This week, from December 18 to December 22, several Indian startups across categories raised funds. We will share a few of these funding updates, including what these startups do and how these startups will utilize the funds.

Fasal | Agritech Startup

Wolkus Technology Solutions Pvt. Ltd, which operates agritech startup Fasal, has made headlines by raising $12 million (Rs 100 crore) in a Series A funding round. The round was led by US-based venture capital firm TDK Ventures and British International Investment (BII), the United Kingdom’s development finance institution.

New investors Navam Capital, ITI Growth Opportunities Fund, and Aureolis Ventures, as well as all existing investors, including 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific, also participated in the funding round.

As per the startup, the freshly raised funds will be used to expand its presence from 75,000 acres to 500,000 acres. The raised funds will also enable the startup to deliver more to farmers by providing them access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates.

Founded by Shailendra Tiwari and Ananda Prakash Verma in 2018, Fasal is a full-stack platform for horticulture farming anchored on an IoT-SaaS platform. The Bengaluru-based startup provides farm-level, crop-specific, and crop stage-specific actionable intelligence to farmers via mobiles in vernacular languages, enabling them to optimize cultivation costs and increase yield, and quality of the produce.

Ugees | Undergarment Care Brand

Ugees, an undergarment care brand, secured an undisclosed amount in its pre-seed funding round from startup accelerator EvolveX. 

As per the startup, the freshly raised funds will be used for customer acquisition and the introduction of new stock-keeping units (SKUs).

Founded by Rahul Tyagi and Samiksha Yadav, Ugees is an undergarment care brand offering a liquid wash having antibacterial and antifungal properties, eliminating infection-causing bacteria and yeast/

As per the brand, their undergarment liquid wash does not contain harmful chemicals like Sulphate, Phthalate, Paraben, or artificial colors.

BluSmart | Electric Mobility Startup 

BluSmart, a homegrown electric mobility startup, bagged $24 million (Rs 200 crore) in a fresh funding round. The funding round saw participation with an over-subscription from existing investors, founders, and the leadership team.

As per the startup, the freshly raised funds will be used to build large-scale charging superhubs, enabling the expansion of its electric ride-hailing service.

Founded by Anmol Jaggi and Punit Goyal in 2019, BluSmart Mobility is an all-electric shared smart mobility platform having a fleet of electric vehicles that run on clean energy, promoting sustainability and reducing carbon emissions.

Earlier in May, BluSmart Mobility secured $42 million (around Rs 342 crore) in a bridge funding round from its existing investors, BP Ventures and Survam Partners.

Spice Lounge | Buffalo Wild Wings

Spice Lounge, the master franchisee of Buffalo Wild Wings, bagged $1 million (Rs 8.3 million) in a revenue-based financing round from Klub.

As per the startup, the freshly raised funds will be used to open new outlets in Bengaluru and Hyderabad. Additionally, Spice Lounge also partnered with Klub to manage a mandate to raise another $10 Mn for its expansion plans in 2024.

Currently, Buffalo Wild Wings is operating with 8 outlets in India across Hyderabad and Bengaluru, with plans to open 25 outlets in India in 2024 in Goa, Maharashtra, Tamil Nadu, Kerala, and Delhi NCR. 

BatX Energies | Battery Recycling Startup

BatX Energies, a battery recycling startup, secured $5 million (Rs 41.6 crore) in a pre-Series A round led by Zephyr Peacock. LetsVenture and existing investors, including the family office of Mankind Pharma, Excel Industries, and Jito Angel Network, also participated in the funding round.

As per the startup, the freshly raised funds will be used to scale recycled battery-grade lithium, nickel, and cobalt production. The funds will also enable the startup to establish a nationwide reverse logistics network. 

Founded by Utkarsh and Vikrant Singh in 2020, BatX Energies is a Lithium(Li) Ion Battery recycling startup that recycles used batteries into battery-grade materials. Using its proprietary hydro-electro process, the battery recycling startup extracts 99.9% pure lithium, nickel, and cobalt from the black mass high yield.

Finayo | Lending Platform As a Service

Finayo, a SaaS platform connecting lenders with the customers of the EV retailers, bagged $1.9 million (Rs 16 crore) in a funding round from non-banking financial companies (NBFCs) F Mec International, Choice Finserv Pvt Ltd (CFPL). The funding round also saw participation from undisclosed angel investors.  

As per the startup, the freshly raised funds will be used to invest in technologies and expand its footprint across India.

Founded by Brajendra Singh Tomar, Finayo offers advanced B2B SaaS technology for EV lending business transformation and allows EV lenders, original equipment manufacturers (OEMs), and dealers to authenticate, manage, and generate instant loan offers for EV buyers. 

In June, Finayo raised an undisclosed amount to close its seed funding round from iAngels Network.

Farmley | Health Snack Brand

Connedit Business Solutions Pvt. Ltd, which operates nuts and dry fruit brand Farmley, secured $6.7 million (Rs 55.6 crore) in a pre-Series B round led by BC Jindal Group. Existing investors Omnivore, DSG Consumer Partners, and Alkemi Partners also participated in the funding round.

As per the startup, the freshly raised funds will be utilized for product development, offline expansion, and branding.

Founded by Akash Sharma and Abhishek Agarwal in 2017, Farmley is a health snack brand offering dry fruit and nuts in various flavours and formats procured from over 5000+ farmers & producers across the world. 

As per the firm, it has grown over 400% over the last two years and crossed the Rs 300 crore annual revenue rate (ARR).  

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