Tracking deals

Bengaluru-based cleantech start-up Log 9 Materials has raised about ₹24.22 crore ($3.5 million) in a Series A round from Sequoia India’s scale-up programme Surge and Exfinity Venture Partners. The company will use the funds for product development and for commercial and industrial deployment of its aluminium fuel cells. Log 9 Materials is developing aluminium fuel cell technology for both stationary and automotive applications. It had raised a seed round in March 2017 and ₹3 crore in a pre-Series A round in 2018.

Impact investor Acumen has invested about ₹7 crore ($1 million) in Promethean Power Systems, which produces off-grid rural milk chillers. Promethean, based in Boston with offices in Pune, will use the money for its new line of business of providing dairy companies with technical support and data analytics along with the rental of a chiller unit. This will help the company impact more low-income farmers. Promethean’s milk refrigerators are powered by thermal batteries and can chill milk in batches of 1,000-1,200 litres in areas where power supply is inconsistent.

Bengaluru-based Crediwatch, which is building AI/ML tools to help the financial services industry reduce credit risk, has raised about ₹23 crore ($3.2 million) in a Series A round led by ARTIS Labs, with participation from Abstract Ventures. It will use the money to speed up R&D and commercialise its platform. Crediwatch had raised $1.6 million from Modern India Ltd, the family offices of Vijay Kumar Jatia, Contrarian Vriddhi Fund, Vaibhav Domkundwar’s Better Capital, Mekin Maheshwari (Flipkart) and Pithambar Gona (former MD of Blackstone Private Equity Asia). It has, in all, raised $5 million.

Bare Anatomy, a personalised data-driven haircare start-up, has raised about ₹3.6 crore ($500,000) in a seed round from venture capital firm Sauce. The company will use the money to improve R&D and strengthen marketing and technology.

Tech-enabled used car marketplace Cars24 has raised about ₹710 crore in a Series D funding round from Unbound, a London-headquartered global investment firm, and Moore Strategic Ventures LLC, a New York-based investment firm. Existing investors KCK, Agnelli (Fiat) Family and Sequoia India participated in this round. Cars24 will use the money to enter new cities, to build the franchise model, on technology and in the consumer lending business. The company plans to be present in 75 cities by the end of 2019.

Chennai-based water conservation start-up WEGoT Utility Solutions has raised about ₹14.2 crore ($2 million) in seed funding led by GoFrugal, Shyam Shekar from iThought and Brigade Enterprises. The other investors are Vibhu Natarajan, Director, Grotech Landscapes; Rajagopal S from Entrust; Joydeep Ponugoti from Manbhum Constructions; and, Pramod Kumar. The company will use the money to strengthen its product and technology.

myGate, a mobile app-based security management system for gated communities, has raised about ₹400 crore ($56 million) in a Series B funding round, from Tencent Holdings of China, US-based JS Capital LLC, Tiger Global Management and existing investor Prime Venture Partners. The company will use the money to expand to more cities, including tier 2 cities, triple the team from 700 now and penetrate deeper in the existing 11 cities it operates in.

Northern Arc Capital, a leading debt platform for financial inclusion focussed institutions, and Triodos Investment Management, Netherlands-based impact investment fund, have together invested ₹30 crore in non-convertible debentures issued by Chennai-based school finance company Shiksha Financial Services.

Shiksha, which offers loans to educational institutions and education loans to parents, will use the money to grow its loan portfolio, to deepen presence in south India and expand to States such as Madhya Pradesh, Gujarat and Rajasthan.

Michael & Susan Dell Foundation has made a follow-on investment in logistics services platform Blowhorn. Other investors that participated in this funding round are Chiratae Ventures, Venture Catalysts, James Lee Sorenson and Dream Incubator. Blowhorn connects customers with mini-truck drivers through a website and a mobile app. The company will use the fresh funds to expand to 100 cities by 2021.

COMMENT NOW