Woodenstreet Gets $30 Mn From Westbridge; Licious Invests $1 Mn In Pawfectly Made; Ev Startup Bgauss Raises Rs 52 Cr & Prime Venture Partners Invests Rs 28.8 Cr In Poshn


Here’s the lowdown of the top deals from the startup space.

Woodenstreet gets $30 mn from WestBridge at Rs 1,200 crore valuation

Online furniture and home decor platform Woodenstreet.com has raised around $30 million in Series B funding round led by WestBridge Capital at Rs 1,200 crore valuation, in a mix of primary and secondary investment.

Previously, WoodenStreet had closed Series-A funding of $3 million in 2020 from IAN and RVCF (Rajasthan venture capital funds).

“WoodenStreet has grown 100 percent YoY in the past three years while maintaining profitability at net level, and we plan to achieve a turnover of Rs 600 crore in next two years with this fund raise” said Dinesh Singh Rathore, Co-founder and CFO, Woodenstreet.

The firm now plans to open a total of 200 stores over the next two years, and onboard close to 3000 home décor brands under its platform. The latest capital infusion will be utilised to fund new market expansion, further development of the technology platform, expansion of supply chain, and creation of new category offerings.

Licious invests $1 mn in fresh pet food startup Pawfectly Made

D2C fresh meat unicorn Licious has invested $1 million in a Bengaluru-based fresh pet food startup, Pawfectly Made.

As per a statement, Pawfectly Made will continue to function as a separate entity with its own production processes and supply chain, as Licious comes in as a strategic partner.

“Pawfectly Made is a good strategic fit for us given the shared vision and synergies across the value chain. The investment will give us access to a unique consumer play and product portfolio that will complement our existing infrastructure,” said Nichelle Kamat, VP Category, Licious.

EV startup BGAUSS raises Rs 52 crore in Series A round

BGAUSS, an electric two-wheeler startup has raised Rs 52 crore from a group of investors including Darshan Patel, Founder, Vini Cosmetics in its Series A funding round. This is the first ever fundraise by BGAUSS since its foray into the two-wheeler electric vehicle (EV) segment in October 2020.

The funds will be utliised for the company’s growth plans including retail expansion in India, manufacturing capacity expansion, launch of two new differentiated Products, R&D and in-house product development across various electrical vehicle components, the startup said.

 “This round of funding comes at the right time for us as we are all set to launch two new products. Our first Product — D15 — will be launched early May and another exciting product later during this year. We are also strategically expanding our dealer network pan-India, actively scaling up operations and looking to target the export market,” said Hemant Kabra, Founder and Managing Director, BGAUSS.

Eduvanz secures Rs 50 crore in debt round, clocks 300 percent growth in FY22

Eduvanz, a fintech startup with an NBFC licence that provides low-cost EMI credit for learning and learning-related needs, has raised Rs 50 crore in debt.

Existing lenders MAS and Vivriti have taken incremental exposure in the round. In addition, the platform has onboarded Oxyzo and Unifi AIF as new lenders, it said in a statement.

The company had total assets under management (AUM) of Rs 288.4 crore as of December 2021 and going forward, intends to have 70 percent of the AUM as off-balance sheet, as against the current 62 percent.

“Our loan disbursements have close to doubled in FY22 at Rs 337 crore as against Rs 195 crore in FY21. This is a clear sign for us to continue our efforts towards making education across levels in India, far more accessible and affordable,” said Varun Chopra, Co-founder and CEO, Eduvanz.

Prime Venture Partners invests Rs 28.8 crore in agritech startup Poshn

Agritech startup Poshn has raised Rs 28.8 crore in seed funding round led by Prime Venture Partners and participation from Zephyr Peacock.

The startup has partnered with 100+ wholesalers across ecommerce, modern trade, general trade and has seen an aggressive adoption from across the supply chain.

Poshn claims to have reported a 20x growth in the last eight months and aims to grow at 25 percent montly over the next one year. The startup will use the fresh capital to aggressively grow and hire across tech and business functions, it said in a statement.

Convin.ai secures Rs 16 crore in seed round led by Kalaari Capital

Conversational AI startup Convin.ai has secured Rs 16 crore in its seed funding round led by Kalaari Capital. Good Capital, Plan B Innovations, Bharat Founders Fund, and Digital Sparrow, also participated in the funding round.

The firm said it will use the fresh capital to further hone its end-to-end assisted selling platform and expand product and GTM teams.

“We look forward to enabling more sales leaders to drive revenue and ensuring sales representatives fulfill their quota by effectively and efficiently engaging the customers in conversation,” said Bharat Patidar, Co-founder and COO, Convin,

D2C men’s fashion brand French Crown bags Rs 2 crore from velocity

Direct-to-consumer (D2C) brand French Crown has raised Rs 2 crore from revenue-based financier Velocity.in. Launched in 2017, French Crown is a premium men’s fashion brand that sells over 3,000 SKU ranging from suits and shirts to boxers via their website.

The brand currently is present in 84 countries and generates over 60 percent of its revenues from outside India, a statement said. At its current annual run rate of Rs 72 crores, the firm said the business is profitable with a net margin of 20 percent.

According to the company, the value of the global men’s wear market is estimated to be around $600 billion in 2022 and is expected to rise to $740.98 billion by 2025. French Crown plans on carving out a chunk of this market and reach around Rs 1,500 crore in sales by 2024.

Investing platform Sateeq raises undisclosed funds from angel investors

Investing platform Sateeq has raised an undisclosed angel round from a clutch of founders and angel investors including Himanshu Periwal, founder, Unlu; Sarthak Goel, founder, Y-Combinator backed InVoid; Vaibhav Jalan, Smallcase; Nikunj Jain, Amitesh Sinha, partner SIMA Funds; Kunwar and Amit, founder, UnFinance.

The platform was founded by 16-year-old Krishna Maggo, with an aim to democratise angel investing. The firm allows investors to invest as low as Rs 5000, compared to most angel networks where the minimum ticket size per startup varies between Rs 3-10 lakh.

In less than a month of its beta launch, Sateeq said it has on-boarded over 5,000 investors in its network and has over a dozen startups registered with the platform.

“Our top competitor is Republic.com in the US, which is valued close to $1 Billion and has helped 600+ startups raise over $700 million from over 1 million users,” Krishna said, adding that Sateeq is looking at raising a pre-seed round in Q3 this year.