Shiprocket Raises $13 Mn in Series C from Tribe Capital, Innoven Capital and Bertelsmann India Investments

Shiprocket, a tech-enabled logistics aggregator for D2C sellers has announced its Series C round of financing to the tune of USD 13 Million (~INR 100 crore). The round has been led by Tribe Capital LLC, front-running Silicon Valley-based investment firm along with Innoven Capital and existing investor Bertelsmann India Investments.

The latest capital infusion brings Shiprocket’s total funding to $26 million. The investment will be used to fuel Shiprocket’s aggressive product development roadmap which includes hiring top talent across the data science and engineering domains. The funds will also be focused on the company’s new initiatives including its international expansions. As part of the agreement, Arjun Sethi from Tribe Capital LLC will join Shiprocket’s Board of Directors.

“As a truly disruptive platform, Shiprocket has offered numerous SMEs a cost-effective and world-class solution for e-commerce shipping. The boom in D2C brands and social selling across India has been facilitated by companies like ours who are committed to providing advanced technology and fulfillment solutions to online sellers enabling them to compete with larger brands and marketplaces” said Saahil Goel, CEO and Co-founder, Shiprocket.

“This additional capital will allow us to accelerate our strategic goals and product development endeavors by hiring top talent in key areas. We are extremely grateful to Bertelsmann India Investments for continuing to back us over the years and being supportive of our vision. We also welcome our new investors Tribe Capital LLC and Innoven Capital to the Shiprocket family.” he added.

Speaking on the investment, Arjun Sethi, Co-founder, Tribe Capital , said, “One of the reasons why the United States and emerging economies have thrived over the last 50 years has been a healthy dynamic of small to medium entrepreneurial businesses alongside consolidation and scaling corporations. We invested in Shiprocket because they empower the small to medium businesses that truly represent the heart and soul of any emerging economy. Today, the SME segment lacks capital finance and credit, infrastructure, technology, and marketing strategies. Shiprocket has enabled these businesses to grow at a time of emerging competition enabled by mobile internet and corporations."

Pankaj Makkar, Bertelsmann India Investments said, “Shiprocket is a company with strong value to consumers and great growth trajectory. It is one of the leaders in the booming Indian SME technology space and is already the backbone of direct e-commerce market. We are very excited to deepen our ties with the exceptional management team for the next chapter in the company’s journey.”

Tarana Lalwani, Director, Innoven Capital, said, “Having been engaged with the brand’s performance for a while, we are particularly impressed to see Shiprocket’s contribution to young brands and SME’s in providing an efficient logistics platform. We are excited to partner with Shiprocket and look forward to a long-lasting relationship with the company as it continues to grow.”

Launched by Bigfoot Retail Solutions in 2017, Shiprocket turned profitable in FY 18-19 with an annualized revenue run rate between USD 25-30 million. Shiprocket processes more than 2 Million monthly shipments, enabling more than 35,000 sellers to sell directly to their consumers across India. Shiprocket has previously raised USD 13 million in funding from existing investors Bertelsmann India Investments, Nirvana Venture Partners, Beenext and 500 Startups who continue to back Shiprocket. The latest round gives nearly 30X returns in 5 years for Shiprocket’s angel investors who exited in this round. Early angels in the company include angel investor Jatin Aneja and 5ideas/Superfuel run by Gaurav Kachru and Pearl Uppal.

The Series C financing caps an exceptional year for Shiprocket where it saw rapid business growth, key executive appointments, and numerous product launches. Partnering with over 17 logistics providers, Shiprocket’s tech-enabled logistics platform connects merchants, consumers and supply chain partners across 26000 pin codes PAN India and 220+ countries and territories globally to create delightful shipping experiences.

About Shiprocket

Shiprocket is a new-age logistics aggregation platform that drives global and domestic shipping for MSMEs operating in the e-commerce sector. Shiprocket ships to around 220 countries and across 26,000 PIN codes in India with 15 courier partners on-board.

Incepted in 2016, Shiprocket today has 1.5 lakh sellers and has driven a GMV of more than $120 million till date. Some of the USPs of the platform include its AI-driven recommendation engine, cost-effectiveness (with domestic and international shipping rates), time-efficiency, data-driven approach, and easy-to-use integrated ecosystem for sellers (including Shiprocket 360 and Shiprocket Social) alongside others. This has enabled the platform to secure a YoY growth rate of 300% throughout and onboard customers irrespective of their operational/target geographies or business volume - emerging as the next-generation logistics enabler for e-commerce shipping in India.

Consumer Electronics Startup boAt Raises $2.3 Mn in Debt Fund from InnoVen Capital

Consumer electronics startup boAt on Friday said it has raised Rs 16 crore (~ US $2.32 Million) in debt investment from lending platform InnoVen Capital.

"We are delighted to secure a debt investment from InnoVen Capital, as it gives us the opportunity to raise growth capital without diluting equity. As we scale greater heights, we will continue to focus on profitability and sustainable growth while minimizing our cash burn," Sameer Mehta, Co-founder – boAt, said in a statement.

Launched in 2016, boAt manufactures electronic products like earphones, headphones, speakers, travel chargers, and premium rugged cables through contract manufacturing in India and China. Last year in May, boAt had raised Rs.6 crore in a round led by early-stage venture capital firm Fireside Ventures.

"InnoVen Capital has recently invested Rs 16 crore in consumer electronics start-up boAt," InnoVen Capital said in a joint release said. Since its inception the company has clocked business of over Rs 100 crore in domestic sales alone.

"India stands at an inflexion point of an S-shaped consumption curve, where discretionary consumer spending will increase disproportionately with the increase in the national GDP. New-age consumer startups are well-poised to capitalize on this opportunity. They are already breaking the barriers of traditional distribution channels by adopting omnichannel strategies," Ankit Agarwal, Director – Innoven Capital, said.

Milkbasket Raises $2.16 Mn in Follow-on Funding from Innoven Capital

Grocery delivery startup Milkbasket has raised ₹15 crore (~US$2.167 Mn) from venture debt firm Innoven Capital, which is in addition to US$ 10.5 million (around Rs 72.59 crore) the company had raised earlier this month led by Unilever Ventures, with participation from Mayfield India, Kalaari Capital, Blume Ventures and few Indian family offices.

The funding comes within a month after the startup had last raised $10.5 million in its Series B round. Notably, in this month only, Milkbasket's ₹20-crore debt funding deal with Sachin Bansal-led BACQ fell through.

