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: BEYOBO

Sector: Cross-border commerce

Amount: INR6.7 crore

Led by: Indian Angel Network

BEYOBO, a company that creates a multibillion-dollar category for cross-border commerce, has raised Rs 6.7 crore in pre Series A2 round that was oversubscribed by 300%. The Round has been led by Indian Angel Network and saw participation from International Startup Foundation, SAN Angels along with prominent Angels and HNIs signalling a strong confidence in BEYOBO’s market potential and business model.

Funds raised will be used to bring more international brands to the Indian market and tech platform upgrade.

Anil Agrawal, CEO and Co-Founder, BEYOBO, says, “Our journey so far has been phenomenal. The overwhelming interest from our investors & customers not only fuels our financial resources but also reaffirms our strategic direction. We are not just creating a platform; we are building a category that will redefine how cross-border transactions are perceived and executed globally, backed by our own 20-year experience in the domain. Our sights are firmly set on achieving profitability as we gear up for a Series A round, and the future looks incredibly bright.”

Hiren Turakhia, Lead, Indian Angel Network, says, “Our journey with BEYOBO has been marked by a deep understanding of their solid business model and an impeccable Founder-Market Fit. Their relentless pursuit of excellence and innovation makes us confident in their ability to lead the cross-border commerce landscape.”

Bikky Khosla, Lead, Indian Angel Network adds, “We see BEYOBO as a fast growing force in the cross border commerce category. Our decision to invest in the last 3 rounds including the current one is a testament to our belief in the Company’s potential and execution of their vision. We believe that BEYOBO is in a position to capitalise on its early mover advantage backed by an experienced team, which will lead them to capturing a sizeable market share in the cross-border e-comm category.”

Startup: Propelld

Sector: Fintech

Amount: US$25 million

Led by: Various lenders

Propelld, a fintech in education lending, announced that it has secured over USD 25 million through debt raising for Edgro, its wholly-owned subsidiary which is a licensed Non-Banking Financial Company (NBFC).

Edgro has raised the amount from nine lenders such as Credit Saison India Private Limited, AU Small Finace Bank, InCred Financial Services Limited and Northern Arc Capital Limited.

“We are leveraging these funds to ensure that more and more students can access flexible loan options. As Edgro continue to expand its reach and enhance our offerings, we are grateful for the robust support from our financial partners, which enables us to further the mission of democratizing education and empowering more students,” said Nikunj Agarwal, Head of Debt & Lending Alliance, Propelld. “Edgro is further actively seeking bank borrowings & co-lending partners with the same brand philosophy to expand our mission,” he added.

Startup: NoPo Nanotechnologies

Sector: Nanotechnology

Amount: US$3 million

Led by: Axilor’s Micelio Fund & Inflexor Ventures

Bengaluru-based startup NoPo Nanotechnologies secured a Pre-Series A funding round of USD 3 Mn, co-led by deep tech funds Axilor’s Micelio Fund and Inflexor Ventures. The company plans to deploy the funds to scale up production, enhance engineering capabilities, and execute a global go-to-market strategy. The round was also subscribed by other climate-focused funds Spectrum Impact, Aureolis, and other Angel investors.

NoPo has pioneered cutting-edge technology for producing high-quality Single-Walled Carbon Nanotubes (SWCNTs).

“There are 100+ applications that are being developed across the world using SWCNTs ranging from desalination to cancer treatment. NoPo is excited to be a pioneer in driving the development of this material and its associated applications. We are happy to partner with Micelio and Inflexor as they bring with them a wealth of knowledge and expertise in deep-tech and climate space,” said Gadadhar Reddy, Founder & CEO of NoPo.

Jatin Desai, Managing Partner at Inflexor Ventures, stated, “We’re excited to partner with Gadhadar and Arunima through our investment in NoPo. Their groundbreaking innovations promise to revolutionize many industries including electric vehicles, semiconductors, and electronics. We firmly believe that the next-generation material science space holds immense potential for transformative advancements, and we’re eager to be at the forefront of it.”

Startup: Portl

Sector: Digital Fitness & Wellness Technology

Amount: US$3million

Led by: Bharat Innovation Fund

Portl, a pioneering Digital Fitness & Wellness Technology startup, has successfully closed a $3 million funding round led by Bharat Innovation Fund. This round also saw participation from existing investor Kalaari Capital and new investor T-Hub Foundation. The new infusion of capital is set to accelerate Portl’s product development, market expansion, and enhancement of its cutting-edge AI systems.

