The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.
Startup: Oben Electric
Amount: INR 40 Crores
Led by: Undisclosed
Oben Electric, a Bengaluru-based EV startup, has successfully raised INR 40 Crores in an extended pre-series A round, bringing their total Pre-Series A fundraise to INR 72 Crores (equity & debt). The brand has raised a total fund worth of INR 88 Crores since inception which will support Oben Electric in increasing their production capacity to 100,000 units per year at their 3.5-acre manufacturing facility in Bengaluru and meet their working capital requirements for distribution expansion.
The funding round attracted notable participation from Institutional investors like Stride Ventures and Indian Renewable Energy Development Agency (IREDA), along with new investors including Mumbai Angels and other high-net-worth individuals (HNIs). Existing investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle also participated, demonstrating their continued support for Oben Electric in each funding round.
Madhumita Agrawal, Founder and CEO, Oben Electric, expressed her excitement about the latest funding round, stating, “The additional infusion of funds was raised after meticulously planning the delivery dates and to meet the existing and future customer demand of our product Oben Rorr. We are delighted that the latest infusion of funds will be used to meet our committed delivery timeline that is set for the Ist Week of July.”
On investment in high-growth startup like Oben EV Nandini Mansinghka, CEO, Mumbai Angels, affirmed “EV has emerged as one of the hottest sectors in the startup ecosystem. With this funding round, Oben moves one step further into becoming one of the brightest trailblazers in the space in India. We congratulate the dynamic team at Oben and hope they continue setting new benchmarks while helping the world ride towards a greener tomorrow.”
Led by: Marwah Sports, CIIE.CO & Faad Network
Qlan, the exclusive social networking app designed for gamers and esports enthusiasts, has secured pre-seed funding to fuel its expansion and enhance gamer networking, discovery, and content creation capabilities.
“Meaningful and engaged communities will form the bedrock of the fledgling Indian and global gaming ecosystem. With Qlan, individuals and organisations can focus on what is most important – retention and engagement. We are encouraged and excited by the progress made by the team – this is only just the beginning!” – Pranav Marwah; CEO – Marwah Sports & Director of Marwah Group.
“Esports in India is witnessing “green shoots” of tailwinds. With the government priming up with recognition, regulatory frameworks should follow suit. Parallelly there is a sharp rise in esports athletes, teams, events, sponsors turning to franchises etc. There will be a need to bridge these facets with a community-driven solution and enable growth. This is where Qlan fits in and would be ripe to tap into what we feel is a sunrise sector in India today.” – Chintan Antani; VP Seed Investing – CIIE.CO.
“India has over 400 million online gamers, with a total market size of over 4 billion dollars. Not only do 90% of these gamers transact, but they also maintain an active social profile to connect with other gamers. This is where we found a fit in Qlan, which is building a comprehensive solution to join gamers and esports enthusiasts. The stellar team understands these gamers’ space and pulse and will drive home a scalable business.” – Aditya Arora; CEO – Faad Network Limited.
Startup: Adcount Technologies Pvt. Ltd.
Sector: Supply chain
Amount: US$2.25 million
Led by: Venture Catalysts and Artesian
Adcount Technologies Pvt. Ltd., the parent company of SupplyNote, and a host of innovative supply chain tech solutions, has successfully raised USD 2.25 million in its latest series A funding round. The round was led by Venture Catalysts and Artesian, with notable participation from Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED Indovation, SOSV, and DSP family office. This latest round brings Adcount Technologies’ total capital raised to a significant USD 5 Mn.
“We feel SupplyNote is a prudent investment due to its innovative approach to streamlining inventory management, order placement, and sales analytics. Its cloud-based suite is revolutionizing inventory management and improving overall performance of businesses. Investing in this powder-keg of potential was almost a no-brainer for us,” said CA Vijay Singh Rathore, Co-founder of Soonicorn Ventures.
“SupplyNote is solving the big problem of procurement, ordering, inventory management & vendor management of the HoReCa industry. It’s a multibillion opportunity and nobody is solving it with such focused commitment like SupplyNote. Since the beginning they have been working closely with customers and as a result, a lot of the customers have converted into investors. It’s a great combination of good pedigree founders solving a large TAM business and have scaled it successfully. That’s the reason we have been continuously reinvesting in them,” stated Neeraj Tyagi, Co-Founder and CEO of WeFounderCircle.
The fresh fundraise will primarily fuel the first phase of brand’s international expansion, as it aims to widen its footprints globally. Adcount Technologies, currently active in six countries, is strategically focused on expanding its presence, particularly in the MENA and Southeast Asia regions in Phase 1.