“The fresh investment positions us firmly for continued growth, and we will be investing substantially in geographical expansion, new technological advancements and hiring through the year,” Anant Goel, Co-founder and CEO, Milkbasket said in a statement.

Goel further said “this is a testament to our proven pioneering model and a solid team that is transforming everyday lives of urban households in India”.

In April, Milkbasket had announced a ₹20 crore debt funding deal from Bansal’s BACQ. However, in June, the startup then put out a press statement clarifying that "Milkbasket and (Bansal’s) BACQ have mutually decided not to proceed with the investment that was announced on April 29, 2019."

To date, Milkbasket has raised close to $26 million in equity funding from Mayfield, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures and few family offices.

Milkbasket had last raised $10.5 million in its Series B round this month.

Fitness App Healthifyme Raises $6 Mn, Forays into Malaysia and Launches Online Food Marketplace

Bangalore-headquartered health and fitness app, HealthifyMe has raised $6 million as an extension of Series B round it raised in February this year. This Series B extension rounnd aka bridge funding was led by InnoVen Capital and existing investors of Healthyfime.

A Bridge financing round is meant to provide a startup with capital until it can raise a larger round of equity financing.

The round which is a mix of equity and debt saw participation from existing investors including Sistema Asia Fund, the India focused fund of the Russia based conglomerate, which recently announced its plan for double up its Indian Startup investments by extension of its first fund to $120 million.

Silicon Valley based Samsung NEXT, Chiratae Ventures (formerly IDG Ventures India), Inventus Capital and Blume Ventures alsoparticipate along with specialty financing firm Innoven Capital. The investment for Innoven Capital has been made via its Singapore entity, a market where HealthifyMe also has presence.

So far, HealthifyMe has raised a total of $25 million in funding over 7 rounds including this one.

Besides raising funds, the startup has also launched its services in Malaysia as part of its plan of overseas expansion into southeast Asia. The company has also hired a team of nutritionists and fitness coaches to develop personalized diet and fitness plans for its southeast Asian users.

The startup will expand its services across southeast Asia to Singapore, Indonesia and will also enter the Gulf region over the next quarters.

Tushar Vashisht, CEO of HealthifyMe, told a daily, "We have always seen ourselves as a global product company and have built our app in line with global standards of quality and excellence. More than 10% of our 8 million user base, 10% of our coaches & 20% of our overall revenues are already coming from international geographies."

To recall, according to a report published last year, India is the second largest market globally for investments in fitness tech startups, bagging $63 million in 2016-17.

EatBetter -- Online Curated Food Marketplace

Additionally, HealthifyMe also announced the launch of 'EatBetter', a curated online foods marketplace that specializes in 100% healthy, wholesome food products. With this, the 6-year-old startup marks the expansion of the its platform beyond nutrition and training services. The marketplace offers a wide product catalogue curated by HealthifyMe’s team of elite nutritionists and is intended to handhold users through their weight loss and fitness journeys.

The product lineup includes health bars, breakfast cereals, cookies, roasted snacks, beverages, natural protein supplements, super seeds, dry fruits and trail mixes, priced between Rs. 70 and Rs. 500. The marketplace now has 500+ SKUs and the company plans to expand this to over 1000 in the next 12 months.

Tushar Vashisht, Co-founder and CEO, HealthifyMe said, “EatBetter marks our expansion into a completely new but extremely relevant category – foods. Over 8 million users from across 200+ cities log their food intake on our app, making us the largest repository of food habits and nutritional requirements of Indians. With EatBetter deeply integrated with the rest of our product, we can seamlessly steer the consumer to make the right food choices on an everyday basis, helping them stay healthy.”

AI Virtual Ntritionist -- Ria 2.0

HealthifyMe also unveiled the new avatar of Ria, its artificial intelligence (AI) powered virtual nutritionist. Ria 2.0 can now not only listen and read, but also see & identify healthy & unhealthy foods from menu cards, phone screens and entire plates of food.

Powered by Ria, the company also announced the launch of smart diet plans (starting Rs. 299 per month) that would be "the world’s first completely automated & curated diet plans" -- claims the startup. It would represent the first instance of technology completely managing a human being’s health & fitness needs by designing personalized diet & fitness plans.

These plans have been built from the learnings obtained from the 3.5 Lakhs meals designed by HealthifyMe’s coaches for its users since its inception that take into account a user’s taste preferences, local cuisine nuances, weight-loss goals and medical conditions.

Ria’s intelligence stems from the 200 million diet logs made by HealthifyMe users over the years. She can now be accessed through Alexa devices and can understand over 5 languages. Ria is the first port of call for over 35% customers today, even when they have a choice to speak to a human coach.

Source - Business Standard, PC Quest

[Top Featured Image - Stories.Healthyfime.com]

Kids Learning Startup Flintobox Gets ₹6 Crore in Debt Funding from InnoVen Capital

Chennai-based Flinto Learning Solutions Private Limited, an educational start-up focusing on activity-based learning for kids with brand name 'Flintobox', has raised Rs.6 crore (US$875,000) from InnoVen Capital, a venture debt and specialty lending firm backed by Singapore's Temasek Holdings.

The freshly raised capital will be used by the startup towards expanding its domestic presence, as well as expanding into international markets such as Southeast Asia and the Middle East.

The startup last raised US$7 Mn from Lightbox Ventures, in December 2017. So far, flintobox has raised $8.2 Mn in total from five different rounds from various investors such as Lightbox, Globevestor, and venture capitalist Ashwin Chadha.

Whereas, InnoVen Capital aims to strengthen its focus on the flourishing market of education sector, particularly the emerging early education segment with this investment.

Tarana Lalwani, Director at InnoVen Capital India, said, “This space (early learning) has great potential as more parents look for activities that help children learn in a fun way. Our investment will support Flintobox’s expansion plans, as it looks to scale up.”

Founded in 2013 by Arunprasad Durairaj, Vijay Babu Gandhi and Shreenidhi Srirangam, Flintobox provides educational activity boxes for children between the age group of 2-8 years. It is conceived as part of a series of discovery boxes that caters to the holistic development of a child. With subscription-based boxes, the company aims at getting kids off screen addiction and engaging them with meaningful activities.

With more than 1,20,000 subscribers, Flintobox is currently present in over 700 cities and caters to children in the age group of 2-12 years. The startup is known for its flagship product – Flintobox, an age-appropriate activity box designed to engage children.

