The Week that Was: Indian Startup News Overview (3rd June - 7th June)

By Team Startupcity  |  Friday, 07 June 2024, 14:40 IST

The Week that Was: Indian Startup News Overview (3rd June - 7th June)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Climate-tech, Astro-tech, EV, Digital Lending, & Health-tech 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 New Funding to Series A to Series B to Series E to Bridge Funding. 
Sector: Climate-tech
Funding Round: New Round
Startup: LogicLadder
Established Year: 2011
Funding News: Climate-tech Startup LogicLadder grosses $2.5 million in a new funding round
The pioneering climate action cloud software provider and sustainability management startup, LogicLadder announces that the company closed the new funding round by raising $ 2.5 million effectively. 
Investors: BIG Capital, Zerodha’s Rainmatter, IIM Lucknow EIC, Shell and ONGC
The new investors united with its core investors are IIM Lucknow EIC, Shell and ONGC.
Established by Mayank Chauhan & Atindra Chandel, LogicLadder is a SaaS company that has been permitting the ventures to become a pioneer in climate action and sustainability.
Through 1000+ consumers including BHEL, NTPC, PVR-INOX, Mother Diary and others along with other key 40+ channels partners, Logicladder is the prominent market pioneer in the space of climate etch in India.
Expressing about the next phase of growth, Mayak Chauhan, Co-Founder and CEO, LogicLadder says, “We're thrilled to begin a new chapter in LogicLadder's journey with our global expansion. As leaders of India’s climate tech sector, we understand how enterprises need to be increasingly vigilant and proactive in their sustainability efforts, with regulatory frameworks becoming more stringent. A significant portion of the new funding will be dedicated to new product augmentations and capacity expansion, ensuring our solutions remain in sync with the ever-evolving landscape of environmental compliances. By continuously innovating and expanding our product suite, we aim to provide our clients worldwide with the most advanced tools and resources to address their sustainability challenges effectively and confidently across regions and industries.” 
Sector: Astro-tech
Funded Round: Series - A
Startup: Astrotalk 
Established Year: 2017
Funding News: Online Astrology platform Astrotalk gains $9.5 million fund in extended series A round 
Internet first D2C Astrology platform AstroTalk has secured 78.3 crore or $9.5 million in an extension of its Series A round from existing investors.
Investors: Left Lane Capital and Elev8 Capital 
The company informed in a statement that, it was the second investment of Elev8 Venture Partners. Elev8 Venture Partners is a $200 million maiden growth-stage fund anchored by South Korea's KB Investment. The fund invests in high-growth Indian startups with the potential to scale globally. Elev8 focuses on sectors including B2B SaaS, Enterprise Tech, Consumer Tech, FinTech, and Healthcare Tech. 
The company said that, with the raised fund, they are planning to expand its offerings in regional languages and formats, increase its global presence, and expand its team.
Astrotalk Cofounder Puneet Gupta, mentioned, “We are advancing our growth plans, and soon Astrotalk will not only be a category leader in India but also on the global stage.”
The startup works to provide one-on-one service to its users. Precisely, 90% of Astrotalk’s revenue comes from these consultations, where users pay per minute to talk to astrologers. Through this platform, users can consult astrologers via the internet, call, and chat. The company claims to have 13,000 astrologers, tarot readers, numerologists, and Vastu experts with them serving through the online platform.
Sector: EV
Funding Round: Series B
Startup: Statiq 
Established Year: 2020
Funding News: EV charging platform Statiq lifts up $50 million in Series B funding round
The electric vehicle charging network and operator Statiq is to raise around $50 million in its Series B funding round, according to the report. Prior to this funding round, the startup has raised $25.7 million in June 2022. At that time, Shell Ventures came to support this startup. The startup was founded by Akshit Bansal and Raghav Arora in 2020. Among their initial investors the notable ones are Astir Ventures and Oyster Ventures.
Investors: Shell Ventures and Y Combinator
Apart from its charging infrastructure and selling chargers, the company has also developed a mobile application that helps users find nearby Statiq charging points as well as those from other operators.
