Venture Spotlight

Welcome to our fortnightly newsletter where we share news, insights, and trends shaping the startup ecosystem!

Exploring Recent Startup Investment Trends

EcoRatings Secures $1M to Enhance ESG Solutions

Cleantech startup EcoRatings raised $1 million in a pre-seed funding round which saw participation from investors including We Founder Circle, Indigram Labs Foundation, Google, and others. EcoRatings utilizes AI/ML and Big Data to quantify the environmental impact of products and services.

Their methodology aligns with the UN's 17 Sustainable Development Goals and ESG norms, addressing the growing demands for product sustainability. Their platform processes vast datasets to provide real-time insights through their large language model. The funding will help them optimize their large language model.

Discover more about it here

NoPo Nanotechnologies Bags $3M for Scaling Production and Expansion

NoPo Nanotechnologies closed its Pre-Series A round of $3 Mn co-led by Micelio Fund and Inflexor Ventures with participation from Spectrum Impact, and a few angel investors. It specializes in producing single-walled carbon nanotubes (SWCNT), with applications across electronics, semiconductors, EV batteries, and many more.

The company holds patented technology for SWCNT production and is poised to capitalize on this growth as India’s focus on electronics and the EV sector intensifies. It plans to channel the funds to increase its capacity for international customers.

Want to know more? Click here to delve into the details

Flam Secures $4.5M to Enhance Mixed Reality Content Offerings

Flam – a Mixed reality (MR) startup raised $4.5 Million in its pre-Series A round from Turbostart, Twin Ventures, Alphatron Capital, and others. It leverages AI, image recognition, and ground tracking to optimize 3D graphics for creating and deploying interactive MR content accessible via mobile cameras.

The startup aims to make MR technology accessible to the masses, enhancing brand engagement and marketing strategies. The proceeds from the round will be utilized to expand Flam's presence in North America, Europe, and the MENA region and to enhance its technology for scaling MR content.

You can get detailed insights here

KonProz Raises $700K to Transform Legal and Tax Practices with Generative AI

KonProz, a Generative AI (GenAI) startup focused on the legal sector, raised $700,000 led by Dr. Ruchi Parekh, RDB Group, and other angel investors. The company’s flagship product is among the world’s first GenAI tools trained on India’s tax, legal, and regulatory laws.

The company is focused on making Generative AI an imperative and responsible tool in these sectors. The funding will help them develop a world-class GenAI intellectual property tailored for the legal domain and scale their team and operations.

Read more about it here

Key Startup Updates from Gujarat

"Kal Ke Krorepati: Catalysing Growth in Gujarat's Startup Ecosystem”

Gujarat, owing to its inherent strength of widespread entrepreneurial spirit has gained a significant spot in the Indian startup ecosystem. Gujarat has 8,619 startups which have been recognized by DPIIT over five years i.e. from 2019 to 2023. These startups have employed about 1.04 lakh people during the period. “Kal Ke Krorepati" (KKK) - Chhote Sheher Bade Sapne, is a TV show that was launched recently on Zee Business and Tata Play.

The show aims to be a launchpad for startups in Gujarat, offering them a platform to pitch to investors and VCs. The Gujarat Chapter, the first of many to be replicated across India, solicited 500 business pitches of which 27 promising ones were shortlisted.

These startups had the opportunity to pitch their innovative solutions to a panel of 9 venture capital funds and investors that included our CEO, Mr. Mihir Joshi, Mr. Sushil Sharma - Founder and CEO of Marwari Catalysts among other panelists.

Kal Ke Krorepati seeks to foster a comprehensive ecosystem for startups by connecting them with key stakeholders, and investors to unlock investment opportunities across various sectors.

Click here to delve into the details

Portfolio News & Updates

Gamerji Ups its Game by Expanding in Southeast Asia

We are super excited to announce that our portfolio company “Gamerji” has launched its operations in Southeast Asia, starting with Indonesia and the Philippines. Gamerji now offers eight game titles, including PUBG Mobile, Free Fire, MLBB, Valorant, CS, and FIFA among others.

Founded in 2019 by Soham Thacker, Gamerji aims to bridge the gap between amateur and professional gamers by providing a platform for competition, hosting matches, communication, and recognition. It has amassed a user base of over 10.8 million users and aims to achieve a milestone of over 20 million users by next year, with a million new users expected from Southeast Asia.

Read more about it here

Awards, Recognitions and Milestones

Neeman’s gets featured among the top disruptive D2C brands

We are stoked to announce that Neeman’s got featured as one of the top disruptive brands in the D2C space in India by BW Businessworld. Neeman's is a D2C brand that crafts comfortable shoes for daily wear.

It uses a variety of materials like merino wool, organic cotton, recycled fabrics, recycled PET bottles, and recycled tyres. Neeman’s has recycled more than one million plastic bottles to date and is selling about 80k pairs of shoes every month.

Ideas In Focus: Our Picks From Emerging Trends

Demystifying the Digital Competition Bill, 2024

India has introduced the Digital Competition Bill, 2024, aiming to prevent tech giants like Google, Facebook, and Amazon from self-preferencing their services and using collected data to benefit affiliated companies.

This proposed law, modeled after the EU’s Digital Markets Act, and includes presumptive regulations to curb anti-competitive practices before they occur and imposes substantial penalties for violations.

Key provisions include:

• Predictive Regulation: A forward-looking approach to anticipate and prevent market abuses.
• Significant Entities: Categorization of large tech firms as “Systematically Significant Digital Enterprises” (SSDE) based on specific metrics, with restrictions on anti-competitive practices.
• Associate Digital Enterprises: Extended obligations for affiliated entities benefiting from shared data.

Potential Impact:

• Promoting Fair Competition: The bill aims to level the playing field for smaller players by curbing dominant tech companies' anti-competitive practices.
• Driving Innovation: By fostering competition, the law might encourage greater innovation within the digital ecosystem.
• Concerns Over Compliance Burden: A few tech companies have expressed concerns over the proposed regulations as they could stifle innovation due to higher compliance costs.

The Digital Competition Bill, 2024, represents a bold step toward creating a more equitable digital marketplace in India. While it introduces several challenges, particularly around compliance, the potential benefits for startups might make them relevant. By fostering a competitive environment free from the overbearing influence of tech giants, the bill could unleash a new wave of innovation and growth within the Indian startup ecosystem.

We have covered the details here

? 2024 GVFL Limited