Last month, in a similar business model startup funding, Bangalore-based Magic Crate, an early childhood learning brand, has raised an undisclosed amount in its third round of institutional funding led by Fireside Ventures.

This was followed by US$ 180,000 fundin of Kidovators by impact investor Gray Matters Capital. Based out of Bengaluru, Kidovators claims to be India’s first 21st century skill learning platform.

InnoVen Capital, which is Asia’s leading venture debt firm, reported a 2x growth in last financial year by funding $85 million to 45 companies of which 31 were new additions to the rapidly expanding and diversified portfolio. This includes the largest venture debt deal done in India till date i.e. Rs.55 crores to Oyo, the large Indian brand which owns and aggregates standardized hotel rooms. In the last quarter, $37 million was disbursed to 17 companies. As on March 2017 end, InnoVen Capital has till date funded $225 million to over 100 companies in India across 150+ transactions.

Last September, Ace Turtle, an omni-channel platform company in India raised venture debt from InnoVen Capital.

Source - Hans India

[Top Image - TheNewsMinute.com]

Kids Learning Startup Flintobox Gets ₹6 Crore in Debt Funding from InnoVen Capital

Chennai-based Flinto Learning Solutions Private Limited, an educational start-up focusing on activity-based learning for kids with brand name 'Flintobox', has raised Rs.6 crore (US$875,000) from InnoVen Capital, a venture debt and specialty lending firm backed by Singapore's Temasek Holdings.

The freshly raised capital will be used by the startup towards expanding its domestic presence, as well as expanding into international markets such as Southeast Asia and the Middle East.

The startup last raised US$7 Mn from Lightbox Ventures, in December 2017. So far, flintobox has raised $8.2 Mn in total from five different rounds from various investors such as Lightbox, Globevestor, and venture capitalist Ashwin Chadha.

Whereas, InnoVen Capital aims to strengthen its focus on the flourishing market of education sector, particularly the emerging early education segment with this investment.

Tarana Lalwani, Director at InnoVen Capital India, said, “This space (early learning) has great potential as more parents look for activities that help children learn in a fun way. Our investment will support Flintobox’s expansion plans, as it looks to scale up.”

Founded in 2013 by Arunprasad Durairaj, Vijay Babu Gandhi and Shreenidhi Srirangam, Flintobox provides educational activity boxes for children between the age group of 2-8 years. It is conceived as part of a series of discovery boxes that caters to the holistic development of a child. With subscription-based boxes, the company aims at getting kids off screen addiction and engaging them with meaningful activities.

With more than 1,20,000 subscribers, Flintobox is currently present in over 700 cities and caters to children in the age group of 2-12 years. The startup is known for its flagship product – Flintobox, an age-appropriate activity box designed to engage children.

Last month, in a similar business model startup funding, Bangalore-based Magic Crate, an early childhood learning brand, has raised an undisclosed amount in its third round of institutional funding led by Fireside Ventures.

This was followed by US$ 180,000 fundin of Kidovators by impact investor Gray Matters Capital. Based out of Bengaluru, Kidovators claims to be India’s first 21st century skill learning platform.

InnoVen Capital, which is Asia’s leading venture debt firm, reported a 2x growth in last financial year by funding $85 million to 45 companies of which 31 were new additions to the rapidly expanding and diversified portfolio. This includes the largest venture debt deal done in India till date i.e. Rs.55 crores to Oyo, the large Indian brand which owns and aggregates standardized hotel rooms. In the last quarter, $37 million was disbursed to 17 companies. As on March 2017 end, InnoVen Capital has till date funded $225 million to over 100 companies in India across 150+ transactions.

Last September, Ace Turtle, an omni-channel platform company in India raised venture debt from InnoVen Capital.

Source - Hans India

[Top Image - TheNewsMinute.com]

Fundraising for Early-Stage Indian Startups To Be Difficult This Year, Says Study

Most startups in India, especially early-stage ones, expect the fundraising environment to be difficult in 2018, according to venture debt provider InnoVen Capital’s India Startup Outlook Report 2018, according to Live Mint report.

According to the report, 56% of the startups surveyed said that they expect fundraising to be more challenging this year. Around 81% said that they expect fundraising to take from anywhere between four and six months to over nine months.

“Some of the early stage and series A companies, believe that funding would be slightly tougher in 2018 than the previous year,” said Ashish Sharma, chief executive officer at Innoven Capital India.

However in a positive stance, almost 54% of startups said that they had a positive fundraising experience in the last 12 months, up from 37% of startups in the previous 12 months.

Late-stage and growth-stage startups are getting a lot more funding as most of the VCs have a lot of cash reserves and therefore they can allocate funds in later or growth stages, he added.

The biggest factor that can help create a better fundraising environment, according to startups surveyed are -- better startup exits, more foreign investors setting up shop in India and more domestic VCs.

“Eventually, the more exits an investor gets, their ability to recycle the money and make more investments are much higher,” said Sharma.

Only 2% of the over 100 startups surveyed said that unicorns -- startups valued at more than $1 billion -- raising more funds at higher valuations will lead to better investment sentiment.

In one of our article we pointed out that how Flipkart-Walmart deal amounting nearly $7 billion will boost the cash-reserves within Indian startups investors and allow them to recycle the money they got from exit from Flipkart.

Apart from fundraising, a large number of startups said that talent management is a major challenge.

E-commerce and Fintech startups rated fundraising as top challenge faced. Enterprise start-ups rated customer acquisition and churn as a significant challenge, as well as talent management. Healthcare and Logistics start-ups rated market creation and talent management as the top two challenges, according to the report.

Respondent startups said that the government needs to do more on tax policy, facilitate cheaper financing options and incentives to boost domestic startups.

The report further added that, taxation and availability of cheaper financing options continue to be perceived as major hurdles this year, adding that 32% of the respondents felt better incentives were needed for domestic players to compete against global majors as compared to 19% in 2016.

Moreover, the role of government is also crucial for creating better fundraising environment by addressing challenges faced by startups such as giving some recognition to 'angel tax', providing some more favourable policies for the startups such as tax holidays etc.

Besides this, the goods and services tax (GST) introduced last year has also had varied impact on startups, according to the report.

Startups from sectors such as logistics and enterprise tech said that they have witnessed positive results, while other sectors such as media/content, fintech and food-tech said that the impact has been negative.

