Funding alert: Tech startups that raked in moolah this month

The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.

Startup: Medprime Technologies

Sector: Medtech

Amount: Undisclosed

Led by: Ashish Kacholia

Medprime Technologies, a medical device company at the forefront of developing cutting-edge healthcare solutions in diagnostics, has announced the successful closing of its Pre-series A funding, with investment from renowned investor Ashish Kacholia, Co-founder of Hungama Digital and one of India’s top 10 investors.

The funds will drive Medprime’s growth, with a particular focus on establishing an international market for CILIKA. Additionally, the investment will accelerate the launch of advanced AI modules to enhance its MICALYS platform in India. The funding will also enable significant improvements in Medprime’s manufacturing capabilities, boosting both efficiency and production capacity to meet rising global demand.

“The future of healthcare lies in the convergence of technology and medicine. With Medprime’s approach and their commitment to improving lives, I believe this partnership will lead to significant advancements in medical diagnostics,” said Ashish Kacholia.

Startup: NG Earsafe

Sector: Audiotech

Amount: INR 1.06 Crore

Led by: Inflection Point Ventures

NG Earsafe has raised INR 1.06 Crore in a Seed Round led by Inflection Point Ventures. The funds will be allocated to enhance brand and category awareness, expanding the brand’s reach, and driving new product development. This strategic use of resources aims to strengthen NG EarSafe’s market presence and introduce innovative offerings to cater to growing customer demand.

Mitesh Shah, Co-Founder of Inflection Point Ventures, says, “From young children to senior citizens, everyone owns a pair or two of earphones or headphones. This has led to a sharp rise in hearing loss and ear infections. NG Earsafe’s ENT-certified open-ear headphones not only prioritize ear health by eliminating ear pain and damage but also offer premium audio quality at a fair market price. What initially caught our attention was the unique certification, but it was the exceptional audio performance that ultimately convinced us to invest in the brand.”

With over 43,000 headphones sold, NG EarSafe has a strong D2C presence across leading marketplaces like Amazon and Flipkart. Additionally, it is available in 100+ retail stores across India, including major chains like Sangeetha and Phonewale, operating at an annual revenue run rate (ARR) of ?10 crore.

Meet Shah, Co-Founder & CEO of NG Earsafe, says, “WHO predicts that 1 in 4 people will face hearing problems by 2050. Our goal at NG EarSafe is to encourage a shift towards safer forms of listening, helping to reduce the forecasted hearing damage.”

Startup: COOX

Sector: Booking platform

Amount: US$125 K

Led by: Inflection Point Ventures

COOX, has raised $125 K in Seed Series Round led by Inflection Point Ventures. It aims to deploy the funds for city expansion, doubling its current footprint to 40 cities, while increasing marketing activities and integrating AI to fortify its technology and streamline operations.

Vinay Bansal, Founder & CEO, Inflection Point Ventures says, “Managing everyday responsibilities or hosting events often requires external help for smooth management. A service provider like COOX that assists with both day-to-day tasks and event hosting makes life easier, allowing individuals to relax and enjoy their time. Not only does it provide convenience, but it also supports the gig economy by creating job opportunities in the hospitality industry. By using technology, COOX modernizes home services and ensures hosts can enjoy their events as much as guests. COOX aligns perfectly with IPV’s commitment to backing tech-driven solutions that make a tangible impact.”

Akshat Gupta, Co-Founder & CEO, says, “At COOX, we are committed to transforming the landscape of home services through cutting-edge technology, ensuring seamless experiences for both customers and partners. Our aim is to provide not only exceptional service to clients but also create significant employment opportunities for gig workers in the hospitality industry. We passionately believe that ‘Hosts should enjoy as much as the Guests,’ and we work tirelessly to bring this vision to life, enabling every event to be a memorable and enjoyable experience.”

COOX has achieved significant milestones, serving over 5 lakh customers across 20 cities in India. The platform has developed a comprehensive network of more than 3,000 trained and verified service professionals. Notably, COOX reached profitability while maintaining a bootstrapped approach, showcasing its sustainable business model and commitment to growth in the home services sector.

Startup: ARYA

Sector: Biogas tech & engineering

Amount: INR 100 crore

Led by: InCred Opportunities Fund & Spark Capital

ARYA, the project development arm of GPS Renewables, Indian biogas (CBG) technology and engineering company, has raised INR 100 crore of mezzanine financing from InCred Opportunities Fund and Spark Capital.  The current funding is part of a larger INR 200 crore round that ARYA is currently raising.

