MATRIX PARTNERS INDIA
Matrix Partners India rebrands to Z47, China arm to MPC
The venture capital firm is known for backing the likes of mobility firm Ola, online payments company Razorpay and business-to-business commerce startup OfBusiness, among others. However, the firm said the operations in the US will continue under the name Matrix Partners.
SaaS startup Rocketlane raises $24 million in funding
B2B SaaS startup Rocketlane has raised $24 million in funding led by 8VC, Matrix Partners India and Nexus Venture Partners. The company will use the funds to launch new products, innovate its customer portal, and accelerate its AI plans, it said in a statement. Rocketlane has so far raised $45 million in funding.
Neobank Jupiter's NBFC business raises Rs 20 crore from Peak XV, Matrix, others
Jupiter's NBFC business, Amica Finance, raised Rs 20 crore in equity funding from Peak XV Partners, Matrix Partners, and others. The funding round included issuance of Series A CCPS at Rs 20.43 per share. Jupiter obtained an NBFC license from RBI and a prepaid payments instrument license.
Ixigo IPO pops; AI jobs command premium pay
Ixigo lists at about 50% premium, ends day at 20% upper circuit. This and more in today’s ETtech Top 5.
Bluestone’s new investors; states & semicon hubs
Happy Tuesday! New investors are finalising Bluestone’s pre-IPO funding round. This and more in today’s ETtech Morning Dispatch.
GreyLabs AI mops up $1.5 million in funding round led by Matrix Partners India
Ofbusiness founder Vasant Sridhar, MoEngage founder Narasimha Reddy, Uni Cards founder Nitin Gupta, and Scapia founder Anil Goteti, among others who participated in the funding round for the speech analytics platform for financial institutions.
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Home decor firm Trampoline raises $5 million led by Matrix Partners, WaterBridge
B2B home decor firm Trampoline raises $5M led by Matrix Partners India and WaterBridge Ventures, with an additional $2M in venture debt from Alteria Capital. Founded in 2023, Trampoline disrupts supply chains, enabling retailers to access exclusive products from India.
Skincare brand Foxtale raises $18 million from Panthera Growth, others
Direct-to-consumer (D2C) skincare brand Foxtale has raised nearly Rs 150 crore in the latest funding round. It will use the capital mainly for expanding into newer categories, founder Romita Mazumdar told us. The company will foray into body care category which includes products like lotions and body wash, she added.
Trans-Europe express: How Indian businesses can sustain and grow in Europe
India's recent free trade agreement with the European Free Trade Association presents significant trade opportunities with the EU. However, Indian businesses must comply with new EU supply chain laws to sustain and grow in Europe. Key legislative changes include deforestation regulation, corporate sustainability and due diligence directive, and forced labor regulation.
Ola is shifting its IT ops to Krutrim from AWS cloud
This comes two weeks after Ola founder Bhavish Aggarwal snapped ties with Microsoft Azure after LinkedIn deleted his post related to "pronoun illness" of western AI models. Experts, however, say that losing Ola as a customer for AWS and Microsoft is only a needle in the haystack.
FarMart raises Rs 24 crore in debt from ResponsAbility Investments
B2B food supply platform FarMart raises Rs 24 crore from Switzerland-based asset manager ResponsAbility Investments for its SaaS software. Previous investors include General Catalyst and Matrix Partners India. The funding aims to reduce food loss and waste in India.
Razorpay revamps health insurance policy, provides coverage for vital medical treatments
Razorpay unveils new employee health insurance policy covering vital treatments like HIV/AIDS and conditions such as polycystic ovary syndrome. Employees can customize plans to include siblings, LGBTQIA+ partners, and enhanced maternity benefits. The move aligns with the trend of personalized, comprehensive healthcare offerings in India.
Former Unacademy COO raises $11 million from Matrix, Lightspeed for new edtech venture
Bengaluru-based startup Beyond Odds Technologies will provide employability-led training, certification, and recruitment services in the grey-collar workforce segment. It connects employers on the demand side to its talent supply base among students.
