[Indian Startup Funding Weekly Roundup January 8 to January 12] FlexifyMe, Mylapay, The Baker’s Dozen, Others Raise Funding
Several Indian startups have raised funds from January 8 to January 12 across various categories, including health and wellness, battery cell space, fintech, etc. We will highlight five such transactions, including how the startups plan to utilize the funds.
FlexifyMe | Chronic Pain Management Platform
FlexifyMe, a Pune-based innovative chronic pain management platform, has made headlines by securing Rs 10 crore in a seed funding round co-led by IvyCap Ventures and Flipkart Ventures.
GSF, Ah! Ventures, Chandigarh Angels, and Venture Catalyst also participated in the funding round.
As per the startup, the freshly raised funds will enable it to create an impact in chronic pain management, incorporating cutting-edge technology and progressive exercises.
Founded by Amit Bhayani and Manjeet Singh in October 2021, FlexifyMe is a chronic pain management platform offering solutions for various chronic pain like back pain, cervical pain, spondylosis, etc ., through a unique combination of online Physiotherapy, Yoga Therapy, and patented Artificial Intelligence (AI) based technology.
Besides providing temporary relief, the chronic pain management platform also aims to offer long-lasting solutions, focusing on workplace wellness and ergonomic challenges. Before this round, the Pune-based chronic pain management platform had raised $1.3 million from individual investors Amit Ratanpal, Sachin Anand, and Dipen Shah.
Mylapay | Fintech Startup
Mindeed Technologies and Services Pvt. Ltd, which operates fintech startup Mylapay, secured $550,000 (Rs 4.6 crore) in a seed round led by venture capital firm CDM Capital. Singapore-based Saison Capital, the VC arm of Credit Saison, and 77 Capital (led by Amit Goel) also participated in the funding round.
As per the startup, the freshly raised funds will be used to improve its cloud-based infrastructure by bringing it to an advanced security standard and expanding the scope of its business operations.
Founded by Mohanraj Ravi, Santhanakumar Dhanabalakrishnan, and Sundar Balasubramanian in 2019, Mylapay is a Chennai-based fintech startup that specializes in payment enablement, crafting cutting-edge payment solutions to simplify the complete card payment cycle.
The fintech startup provides cloud-based solutions designed to optimize the entire card payment processing cycle.
The Baker’s Dozen | Bakery Brand
The Baker’s Dozen, a homegrown bakery brand, bagged around $4 million (Rs 33 crore) in a pre-Series A round from institutional investors.
These investors include Wipro Consumer Care Ventures, Mirabilis Investment Trust, and She Capital, along with existing investor Fireside Ventures.
As per the startup, the raised funds will enable it to expand its presence in non-metro and Tier-I cities and develop its product portfolio. Further, part of the raised funds will be directed towards marketing and brand-building.
Founded by Sneh Jain and Aditi Handa in 2013, The Baker’s Dozen serves bread, cakes, cookies, crackers, and premises. Bootstrapped until 2021, the bakery brand is available across 40 cities in India currently.
The brand retails from 50 stores, in addition to being available across 600 modern and general trade stores and e-commerce and quick commerce channels.
Grip Invest | Fixed Income Investment Platform
Grip Invest, a Gurugram-based fixed-income investment platform, secured Rs 82 crore (around $10 million) in a Series B funding round through a mix of equity and debt investments led by venture debt firm Stride Ventures. In this round, Grip Invest raised Rs 70 crore in equity funding, while the remaining Rs 12 crore was debt.
The round also saw participation from LC Nueva and Multiply Ventures, along with existing investors Venture Highway, Anicut Capital, and AdvantEdge.
As per the startup, the freshly raised funds will be used for product development and distribution, improvement of consumer reach, and scaling its technological stack.
Founded by Nikhil Aggarwal, Grip Invest is a digital investment platform for high-yield, non-market-linked & regulated alternative investments. The startup offers listed, credit-rated investment opportunities which are executed through its integration with the National Stock Exchange (NSE).
The Gurugram-based startup also operates Grip Fixed Income Opportunities Fund (GFIO), a SEBI category-II alternative investment fund (AIF), in addition to co-founding Electrifi Mobility, a full life-cycle management company for electric vehicles.
Grip Invest claims to have around 25,000 users currently and aims to double the number of users by the end of 2024.
Rincell Corporation | Battery Cell Manufacturer
Rincell Corporation, a battery cell manufacturer, secured $1.2 million (Rs 9.9 crore) in a seed funding round. The round was led by U.S.-based NextGen Battery Chem Ventures LLC, managed by Sandiip Bhammer, who also is the founder of India-focussed early-stage investment firm Green Frontier Capital.
Founded by Jignesh Parikh and Jagjit Nanda in 2023, Rincell is a battery cell manufacturer. The startup manufactures performance silicon graphite, lithium manganese iron phosphate (LMFP), and sodium-ion batteries for government and commercial applications.
As per Nanda, co-founder of Rincell Corporation, the partnership with NextGen Battery Chem Ventures will help the startup bring its silicon-graphite, LMFP, and sodium-ion battery chemistries to market faster. It aims to prepare the silicon-graphite batteries for commercial production in 2024.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.