Amount: INR2.75 Crores
Led by: Inflection Point Ventures
InsideFPV, Drone Manufacturer has raised Rs 2.75 Crores in a Seed Round led by Inflection Point Ventures. The funds will be utilized for product development, marketing and research.
Rahul Wagh, Managing Director, Inflection Point Ventures, says, “Drone usage in India is fast increasing with higher adoption through wider use cases across different industries. With the drone industry already attracting private investments, India is set to become a global drone hub by 2030 supported by favourable Government initiatives such as a strong Make in India push, ban on import of drones, PLI schemes for drone manufacturing and opening of airspace by adding new green zones for drones amongst others.
“While drones are majorly used in the commercial, military and agricultural applications, they are an expensive device to own. InsideFPV, with its innovative technology, aims to bridge this gap by offering one of its kind Plug and Fly FPV (First Person View) feature rich drones to the consumers at an affordable price point. We at IPV have always been in the forefront to support such innovative companies and look forward to extending our strategic guidance to scale the business”.
Arth Chowdhary,Founder & CEO, InsideFPV says, “The IPV team’s efficiency during the investment process was remarkable; they worked quickly and seamlessly with our team to close the round. We were impressed with their dynamic pace and ability to keep up with the fast-moving timeline.
Sector: Workspace interiors platform
Led by: Ajit Mohan, Ramesh Nair & Apurva Chamaria
Following the successful pre-seed funding round of $6 million from Lightspeed in April 2023, workspace interiors platform, OfficeBanao, has raised an undisclosed amount of angel investment from Ajit Mohan, Founding CEO, Hotstar and Former MD, Meta India, Ramesh Nair, real estate industry veteran and Apurva Chamaria – Head of Partnership solutions, Start-ups & venture capital, Google India.
Tushar Mittal, Founder & CEO, OfficeBanao said, “We’re thrilled to have these industry leaders as partners in our journey. With the combined support of these investments, the recent partnership with Lightspeed, and the dedicated OfficeBanao team, we are well-positioned for accelerated growth and to meet the increasing demand for innovative and comprehensive workspace interior solutions”.
Sector: Hyperlocal content driven commerce
Amount: US$1 million
Led by: Lucky Ali, Nitish Mittersain, Mohit Satyanand
Knocksense, a hyperlocal content-driven commerce platform, has announced its recent investment from music veteran Lucky Ali. This partnership marks a significant milestone for Knocksense as it continues to revolutionize hyperlocal content, commerce, and live entertainment.
LuckyAli, celebrated for his iconic contributions to the music industry, expressed his excitement for Knocksense, stating, “I am truly impressed by their innovative business model that merges hyperlocal commerce with pop culture. Knocksense is fostering an authentic community that connects the youth in smaller cities with greater opportunities through engaging content and commerce.”
Started by Vibhore Mayank &Varul MayankKnocksense is actively raising $1 million in its per- series A round , with notable participation from investors such as Nitish Mittersain, Mohit Satyanand, AvnishSabharwal, Alok Nath De, We Founders Circle, Lets Venture, Mumbai Angels Network, and ImperierHoldings.
The participation in the funding round from Lucky Ali will further empower Knocksense to expedite its expansion plans, reaching more cities and fostering connections with diverse communities across India.
“We are honoured to have Lucky Ali join us as an investor and partner in our journey,” said Vibhore Mayank &Varul Mayank, the founders of Knocksense. “Lucky Ali’s belief in our mission strengthens our resolve to empower young users and local brands in smaller cities through hyperlocal content, events, and commerce. We are excited to leverage his expertise and guidance as we continue to shape the future of Knocksense.”
Amount: US$5 million
Led by: Undisclosed
EV startup Vegh, announced that it has successfully secured $5 million in a strategic pre-series round of investment. The funding comes from an undisclosed investor and marks a significant milestone in Vegh’s ongoing US$50 million pre-series fundraising round.
The funds will be primarily utilized to bolster the company’s working capital needs, including the creation of a robust sales and distribution network, the expansion of its manufacturing capabilities for EV parts, and further investment in research and development (R&D) initiatives.
“We are thrilled to secure this investment in our pre-series round, which reflects the confidence and support we have garnered from our investors. The funds will be instrumental in driving Vegh’s expansion plans, strengthening our sales and service network, and establishing Vegh as a leading EV brand in India,” said Sumeet Gupta, Founder and Managing Director.
“We are committed to our Make in India vision and are excited about the future of electric mobility. In the first phase of its expansion strategy, we aim to penetrate to 12 states with a robust sales and service network,” said, Pragya Goyal, Co-Founder and CEO, Vegh.
