Several Indian startups have raised funds across various categories from February 19 to February 23, including mobility-as-a-service, supply chain fintech, e-commerce, etc. We will highlight six such transactions, including how these startups plan to use the raised capital.

Yulu | Mobility-as-a-Service

Electric two-wheeler firm Yulu has made headlines by raising $19.25 million (about Rs 160 crore) in equity funding from existing investors Magna and Bajaj Auto Ltd as a continuation of its Series B round. 

As per the startup, the freshly raised funds will enable it to maintain its growth streak. It will use the funds to strengthen its market leadership as the startup plans to expand in terms of vehicles, operational locations, and product and technology innovation.

Founded by Amit Gupta, RK Misra, Naveen Dachuri, and Anuj Tewari in 2017, Yulu is an urban Mobility-as-a-Service (MaaS) startup that offers last-mile connectivity through its electric bike and network of EV charging and battery swapping network. 

Currently, the firm operates 30,000 electric vehicles across Bengaluru, Delhi, Mumbai, Navi Mumbai, and Gurugram. In February 2023, Yulu launched the battery battery-swapping network Yuma Energy as a joint venture with Magna that offers Battery-as-a-Service to Yulu’s own fleet and other OEMs.

In 2022, Yulu raised $82 million (Rs 653 crore) in a Series B funding round led by Magna International Inc.

Ghost Kitchens India | Restaurant Brand Curator

Ghost Kitchens India bagged $5 million (Rs 42 crore) in a Series A funding round led by GVFL Ltd. The round, which was a mix of equity and debt infusion, also saw participation from Lead Angels, NB Ventures, LetsVenture, and actor-producer Rana Daggubati, along with existing investors Yuj Ventures and Dholakia Ventures.

As per the startup, the freshly raised funds will be used to scale business operations and enter into retail stores of its existing brands. The raised capital will also enable the startup to upgrade the partner programme. It also aims to increase the footprint of company-owned and operated cloud kitchens and QSR stores.

Founded in 2019, Ghost Kitchens India helps restaurants and cloud kitchens maximize profits by adding a plug-and-play food delivery concept.  The brand helps maximize incremental sales and drive better margins with affordable, low-risk expansion opportunities.

Ghost Kitchens India powers aggregator management, marketing to generate more food delivery orders, and inventory management and supply of ready food solutions, reducing the dependency of restaurants and cloud kitchens on skilled manpower for maintaining standardization.  

The brand operates through 15 company-owned and operated cloud kitchens in Ahmedabad and Mumbai and 1,200 internet restaurants across 40 Indian cities.

Indic Wisdom | Agri-produce Startup

Agri-produce startup Indic Wisdom secured $482,448 (Rs 4 crore) in a pre-Series A funding round led by Inflection Point Ventures. Mahendra Sankhe, Bifco Finance, Launch Capital, and undisclosed high-net-worth individuals (HNIs), also participated in the funding round.

As per the startup, the freshly raised funds will be used to improve the brand’s visibility, expand its distribution network, and build production capacity.

Founded by Prajakta Khare, Indic Wisdom is a Mumbai-based manufacturer of the widest range of Wood Pressed Oils. The startup aims to implement ancient food production practices and integrate them with modern production practices and quality standards. 

As per Khare, their wood-pressed oil extraction plant is a zero-waste manufacturing facility that has generated a monthly gross merchandise value (GMV) of Rs 2.5 crore.

AutoVRse | Virtual Reality/Augmented Reality-focused Startup

AutoVRse, a virtual reality/augmented reality-focused startup, bagged $2 million (Rs 16.6 crore) in a funding round led by gaming-focused venture capital fund Lumikai. Rajat Monga, the co-founder of TensorFlow and Inference.io, and former Yahoo executive Viswanathan Krishnamurthi also participated in the funding round.

As per the startup, the freshly raised funds will be used to expand the team size as well as its geographical presence, targeted towards the US. 

Co-founded by Ashwin Jaishanker and Adarsh Muthappa, AutoVRse is a homegrown virtual reality/augmented reality-focused startup that aims to revolutionize sales, training, and inspection workflows with web-configurable, scalable VR/AR deployments.

The startup provides enterprise-level virtual reality training and gaming solutions and has worked with companies, including Godrej, Bosch, Shell, Tata Motors, Ultratech Cements, and Aditya Birla Group. With the raised capital, the startup also plans to set up a B2B sales team in the US to drive qualified lead generation and facilitate market expansion. 

QuiD | Embedded Supply Chain Fintech Startup

QuiD, a B2B embedded supply chain fintech startup, bagged $602,443 (Rs 5 crore) in a pre-seed funding round from a host of investors, including Stone Park Capital and Mint Cap Enterprises. The funding round also saw participation from angel investors, including Sushant Kumar of Omidyar Network, India.

As per the startup, the freshly raised funds will be used to improve the technological stack of the company. The funds will also be used to improve engagement with current clients and partner lenders. 

Co-founded by Vikram A G and Subhash Gupta, QuiD is a B2B supply chain fintech startup that aims to bring millions of retailers across industries into the formal credit system with distributors as an anchor to manage the risk.

The startup provides solutions for tech-driven financial float strategies, accelerated collections through decision science systems, working capital financing discovery, and analytics-driven retailer discovery and profiling.

Beyoung | Apparel-focused E-commerce Brand

D2C fashion brand Beyoung secured an undisclosed amount in a strategic funding round from the Royal Office of Sheikh Tahnoon Bin Saeed Bin Tahnoon Al Nahyan of Abu Dhabi. 

As per the startup, the freshly raised funds will be used to expand its presence across geographies across offline and online channels. 

Founded by Shivam Soni and Sakshi Soni in 2018, Beyoung is a Udaipur-based D2C startup that offers affordable clothing and accessories. The Udaipur-based startup claims to have achieved an annualized recurring revenue (ARR) of Rs 150 crore in FY23, with the aim to reach Rs 600 crore in ARR by 2026. 

In 2023, Beyoung raised Rs 40 crore in funding from Klub, a fintech company providing revenue-based financing for startups. 

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