Here’s an overview of the best boot space deals.
Dataloop Secures $33M in Series B from NGP Capital and Alpha Wave Ventures
Dataloop, an AI data management and annotation platform, raised $33 million in a Series B funding round led by NGP Capital and Alpha Wave Ventures.
Existing investors including Amiti Ventures, F2 Venture Capital and global crowdfunding firm OurCrowd also participated in the round.
This brings the company’s total fundraising to $50 million. The startup will use the capital to expand globally, particularly by building teams in the United States, Europe and India, according to a statement.
“The Dataloop platform helps companies of all sizes bring their AI project into production from start to finish. We strive to break the boundaries of AI development and create efficient workflows, easy-to-use management systems, and accurate annotation tools, so teams across all industries can use them,” said Eran Shlomo, CEO of Dataloop.
8i Ventures Announces First Close of Second Fund at $25M
Early-stage venture capital firm 8i ventures closed the first close of its second fund at $25 million. The company expects to mark the final close of the $50 million fund, which was announced in 2021, by March 2023.
The venture capital firm secured investments for 8i Ventures Fund-II largely from family offices like Salgaocars and Kothari (DSP), which also invested in 8i Venture’s first fund, he said in a statement.
8i ventures will invest in B2B fintech startups and e-commerce enablers and write average checks of $1.5-2 million. However, it could go up to $10 million in subsequent rounds, the company added.
“When we launched Fund I, our key idea was that consumer payments and commerce is a trillion-dollar opportunity. Since then, digital payments have grown from US$200 billion per year to US$720 billion. US dollars today. With Fund II, we are focusing more on fintech and B2B commerce – which we believe is the next trillion-dollar market in India,” said Vikram Chachra, Founding Partner, 8i Ventures.
8i ventures has supported fintech startups like unicorn Slice, M2P Fintech, Blue Tokai, among others. The venture capital firm said it gave 36 times more returns to its LPs on its initial two-year investment in M2P Fintech.
The Sleep Company raises Rs 177 Cr in Series B funding round
The Sleep Company, an online mattress retailer, has bagged Rs 177 crores in a Series B funding round led by Premji Invest and Fireside Ventures. The round also saw participation from venture debt fund Alteria Capital.
The startup will use the capital for brand building, omnichannel and international expansion, and strengthening its team to build a global business, according to a statement. The company is looking to expand into Japan, the UK and the United Arab Emirates (UAE).
The brand added that it had seen 400% year-on-year growth and was eyeing revenue of Rs 1,000 crore over the next five years.
“We have just touched the tip of the iceberg and our R&D team is relentless in its pursuit of further innovation. Needless to say, a portion of this investment will go into product and technology development, which is key to achieving our larger goal of changing the way the world sleeps and sits,” said Priyanka Salot, Co-Founder from The Sleep Company.
Affle, backed by Microsoft, invests Rs 130 Cr in CashKaro
CashKaro, a cashback and coupon app, has received Rs 130 crore in a Series C funding round led by Affle Global.
With the addition of this round, CashKaro has so far raised over Rs 255 crore from top tier investors such as Kalaari Capital, Ratan Tata, Korea Investment Partners and more.
The company plans to use the money to develop new products and technologies, as well as grow the CashKaro and EarnKaro brands, according to a statement.
“We are delighted to welcome AGPL as a shareholder. This investment would strategically strengthen our unique Business-to-Consumer (B2C) engagement model as we grow CashKaro from our current user base of 20 million to over 100 million over the next few years,” said Rohan Bhargava. , co-founder of CashKaro and EarnKaro.
“This deal will strengthen our position as the largest savings destination in India that offers the best deals, price comparison, coupons and highest cashback to our members and enable us to offer more solutions based on data to online shoppers in India,” he added.
Today, the company claims nearly 20 million members and is affiliated with over 1,500 e-commerce sites, including Amazon, Flipkart, Myntra, Mamaearth, Boat, Tata 1mg, and Nykaa. In FY22, CashKaro said it generated gross value of goods worth Rs 4,000 crores for these partners.
SolarSquare raises Rs 100 Cr Series A from Elevation Capital, Lowercarbon
Solar installation and financing startup SolarSquare has raised Rs 100 Crore in a Series A led by Elevation Capital and Chris Sacca’s climate tech fund Lowercarbon.
The round also saw participation from existing investors Good Capital, Rainmatter from Zerodha and angel investors such as Vidit Atrey and Sanjeev Barnwal from Meesho.
The startup will use the new capital to expand its operations across India over the next 18-24 months. Currently, the company operates in Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh and Maharashtra. SolarSquare plans to invest heavily in launching its in-house NBFC to give 5-minute loan approvals to residential solar buyers.
It also plans to develop a consumer app to monitor solar power generation, a back-end technology dashboard for customer service, and apps for business partners.
Hitwicket raises $3 million from Prime Venture Partners
Prime Venture Partners has invested $3 million in Hitwicket, a multiplayer cricket gaming app, marking its first investment in the gaming industry.
The startup will use the new funds to add more features that revolve around multiplayer access where players can strategize in real time and play against each other, it said in a statement. Hitwicket is looking to venture into NFT and Blockchain games and plans to make India a premier hub for esports championships.
The company also launched “Hitwicket Superstars” which allows players to don the hat of a team leader.
The app has over three million players across 100 countries with over 30% of users outside India and from over 200 cities in India. It logs 1.3 million minutes of gameplay each day, with an average user session of 45 minutes compared to a global average of 23 minutes.
BattRE secures seed capital from investors led by Agility Ventures and others
Two-wheeled electric mobility startup BattRE has raised undisclosed capital in its seed funding round from a group of investors led by Agility Ventures with former Tata Motors senior executive Gajendra Candle.
“Our Electric Two-Wheelers (E2W) build on our strategic differentiators – thorough distribution, competitive pricing with advanced features. With our ‘ahead of the curve’ products, we aim to reach every Indian district of by 2025. The seed fund will help us plan and achieve this goal and enable the next phase of our growth,” said Nishchal Choudhary, Founder and CEO, BattRE.
The company aims to register a revenue of Rs 1000 crore by 2025. Currently, the startup has a network of over 400 dealerships in 21 states and 276 cities, across the country.
First post: STI