The Week that Was: Indian Startup News Overview (10th June - 14th June)

By Team Startupcity  |  Friday, 14 June 2024, 15:30 IST

The Week that Was: Indian Startup News Overview (10th June - 14th June)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Wellness & Personal care, English Tutoring, D2C skincare, Solar power & EV marking another win for the startupreneurs by raising funds and updating the growth probability and standardizing the products and services. The week went by successfully witnessing funds in every stage of funding from Seed Funding to Series A to Series B to Series C to Institutional Funding. 
Sector: Wellness & Personal care
Funding Round: Seed Round
Startup: 82°E
Established Year: 2017
Funding News: Deepika Padukone led 82°E eyes on to collect $6 million in extended seed round
Bollywood Deepika Padukone led D2C wellness and personal care brand 82°E is all set to raise a new pool of capital worth 50 crore or $6 million in the extension of its seed round from new and existing investors. This will be the first round of investment for the Deepika Padukone-led company this year.
Investors: KA Enterprises LLP
According to its regulatory filing accessed from the Registrar of Companies, the managerial board of at 82°E passed a special resolution to issue 50,00,000 series seed 2 CCPS at an issue price of 100 each to raise 50 crore.
Deepika and her family started an investment firm called KA Enterprises LLP, which joined the funding round, the other existing investors will also join.
The filing of the company says that, they will utilize the newly extracted fund for expansion, growth, and general corporate purposes.
In the previous seed funding round, the company has collected $7.5 million, led by DSG Partner and IDEO Ventures along with Padukone’s family office in December 2022.According to the startup data intelligence platform TheKredible, Padukone along with her family office holds 59.6% followed by actor Ranveer Singh who commands 5.32% of the company.
The personal care startup brand 82°E was started by Deepika Padukone and Jigar Shah. The product offered by the brand focusing on both men and women. The wide range of products include cleansers, face masks, moisturizers, sunscreen, and more.
Sector: English Tutoring
Funded Round: Series - A
Startup: Clapingo 
Established Year: 2021
Funding News: English Tutoring Startup Clapingo lifts Unrevealed Capital in Pre-series A
A personalized and on-demand English tutoring platform Clapingo has successfully closed its Pre-series A round by clocking an undisclosed capital from notable investors 
Investors: Sandeep Aggarwal - Droom and Shopclues, Biswa Kalyan Rath - comedian and writer, Foundership HQ and Appurv Gupta - comedian and satirist.
The fresh funds from the funding round augments the products of Clapingo, especially to develop the fluency report system on the inventive platform and make sure the users obtain with quick and clear-cut feedback.
As per the company’s official statement, the raised funds will also be infused in the marketing activities to grab the attention from more users that expands the user base pointedly and drives the impact of the company in the marketplace.
Established in 2021 by Abhishek KG and Sameer Agrawal, Clapingo is an innovative English learning platform offering a healthy and assisted ground for practice and indispensable for achieving success in professional life in various landscapes of linguistics.
Presenting a tutor-driven and peer-driven models, Clapingo favilitates the learners to interact and practice with each other using an AI-driven teaching models and assistants for a fee of 999 per month. 
Sector: D2C Skincare
Funding Round: Series B
Startup: Foxtale
Established Year: 2021
Funding News: Internet first D2C skincare brand Foxtale collects $18 million in Series B Funding round
Direct to customer ayurvedic skincare brand Foxtale has recently announced that they have attracted $18 million or approx. 150 crore in its Series B funding round 
Investors: Singapore-based Panthera Growth Partners, Matrix Partners India and Kae Capital
After this funding round the company has raised over $22 million to date. Previously, it had raised $4 million in a pre-Series A round from Matrix Partners and Kae Capital in June 2022 and a seed funding round in August 2021.
The company was founded by, Romita Mazumdar in 2021. The company is a low-cost skincare brand creating products especially customized for the Indian skin types, addressing concerns like acne, aging, and hyperpigmentation. Their products are available in different D2C and B2C platforms like Nykaa, Amazon, Blinkit, Flipkart, and Myntra.
In FY23, Foxtale’s scale grew at a scorching pace to 13.8 crore against 20 lakh in FY22. However, the firm’s losses also soared on a similar pace to 18.59 crore during the fiscal as compared to 2.48 crore in FY22.
As per the revenue report of the company, it finished FY24 at 172 crore GMV sales, primarily driven by its website, holding a retention rate of over 50%. On the back of the growth achieved in the past fiscal, Foxtale also looking to the path of profitability by FY25.
Sector: Solar power 
Funding Round: Series C
Startup: Candi Solar
Established Year: 2018
Funding News: Candi Solar pockets $38 million to speed-up 'Clean Energy Growth' in India
A solar power solutions provider serving clients under industrial and commercial sectors has successfully closed its Series C Funding round by raising $38 million.
Investors: Norfund, Kyuden International & STOA.
Since its establishment in the year 2018, Candi Solar has been dedicated to transforming the landscape of energy across the areas of Asia and South Africa.
Through an unwavering focus on permitting the distributed infrastructure of energy at scale, the startup has boomed as a credible partner for business looking for clean energy solutions.
Harnessing its extreme knowledge as solar engineer, operator and financier in the field, Candi solar has positioned itself as an industry leader in the field along with a total capacity of 113 MW.
The company privileges to have a strong portfolio underscored by prominent projects including Jindal and Airtel in Indi and Schneider Electric in South Africa, highlighting the ability of Candi to cater the demands of key players in the industry, additionally strengthen its credibility and reputation for supplying high-ended and high-quality clean-tech solutions and services. 
Regarding this significant fundraise and articulating his zeal to the company’s goals, Fabio Eucalipto, Co-Founder & Director at Candi Solar says, “As the world embraces decentralized power generation, this round of growth capital propels us closer to emerging as the premier rooftop solar player in the commercial and industrial space across all our markets."
Sector: EV
Funding Round: Institutional Funding 
Startup: Indigrid Technologies
Established Year: 2017
Funding News: Indigrid Technologies infuses $5 million fund in their first institutional Funding Round
Electric Vehicle component maker Indigrid Technologies has raised $5 million fund from Cactus Partners, marking its first institutional round of funding. The startup intends to utilize the raised capital to expand production capacity, diversify product offerings, and pursue other growth initiatives. 
Investor: Cactus Partners
Indigrid Technology, is based in Manesar, Haryana, aims to strengthen its position in the rapidly evolving electric vehicle (EV) market.
Indigrid Technology plans to use the investment to enhance its product development efforts, meet the increasing demand in the EV market, and expand its presence both in India and globally. The startup will also focus on talent acquisition, training, and development to strengthen its team.
The co-founders Sameer Narang and Rishab Puri highlighted the importance of his funding in boosting their product development efforts and maintaining high-quality standards. The company was started in 2017 by Sameer Narang and Rishab Puri. It mainly operates in two areas electric vehicle components and contract manufacturing in the electronics system design and manufacturing segment.
Amit Sharma, General Partner at Cactus Partners, is very much confidence about the spearheading qualities of Indigrid Technology to establish itself as a critical member of the growing EV ecosystem in India.
He said, “We believe the time is right for Indigrid to build upon its initial success and establish itself as a leading example for the ‘Make in India’ initiative. In line with our strategy, Cactus will support the company with our growth acceleration playbook (GAP)."
 

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