My Funding Picks For Last Week (W38)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

Last week, the ecosystem bounced back with over 3 equity deals/day average, with 17 startups raising $673 million. September is an excellent month for startups as the amount of capital raised crossed $500 million in a week for just the second time year (last week was the first). As the global economies recover and the Indian economy continues to unlock – this is a trend that should continue.

This week 12 deals were in the early-stage rounds (compared to 5 last week), which made the cut for my weekly analysis. After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I pick these three as my favorite funding news from last week!

Name: Pitstop

Amount Raised: $1.2 million from Acko

What does Pitstop do?

Edited from Tracxn: PitStop is a closed marketplace for car service providers. They provide an estimated cost of service, doorstep pickup and delivery, and status tracking after booking. They also claim to have the service completed in 2 hours. Pitstop has expanded to several locations including Delhi, Bangalore, Hyderabad, Mumbai, Pune, and others.

Why do I like Pitstop?

While there are many platforms like GoMechanic, Carvolution, and Zippity that are in this space, the exciting thing about this deal is that Pitstop is the strategic investment by Acko. Acko is a challenger insurance company backed by Barings, DSP, Ascent, Amazon, Accel, and Saif. Their association with Pitstop will create a symbiotic relationship between the companies. Acko can provide leads to Pitstop for car servicing, etc. and Pitstop can provide insurance leads to Acko. I would not be surprised if Acko went on to acquire Pitstop in the next 3-5 years.

Name: Deepsync

Amount Raised: $300k from Anicut Angel Fund and angels.

What does Deepsync do?

Edited from Tracxn: Deepsync provides deep learning-based technology to clone and augment human voice. It allows users to clone their voices from previous audios and synchronize them with videos and other media.

Why do I like Deepsync?

Voice AI is not new. Several players exist in the space, but most of them utilize  Google or Amazon’s voice libraries to build their solutions. Deepsync is interesting in that they’re taking anyone’s voice and cloning it. For example, I could clone my voice and record this blog as a podcast but without speaking the whole thing out. If it works – this is neat technology.

Name: CustomFit.ai

Amount Raised: Undisclosed from Java Capital, Upsparks, FirstCheque, and LetsVenture

What does CustomFit.ai do?

Edited from Tracxn: CustomFit.ai offers a B2B website personalization solution. The solution enables marketers to convert existing traffic to leads and change any website elements using the visual editor without coding, irrespective of the platform.

Why do I like CustomFit.ai?

Following the trend of my other picks, CustomFit.ai is also present in a space with existing competition. I like CustomFit.ai because it offers businesses the opportunity to learn a lot more about the way their users interact with their website with detailed heatmaps. Their customer can use A/B testing for different customers, customize the site for each visitor based on their preferences, and increase conversion rates.

My Funding Picks For Last Week (W29)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

It has been several weeks since our ecosystem breached the 2 deals/day average with 17 startups raising $106 million last week. The bear market rally in the global stock markets has increased investor’s liquidity positions, and many are looking for options outside of the listed spaces. Founders must start thinking about how to make deals while the running is hot!

Out of the 17 deals, 16 were in the early-stage rounds (compared to 10 last week), which made the cut for my weekly analysis. After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I pick these three as my favorite funding news from last week!

 

Name: GigIndia

Amount Raised: $975k from Incubate Fund India, Beyond Next Ventures, S. Ramadorai, Ravi Nigam, Sakshi Gudwani, Shantanu, Kiran, & Shashank Deshpande, and Dr. Pratap

What does GigIndia do?

Edited from Tracxn: GigIndia is an online student network and micro-jobs platform. Users can get paid by completing micro-jobs called gigs for companies like writing a blog, designing a logo, or completing a survey. Students can also search for internships, perform tasks, and get hired after evaluation. GigIndia also offers a platform for students to connect with mentors and learn about various career opportunities.

Why do I like GigIndia?

With several parts of our country going through fresh lockdowns, the days of WFO (Working From Office) are a dream that is far from materialization. Companies, big or small (Indian or global), are looking for ways to cut fixed costs and rationalize spending through a project or task-specific costs. This new paradigm is where a GigIndia type platform comes in. In contrast, one could argue that there are several competitors like Fiverr, TaskRabbit, etc. I like GigIndia’s problem-specific solutions for businesses, like marketing, operations, sales, recruiting, and others. They aid businesses in breaking down a complex task into smaller gigs and then help owners manage them.

An interesting approach that we might try out for ourselves and our startups!

 

Name: Decentro

Amount Raised: Undisclosed from Y Combinator, Plug and Play, Upsparks, and other notable angel investors from the Indian and APAC community.

What does Decentro do?

Edited from Tracxn: Decentro provides open banking API solutions to banks and financial institutions. It offers APIs for KYC & onboarding, AML & compliance, digital lending, online payments, and more. It enables banks to build products such as neo banks, lending platforms, finance management, and more.