Apart from this report, an another report by Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, said that startups globally believe that business conditions will be better this year compared to 2017, with 30 percent globally noting that 2018 conditions will be much better. This 9th annual Startup Outlook report by SVB is based on more than 1,000 survey responses from startup leaders in innovation hubs around the world.

In 2016, a report had said that e-commerce sector witnessed a massive 50% cut in fund raising. In 2017, secondary share sales worth thousands of crore of rupees in startups including Flipkart, Paytm, Ola, Lenskart and others have provided funds with desperately-needed returns. These deals helped VC firms prove to limited partners – large investment firms that put money into VCs – that start-up investments in India could be lucrative even though returns take longer to materialize compared with the US and China.

Notably, there are still quite a few factors that could create hurdles for improvement in funding volume. While investor appetite may increase, they may not find enough companies to place bets on. IndianWeb2 had reported in October that the number of new internet and technology start-ups launched in the first nine months of 2017 had slumped to 800 from more than 6,000 in 2016 - a worrying sign for the next two years. Additionally, macro-economic and political factors such as an interest rate hikes in the US, the performance of stock markets (for domestic LPs) and the national elections next year could affect start-up funding.

Fundraising for Early-Stage Indian Startups To Be Difficult This Year, Says Study

Most startups in India, especially early-stage ones, expect the fundraising environment to be difficult in 2018, according to venture debt provider InnoVen Capital’s India Startup Outlook Report 2018, according to Live Mint report.

According to the report, 56% of the startups surveyed said that they expect fundraising to be more challenging this year. Around 81% said that they expect fundraising to take from anywhere between four and six months to over nine months.

“Some of the early stage and series A companies, believe that funding would be slightly tougher in 2018 than the previous year,” said Ashish Sharma, chief executive officer at Innoven Capital India.

However in a positive stance, almost 54% of startups said that they had a positive fundraising experience in the last 12 months, up from 37% of startups in the previous 12 months.

Late-stage and growth-stage startups are getting a lot more funding as most of the VCs have a lot of cash reserves and therefore they can allocate funds in later or growth stages, he added.

The biggest factor that can help create a better fundraising environment, according to startups surveyed are -- better startup exits, more foreign investors setting up shop in India and more domestic VCs.

“Eventually, the more exits an investor gets, their ability to recycle the money and make more investments are much higher,” said Sharma.

Only 2% of the over 100 startups surveyed said that unicorns -- startups valued at more than $1 billion -- raising more funds at higher valuations will lead to better investment sentiment.

In one of our article we pointed out that how Flipkart-Walmart deal amounting nearly $7 billion will boost the cash-reserves within Indian startups investors and allow them to recycle the money they got from exit from Flipkart.

Apart from fundraising, a large number of startups said that talent management is a major challenge.

E-commerce and Fintech startups rated fundraising as top challenge faced. Enterprise start-ups rated customer acquisition and churn as a significant challenge, as well as talent management. Healthcare and Logistics start-ups rated market creation and talent management as the top two challenges, according to the report.

Respondent startups said that the government needs to do more on tax policy, facilitate cheaper financing options and incentives to boost domestic startups.

The report further added that, taxation and availability of cheaper financing options continue to be perceived as major hurdles this year, adding that 32% of the respondents felt better incentives were needed for domestic players to compete against global majors as compared to 19% in 2016.

Moreover, the role of government is also crucial for creating better fundraising environment by addressing challenges faced by startups such as giving some recognition to 'angel tax', providing some more favourable policies for the startups such as tax holidays etc.

Besides this, the goods and services tax (GST) introduced last year has also had varied impact on startups, according to the report.

Startups from sectors such as logistics and enterprise tech said that they have witnessed positive results, while other sectors such as media/content, fintech and food-tech said that the impact has been negative.

Apart from this report, an another report by Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, said that startups globally believe that business conditions will be better this year compared to 2017, with 30 percent globally noting that 2018 conditions will be much better. This 9th annual Startup Outlook report by SVB is based on more than 1,000 survey responses from startup leaders in innovation hubs around the world.

In 2016, a report had said that e-commerce sector witnessed a massive 50% cut in fund raising. In 2017, secondary share sales worth thousands of crore of rupees in startups including Flipkart, Paytm, Ola, Lenskart and others have provided funds with desperately-needed returns. These deals helped VC firms prove to limited partners – large investment firms that put money into VCs – that start-up investments in India could be lucrative even though returns take longer to materialize compared with the US and China.

Notably, there are still quite a few factors that could create hurdles for improvement in funding volume. While investor appetite may increase, they may not find enough companies to place bets on. IndianWeb2 had reported in October that the number of new internet and technology start-ups launched in the first nine months of 2017 had slumped to 800 from more than 6,000 in 2016 - a worrying sign for the next two years. Additionally, macro-economic and political factors such as an interest rate hikes in the US, the performance of stock markets (for domestic LPs) and the national elections next year could affect start-up funding.

InnoVen Capital Appoints Ashish Sharma as CEO for India

InnoVen Capital (InnoVen), a joint venture between United Overseas Bank Limited (UOB) and Temasek, today announced that it has appointed Ashish Sharma as Chief Executive Officer (CEO) for India, effective immediately. Mr. Ashish Sharma will replace Mr. Chin Chao, CEO of InnoVen, Singapore and Southeast Asia, who had stepped in as interim CEO for India on 1 August 2017.

Prior to joining Innoven, Sharma was President & CEO of GE Capital, India. He has more than 19 years of experience within GE and GE Capital, having started his career as a management trainee under its Global Financial Management Program. He subsequently took on progressive leadership roles across multiple businesses, global markets and functions, including Business Head, Commercial/Corporate Finance in GE Capital, India.

Mr. Shantanu Mitra, Chairman of InnoVen, said, “The Board conducted a robust search for InnoVen India’s new CEO, and considered all qualified candidates for the position. We believe Ashish has all the qualities we are looking for and are therefore pleased that he has agreed to join us. His track record in building and leading teams to deliver high-performance growth, combined with strategic vision and deep, executional knowledge of India, puts him in good stead to expand InnoVen’s activities in India. India is an important market for InnoVen – there is a vibrant start-up ecosystem here and InnoVen is well-positioned to drive and to support that growth. We are confident that under Ashish’s leadership, InnoVen India will continue its strong upward trajectory as a market leader in venture debt financing.”