With its latest funding, Portl plans to broaden its product range, introducing connected strength systems designed for users of all fitness levels, and expand its customer base across India and overseas markets. These systems will feature adjustable digital weight technology and multiple training modes, enhancing home-based strength training. Furthermore, the company aims to launch its next generation of products for the digital health and wellness sector combining its technology, content and hardware expertise.

“At Portl, we are dedicated to reimagining personalized fitness through state-of-the-art technology,” said Indraneel Gupta, Founder and CEO of Portl. “We are dedicated to revolutionizing personalized fitness with cutting-edge technology. This latest funding round validates our vision and commitment to making health and fitness accessible to everyone, no matter where they are. By integrating advanced AI and innovative hardware, we aim to empower individuals to achieve their wellness goals seamlessly and effectively, delivering personalized experiences at scale and afford people the opportunity to adopt healthier lifestyles with ease.”

Startup: DiFACTO Robotics and Automation Private Limited

Sector: Robotics

Amount: INR40 Crore

Led by: Stakeboat Capital

DiFACTO Robotics and Automation Private Limited, a robot automation solutions provider, has secured INR40 Cr from Stakeboat Capital in its Series A round.

The company plans to chart a stronger growth path with the fresh capital infusion, as expressed by Ajay Gopalswamy, Founder and Chief Executive Officer of DiFACTO, “We are thrilled to welcome Stakeboat Capital as our key shareholder. This capital will be used to fuel our growth, strengthen our market position, and stand true to our commitment towards innovation. India’s automotive industry is one of the many areas that leverage robotic automation. It is expected to experience a CAGR of 12.7%, reaching $512 billion by 2026. It is also poised to contribute 12% of our nation’s GDP. With our established market dominance and track record, we see a strong growth trajectory here. We are grateful for Stakeboat’s trust in our vision as we pursue growth, fuelled by our strong market position and the trust of our expanding customer base.”

Echoing the founder’s sentiment, Chandrasekar Kandasamy, Managing Partner of Stakeboat Capital, said, “We are eagerly looking forward to working with DiFACTO. India’s manufacturing sector is rapidly embracing automation and cutting-edge technologies. DiFACTO’s innovative approach and unwavering commitment to excellence perfectly align with Stakeboat Capital’s vision for driving growth and transformation in the robotic automation space. We are elated about the synergies and opportunities this collaboration presents as we embark on this transformative journey together.”

Startup: Flam

Sector: Mixed Reality

Amount: US$4.5 million

Led by: Turbostart, AI-focused Twin Ventures, Alphatron Capital

Flam, an AI-powered mixed reality (MR) publishing platform, closed a pre-series A funding round, raising 38 Cr INR ($4.5 million). This round saw participation from Turbostart, AI-focused Twin Ventures, Alphatron Capital, and notable angel investors, along with several family offices. Existing backers such as SF-based Inventus Capital Partners, SVQ, and 9Unicorns also invested. With this infusion of capital, Flam plans to expand its MR platform’s reach into North America, Europe, and the MENA region.

Shourya Agarwal, Founder, and CEO of Flam, stated, “Content has been evolving over decades and now transitioning into MR experiences. Our platform is dedicated to making MR accessible to the masses. Following the viral success of Britannia’s MR ad featuring Ranveer Singh, we’ve attracted interest from 100s of global brands across various industries. Just like video ads, MR will become permanent in the brand’s marketing strategies worldwide”.

Ganesh Raju, Founder of Turbostart, highlighted, “We haven’t come across any other platform exposing consumers to MR so effortlessly. Flam eliminates friction – with no need for headsets, app downloads, or web AR, making MR accessible through a simple link embedded anywhere – social media, websites, and even offline channels. Imagine YouTube, but for mixed reality facilitating the viral spread of MR content, driving more users to the platform.”

Vishwesh Pai, Founding partner at Alphatron Capital, added, “We’ve been observing huge interest from brands and delight among consumers for MR, which makes us extremely optimistic about the future of this space. After interacting with Flam, we instantly knew, we had found a missing ingredient in MR’s adoption. Beyond their sophisticated technology, the way they have solved the creation and distribution of MR is truly commendable.”

Startup: Fyllo

Sector: Agtech

Amount: US$4 million

Led by: IndiaQuotient & SIDBI Ventures

Agritech startup Fyllo has announced that it has raised $4 million in a fresh funding round led by IndiaQuotient and SIDBI Ventures. Existing investors Triveni Trusts, IAN, and KIAORA participated in the round. Fyllo will use the funds to expand into new geographies and crops and develop more precision agriculture products. 

