Tech Digest with ITS: Mamaearth Parent Makes Quiet Debut as Shares Stay Level

Mamaearth parent makes quiet debut as shares stay level

Honasa Consumer, the parent company of Mamaearth, debuted on the National Stock Exchange of India through its highly anticipated IPO. This marks the second beauty D2C company in India to go public after Nykaa. Despite the excitement, Honasa's share price has remained relatively stable. The IPO was priced at 330 rupees per share, and currently stands at 332.6 rupees. Although India's IPO market has seen a record-breaking year with over 180 companies going public, the total proceeds are down 15% compared to 2022. Honasa had initially aimed for a valuation of US$3 billion but had to lower it due to market performance. Founded in 2016, Honasa offers natural and toxin-free personal care products and has a customer base of over 2.5 million. The company plans to use the IPO proceeds for marketing, tech investment, and other corporate purposes. In the financial year 2023, Honasa's revenue grew by 58.3% to approximately US$179.3 million, with a positive EBITDA margin of 2.98%. However, its profits declined by 71.4% to around US$480,000 due to increased costs. Honasa became a unicorn in December 2021 after raising a funding round of US$80 million led by Sequoia Capital.

Indonesia’s Volta to boost EV battery swap network with new funding

Energi Selalu Baru (ESB), parent company of Indonesian electric vehicle firm Volta, secured investments from Twin Towers Ventures and Rigel Capital. This will boost Volta's electric motorcycle development and battery-swapping infrastructure in Indonesia. Volta has facilitated 3 million battery swaps, reducing 20,000 tons of carbon emissions. The investment will expand ESB's battery-swapping network, upgrade technology, and increase market share. Twin Towers Ventures, the VC arm of Petronas, invests in sustainable solutions. ESB is a 2021 joint venture between MCash Group and SiCepat.

Wavemaker, Liftt co-lead $4.7m round in SG quantum software firm

?Singapore's quantum software company, Entropica Labs, raised $4.7 million in a series A funding round led by Lift and Wavemaker Partners. The funding will be used to develop error correction and fault tolerance tools for quantum computing. Quantum computers have immense potential but are susceptible to errors that affect performance and accuracy. Entropica Labs aims to address this challenge by providing resilient quantum circuit and algorithm design tools. The funding will support team expansion, accelerate software development, and enable testing on various quantum hardware platforms. Wavemaker Partners' managing partner, Paul Santos, emphasized the need for continued software development in the industry.

Peak XV’s Surge leads $4m seed round of Vaaree

Vaaree, an online platform for home products, raised $4 million in a seed round led by Surge, a scale-up program by Peak XV Partners. The funding will be used to expand the team, enhance operations, and explore AI applications. Vaaree offers over 20,000 products and has delivered more than 150,000 items across India. It works directly with local manufacturers, providing quality home furnishings at affordable prices. The company recently opened its first retail store in Bangalore, featuring 2,000+ products across various categories. The online home products market is expected to grow at a CAGR of 10.7% from 2022 to 2028.

Investible, Mandiri Capital Indonesia launch climate tech-focused fund?

Investible, a VC firm from Sydney and Singapore, has partnered with Mandiri Capital Indonesia, an investment firm under Mandiri Group, to launch a new fund focused on climate tech. The Mandiri-Investible Global Climate Tech Fund will seek opportunities in Southeast Asia and Oceania, prioritizing energy, transport, buildings, industry, food and agriculture, and forests and land use. The fund size is undisclosed, with 30% of investments allocated to climate projects in Indonesia. The collaboration aims to support climate-tech startups in accessing international markets. Investible has identified over 3,200 funding opportunities in the sector since 2021 and has made 19 investments, including Renewable Metals, CIM, and TeOra. Founded in 2015, Mandiri Capital Indonesia manages local funds like the Merah Putih Fund and Indonesia Impact Fund, in partnership with government institutions.