VENTURE CATALYSTS
Heavy machinery manufacturer Autocracy Machinery raises pre-series A of Rs 6 crore led by VC Grid, VCats and others
Autocracy Machinery cater to multiple sectors such as agriculture, telecommunications, landscaping, civil engineering and infrastructural development. The Hyderabad-based company will use the funding to enhance its research and development capabilities, expand its manufacturing and marketing footprint, and drive innovation in heavy machinery technology.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
General Catalyst-Venture Highway deal; Sebi clears Ola Electric IPO
Silicon Valley investor General Catalyst has acquired Indian early stage fund Venture Highway. More on this in today’s ETtech Top 5.
Silicon Valley VC fund General Catalyst acquires Venture Highway; will deploy $1 billion in India
Venture capital fund General Catalyst is acquiring India-focussed early-stage investor Venture Highway to strengthen its India presence. As part of this move, Venture Highway—which has backed unicorns like Meesho and Moglix—will cease to exist and will transition into General Catalyst India. This comes in the backdrop of a larger reset in the global venture capital industry after the exuberance of the pandemic years.
Drone logistics solution provider Skye Air secures $4 million funding
Ankit Kumar, founder and CEO of Skye Air said this fresh funding will help the company to expand its last-mile network across Gurugram and other cities for various service like healthcare, ecommerce. Kumar added he is hopeful that his company will be able to contribute to India's drone sector growth and make India a global drone hub by 2030.
Drone delivery startup Skye Air raises $4 million in funding
Skye Air, a drone delivery logistics solution provider, raised $4 million to expand its last-mile network in Gurugram and other cities for healthcare, e-commerce, and quick-commerce deliveries.
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ETtech Deals Digest: Startup funding in May rises 62% on year to $817 million
New-age startups raised $817.2 million in May 2024, up 62% from last year, with top investor Venture Catalysts leading funding rounds for startups like Zypp Electric.
AbleCredit raises $1.25 million in funding round led by Merak Ventures
AbleCredit raised $1.25 million in a seed round led by Merak Ventures to address the credit gap in emerging nations using innovative AI solutions, aiming to process one million loan applications for small businesses.
Zypp Electric raises $15 million from Japanese firm Eneos for India expansion
Zypp Electric confirmed funding from Eneos as part of a larger $40 million round. Existing investors like 9unicorns and IAN also participated in the fundraising. The company's revenue increased threefold to Rs 325 crore in 2023-24.
Betting on disruptors in India’s BFSI sector: Insights from Beams Fintech Fund, Sagar Agarvwal
The Fintech and Financial Services sector has grown exponentially in the last few years, and yet much more is to be achieved. In India, the sector contributes nearly one-third of the GDP and $1.3 trn in market cap. Additionally, disruptive products by fintech companies, aided by innovation-friendly policies have made India one of the fastest-growing financial services market in the world. As a result, there are ample opportunities for investments in this space.
Sony Entertainment Talent Ventures India backs World Pickleball League
Sony Entertainment Talent Ventures India (SETVI) has invested in the World Pickleball League, a new global professional pickleball league by Natekar Sports and Gaming (NSG), owned by Gaurav Natekar. NSG plans to invest over $10 million in the league, which will feature six franchises with international and Indian players, aiming to popularize pickleball globally.
ETtech Deals Digest: Startup funding in April rises 21% on year to $564 million
In terms of deal volume in the month, total deals stood at 78, compared to 95 in March 2024 and 113 in April 2023. Sequentially, deal value went down about 26% from $765 million to $563.5 million.
Apple enters JV with CleanMax to invest into rooftop solar projects in India
The solar project will have a total size of 14.4 megawatts, which will provide a local solution to power the company’s offices and the two retail stores in Mumbai and New Delhi, the Cupertino-based smartphone major said in a statement.
Aerospace parts maker JJG Aero raises $12 million in funding from CX Partners
JJG Aero secures $12 million funding from CX Partners for expansion. Anuj Jhunjhunwala aims for growth with 35% annual increase. OEMs and tier-1 vendors in US and Europe served. Hyderabad-based Jeh Aerospace also receives $2.75 million funding.