Fyllo founders Sudhanshu Rai and Sumit said, “We are seeing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90% of their decisions. With this funding, we would like to work even more closely with farmers, build new and better products, and expand our reach to farmers and other geographies.”

Sahil Makkar from IndiaQuotient said, “The Indian agricultural sector has long grappled with the uncertainties of erratic weather and crop wastage, causing farmers to fall short of meeting global benchmarks for productivity, efficiency, and output quality. However, a new generation of farmers is emerging, equipped with technological know-how and a willingness to adopt innovative practices to drive improvement.

“We strongly believe in Fyllo’s potential to harness this shift, increase adoption rates in precision agriculture, and expand its product suite to reach millions of farmers across India. This endeavourelevates productivity and output quality and addresses climate challenges in agriculture.”

Startup: Aprecomm

Sector: Broadband

Amount: Undisclosed

Led by: ACT Fibernet

ACT Fibernet (Atria Convergence Technologies Ltd.), a fiber-focused wired broadband ISP, invested in Aprecomm Private Limited (Aprecomm), a network intelligence solutions startup. This investment aims to further fortify ACT Fibernet’s ability to provide the best home Wi-Fi experience for its customers.

ACT Fibernet CEO Mr. Bala Malladi said, “In line with our strategy of providing the best in-home Wi-Fi experience to our customers, we are happy to announce a strategic investment in Aprecomm to further strengthen our experience proposition. Aprecomm’s AI-based, self-optimizing technology and advanced Wi-Fi analytics allow us to continuously optimize our network and significantly enhance our customer experience. This partnership underscores our commitment to delivering a seamless and delightful experience to our customers.”

“We are delighted to welcome ACT Fibernet as a strategic partner,” said Mr. Pramod Gummaraj, CEO of Aprecomm. “This investment will significantly enhance our mission to transform the internet landscape by revamping the quality of internet services for subscribers worldwide. ACT Fibernet’s expertise and commitment to innovation perfectly align with our vision, making them the ideal partner to revolutionize the in-home Wi-Fi experience for broadband subscribers.”

Ghuharajan Sivakumar, CTO of Aprecomm said, “With this investment, ACT Fibernet, a valued customer, is now also one of our esteemed partners. Through this significant and positive development, ACT has reaffirmed its trust in Aprecomm. We are thrilled about this partnership, as it will allow us to continue pushing the boundaries of technological advancements and provide our subscribers with the best possible experience.”

Startup: Aegeus Technologies

Sector: Robotics

Amount: Undisclosed

Led by: Caspian Debt

Aegeus Technologies, a IoT driven Green Robotics Solution provider raised undisclosed amount from Caspian Debt, will be utilising the funds for working capital.

The company is harnessing robotics, AI & ML to revolutionize the O&M of solar plants. Its flagship product is the Intelligent Waterless Solar Panel Cleaning Robots which are installed in more than 8GW plants across India. The company has raised venture debt for its working capital and expansion requirements.

“The face of the solar sector in India is evolving dramatically with technology transforming its every facet. Waterless technology will save a lot of water and manual effort.  It thus will bring enhanced return on investments and efficiency in solar panel cleaning and predictive monitoring of health of modules for both utility scale and rooftop solar panel cleaning along with vegetation management.” Founded in 2017 by Suraj Vernekar and Nishith Shah, Aegeus Technologies has a focus on AI and IoT enabled robotics for automating the O&M of solar plants.

Startup: Quality Enviro Engineers

Sector: Environmental engineering

Amount: INR 13 crores

Led by: Viney Equity Market LLP

Viney Equity Market LLP is a VC invested in Quality Enviro Engineers, an environmental engineering company. This investment was made in a private placement round where Viney Equity Market LLP, Six Senses Ventures Partners, and other investors contributed a total of 13 crores to this funding round.

Anant Aggarwal, Founder of Viney Equity Market LLP, said, “We are proud to support Quality Enviro Engineers in their mission to revolutionize environmental engineering in India. This investment aligns with our vision of backing innovative and impactful ventures that drive positive change in the industry.”

The funds injected by Viney Equity Market LLP will be instrumental in Quality Enviro Engineers’ expansion plans to establish a pan-India presence. Additionally, the company is gearing up to launch its IPO in the upcoming financial year, marking a significant milestone in its growth trajectory.

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

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