Why do I like Decentro?

I am a fan of open banking APIs as I have previously liked YAP and an early investor in Karza. Therefore, Decentro is on this list as I believe that Indian banking is not only broken; it is holding Indian businesses back.

Must I explain more why I am interested in platforms that solve this broken experience? 🙃 

 

Name: Zomentum

Amount Raised: $4.1m from Accel and SAIF Partners

What does Zomentum do?

Edited from Tracxn: Zomentum provides client relationship and sales process management software. It allows users to design and process sales process, retain them, and improve client relationships. It enables users to manage personalized reminders, set metrics and track performance of the teams, and share leads with other teams. Other features include sales funnel management, catalog management, branding, and identity management.

Why do I like Zomentum?

At Artha, we use Pipedrive and Salesforce to manage our sales processes. It does an excellent job for us, except that we must pay a lot of third parties to automate our sales processes. These addons significantly increase our monthly bills, and we must monitor the addons for errors, especially if the APIs are updated.

While I haven’t had a chance to test drive Zomentum (yet), I like their fully integrated approach. If it reduces my monthly costs and my operational overhead – I’ll switch!

My Funding Picks For Last Week (W28)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

 

For the past several weeks, the ecosystem is plateauing at barely double-digit transactions per week with 10 startups raising $36 million (amounts raised for the last 4 weeks: $65m, $31m, $27m, $92m). Early-stage investors have clinched their purses due to the lack of cool-down in valuations despite a marked tempering in funding interest. How can founders fix that? Stay tuned for my post on the subject next week.

Out of the 10 deals, 8 were in the early-stage rounds (compared to 11 last week), which made the cut for my weekly analysis. After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I pick these three as my favorite funding news from last week!

 

Name: BRB Chips

Amount Raised: $1m from Secocha Ventures, Globvestor, First Cheque, Kashyap Deorah and Vijay Sivaram

What do BRB Chips do?

Edited from Tracxn: They are a brand of extruded snacks offering chips as a snack.

Why do I like BRB Chips?

There is a lot of branded packets food plays, and while there’s no defensibility to vacuum fried chips, the list of entrepreneurs that decided to start this venture is impressive. The co-founder’s credentials include ex-Bira co-founder, ex-Forbidden Foods co-founder, ex-Coca-Cola, and ex-Schlumberger. As this team raised a significant amount of startup capital, I believe they can build an alternative snacking brand that would fold into a larger FMCG player. The key will be meticulously managing working capital and judiciously investing venture capital.

 

Name: Bold Care

Amount Raised: Undisclosed from Rajesh Ranavat, Abhishek Shah, Kabir Kochhar, and Mohit Satyanand.

What does Bold Care do?

Edited from Tracxn: Provider of an online doctor consultation platform for sexual health

Why do I like Bold Care?

I met a prominent Silicon Valley angel investor last year who increased my interest in the men’s sexual healthcare space. It’s a significantly taboo subject in India, but on average, about 5% of men above the age of 40 have erectile dysfunction. Many quacks (read: hakims) and online platforms sell glorified multi-vitamin tablets in the name of cures. Whether a company like Bold Care can get the sexual health conversation started could be a differentiator. Combining a thoughtful content strategy with the right product mix would reap great rewards from India’s untapped market.

 

Name: Inspekt Labs

Amount Raised: Undisclosed from Rajesh Ranavat, Abhishek Shah, Kabir Kochhar, and Mohit Satyanand.

What does Inspekt Labs do?

Edited from Tracxn: Inspekt Labs provides AI-based solutions for a car damage assessment. It provides an AI/ machine learning API that automates the car assessment. It offers solutions like damage detection, text detection, claims assessment, and fraud detection.

Why do I like Inspekt Labs?

Due to the way their technology works, they can quickly identify errors and emissions with a (claimed) 98% accuracy rate. I see a big space for this technology in insurance, product QA, to name a few. As their algorithms improve with more data collection, there could be future applications in food packaging and warranty repairs. I am especially thrilled to find an Indian startup come up with Indian deeptech with commercial applications. Their growth will only be accelerated by companies looking for new solutions due to the restrictions enforced upon them in the post-pandemic world.

 

I have purposefully left out Piggyride’s ₹3.50 crores raise from Artha Venture Fund last week (round led by JAFCO). However, you can find out Why We Invested in Piggy Ride.

My Funding Picks For Last Week (W27)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

 

As we enter the final days of unlocking v1.0, VCs are starting to loosen their tightly guarded pockets. As an ecosystem, we are continually maintaining the 2 deals a day average, but this time 14 startups raised $65 million – double the amount of moolah raised last week!

