Homegrown private equity investor FAAD Capital has struck bets on four agritech startups while two-wheeler focused startup VOC Automotive and business-to-business (B2B) platform Pneucons raised early-stage funding, the companies said on Wednesday.
FAAD’s bet on four agritech startups
FAAD Capital invested in agritech startups through AgriManch Accelerator. The Angel Fund has invested in Godaam Innovations, VedaFit Foods, Aqin Biotech and Mkelly Biotech.
FAAD Capital is a SEBI-registered category-I angel fund with a corpus of $40 million. Its average investment ranges from $100,000 to $500,000, covering pre-seed to series A funding. The angel fund collaborates with various industry stakeholders to fund agritech startups.
Under this initiative, FAAD has invested over $121,000 in four startups.
Notably, one of the four startups, Godaam Innovations, has already raised external funds amounting to $180,000.
Godaam Innovations specializes in providing smart storage solutions to reduce postharvest losses and enhance supply chain efficiency.
Aqin Biotech introduces patented formulations for aquaculture and livestock feed to improve the survival rate of animals.
Mkelly Biotech developed a one-of-a-kind premix powder comprising millets and mushrooms to enrich the nutritional profile of flour and associated products, catering to individuals of all ages.
VedaFit Foods addresses the issue of artificial foods by crafting genuinely healthy and natural products, consciously incorporating ingredients fortified with essential nutrition.
VOC Automotive, a startup in the two-wheeler service space, raised Rs 1.5 crore ($179,173) in funding from Corporate Warranty India Pvt. Ltd (CWI). This strategic investment will be used for the company's expansion efforts. The startup aims to bring affordable, quality services closer to two-wheeler users across India.
Founded in October 2019 by Venkatesh BM and Lokesh S, VOC Automotive addresses the problem of high costs and limited proximity to authorized service centers for two-wheelers.
VOC Automotive offers a range of services, including general and major servicing, painting, denting, and specialized coatings. It opened its maiden outlet in August 2020. Since then, the startup has expanded its footprint to 127 outlets across South India, with a presence in Bengaluru, Hyderabad, Karnataka, Telangana, Andhra Pradesh and Kerala.
The company recorded Rs 10 crore in revenue in FY24 and aims to reach Rs 100 crore in revenue by FY25.
Pneucons, a B2B industrial marketplace startup, has secured undisclosed funding in the pre-series round. The round also saw participation from Tarun Mehta, co-founder & CEO of Ather Energy.
The fresh infusion will be used to expand its team, focusing on more cross-border transactions across major engineering categories such as fire safety, pneumatics, hydraulics, industrial automation, plastic, and packaging. Pneucons has a presence in over 42 countries.
Founded in 2022 by Pritesh Lakhani, Pneucons is a B2B industrial marketplace startup building an ONDC-like infrastructure. It caters to SMEs and MSMEs, addressing problems such as credit defaults, opaque pricing, and the availability of genuine quality products.
