The Weekly Startup Funding in India

Welcome to the Grizmo newsletter where we bring you the latest updates from the Indian startup ecosystem. It's time for our weekly dose of tech news from India. Here are some updates from the latest funding rounds and acquisitions in the Indian tech industry:

#1. Intangles raises $10 million in Series A funding

Pune-based Intangles has raised $10 million in Series A funding from Baring Private Equity Partners India. Founded in 2016, Intangles has developed substantial in-house IP by leveraging its proprietary Digital Twin and Machine Learning paradigms to provide predictive vehicle health monitoring solutions to original equipment makers and fleet operators. The funds will be used to serve a robust new customer pipeline, expand its global presence and accelerate hiring to strengthen its product engineering, sales, and delivery teams.

#2. NxtWave raises $33 million in Series A funding

Hyderabad-based NxtWave has raised $33 million in Series A funding to invest in products and content. The online platform provides a community for tech students and offers online cohort-based training programmes for college students, graduates and early professionals. The latest round comes about 14 months after NxtWave raised $2.8 million pre-Series A funding. The company aims to expand geographically in the country and look for inorganic modes of growth.

#3. Perfora raises $1 million in seed funding

Gurgaon-based Perfora has raised $1 million in seed funding led by Sauce.VC. The brand will use the funds to build its team, introduce innovative oral care solutions, strengthen its positioning, and expand distribution. Launched in August 2021, Perfora’s product portfolio includes an electric toothbrush, probiotic mouthwash, N-Ha toothpaste, smart flosser, and peroxide-free teeth whitening pen.

#4. Scrut Automation raises $7.5 million in Series A funding

Bengaluru-based Scrut Automation has raised $7.5 million in Series A funding. Founded in 2021, Scrut offers an information security monitoring platform that helps small and medium enterprises (SMEs) comply with various information security standards and maintain a security posture. The company claims to have reduced such enterprises’ security and compliance tasks by 70%. The funds will be used to deepen product capabilities and expand market presence for mid-market chief information security officers.

#5. Mindgrove Technologies raises $2.35 million in seed funding

Chennai-based Mindgrove technology has raised $2.35 million in seed funding led by Sequoia Capital India, Speciale Invest and Whiteboard Capital. The proceeds will be used to make investments in technology and grow the team. Mindgrove designs System-on-Chips (SoCS) in India under the brand name Mindgrove Silicon. These SoCs are built to be power-efficient and cost-effective for use in IoT, vision, automobiles, et al.

#6. TreZix Software Private Limited raises $1.2 million in seed funding

Surat-based Trezix has raised $1.2 million in seed funding. Trezix’s journey started in 2019 with a vision to solve the prevailing problems of import-export businesses such as tracking and tracing consignments, recording documents, etc. The company provides web-based end-to-end trade management software.

#7. SUN PHARMA acquires stakes in Agatsa Software Pvt Ltd. and Remidio

Drug major Sun Pharma has acquired a 26.09% stake in Agatsa Software Private Limited, an early-stage digital diagnostic devices company, for ?30 crores in two tranches. The company has also acquired 27.39% of Remidio Innovative Solutions Private Limited, which provides innovative products enabling the early detection of eye diseases, for ?149.9 crores. These acquisitions are a part of Sun Pharma's expansion into the digital healthcare industry.

#8. Getwork raises pre-Series A funding

Recruitment platform GetWork has raised pre-Series A funding of USD 846,340 co-led by Samarthya Investment Advisors and Artha Venture Fund. The round also saw participation from NVS Wealth Managers and other angel investors. The fresh proceeds will be used to expand the platform's geographical reach and onboard more colleges and employers.

#9. Eko raises $3.6m in Series B funding

Eko India Financial Services, a technology-based platform for financial transactions for micro-entrepreneurs, has raised $3.6m in Series B funding from EXXORE, the family office of Sriram Natarajan. With this capital, Eko plans to expand its engaged micro-entrepreneurs and product development network. Eko has served over 50 million customers and enables over 7 million monthly banking transactions.

#10. Cogos Technologies Pvt Ltd partners with TWU for EV finance

COGOS, an AI-enabled marketplace providing freight transportation services, has partnered with TWU for smoother EV finance on the on-road price, easy payments and assured earnings. The startup plans to deploy its EV fleets starting from Tier 1 and Tier 2 cities and recently announced its plan for deploying 2500 electric vehicles by the end of 2023. COGOS' EV fleet could contribute to a reduction of 15,000 tonnes of CO2 a year when running at full capacity.

That's all for this week. Stay tuned for more updates from the Indian tech industry.

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