The company is constantly trying to expand their network of charging station by signing up more number of charge point operators (CPOs) on the platform. According to the company report, the mobile app business currently accounts for 5-8% of Statiq's total revenue.
The biggest source of revenue for the startup is its hardware business is its hardware business, which makes up about 50% of its topline, followed by energy sales via its CPO business.
In order to expand its charging network, it signed an agreement with Cube Stop Highway Rest Areas to install charging points along Indian highways, adding to its 7,000-strong charging network, which it plans to increase to 20,000 by 2025.
The startup also collaborated with Tata Passenger Electric Mobility to help support its mission of setting up 10,000 EV charging stations in India by FY25. Sector: Fintech 
Sector: Digital Lending
Funding Round: Series E
Startup: Fibe
Established Year: 2015
Funding News: Digital lending Startup Fibe wins 547 crore in Series E
Advanced loaning platform Fibe (previously EarlySalary) has raised 547 crore or $66 million in Series E round. This is the principal round of ventures for the Pune-based organization after two years.
Investors: TPG’s The Rise Fund and Kabira Holdings
The board at Five has passed a unique goal to give 5,46,75,600 Series E CCPS at an issue cost of Rs 100 each to raise 547 crore, its administrative recording gotten to from the RoC shows. According to the estimation of TheKredible, the firm has been estimated nearly $590-600 million after the fund raise. During the Series D funding round, the company was valued at $350 million.
Last year, the company has raised $110 million in Series D funding round directed by TPG’s The Rise Fund and Norwest Venture Partners. The digital lending company has elevated around $200 million to date.
In the financial year ending March 2023, Fibe sustained to develop the functional revenue by 2.3X. As per the start-up data intelligent platform, TheKredible, the total revenue from the operations settled at 414 crore in the financial year 2023, in the meantime, the losses increased to 36 crore.
Sector: Health-tech
Funding Round: Bridge Funding 
Startup: Docplix 
Established Year: 2022
Funding News: Docplix pockets 1.2 crore fund from Inflection Point Ventures 
A new-age Health-tech startup, Docplix has effectively gotten 1.2 Crore in a Bridge funding Round. In order to improve their Electronic Health Record (EHR) system, incorporate advanced AI capabilities to improve decision support and patient care, and expand their reach to larger clinics and hospitals, this new raised fund will be used for product development, AI integration, and market expansion. 
Investor: Inflection Point Ventures 
Docplix intends to digitize health records for India’s 1.4 billion as part of its commitment to transforming healthcare there. Their ABDM-complaint EHR system guarantees secure and interoperable administration of patient information. Docplix stands out from the competition thanks to its integrated Decision Support System (DSS), which uses data analytics to help healthcare professionals make better and informed decisions.
Regarding this fundraise, Dr. Varun Garg, Co-Founder & CEO of Docplix states, “Our goal is to become the leading EHR provider in India, leveraging advanced technologies like AI and data analytics to transform healthcare delivery. With a strong foundation and the support of IPV, we are poised to scale globally, starting with the USA, while continuously innovating to meet the evolving needs of healthcare professionals and patients.”
Similarly, Vinay Bansal, Founder & CEO of Inflection Point Ventures notes, “The govt’s initiative Ayushman Bharat Digital Mission to build a heath ID repository of all citizens for easy exchange of information between the doctors and patients is not a small feat. Docplix is on a high mission to help citizens and healthcare providers to integrate into a tech enabled healthcare system which can substantially improve patient diagnosis and treatment. At IPV, we have always invested in companies that are using tech for good to bring a real-life change in the lives of the users. Docplix’s powerful platform, wellness programmes and addressing access to healthcare in tier 2 and 3 towns drove our decision to invest in the company”.
 

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