InnoVen is a pan-Asian venture debt platform jointly owned by UOB and Temasek, with offices in Mumbai, Singapore and Beijing. As India’s oldest and largest venture debt platform, InnoVen has supported and provided more than US$240 million in capital to more than 100 high growth and innovative tech start-ups across India. Portfolio companies include Yatra, Oyo Rooms, Swiggy, Byju’s, Nestaway, Pepperfry, Prizm Payments, Shaadi.com, Shopclues, Myntra, Freecharge, Manthan Software, Firstcry, Practo and Capillary Technologies.

InnoVen is a pan-Asian venture debt platform with offices in Mumbai, Singapore and Beijing. InnoVen provides venture debt financing to high growth and innovative tech startups, and has since supported and provided over 175 loans to more than 120 start-ups across India and Southeast Asia. Portfolio companies include Yatra, Oyo Rooms, Swiggy, Byju’s, Nestaway, Pepperfry, Prizm Payments, Shaadi.com, Shopclues, Myntra, Freecharge, Manthan Software, Firstcry, Practo, Capillary Technologies in India, and 123RF, RedDoorz, M17 Entertainament, Oway, Fave, Guavapass and Pomelo in Southeast Asia.

Last month, InnoVen has invested an undisclosed amount in Ace Turtle, the leading omni-channel platform company in India.

InnoVen Capital Appoints Ashish Sharma as CEO for India

InnoVen Capital (InnoVen), a joint venture between United Overseas Bank Limited (UOB) and Temasek, today announced that it has appointed Ashish Sharma as Chief Executive Officer (CEO) for India, effective immediately. Mr. Ashish Sharma will replace Mr. Chin Chao, CEO of InnoVen, Singapore and Southeast Asia, who had stepped in as interim CEO for India on 1 August 2017.

Prior to joining Innoven, Sharma was President & CEO of GE Capital, India. He has more than 19 years of experience within GE and GE Capital, having started his career as a management trainee under its Global Financial Management Program. He subsequently took on progressive leadership roles across multiple businesses, global markets and functions, including Business Head, Commercial/Corporate Finance in GE Capital, India.

Mr. Shantanu Mitra, Chairman of InnoVen, said, “The Board conducted a robust search for InnoVen India’s new CEO, and considered all qualified candidates for the position. We believe Ashish has all the qualities we are looking for and are therefore pleased that he has agreed to join us. His track record in building and leading teams to deliver high-performance growth, combined with strategic vision and deep, executional knowledge of India, puts him in good stead to expand InnoVen’s activities in India. India is an important market for InnoVen – there is a vibrant start-up ecosystem here and InnoVen is well-positioned to drive and to support that growth. We are confident that under Ashish’s leadership, InnoVen India will continue its strong upward trajectory as a market leader in venture debt financing.”

InnoVen is a pan-Asian venture debt platform jointly owned by UOB and Temasek, with offices in Mumbai, Singapore and Beijing. As India’s oldest and largest venture debt platform, InnoVen has supported and provided more than US$240 million in capital to more than 100 high growth and innovative tech start-ups across India. Portfolio companies include Yatra, Oyo Rooms, Swiggy, Byju’s, Nestaway, Pepperfry, Prizm Payments, Shaadi.com, Shopclues, Myntra, Freecharge, Manthan Software, Firstcry, Practo and Capillary Technologies.

InnoVen is a pan-Asian venture debt platform with offices in Mumbai, Singapore and Beijing. InnoVen provides venture debt financing to high growth and innovative tech startups, and has since supported and provided over 175 loans to more than 120 start-ups across India and Southeast Asia. Portfolio companies include Yatra, Oyo Rooms, Swiggy, Byju’s, Nestaway, Pepperfry, Prizm Payments, Shaadi.com, Shopclues, Myntra, Freecharge, Manthan Software, Firstcry, Practo, Capillary Technologies in India, and 123RF, RedDoorz, M17 Entertainament, Oway, Fave, Guavapass and Pomelo in Southeast Asia.

Last month, InnoVen has invested an undisclosed amount in Ace Turtle, the leading omni-channel platform company in India.

Venture Debt Firm InnoVen Capital Invests in Ace Turtle

Ace Turtle, the leading omni-channel platform company in India has raised venture debt from InnoVen Capital, Asia’s leading venture debt firm. The funds will be used to further consolidate Ace Turtle’s expansion in South East Asia as it aims to enable omni-channel solutions to several brands across the globe.

Venture debt, is a smart source of debt financing for venture capital backed companies experiencing rapid growth.

Speaking on the development, Nitin Chhabra, CEO, Ace Turtle said “At Ace Turtle, as we look to expand to overseas market, we are extremely pleased to have InnoVen Capital on board supporting our aim to expand internationally. The funds raised will be used towards an aggressive expansion of our customer base especially in South East Asia. We aim to gain leadership position in the omni-channel enterprise solution space in Asia in the next few years”.

Chin Chao, CEO South East Asia and India, InnoVen Capital said “We are actively exploring debt funding for growth stage companies, which have the ability to showcase differentiation that significantly creates enterprise value and has the potential to build a scalable model. Within few years of operation, Ace Turtle has scaled up rapidly and has developed a go-to platform for several high-profile retail brands”.

Ace Turtle’s proprietary platform, Rubicon, integrates online and offline retail channels and enables e-commerce. Its omni-channel platform comprises technology, logistics and customer support, which enables brands and retailers to improve the experience of customers.

Ace Turtle has recently closed its Series A funding from Singapore based Vertex Ventures, the venture arm of Temasek, sovereign fund of Singapore Government and C31 Ventures, the venture capital arm of CapitaLand.

Just yesterday, InnoVen Capital announced that it recently closed a cross-border funding deal of Rs.100 crores ($15.4 million) with Yatra.

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Venture Debt Firm InnoVen Capital Invests in Ace Turtle

Ace Turtle, the leading omni-channel platform company in India has raised venture debt from InnoVen Capital, Asia’s leading venture debt firm. The funds will be used to further consolidate Ace Turtle’s expansion in South East Asia as it aims to enable omni-channel solutions to several brands across the globe.

Venture debt, is a smart source of debt financing for venture capital backed companies experiencing rapid growth.