Sector: Women’s nourishment
Amount: INR3 Crore
Led by: Inflection Point Ventures
Nutrizoe, a women’s nourishment brand raised INR 3 Cr in a Bridge round led by Inflection Point Ventures. The funds will be utilized for the expansion and enhancement of Nutrizoe’s Lactobite portfolio following the completion of clinical trials. The focus will be on further developing the product line to cater to a wider range of needs and preferences.
Additionally, the company aims to export its products to international markets, expanding its reach beyond India including UAE. Funds will also be allocated towards research and development to create new product formulations that align with Nutrizoe’s mission of providing innovative and effective solutions in the health and wellness domain.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “The female body experiences constant changes throughout every stage of life. Despite being aware of the body’s needs, these requirements are often overlooked for various reasons. One crucial phase that requires utmost attention is pregnancy and postpartum recovery. During this time, the body requires significantly more nutrition than usual to maintain the health of both the mother and the baby. Nutrizoe is an essential source of nourishment for women as these scientifically formulated products are enriched with all the necessary natural ingredients and are easily consumable. At IPV, we strongly identify with the brand’s vision of introducing revolutionary products that alleviate the challenges faced by women.”
Richa Pendake, Founder & CEO, Nutrizoe says, “We are excited to have IPV backing us in this goal to create healthy moms and healthy babies. With the varied experience, network and portfolio companies of IPV we look forward to a learning journey upwards and beyond.”
Led by: SucSEED Indovation Fund
OckyPocky, a startup that uses AI/NLP technology to teach English to kids ages 4-12 in 11 different major native languages, gained funding from SucSEED Indovation Fund.
Amitt Agrawwal, the Founder and CEO of OckyPocky said, “English is the new era’s caste system and it keeps the kids out of good schools/ colleges /jobs/ good social circles. When several Silicon Valley big names decided to back us up and SucSEED decided to reinvest, we felt that funding winter is not for performing startups. The seed funding we’ve raised from SucSEED Indovation Fund and such established Angel Investors will help us scale to millions of new users”.
Vikrant Varshney Co-Founder & Managing Partner of SucSEED Indovation Fund, said, “OckyPocky offers a voice-enabled, video-supported and vernacular friendly English app powered using AI. According to Verified Market Research, UK, India, and Mexico EdTech market size was valued at US$23,669.18 million in 2022 and is projected to reach USD 83,500.42 Million by 2030, growing at a CAGR of 17.45% from 2023 to 2030, driven by burgeoning demand and emerging business models.”
He added, “Since the time we had funded them in the first round, OckyPocky have kept us impressed with their journey of growth. OckyPocky is listed by Wellfound (Formerly AngelList Talent) as the top 10 start-ups of 2022 under the EdTech segment. OckyPocky has been rated 4.5 out of 5 stars on the Google Play Store, ranking 1st in India in the education apps category, evenwith a meager capital allocation for marketing. Its NPS is 4.5/5.0. We are super proud of our portfolio’s growth”.
Sector: Used tyres
Led by: Bollywood Actor Suniel Shetty
Famous Bollywood actor Suniel Shetty has invested in REGRIP, to further strengthen its brand visibility, and improve its already quality processes and operations in India. Shetty, along with Mahavir Pratap Sharma, an avid and seasoned early stage Angel Investor, and Tushar Suhalka, Founder of REGRIP address the attendees and share insights on this ground-breaking partnership. This announcement marks a significant milestone for both the entertainment and sustainable business industries.
Suniel Shetty said, I am super excited about my association with Regrip. We’re not just redefining the concept of re-cycled, safe, economical high quality tyres but also contributing to a greener future by reducing waste and maximizing the lifecycle of each tyre. By embracing innovation and sustainable practices, we can create a better world for generations to come.
Mahavir Pratap Sharma, the first investor in the startup, said “ I absolutely loved the whole idea and the challenge of creating a brand in refurbished tyre’s. The entire mechanised process, quality end product, the price, the safety and impact, were a win-win solution for the start-up and his investment.”
Tushar Suhalka, Founder of REGRIP said, “At REGRIP, we believe in the power of circular economy principles and environmental responsibility. Our journey has just begun, but we are determined to make a lasting impact. Through our tire refurbishment process, we strive to provide affordable solutions, reduce waste, and contribute to a greener and cleaner planet.Tushar Suhalka said, “We are extremely pleased to align ourselves with Suniel Shetty” our mission to reshape the tire industry and create a sustainable future for generations to come. Together, we can build a world where old tires find new life, and environmental stewardship drives innovation.”