The funds will be used to develop the CBG (Compressed Biogas) projects under the Joint Ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL) as a part of GPS Renewables’ ARYA vertical. 

Mainak Chakraborty, CEO, GPS Renewables and Chairman, ARYA, “The current round will accelerate our efforts towards fast-tracking our joint venture projects with Indian Oil Corporation and Bharat Petroleum. These projects have the potential to play a key role in India’s transition to sustainable green energy. Over the last few years, we have been at the forefront of enhancing biofuel production capacity and streamlining adoption processes. Over the next year, our focus will be on expanding our capacity and strengthening partnerships with key players. We will continue to raise funds for the growth of our projects under the ARYA vertical to support India’s clean energy goals”

Startup: QubeHealth

Sector: Healthcare payments

Amount: Undisclosed

Led by: Unicorn India Ventures & CanBank Venture Capital Fund

Deep-Tech focused, early-stage venture fund, Unicorn India Ventures and CanBank Venture Capital Fund, from VI Fund “Empower India Fund” led an undisclosed investment into the Mumbai-based healthcare payments company, QubeHealth, as part of its Pre-Series-A round, setting up the Company for its upcoming Series-A round at a valuation of Rs. 270 Crore.

Funds raised will be used for further investment in technology and new feature launches like embedded insurance, gen-AI led recommendation engine and a healthcare marketplace; prior to its Series-A round later this financial year. Qube is looking to raise about $9 Million in its upcoming Series-A.

Chris George, Co-Founder & CEO, QubeHealth says, “It is our privilege to have the support of reputed and experienced investors like CanBank VC and Unicorn India Ventures, as we change how India pays for healthcare. We are seeing massive growth, even though we are limited to the B2B-2C channel, for now. Employees of our Corporate Clients, are adding their family members, and are paying for their healthcare multiple times in a month, giving us deep insights about out-of-pocket healthcare spending in India. We look forward to leveraging the support and guidance of these two institutional investors, as we grow and prepare for our upcoming Series-A.”

Startup: Equal

Sector: Data sharing

Amount: US$10 Million

Led by: Prosus Ventures, Tomales Bay Capital and Keshav Reddy

Equal, an Indian data sharing platform, raised US$10 million in its Series-A round led by Prosus Ventures, Tomales Bay Capital and its founder, Keshav Reddy, at a post-money valuation of US$ 80 million. The company plans to use the funds to scale operations, forge strategic partnerships, and develop an integrated, secure, and transparent digital framework aimed at enhancing the data-sharing ecosystem in India.

The round included other top tier investors such as Blume Ventures (Founders Fund), DST Global Partners, Quona VC, Gruhas VC (Nikhil Kamath), Binny Bansal (Co-founder, Flipkart), Harsh Jain (Founder, Dream11), Karan Adani (Managing Director, Adani Ports), D S Brar (Chairman, Aragen), Kunal Shah (Founder, CRED), Kunal Bahl (Co-founder, Titan Capital), Rohit Bansal (Co-founder, Titan Capital), Parth Jindal (Managing Director, JSW Cements), Ranu Vohra (Co-founder, Avendus Capital), Shashin Shah (CEO, Think Investments), Galina Chifina (Asia Head, RTP Global), Ravish Naresh (Founder, Khatabook), Ravi Kumar and Kavitha Subramanian (Co-founders, Upstox).

Apoorve Goyal, Managing Director, India Investments, Prosus, said, “Equal is at the forefront of revolutionizing identity verification and financial data sharing in India. With its strategic investment in OneMoney AA, Equal is leveraging India’s unique digital public infrastructure to build a secure and scalable platform that addresses the urgent need for frictionless and consent-driven data sharing in today’s digital landscape. We believe in Keshav’s vision to drive financial inclusion through innovative technology, and are excited to support Equal’s growth as it continues to lead this transformation”.

Startup: Wheelocity

Sector: Commerce

Amount: US$15 Million

Led by: Lightspeed

Wheelocity announced a $15 million funding round led by existing investor Lightspeed, with participation from Alteria Capital, Anicut Capital and the company’s founder. This investment advances Wheelocity’s mission of bridging the commerce access gap across India’s semi-urban and rural markets, where over 800 million people remain largely under-served by existing commerce platforms.

The fresh funding will power the company’s expansion to 20,000 towns and villages over the next 12 months, targeting a user base of 10 million consumers. This growth will be supported by investments in Wheelocity’s proprietary technology stack, direct reach network, and teams across category management, operations, product, and engineering.