Speaking on the development, Nitin Chhabra, CEO, Ace Turtle said “At Ace Turtle, as we look to expand to overseas market, we are extremely pleased to have InnoVen Capital on board supporting our aim to expand internationally. The funds raised will be used towards an aggressive expansion of our customer base especially in South East Asia. We aim to gain leadership position in the omni-channel enterprise solution space in Asia in the next few years”.

Chin Chao, CEO South East Asia and India, InnoVen Capital said “We are actively exploring debt funding for growth stage companies, which have the ability to showcase differentiation that significantly creates enterprise value and has the potential to build a scalable model. Within few years of operation, Ace Turtle has scaled up rapidly and has developed a go-to platform for several high-profile retail brands”.

Ace Turtle’s proprietary platform, Rubicon, integrates online and offline retail channels and enables e-commerce. Its omni-channel platform comprises technology, logistics and customer support, which enables brands and retailers to improve the experience of customers.

Ace Turtle has recently closed its Series A funding from Singapore based Vertex Ventures, the venture arm of Temasek, sovereign fund of Singapore Government and C31 Ventures, the venture capital arm of CapitaLand.

Just yesterday, InnoVen Capital announced that it recently closed a cross-border funding deal of Rs.100 crores ($15.4 million) with Yatra.

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InnoVen Capital Appoints Chin Chao as Interim CEO for India

InnoVen Capital (InnoVen) today announced that it has appointed Chin Chao, Chief Executive Officer (CEO) of InnoVen, Singapore and Southeast Asia, as interim CEO for India. This will be effective immediately, while the Board continues the search for a permanent CEO.

Mr.Chin Chao has more than 15 years of experience in the venture capital and venture debt space and will succeed Mr. Ajay Hattangdi in leading the Group’s business in India, in addition to Singapore and Southeast Asia.

Mr. Shantanu Mitra, Chairman of InnoVen, said, “Our shareholders and Board remain committed to InnoVen. We have a strong and dedicated team on the ground in India, and are making good progress in identifying a new CEO to lead the company. Together with the team, Chin Chao will ensure that all our clients and partners remain well supported, and that start-ups looking to grow their business will have access to the strategic support and funding they require.We have also built deep relationships with the wider early stage tech ecosystem over the years and are positive that the strong business momentum will continue.”

InnoVen is a pan-Asian venture debt platform jointly owned by UOB and Temasek, with offices in Mumbai, Singapore and Beijing. As India’s oldest and largest venture debt platform, InnoVen has since supported and provided over $225 million in capital to more than 100 high growth and innovative tech start-ups across India. Portfolio companies include Oyo Rooms, Swiggy, Byju’s, Nestaway, Pepperfry, Prizm Payments, Shaadi.com, Shopclues, Myntra, Freecharge, Manthan Software, Firstcry, Practo and Capillary Technologies.

Epigamia Raises Series B Funding of 90 Cr from Verlinvest, DSG Consumer Partners and InnoVen Capital

Drums Food International, the parent company of Epigamia Greek yogurt, announced a Rs 90 Crore Series B financing. The round was led by Verlinvest, a Belgium-based consumer focused private equity group created by the founding families of Anheuser-Busch InBev, and DSG Consumer Partners (DSGCP), an early stage venture capital firm run by consumer industry veteran Deepak Shahdadpuri, and also included venture debt participation from InnoVen Capital, India’s largest venture debt provider backed by Temasek Holdings. The company plans to innovate & launch new flavours, initiate brand-building activities and increase production capacity through the new capital.

Rohan Mirchandani, Co-Founder & CEO, Drums Food International said, “It has been such a pleasure to work with Verlinvest and DSGCP, they have been true value-added partners and helped us grow the business with full support and assistance. We have been able to see firsthand why their global track record is so successful! Partnering again in this round was a no brainer and with their support we plan to continue expanding our product lines, categories, and geographies. With the recent additions to our leadership, including Siddarth Menon, Francis Vidhayathil and Dharmesh Joshi, the missing pieces to our dream team are now in place and the sky is the limit for this amazing team I am proud to be a part of.”

Epigamia is India’s first branded and leading premium Greek yogurt which has rapidly gained traction with the Indian consumer. Made with all-natural ingredients and no preservatives, Epigamia is popular across a wide consumer demographic, positioning it as the snack of choice for India’s health-conscious millennials.

Since raising its Series A round last year from Verlinvest & DSGCP, the company has expanded distribution by over five times and launched the Epigamia Snack Pack, the first of its kind in Asia combining dry snacks to be mixed with Greek yogurt through innovative packaging.

Nicholas Cator, Executive Director, Verlinvest said, “We are very happy with our fantastic partnership with Epigamia and Rohan. We believe there is great growth potential to offer premium dairy products to Indian consumers and Epigamia addresses this with a compelling proposition. Verlinvest prides itself on being a daring investor in the consumer world and enabling entrepreneurs through inspiring journeys. Epigamia fits well within this vision.”

Talking about the developments in the FMCG market and growing relevance of Greek yogurt, Deepak Shahdadpuri, Managing Director, DSG Consumer Partners said, “DSGCP is pleased to continue our relationship with Rohan and the amazing team at Epigamia with this new round of investment. Along with our partners Verlinvest, we have seen the team launch India’s first Greek yogurt and more recently, the first yogurt snack pack a few months ago. Core to Epigamia’s success is its unrelenting focus on innovation and always delighting the customer. With this new round of funding, we will see exciting new products coming to the market focused on healthy and functional benefits. Indian consumers are increasingly looking for exciting new products that taste delicious.”

The Company also announced that Arjun Anand, from Verlinvest’s Singapore office, and Prashant Chhaya, former Executive Director at Cadbury (Mondelez International), will join the Company’s Board of Directors.

“We are happy to continue to back a talented team that has set out to build the leading premium dairy brand in India. Greek yogurt has great health and wellness benefits and we believe that Greek yogurt and premium dairy in general will become large categories in India. This increased investment in Epigamia alongside DSGCP fits well within our partnership to be a long-term supporter of young brands and talented entrepreneurs in growing categories in India. Rohan has put together a great Board of Directors with talent across strategic areas and I look forward to joining them soon,” said Arjun Anand.

"The value added dairy market in India is predicted to grow at double digit rate over the next few years. With rising popularity of probiotic products, superior offering, higher level of brand recall & awareness & increased market penetration, Epigamia is well placed to lead the Greek yogurt market in India," said Prashant Chhaya.