Out of the 14 deals, 11 were in the early-stage rounds (compared to 11 last week), which made the cut for my weekly analysis. After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I pick these two as my favorite funding news from last week!

 

Name: Bombay Play

Amount Raised: $1.5m from Leo Capital and Ramakant Sharma

What does Bombay Play do?

Edited from Traxcn: Bombay Play is a game development company specializing in casino games. Some of the games developed by the company are Card Party, Pokemon Tower Battle, and Twenty Nine. Bombay Play develops games for Android and iOS platforms and generates revenue through advertisements and in-app purchases.

Why do I like Bombay Play?

The COVID lockdown provided the gaming sector with the right ingredients for massive user growth. Low-cost internet access at a reasonable speed and people stuck at home with little to no avenue for social interactions. Therefore simple games that do can work on inexpensive devices with minimal processing speeds can rule the roost. It isn’t a surprise that Ludo King has seen their MAUs break the 1.5m barrier!

I have learned a lot about the gaming sector through my investment in Rolocule Games and Kabaddi Adda. But I am confident that social distancing norms will cause permanent changes in user behavior, encouraging more virtual social behavior. If I am right, gaming companies like Bombay Play will be laughing their way to the bank!

 

Name: NextBillionAI

Amount Raised: $7m from Lightspeed Venture and Falcon Edge.

 

What does NextBillionAI do?

Edited from Traxcn: Nextbillion.ai offers a wide range of AI-powered hyperlocal solutions, from business mapping to data management.

Why do I like NextBillionAI?

NextBillion.ai is a company that aggregates data from the half a billion Indians who have gone digital over the last 5 years. As of December 2019, India has 450mn smartphone users, so there’s a lot of data getting collected. NextBillion.ai is trying to make sense of all that data providing actionable data for businesses.

My Funding Picks For Last Week (W25)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

 

While the funds raised by India’s startup ecosystem (barring Jio) fell, it was heartening to note that we continued to maintain 2 deals per day average with 13 startups raising $27 million. Out of the 13 deals, 10 were in the early-stage (compared to 13 last week) rounds, which made the cut for my weekly analysis.

After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I pick out these three as my favorite funding news from last week!

 

Name: Myelin Foundry

Amount Raised: Undisclosed from Pratithi

What does Myelin Foundry do?

Edited from Traxcn: Myelin Foundry is a video distribution solution provider. It helps to deliver ultra HD zero-rebuffering streaming, on any network and reduce the time and cost to market and deliver AI-powered content.

Why do I like Myelin Foundry?

At first look, Myelin reminded of Pied Piper from the show Silicon Valley. However, after checking out their products page, I am very excited about the tech stack that Myelin is attempting to build. If they can stream HD content through EDGE network – it could be a game-changer!

 

Name: Ameliorate Biotech

Amount Raised: ₹2cr from Friends of PadUp, Villgro USA, Vinners, LetsVenture, SINE IIT Bombay, and DERBI

What does Ameliorate Biotech do?

Edited from Traxcn: Ameliorate Biotech develops recombinant therapeutic proteins and diagnostic kits. They have developed their technology to produce a recombinant protein in an antibiotic-free process. They are developing biosimilar products for treating oncology, Autoimmune disease, ophthalmology, and nephrology.

Why do I like Ameliorate Biotech?

I am not a fan of biotech startups because of the long development cycle and high mortality rates of these companies. However, I like the experience the team of Dr. Rashbehari Tunga & Dr. Binit Tunga has in this field, and I’d want them to succeed.

 

Name: YoloBus

Amount Raised: $3.3M from Nexus Venture Partners and India Quotient

What does YoloBus do?

Edited from Tracxn: YoloBus is an online platform for travelers that provides intercity bus services. Travelers can select their route, choose pickup/destination, enter travel date & make bookings via the app by making an online payment. Their app is available for iOS & Android devices.

Why do I like YoloBus?

This one deserves another mention as I had shortlisted this deal in February 2020. Intercity travel must start once again, and I expect domestic tourism to boom first. However, the quality will trump cost when it comes to matters of health, and YoloBus has a great chance to capitalize on this new trend!

My Funding Picks For Last Week (W24)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

 

As most of India reopened, so did the funding lords! There was a marked increase in the number of startups that raised capital with 19 startups raising $92 million. Out of the 19 deals, 13 were in the early-stage rounds, which made the cut for my weekly analysis.

After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I picked out these three as my favorite funding news from last week!

 

Name: Cube Wealth

Amount Raised: $500k from Beenext and Asuka Holding

What does Cube Wealth do?

Edited from Traxcn: Cube Wealth is an automated investment management app which, offers personalized recommendations from financial advisors. Users get provided with an option of goal-oriented financial management. Users can set their financial goals, and Cube Wealth saves for the same via EMIs. It invests the money in diversified asset classes, including liquid, MFs, equities, P2P lending, and gold. The app is available for iOS and Android platforms.

