Startup Funding Spotlight: Key Deals to Watch from October 12-18 In the week spanning October 12 to October 18, several Indian startups secured substantial funding, highlighting the robust entrepreneurial ecosystem in the country. Here are the notable deals to watch:
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1. Purplle
Funding Amount: USD 180 Million
Investors: Abu Dhabi Investment Authority (ADIA), Premji Invest, Blume Ventures, Sharrp Ventures
Founded in 2012 by Manish Taneja, Rahul Dash, and Suyash Katyayani, Purplle has established itself as a prominent player in the Indian beauty retail sector. Headquartered in Mumbai, the platform operates a multi-brand online beauty shopping store, offering a vast collection of cosmetics, skincare, haircare, and fragrances. Purplle employs a dual model, functioning both as a marketplace and through proprietary brands such as Faces Canada and Good Vibes. This recent funding will aid in expanding its product range and enhancing its user experience.
2. Eruditus
Funding Amount: USD 150 Million
Investors: TPG's The Rise Fund, SoftBank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, Chan Zuckerberg
Established in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus is dedicated to democratising executive education globally. The company offers a portfolio of high-impact programs tailored for mid-career professionals through its Emeritus brand, collaborating with prestigious business schools worldwide. With this funding, Eruditus aims to enhance its offerings and expand its reach, providing flexible learning opportunities to professionals seeking career advancement.
3. GIVA Jewellery
Funding Amount: INR 255 Crore
Investors: Premji Invest, Epiq Capital, Edelweiss Discover Fund, GIVA's top management
Founded in 2019 by Ishendra Agarwal and Nikita Prasad, Bengaluru-based GIVA is revolutionising the jewellery market by making authentic and elegant silver jewellery accessible to Indian consumers. The brand has recently expanded its product line to include affordable 14K and 18K gold jewellery featuring lab-grown diamonds. The latest funding will support GIVA's growth trajectory, enabling the brand to enhance its product offerings and marketing efforts.
4. Neuron7.ai
Funding Amount: USD 44 Million
Investors: Smith Point Capital, Nexus Venture Partners, Battery Ventures
Neuron7.ai, a cloud-based service intelligence platform, specialises in Service Resolution Intelligence (SRI). Founded with the goal of improving resolution accuracy for organisations, the California and Bangalore-based startup consolidates data from diverse sources into a unified Smart Resolution Hub. With plans for a significant scale-up in 2024, the new funding will facilitate hiring talent in data science and natural language processing (NLP), enhancing its capacity to deliver innovative AI solutions globally.
5. Everstage
Funding Amount: USD 30 Million
Investors: Eight Roads Ventures, Elevation Capital, 3one4 Capital
Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, Everstage is a sales performance management software company catering to sectors like technology, manufacturing, and financial services. The platform provides real-time commission forecasting for sales representatives, coupled with business intelligence reporting. The latest funding will help Everstage expand its technology and offerings, further optimising sales performance for its clients.
6. Primus Senior Living
Funding Amount: USD 20 Million
Investors: General Catalyst, Zerodha co-founder Nikhil Kamath, Gruhas
Founded in 2013 by Adarsh Narahari, Primus Senior Living is committed to transforming elder care in India through technology and a robust service infrastructure. Based in Bengaluru, the startup aims to enhance the quality of life for seniors, ensuring they can age with dignity, either at home or in well-designed intergenerational communities. The funding will support the development of its services and community initiatives, fostering a better environment for elderly citizens.
This week's funding rounds reflect a diverse array of sectors, from beauty and education to elder care and technology, showcasing the dynamic landscape of innovation in India. With substantial backing from renowned investors, these startups are well-positioned for growth and to make significant impacts in their respective industries.