Launched in June 2015, Epigamia is currently available in 8 unique flavours across 4000+ retail stores such as Reliance Fresh, Godrej Nature’s Basket, Future Group Foodhall & Big Bazaar, Hypercity, e-commerce platforms such as Big Basket, and numerous general trade retailers spread across Delhi NCR, Mumbai, Bangalore, Chennai, and Hyderabad.

The company is positioned to become a formidable FMCG player in the fast emerging "GLocal" space –global quality and locally made in India.

InnoVen Capital Funds $85M to Startups in Q4

InnoVen Capital, Asia’s leading venture debt and specialty lending business, recently released its Q4 results along with the year-end performance for FY 2016-17. InnoVen reported a 2x growth this financial year by funding $85 million to 45 companies of which 31 were new additions to the rapidly expanding and diversified portfolio. This includes the largest venture debt deal done in the country till date i.e. Rs.55 crores to Oyo, the large Indian brand which owns and aggregates standardized hotel rooms. In the last quarter, $37 million was disbursed to 17 companies. As on March 2017 end, InnoVen Capital has till date funded $225 million to over 100 companies in India across 150+ transactions.

In addition to Oyo, other companies recently funded with Rs.25 crores or more include Swiggy (online food ordering and delivery service), Nestaway (managed home rental spaces),and Pepperfry(online furniture and home décor marketplace) totaling to aggregate funding of ~$30 million in large loans.The companies that raised venture debt in the last quarter also include OfBusiness (B2B marketplace for SMEs), Sayre (in-licensor and marketer of oncology and immunology products), Epigamia (consumer food brand), Zipgo (shuttle bus service aggregator), Bizongo (B2B marketplace for packaging material), Cloudcherry (customer experience management software) and Hotelogix (hotel management software) apart from follow on loans to existing portfolio companies such as Shaadi.com (online matrimonial service), Rentomojo (rentals for furniture etc.) and Shadowfax (on-demand hyper-local logistics company).

Almost 50% of the debt deals done in the year were with companies that had raised upto Series B equity round, consistent with the investment philosophy of InnoVen Capital to fund startups across stages. During the year, InnoVen also closed seven syndication transactions for select portfolio companies under InnoVen Credit Assistance Program (‘InnoVenCAP’) which helps maturing companies meet their working capital or capital expenditure needs through conventional forms of debt finance in partnership with banks.

Commenting on the year, Mr. Vinod Murali, Deputy CEO India, InnoVen Capital added, “The Indian private debt market is an area of keen interest currently and venture debt is emerging as one of the pillars of this attractive opportunity. Venture debt has gained a strong level of adoption across lifecycle stages of startups with increasing interest from growth stage companies. It is difficult for conventional lenders to embrace loss making, high growth startups but there is a clear need for alternative sources of capital for founders with minimal dilution. It is heartening to see that the focus across most startups has shifted decisively towards profitability and better unit economics Vs expensive growth, which allows for sustainable businesses to be built on better foundations.”

InnoVen was also recently awarded with the ‘Best Venture Lending Firm 2017 - Asia’ at the AI International Fund Awards which recognized InnoVen for being the only global platform with regional focus that has the capability to lend into the largest markets across Asia and the rest of the world.In FY17, InnoVen Capital closed cross border deals for two companies – Capillary (omni-channel retail CRM solution) and Simplilearn (professional certification provider) across India and Singapore, in addition to the deals independently done in South east Asia.

Commenting on the stronghold in India and the overall platform, Mr. Ajay Hattangdi, Group COO and CEO India, InnoVen Capital said, “As part of the team that introduced venture debt in India more than a decade back, it is satisfying to see how the acceptance for our debt funding product has grown over the years to a point where InnoVen has been among the most active participants in the Indian venture capital scene in 2016-17. We were honoured to be recognised as Asia's Best Venture Debt Firm in March 2017. However, through initiatives like InnoVenCAP as well as other programs for connecting ecosystem participants, supporting startups and our signature research, InnoVen is seeking to expand its platform to include new ways to engage and support the ecosystem through more than just capital.”

InnoVen Capital Announces Cross-Border Funding for Capillary Technologies and Simplilearn Solutions

InnoVen Capital, Asia’s leading venture debt firm,has recently closed two cross‑border financing deals through its presence in both India and South East Asia. These deals are with Capillary Technologies - an Omni-channel Engagement and Commerce solution company and has a stronghold in India, South East Asia, MENA and China among other countries, and Simplilearn Solutions–one of the largest online professional certification providers focused on the US and Indian markets along with South East Asia. These structured debt deals amounting to ~USD 6 million in aggregate are holistic solutions that take into account the global operations and resulting financing needs of both these high-growth and high-potential businesses.

Ajay Hattangdi, Group COO and CEO India, InnoVen Capital commented, “InnoVen Capital is an early supporter of emerging entrepreneurial companies across our current key markets of India and South East Asia. Many of these companies are looking beyond their home markets as they advance on their global ambitions. InnoVen Capital’s unified venture debt platform which is integrated across our regional teams helps clients to access growth capital globally. Our ability to provide loans across geographies enables clients like Capillary and Simplilearn to rationalise costs while enjoying more flexibility in their funding options. Going forward, we expect many more companies to take advantage of our cross-border platform capability”.

InnoVen Capital that started as India’s first and largest venture debt provider started operations in South East Asialate last year and announced its first two deals in the markets outside India in March’16: Malaysia-based online health and fitness company KFit, and Thailand-based e-commerce fast fashion company Pomelo.

With these latest cross border deals,InnoVen Capital has demonstrated its focus on fuelling growth of high-growth innovative ventures in India that have global aspirations. InnoVen Capital’s first engagement with Capillary was back in 2014 and since then has backed the company several times,in tandem with the company’s financing needs such as acquisition financing and now, cross border funding.

Speaking on the relationship with InnoVen, Aneesh Reddy, CEO Capillary Technologies said, "Capillary Technologies is committed to launch industry-first Omni-channel innovations for Asian Retail market.We continue to grow 2X YoY with a strong focus on profitability. InnoVen has been an entrepreneur-friendly venture debt partner and their ability to provide financing at various stages of our growth continues to help us immensely in our journey."

Krishna Kumar, CEO Simplilearn Solutions added, “We are happy to have InnoVen Capital join the Simplilearn growth story. InnoVen's debt capital allows us to leverage the business and create more value for all our stake holders.”