AI SaaS cloud startup Neysa bags $20 million from Matrix, Nexus, others
Neysa, a Mumbai-based artificial intelligence (AI) cloud and platform-as-a-service startup, will utilise the fresh capital for expanding infrastructure required for strengthening its research and development team, and for sales and marketing.
SaaS startup SiftHub raises $5.5 million from Matrix, Blume, others
SiftHub, led by Manisha Raisinghani, raises $5.5M from investors like Matrix Partners India. The platform integrates with various workplace apps to enhance sales processes and has signed up 18 clients. SiftHub uses retrieval augmented generation (RAG) technology and fine-tuned large language models from Azure OpenAI Service.
VCs hire experts to help with exits as LPs look for returns
One of the major concerns voiced by investors regarding India consistently has been the lack of exit liquidity opportunities. To take on this problem, over the last two years, leading venture capital funds including Lightspeed, Accel and Matrix Partners India have sought out professionals with investment banking expertise.
D2C skincare brand Foxtale raises $14 million funding led by Panthera Growth Partners
Foxtale Consumer last raised $4 million in 2022 from Matrix Partners and Kae Capital.
Mobility startup OTO raises $10 million led by GMO Venture Partners
OTO will use the funds raised to scale up its operations from 10 cities to 25 in the next 18 months, while increasing the number of vehicle bookings it facilitates from 5,000 per month to 15,000 per month, chief executive and cofounder Sumit Chhazed said.
Nexus Venture Partners promotes principal Anand Datta to partner
Menlo Park, California-headquartered venture capital firm Nexus Venture Partners said in a Medium.com blog post that Anand Datta has been central to many of its investments in fintech and business-to-business commerce.
Ola founder Bhavish Aggarwal's Krutrim AI turns unicorn with $50 million funding from Matrix, others
This is the first equity round in the firm. In October last year, Krutrim had raised $24 million in debt from Matrix Partners.
NBFC InPrime raises $3 million in funding round led by Matrix Partners India
The funds will be deployed to broaden the company’s geographical presence, grow the team across risk, engineering, analytics and sales.
Online meat startup Captain Fresh raises Rs 110 crore from Nekkanti Sea Foods, others
The funding was done through an issue of 1,102 convertible preference shares at a price of over Rs 9 lakh each, the firm said in a filing with the Registrar of Companies.
D2C activewear brand BlissClub's revenue jumps four-fold to Rs 68 crore; losses widen to Rs 36 crore in FY23
Direct-to-consumer firm Blissclub, which focuses on selling long-lasting women’s apparel, also saw its operating revenue grow by 4.5 times to reach Rs 68 crore in FY23.
ETtech Deals Digest: Early-stage investments boost startup funding to $62 million this week
The funding plummeted by 73% in the week from Nov 20 to 25, compared to the same period last year, when startups secured $224 million across 39 rounds. However, compared to last week, funding activity saw an uptick of 52%.
SuperOps.ai raises $12.4 million in funding from Addition, March Capital
SuperOps.ai had raised $14 million in funding led by Addition and Tanglin Venture Partners in January last year. Before that, it had raised $3 million from Elevation Capital and Matrix Partners.
User engagement platform Aampe raises $7.5 million in funding led by Matrix and Peak XV
Founded in 2020, Aampe is an AI native customer relationship management (CRM) platform, that helps businesses and consumer apps with conversion and retention by helping them personalise and automate content experience.
B2B seafood company Captain Fresh raises $20 million from SBI Investment, others
"This investment is led by Japan-based SBI Investment and Evolvence Capital, complemented by continued backing from internal investors, including Accel, Matrix Partners India, Prosus Ventures and Tiger Global," a company statement said. Captain Fresh is backed by Ankur Capital and Incubate Fund.
Eco-friendly packaging firm Cirkla raises $3 million in funding from Matrix Partners, Stellaris Venture Partners
In a statement, the startup said it will utilise the fresh capital to expand operations, strengthen the salesforce, and invest in new innovative technologies.
Atomicwork raises $11 million in funding led by Matrix Partners India, Blume Ventures
The company provides software that automates workflows under the information and technology (IT), human resources (HR), finance and other business functions.
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