequently publishes stories in news outlets such as The Indian Express, Entrepreneur India, and The Business Standard

Recent Posts

CrowdStrike incident warning that diversity in Internet provider service a good idea

In the light of the recent CrowdStrike incident, it’s a good idea to look at…

11 hours ago

CrowdStrike outage: Reasons, analysis & precautions

19th July will go down in history as the day the world stood still. A…

1 day ago

Skilling & upskilling in AI & ML amid fears of job loss and talent shortage

With Artificial Intelligence’s (AI) increasing integration into core business operations, organisations are recognising the demand…

2 days ago

India attracts businesses in telecom, web3, automobile, IT & AI

The Tech Panda takes a look at how India has been attracting foreign businesses from…

2 days ago

First-ever Olympic Esports Games coming in 2025 to Saudi Arabia

In a historic move, the International Olympic Committee (IOC) has announced that the inaugural Olympic Esports Games…

1 week ago

Investment temperament: Early-stage startups, Indian Onchain ecosystem, financing for marketing industry & MSMEs

Investments in MSMEs and startups are not always in the form of funding. Sometimes, the…

1 week ago