Temasek and United Overseas Bank (UOB), the two main investors in InnoVen Capital, have committed a total of USD 200 million for building out the platform in Asia. InnoVen Capital expects to commit over USD 500 million in venture debt transaction to high-growth innovative start-up companies across the globe over the next five years. According to an EY report on venture debt, the potential market size for venture debt in India, China and Singapore between 2015 and 2019 is USD 2.2 billion.

NCR Emerged Ahead of Bengaluru as the Most Preferred Destination for Angel Investments : InnoVen Capital Report 2016

InnoVen Capital, Asia’s leading venture debt firm, announces the release of the ‘India Angel Report 2016’, the latest edition of its annual report analyzing investment trends by major angel groups in the country. The Report has been prepared in collaboration with the Association of Indian Angel Groups (“AIAG”) and is based on data provided by the following member angel groups– Mumbai Angels, Indian Angel Network, Chennai Angels, Hyderabad Angels and Calcutta Angels.

The Report reveals that deal activity by the angel groups grew significantly in FY16, amounting to Rs.1137 Mn in commitments across 69 deals, as compared to Rs.703 Mn across 47 companies last year. Valuations also rose, with the median pre-money valuation in FY16 at ~Rs.100 Mn, up 10% over the previous year.

In our ‘Startup Outlook Report 2016’ released earlier this year, we found that NCR had emerged the preferred destination for entrepreneurs, followed by Bengaluru. The latest Report reaffirms these findings, with NCR accounting for ~36% of angel deals. Reflecting India’s place as one of the largest consumer markets in the world, B2C startups attracted over two thirds of angel group investments, with consumer internet, food and e-commerce as top sectors. In the B2B space, startups in IT / ITES and marketing / advertising sectors received majority of the investments. A strong preference for revenue generating startups observed in recent years continued in FY16 , with ~71% of the startups backed by angel groups generating revenues.

This year, we also demographically analyzed startups and founders funded by angel groups. Our findings reveal that the average startup had two co-founders, and one-fourth of all startups in the sample had at least one female co-founder. Interestingly, the average founder had 8 years of experience prior to starting up and 28% of all founders were found to be serial entrepreneurs. Looking at academic backgrounds, ~67% of founders were engineering graduates and the majority of them had a post-graduate qualification, most commonly an MBA. 46% founders had an MBA whereas 15% had a post-graduate qualification in a technical subject. India’s elite academic institutions were well represented amidst founders – 23% of all engineering graduate founders were from the IITs, while 16% of all founders with an MBA were from the IIMs.

At an overall portfolio level, an analysis of over 150 investments made by angel groups between FY05 and FY15 reveals that of FY16, angel groups had exited 18% of investees, while 7% had wound down, with the remainder still operational, but not exited. More than 50% of these companies have raised follow-on rounds of funding within which 22% raised multiple rounds. Historically, almost 40% of investments made in companies in any given year have gone on to raise further equity eventually with 5% of the portfolio companies having raised more than 5 rounds of capital.

Commenting on the findings, Mr. Ajay Hattangdi, Group COO and CEO India said, “The India Angel Report is the product of our ongoing inquiry into the dynamics of the various components of the venture capital landscape. While by no means comprehensive, the Report seeks to provide some understanding of the trends within angel investing in India. It is meant for use by practitioners in the angel community, by venture capital firms who see the valuation trends as a bellwether for their own deal pipelines, by policy makers who have begun to appreciate the role of angel investments in the development of the entrepreneurial finance system, or by those generally interested in the venture capital industry.”

About the Report

The ‘InnoVen Capital: India Angel Report’ is an annual report that provides analysis and trends on Indian angel and angel group activity. The report has been prepared by InnoVen Capital India Private Limited (“InnoVen Capital”) in collaboration with the Association of Indian Angel Groups (“AIAG”) and is based on data provided by the participating angel groups to InnoVen Capital. The following angel groups participated in this edition of the report – Mumbai Angels, Indian Angel Network, Chennai Angels, Hyderabad Angels and Calcutta Angels. The full edition of this Report can be read here: India Angel Report 2016 and infographic version at http://goo.gl/lQ7mmB. The previous edition of the Report can be read here: India Angel Report FY15.

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InnoVen Capital Invests $12M in 8 Startups in Q2

InnoVen Capital, India's leading venture debt firm has announced the closure of its second quarter for 2016 with 8 deals ~ $12million. This quarter, the company, which started in 2008, hit the milestone of crossing over 10 billion Rupees of cumulative venture debt disbursements in India, across more than 75 companies and over 110 deals. Among the new clients on-boarded are leading early stage companies such as Housejoy– marketplace for home services,Xpressbees– ecommerce logistics provider, Chillr– app enabling instant money transfer, Simplilearn– online certification training courses for professionals,Ridlr– traffic information and ticketing app,and Stayzilla– marketplace for budget accommodation.

Vinod Murali, Managing Director, InnoVen Capital, commented, “We are fortunate to consistently partner with some of the most promising startups in the ecosystem. Venture debt is steadily getting established as an integral part of a founder’s armoury when it comes to funding options for startups. We have funded a healthy mix of B2B as well as B2C businesses across lifecycle stages and the pipeline is quite strong as well.  Interestingly, venture debt is now being structured as part of equity rounds instead of lagging rounds as was the case in the past largely due to increased awareness of the product and the utility across various use-cases such as capex, acquisition finance, marketing campaigns, working capital and basic runway extension."

"The team at InnoVen has been a great partner to work with.  We appreciate them for their fast decision making and their eagerness to help us expand our network in the start-up ecosystem. Moreover, as active Chillr users themselves, they’ve provided us with great feedback to improve the Chillr experience" said Sony Joy, CEO, Chillr.

Yogendra Vasupal, Co-founder and CEO, Stayzilla, added, “The understanding of our business that InnoVen showed was excellent.”

Last month, in another initiative to provide further value beyond venture debt financing, InnoVen Capital announced its partnership with Mircosoft’s Accelerator in India which helps start-ups scale significantly and quickly reach global markets.

InnoVen Capital India (formerly known as SVB India Finance) started in 2008 as the first dedicated venture debt provider in India. The platform offers multiple sources of diverse debt capital including venture debt, acquisition financing, growth capital and capex financing. Till date, InnoVen Capital India has provided over 110 loans to more than 75 companies across early to mid-growth stage including Snapdeal, Freecharge, Myntra, Practo, Portea, Voonik, Byju’s, and Manthan Systems.

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