Metal supply chain platform Metalbook, agri-focussed fintech startup Ayekart, internet browser Veera, quick service restaurant IDC Kitchen and haircare startup iluvia raised early-stage funding, the companies said on Thursday.
Metalbook
Metalbook has raised $15 million (Rs 125 crore) in a Series A funding round led by Rigel Capital, with participation from FJ Labs, as well as existing investors, Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, among others.
The startup will use the funding to improve its technological stack, launch new verticals and expand its network of processing centers.
Founded in 2021 by Pulkit Baldev, Aman Tibrewal and Raghavendra Pratap Singh, Metalbook helps enterprise and small and medium enterprises (SME) customers through their entire metal manufacturing and procurement cycle, including buying, selling, excess inventory liquidation, customisation, logistics, financing, e-auctioning, scrap recycling, credit & project management solutions.
The startup aims to achieve an annualised revenue run rate of $200 million by the end of FY24, according to its statement.
In 2022, the startup raised $5 million in seed funding. The round was led by Axilor Ventures and Foundamental, RTP Global, Stride Ventures along with a few angel investors also participated in the funding round.
Agrifood-focussed fintech startup Ayekart has raised $6.5 million (Rs 54 crore) in a Series A funding round co-led by Omnivore, Siana Capital and Unleash Capital Partners.
With this capital infusion, Ayekart aims to expand its operations nationwide and cater to a larger audience of FPOs (farmer producer organisations), food manufacturers, distributors, and retailers.
Founded in 2020, Ayekart launched its commercial operations in September 2021 with a team of six and has since expanded to a team of over 150 members across six locations. The startup provides fintech and supply chain solutions for traditional businesses in the agrifood value chain.
Ayekart operates in 18 states and has around 9,000 active merchants on its platform.
In 2022, the company raised around Rs 37 crore from Caspian Debt and Siply in a mix of debt and equity funding round. It also bagged $750,000 in a seed funding round from a consortium of angel investors in October 2021.
Rewards-focussed internet browser Veera has raised $6 million (Rs 50 crore) in a seed funding round led by Ayon Capital. The round also saw participation from 6th Man Ventures, Folius Ventures, The Operating Group, iSeed Ventures, Accomplice and Cypher Capital.
Several angel investors also participated in the round, including Aalap Mahadevia (Briarwood Capital), Kabir Narang (B Capital), Nikhil Mohta (ICICI Ventures), Kevin Hu (Brevan Howard and formerly at Dragonfly Capital) amongst others.
"With this additional funding, we will focus on expanding our engineering team to accelerate product development, improving our infrastructure and investing in marketing initiatives," said Arjun Ghose, chief executive officer, Veera.
Founded by Arjun Ghose and Rahul Pagdipati, Veera is a mobile-only internet browser, with a rewards-based system basis engagement. The platform claims to have crossed 100,000 users.
Bengaluru-based IDC Kitchen has raised $180,647 (Rs 1.5 crore) in a funding round from revenue-based financier Velocity.
The funding will be deployed towards marketing initiatives and other inventory-related expenses, said the firm in a statement.
Established in 2012, IDC Kitchen is a QSR chain originating out of Bengaluru. At present, the firm has 11 outlets in Bengaluru, two in Mumbai and one in Raichur in Karnataka. The firm claims to have clocked Rs 30 crore in revenue per annum.
On the other hand, Velocity is a fintech firm that offers fixed-term credit, revenue-based financing, revenue-based overdrafts, and credit lines. The company’s client portfolio includes Soulflower, Chumbak, Off Duty, Itsy Bitsy, Bear House and Zlade.
Renaura Wellness Pvt. Ltd, which operates the haircare brand iluvia, has raised an undisclosed amount in a Series A funding round from Fireside Ventures and Multiply Ventures.
The startup will use the funding for marketing, hiring talent as well as improving its research and development (R&D) initiatives.
Founded by Nishant Gupta and Palash Pandey, iluvia provides a range of professional haircare products. The startup’s research and development division has also developed a hard water-focussed shampoo.
The startup was incubated at the Vellore Institute of Technology and had also secured funding from the Startups Club Incubator Network (SCIN).
"With this funding, we are empowered to improve our R&D investments while expanding our product offerings with solutions for professionals as well as consumers. With Series A closed, we aim to expand our team as well," said Gupta and Pandey, co-founders, iluvia.