Paediatric health startup Butterfly Learnings raises Rs 32 crore led by Insitor
Butterfly Learnings plans to use the funds to “extend its reach across multiple states and cities in India through a 200-center network,” it said in a statement. Butterfly Learnings had raised $2 million in its 2022 seed funding round.
Spyre Proptech to raise Rs 400 crore in first phase of Rs 800-crore fund to invest in 30 startups
This fund will invest in early and growth stage startups with ticket sizes between Rs 2-8 crore in early stages and Rs 15-40 crore in growth stage series A and B rounds.
Bugcrowd raises $102 million from General Catalyst, others
General Catalyst led the funding round, with participation from existing investors Rally Ventures and Costanoa Ventures. The company, which was founded in Australia in 2012 but is now headquartered in both San Francisco and Sydney, declined to disclose its valuation.
Metafin secures $5 million funding from Prime Venture Partners, others
The Gurugram-based company will use the funds to expand across states, improve its loan book, enhance its technology and IoT stack, and hire new talent, it said.
Esports startup Stan raises $2.7 million in funding round
Stan had earlier raised $2.5 million in a funding round led by US-based venture capital firm General Catalyst in May 2022, it said in a statement. General Catalyst also took part in the latest round.
Jeh Aerospace raises $2.75 million in funding round led by General Catalyst
The funds will be deployed to build infrastructure, fuel growth and set up a team, the Hyderabad-based firm said in a statement on Wednesday.
Clothing brand Kidbea raises $1 mn funding in pre-series A round led by Venture Catalysts
Kidbea, a bamboo-based children's fashion brand, has secured $1 million in funding in a pre-series A round led by Venture Catalysts, with participation from Agility Ventures, BestVantage Investments, and individual investors including Sandeep Agarwal and Upasana Agarwal, founders of Droom, Ashok Bahadur, and Japanese celebrity actor Hiro Mizushima.
Healthtech startup Zyla raises $4 million funding led by Exfinity Venture Partners, others
With the current investment, Zyla Health intends to expand its business fivefold and is aiming to achieve profitability within the next two years.
Garuda Aerospace secures Rs 25 crores in funding led by Venture Catalysts, WeFounderCircle, others
The fresh capital will be allocated towards fulfilling working capital requirements associated with its existing drone orders, the company said.
Gaming startup QuriousBit raises $2 million in funding from Lumikai, General Catalyst
The funds will be used to expand the team size, currently at seven, in product and system development and in marketing its games. QuriousBit did not disclose the valuation at which the firm raised the funds.
Venture Catalysts exits B2B ecommerce platform Koovers with more than double returns
Venture Catalysts (Vcats) exited its investment in Koovers after the latter’s acquisition by Schaeffler India Ltd, an industrial and automotive parts maker and listed subsidiary of German automotive major Schaeffler Group, in August 2023.
Startup funding winter could extend 6 to 12 months despite positive indications: Redseer survey
Nearly 50% of investors in the survey, conducted in June 2023, were optimistic about a resurgence in funding within the next six to 12 months.
Ethereal Machines raises $7.3 million funding from Peak XV's Surge, others
Celesta Capital partner Ganapathy Subramaniam, former Blackstone India head Mathew Cyriac and executive chairman of Cadence Design Systems Lip-Bu Tan, along with Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital also participated in the round, as per a statement.
ETtech Deals Digest: Weekly funding value slides 89%, volume led by niche tech categories
Startups managed to raise only $55 million across 16 funding rounds during the week of July 8 to 14, a decline of 89% over the same period last year, when they raised $516 million across 65 rounds, according to data provided by market research firm Tracxn.
Fintech startup Basic Home Loan raises $4.7 million in a round led by investor Ashish Kacholia
The funding comes after $3.5 million raised in series A funding in October 2021 and a $500,000 seed round from Picus Capital, a Germany-based early-stage technology investment firm, in October 2020.
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