Why do I like Cube Wealth?

The Indian wealth & investment management space is broken. A user must struggle through a multitude of apps to gain a full understanding of their exact financial positions. The decentralized information works against the middle class as they cannot seek better deals for their investments. Besides, the power of wealth aggregation that the larger family offices platforms utilize to get access to closet deals or better negotiation terms aren’t available to a middle-class family. Platforms like Cube seek to address this imbalance by using technology & scale to provide premium services at an affordable cost. With 500 million people set to enter the Indian middle Cube has a bright future ahead of them!

 

Name: Credgenics

Amount RaisedUndisclosed from Titan Capital

What does Credgenics do?

Edited from Traxcn: Credgenics offers cloud-based debt recovery solutions to banks and lenders. Its features include collection strategy, analytics for profiling & collection, automated communication for customer engagement, and more. It provides solutions for alternative dispute resolution, insolvency & bankruptcy, fintech laws, and more.

Why do I like Credgenics?

Collections are an art, and while it is easy to lend money, not every fintech company can build a strong collections team. Therefore I am excited that there are startups like Credgenics that we can get our fintech companies to outsource their collections operations too. And it isn’t a surprise that bad debts make excellent business sense!

 

Name: IVF Access

Amount Raised: $5M from Vertex Ventures SEA & India

What does IVF Access do?

Edited from YourStory: IVF Access is a Bengaluru-based healthcare startup focused on providing In Vitro Fertilisation (IVF) treatments in India. Led by an experienced management team, IVF Access is setting up a chain of IVF centers in India, providing Assisted Reproductive treatments such as IVF and IUI. They offer nationwide access to IVF treatments with an innovative technology platform and state-of-the-art labs.

Why do I like IVF Access?

Babies are a multi-billion business opportunity. Therefore, it is not a surprise that the business of making babies is massive. Due to lifestyle-related issues & an increase in the age at which couples have babies, there is a marked increase in IVF clinics. While the market IVF market size is small, it’s going to grow to $1.50 billion by 2026.

IVF Access is an early player in providing a single brand for IVF clinics and could capitalize on a deeply fragmented space!

My Funding Picks For Last Week (W21)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out 3 companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

 

Another 2 weeks of lockdown (probably more for metro cities) should not dampen the investment spirits. Deal activity continues to temper, but it hasn’t completely stopped. Last week saw 13 startups raise $88 million – 8 of which were in the early-stage space.

After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I picked out these three as my favorite funding news from last week!

 

Name: Refrens

Amount Raised: Undisclosed from Vijay Shekhar Sharma, Anupam Mittal, others

What does Refrens do?

Edited from Traxcn: Refrens is accounting software for freelancers. The features of the product are expanding customer base by referrals, budget planning, creating GST invoices, reminders, and more. The product is free for freelancers such as software developers, logo and graphic designers, digital marketers, to name a few.

Why do I like Refrens?

The recent economic earthquake and the related job losses will give wings to the gig economy. Several platforms help gig workers promote their wares, but not many that will help them with organizing their back-end operations. The stellar angel investor star cast backing this deal should provide Refrens an edge over the indirect competition.

 

Name: Log9 Materials

Amount Raised: USD 164K from Deepak Ghaisas

What does Log9 do?

Edited from Traxcn: Log9Materials is a startup in the nanotechnology space. It focuses on graphene-based materials. Also, it undertakes custom synthesizing orders. R&D is centered on energy-efficient technologies based on graphene derivatives. As of November 2016, the company is developing graphene quantum dot-based LEDs and foldable displays and graphene composite based water purification systems. They have developed ‘Smoke-Free’- graphene-based cigarette filter and claims to reduce the risk of getting cancer by 90%.

Why do I like Log9?

I had looked at Log9 in the past when they were utilizing graphene-based technologies for fuel cells & filtration. However, their new product, CoronaOven could get serious traction as the importance of disinfecting things before using or consuming them is taken seriously. If the technology works as it is supposed to, there is a massive market for this product.

 

Name: Scribble Data

Amount Raised: Undisclosed from unnamed Angels

What does Scribble Data do?

Edited from Traxcn: Their platform, Enrich, helps prep data at scale (feature engineering) for data science, and our consulting services are aimed at turning every data science team into well-oiled machines.

Why do I like Scribble Data?

ML engineers love challenges. These engineers take on projects that test their skills and will build their reputation. Eventually, the projects get completed, and they venture out to find a new challenge, and the cycle repeats – but there could be a better solution. Scribble Data’s ML engineering as a service could offer exciting projects to keep ML engineers engaged but, at the same time, provide continuity at a more affordable & flexible payroll for the company. I have asked a couple of my portfolio company’s to reach out to Scribble and test out this hypothesis – the proof will be in the pudding.