Selvam VMS, Founder and CEO of Wheelocity shared, “India’s growth story is incomplete without the digital inclusion of our semi-urban and rural populations. It remains a very large, profitable and yet untapped opportunity.  This funding from Lightspeed and other partners validates our vision of building a commerce ecosystem specifically designed for these markets, taking into account their unique challenges and opportunities.”

“The next wave of India’s commerce growth will come from beyond the top 200 cities”, said Rahul Taneja, Partner at Lightspeed. “Wheelocity’s deep understanding of semi-urban markets, combined with their technology-first approach, positions them uniquely to capture this massive opportunity. We’re excited to continue to partner with them in this journey.”

Startup: StampMyVisa

Sector: B2B travel

Amount: INR 6.6 crore

Led by: Unicorn India Ventures

StampMyVisa, an AI powered platform set to transform the B2B travel sector has raised INR 6.6 crore in a Pre Series A round from Unicorn India Ventures. This capital infusion will fuel StampMyVisa’s rapid expansion, enhance its AI capabilities, and enable the company to introduce innovative services that will redefine how businesses manage international travel and visa processes for Indians travelling abroad.

The newly raised funds will also be deployed to expand StampMyVisa’s geographical footprint across India, enhance its AI-driven technology, and launch next-generation products, including SMV Protect Insurance (a unique offering that refunds visa fees in case of rejection) and Travel eSIMs, providing further value to the platform’s customers.

Rahul Borude, Co-founder & CEO, StampMyVisa, said, “The travel sector is on the cusp of a major shift. We’re seeing a rapidly growing middle class in India with an increasing appetite for global experiences. AI will revolutionise the way Indians manage visas while helping businesses scale effortlessly and empowering millions of new travellers to explore the world. We’re not just building a platform for today’s needs; we’re creating the infrastructure that will support the next wave of global travel.”

Startup: Mushin Innovative Labs

Sector: SaaS

Amount: US$250K

Led by: Inflection Point Ventures

Mushin Innovative Labs, has raised US$250K in Seed Series Round led by Inflection Point Ventures. Mushin Innovation Labs intends to utilize the raised funds to bolster its sales and marketing operations, accelerate its research and development efforts, and fuel the innovation of its product suite. The strategic focus on these areas will allow Mushin to expand its market presence, enhance its product offerings, and develop cutting-edge solutions that address the evolving demands of the automotive manufacturing sector. With this approach, the company aims to drive growth, strengthen customer relationships, and solidify its leadership position in the industry.

Mushin Innovation Labs, a pioneering SaaS startup, is transforming the automotive manufacturing industry with its advanced digital solutions.

Rachit Srivastava, Founder & CEO of Mushin is a B. Tech graduate in Electrical Engineering from Delhi Technological University. He is a product development and technology expert with experience at Philips India, where he contributed to IoT innovations such as Philips Hue and smart lighting systems for the Yamuna Expressway. He also holds a US patent for his work in IoT and has developed technologies for organizations like DRDO, ISRO, and NPCIL. Amman Batra, Co-founder & COO brings over 13 years of experience in the automotive manufacturing industry. A graduate in Mechanical Engineering from Florida Tech, USA, Amman has worked with top-tier companies like Maruti Suzuki as an ancillary supplier. He is a VSA & VSME certified professional and a Kaizen Award winner, having successfully led automotive factories with turnovers exceeding ?50 Cr. Together, they aim to revolutionize audit and compliance management for Tier 1 and Tier 2 manufacturers.

Startup: Matrix Geo Solutions Ltd.

Sector: Geospatial technology

Amount: US$1 million

Led by: Marquee investors

Drone & space tech-based Geospatial Company, Matrix Geo Solutions Ltd. raised close to $1 million in its pre-IPO funding round. This round saw participation from marquee investors such as Chittorgarh Infotech Limited, Viney Equity Markets LLP, Tryrock Capital Trust AIF among others. IntelliFin Private Limited (www.ipoplatform.com) acted as sole investment banker to the Company.

Following the fundraise, Matrix Geo is now looking to file DRHP soon for SME IPO. Furthermore, the Company intends to use this funding to accelerate growth and capture a larger market share in the rapidly expanding drone services sector in India and abroad.

Amit Sharma, Co-founder of Matrix Geo Solutionsaffirmed, “We are delighted to successfully complete the pre-IPO funding round and would like to express our gratitude the eminent investors who showed faith in Matrix Geo. Ever since the Indian government regulated drone usage in 2021, we’ve seen a massive surge in adoption across government and private sectors. Matrix Geo is committed to utilizing the fundraise in leading this transformation.”