This week, from January 29 to February 2, several Indian startups across categories raised funds, including supply chain, electric mobility, retail, etc. We will highlight five such transactions, including how the startups plan to utilize the raised capital.

Wiz Freight | Supply Chain Startup

Wiz Freight, a Chennai-based supply chain startup, has raised Rs 125 crore (approximately $15 million) in a Series B funding round. Japan-based SBI Investment led the round and saw participation from Tiger Global, Axilor Technologies Fund, NIPPON EXPRESS HOLDINGS, Foundamental, Arali Investments, Unikon Shipping Ventures, and a few family offices.

As per the startup, the freshly raised funds will be used to grow its global operations in Southeast Asia, the Middle East, and the US. Further, the raised funds will enable the startup to enhance its technology-driven logistics solutions.

Founded by Ramkumar Govindarajan and Ramkumar Ramachandran in 2020, Wiz Freight is a Chennai-based supply chain startup that offers end-to-end shipment management solutions, including price discovery, booking management, documentation, shipment tracking, shipment finance, and customer support.

As per Govindarajan, the startup is set to double its workforce at the Tech and R&D Center in Chennai, with a primary focus on scaling up the tech platform for enhanced efficiency. Currently, its tech and R&D Center in Chennai is home to 200 employees.

p0 | AI-based Security Startup

p0, an artificial intelligence (AI)-based security startup, bagged $6.5 million (Rs 54 crore) in a seed funding round from Lightspeed Venture Partners and Alchemy Ventures. 

As per the startup, the freshly raised funds will be used for product development, hiring, and expanding the user base.

Founded by Kunal Agarwal and Prakash Sanker, p0 is an AI-based security startup that uses large language models (LLMs) to identify safety and security issues in software before it is ever run in a production environment.

p0 surfaces high-priority issues in your code with a single click and can handle software issues such as data integrity issues, validation failures (including those affecting data security), speed, and timeout issues. 

Optimizers | Optical Retail Chain 

Optimizers, a healthcare startup, bagged an undisclosed amount in seed funding led by Finvolve. Recyclean Infotech Pvt Ltd. and Brew Opportunities Fund also participated in the funding round.

As per the startup, the freshly raised funds will enable it to expand its footprints in its key markets and broaden coverage throughout India. The startup will also use part of the funds to improve LitHous Training Academy, advance enterprise resource planning, and acquire sufficient inventories to support the expansion. 

Founded in 2020, Optimizers is an optical retail chain focusing on delivering quality eyewear and customized services to consumers in Tier I, II, and III cities. The optical retail chain partners with corporate hospitals in Haryana, Punjab, Delhi, Uttar Pradesh, and Rajasthan.

Earthful | Plant-based Nutrition Brand

Earthful, a Hyderabad-based plant-based direct-to-consumer (D2C) nutrition brand, secured $396,947 (Rs 3.3 crore) in a pre-seed funding round from Green Ivy Ventures. The funding round also saw participation from angel investors, including Abhishek Goyal (Tracxn), Jayant Paleti (Darwinbox), and Brij Bhushan (Magicpin).

As per the startup, the freshly raised funds will be used to invest in research and development (R&D), build an omnichannel presence, and expand its team.

Founded by Sudha Gogineni and Veda Gogineni in 2020, Earthful is a Hyderabad-based D2C nutrition brand that provides a range of plant-based health and supplement products. Its products, which include vegan protein in 4 flavours, multivitamins, supplements for bone, skin, and hair, and hormonal support solutions to manage PCOS, are available across India to consumers through its website and online marketplaces.

BluSmart | Electric Mobility Startup

BluSmart, an electric vehicle (EV) ride-hailing platform, raised $25 million from ResponsAbility, a Zurich-based climate finance firm. The funding round was a mix of debt and equity, wherein BluSmart raised 20 million in debt and $5 million in equity.

The startup plans to use the funds to expand its EV charging infrastructure.

Founded by Anmol Jaggi and Punit Goyal in 2019, BluSmart Mobility is a Gurgaon-based all-electric shared smart mobility platform that operates 6,000 EV cabs. Further, the startup owns and operates 4,000 EV chargers at 35 locations in the National Capital Region and Bengaluru. Recently, the firm opened up its charging facilities for external users as well.

In December 2023, BluSmart raised $24 million (Rs 200 crore) in funding to build large-scale charging superhubs, enabling the expansion of its electric ride-hailing service.

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