Mumbai-based incubator Venture Catalysts has led a $1.8 million round in defence-tech startup Optimized Electrotech. The round also saw existing backer GVFL and other angel investors.
Optimized Electrotech was founded in 2017 by Sandeep Shah, Anil Yekkala, Dharin Shah, Kuldeep Saxena, and Purvi Shah.
The founding team, which is from IIT, IISc, ISI, and IIM, has worked with electronics, space and defence companies in India and abroad.
The Ahmedabad-based startup produces indigenously designed, developed and manufactured surveillance systems for security forces, national assets as well as defence and aerospace companies.
"Our investment vision aligns with Prime Minister Narendra Modi's idea to make India self-reliant in the defence sector,” said Apoorva Ranjan Sharma, founder and managing director, Venture Catalysts.
Sandeep Shah, chairman and managing director of Optimized Electrotech, said that the company has a robust sales funnel worth Rs 95 crore from Indian and foreign original equipment makers for the next few years.
Mumbai Angels Network, along with California-based accelerator Expert DOJO and three other angel investors, has invested close to $150,000 in ZFW Hospitality, a cloud kitchen platform backed by Huddle.
ZFW will be utilising the funds to expand its presence in the western region, hire top talent, and increase its network of cloud-based restaurants before raising a larger amount.
ZFW will deploy a part of the proceeds to improve AI and data analytics capabilities on the ZFW-OS platform that helps streamline operational efficiency and overhead costs.
Evo Foods today announced that it has raised Rs 6.2 crore in a pre-seed round for its plant-based egg company.
Kartik Dixit and Shraddha Bhansali started Evo Foods in October 2019. The firm's plant-based liquid egg is made using patent-pending technology and Indian indigenous ingredients such as moong beans and peas.
The company has onboarded investors including Shaun Neff (founder of Beach House Group) who has invested and worked with Robinhood & Target and has launched brands such as Kendall Jenner and Millie Bobbie Brown.
Neff has also joined Evo Foods' advisory board.
The round also saw Sustainable Food Ventures, Michiel Van Deursen (Capital V), Vaibhav Domkundwar (Better Capital), Anil Advani (Inventus Law) and Sweden-based Kale United, LA-based Seven Hound Ventures, Hearthstone Investments and members of US-based GlassWall Syndicate.
