Cashify Bags $90 Million In Series E Round, Chaayos Raises $53 Million, Werize Gets $15.5 Million, Neuron 7 Bags $10 Million & Rashmika Mandanna Invests In Plum


Cashify bags $90 million in Series E round from NewQuest, Prosus and others

Re-commerce marketplace Cashify has bagged $90 million in its Series E funding round led by NewQuest Capital Partners and Prosus Ventures.

Existing investors Bessemer Venture Partners, Blume Ventures, and Olympus Capital also invested in this round, with participation from the new investor, Paramark Ventures.

The fresh capital will be deployed towards strengthening the team, building technology infrastructure, and marketing to build the brand and expand into new markets, the company said in a statement.

The firm is looking to open brick-and-mortar stores, marking its presence in 51 cities across India and channeled marketing strategies like onboarding Rajkummar Rao and Rashmika Mandanna as brand ambassadors.

“We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy. We will continue to map opportunities and offers that would bridge the gap between the customers, industry, and the stakeholders that matter,” said Mandeep Manocha, founder, and CEO of Cashify.

Chaayos raises $53 million  to expand stores, hire talent

Tea cafe chain Chaayos has raised $53 million in Series C funding led by Alpha Wave Ventures. The latest round saw participation from existing investors Elevation Capital, Tiger Global, and Think Investments.

The company said it will use the money for tech enhancement, hiring, and store expansion. Founded in 2012, Chaayos runs 190 stores across six cities and plans to add 100 more by the end of this year.

“The latest capital raise will help us deepen our technology investments to further enhance our guest experience and build a ubiquitous brand that is an integral part of Indian society over decades to come,” said Nitin Saluja, founder, and CEO of Chaayos. “We are also continuously on the lookout to hire talent to handle the scale that we aspire for,” he added.

BII, Sony Innovation Fund lead $15.5 million funding round in WeRize

WeRize, a full-stack financial services platform has raised $15.5 million in a new funding round led by new investors, British International Investment (BII), the UK’s development finance and impact investor group, and Sony Innovation Fund.

Existing investors 3one4 capital, Kalaari Capital, Picus Capital and Orios Venture Partners, also participated in the funding round. The company has raised total funding of $25.75 million to date.

The fintech startup said it will use the fresh funds to accelerate growth, build new financial products for its customers, expand and improve the technology platform as well as onboard freelancers in 1000+ new towns that it is set to enter.

“We have reached $10 million + revenue run-rate while doubling our revenues every 6 months and are just a few months away from being EBITDA positive at group level. These funds will further help in doubling down in our mission to profitably provide financial services to the underserved customers in 4000+ small cities of India,” said Vishal Chopra and Himanshu Gupta, co-founders, WeRize.

Neuron 7 raises $10 million from Battery Ventures and Nexus Venture Partners, an AI-powered customer and field service software, has secured $10 million in a Series A funding round led by Battery Ventures and Nexus Venture Partners.

Bill Binch, Operating Partner at Battery Ventures, will help accelerate the company’s growth by joining its board of directors, a statement said.

The firm plans to use the new funding to grow its product and customer success teams in the US and India.

Both teams will enable Neuron7 to continue bringing innovative solutions to the market that help customers as they move to outcome-as-a-service and predictive service business models, it said in a statement.

Rashmika Mandanna invests an undisclosed sum in Plum

Vegan beauty and personal care brand has received an undisclosed investment from actor Rashmika Mandanna. With this deal, Mandanna joins the D2C startups as an investor and a brand ambassador.

“Plum has been one of my favorite brands – it does what it says. I am excited to represent and also come on board as an investor, supporting a brand that is passionate about adding real goodness to the world we live in! Plum has witnessed stupendous growth over the last few years and I am confident that the brand will become the ‘go-to’ vegan brand in time to come,” said Mandanna.

Plum claims to have grown 15x since its first round of funding in 2018. The brand is today available in over 250 towns and cities in India, through nearly 1,000 assisted retail outlets, and over 10,000 unassisted outlets – growing month on month.

At a current ARR of Rs 300 crore on a net revenue basis, Plum is aiming to double that number over the next 12 months. The brand is also planning to expand its online presence and offline footprint across India and further scale its production, launch innovative new products and employ great talent under its leadership team.

BatX Energies gets $1.6 million in seed funding round from JITO Angel Network

Lithium-Ion Battery recycling startup BatX Energies has raised $1.6 million in a seed funding round led by JITO Angel Network. The firm will use the fresh capital to its footprints in the Indian and International markets.

With a key focus on investment towards advanced R&D for producing battery-grade materials, scaling up their capacity, and setting up micro facilities (spokes) across the country, the company aims to source and process locally.

Through this, it will also bring about an increase in job opportunities and a skilled workforce in the electronic waste management sector, a statement said.

“We are also committed to achieving the United Nations SDGs 7, 11, 12, 13, and 15. BatX Energies will invest up to $50 million over the next 24 months in setting up our recycling units in different geographies,” said Utkarsh Singh, co-founder, and CEO of BatX Energies.

Prop-tech startup HouseEazy gets $375K in seed round from angels

HouseEazy, a Delhi-NCR-based proptech firm, has raised $375,000 in its Pre-Seed round from multiple angel investors and founders including Deep Bajaj (Co-Founder at Sirona Hygiene), Neeraj Jindal (Director at Safex) among others.

“2022 has started on a strong note for the ready-to-move-in resale market which is estimated to be around $45 billion in 2022 and is further expected to exponentially shoot up to $200 billion by 2030. However, the current transactions are tedious and are plagued with a lack of trust & transparency.

We at HouseEazy, aim to plug this gap through our tech platform that will offer a super-quick, smooth & hassle-free transaction for both sellers and buyers across the country,” said Tarun Sainani, co-founder, HouseEazy.

“We have already concluded multiple transactions in our home market and are in talks to raise the next round of funds, to penetrate other Tier 1 cities & achieve an annual Gross Transaction Value (GTV) of Rs. 1,000 crore,” added Deepak Bhatia, co-founder, HouseEazy.

7-8 startups get over Rs 10 crore in funds from UAE investors at Surat’s startup summit

Ivy Growth Associates, an incubation and startup ecosystem network in collaboration with Sapio Analytics, an AI solutions firm, hosted a mega startup summit last week in Surat which saw more than 200 startups and 8,000 global attendees.

Startups featured in the Shark Tank India like Proxgy India, Hair Originals, and The State Plate had also joined the event for further funding. Besides Sapio Analytics, other startups that have received funding pledges include Gorilla Link, a space-tech startup based in Israel, CarDekho, and Swytchd, among others.

Their UAE partners, Khaleefa Alqubaisi and Hilmi Ghosesh were the major investors, pledging more than Rs 10 crore, along with participation from SeedVC, Eaglewings Ventures, and Asset Positive, among others.