FPV Drone Manufacturer insideFPV Raises ₹3.5 Cr from Mumbai Angels and Others

insideFPV will use the freshly infused capital strategically to drive growth, innovation, and sustainability

Mumbai Angels, a premium platform for private investments, has expanded its portfolio further by investing in insideFPV, the first company in India to manufacture Plug and Fly FPV drones across Consumer, Defense and Agriculture segments. The Seed funding round that raised INR 3.5 Cr, also saw the participation of other investors, including IPV, Soonicorn, and angel investors like Fossbytes and Kumar Sahu.

insideFPV provides drones that empower its clients to create STEM education, create surveillance, and capture first-person view videos that were once out of their reach. The company’s market scope encompasses various sectors, including Government contracts and Defense, Agriculture, Commercial Sectors, and Surveillance.

insideFPV will leverage the freshly infused capital strategically to drive growth, innovation, and sustainability. In specific, the funds will be used for R&D, product development, market expansion, and distribution and logistics. The startup will also focus on enhancing its customer support and training, partnerships and collaborations, data analytics and software integration, and acquisition and strategic investments with the newly raised capital.

Earlier in July, the Drone Manufacturer had raised Rs 2.75 Crores in a Seed Round led by Inflection Point Ventures. 

Nandini Mansinghka, CEO of Mumbai Angels, said, “Drone technology, although not entirely new, has gained immense traction in recent times. Today, drones are used in several sectors for multiple purposes. However, insideFPV’s concept is a unique one, where customers can plug and fly the drones with a first-person view. It’s also the first time such a concept has been introduced in India. This funding is a testament to insideFPV’s innovations and technology, and we are confident that the fresh capital will enable the company to grow significantly and reach new heights.”

“India’s drone market is soaring to new heights, and our innovative products in defense, consumer, and agriculture are not just cutting-edge; they are the wings of progress, serving farmers, and civilians, and enhancing security. At InsideFPV, we believe in propelling a brighter, safer future for all through the power of drone technology,” added ArthChowdhary, CEO of insideFPV.

insideFPV has also created its own proprietorship in India and registered its Intellectual Property (IP) in the country, rather than copying and printing. As of now, the Shark Tank startup has served over 1000 customers, delivered 2000+ orders, registered an additional 15,000+ customers for buying drones, has 10+ drone arenas set up, and served 3+ regiments.

Mumbai Angels, India’s premier platform for private investment (a part of 360 ONE, earlier known as IIFL Wealth & Asset Management), holds an AUM of USD 130 Mn and a 230+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming, and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 1000+ investors spread across 70+ Global and Indian cities.

With Avg Deal Size of ₹1.2 Cr, Mumbai Angels Invested Over ₹80 Cr Through 66 Deals in FY-23

Mumbai Angels’ annual report reflects sustained growth with an average deal size of INR 1.2 Cr

The platform invested over INR 80 Cr through 66 deals during the financial year

Mumbai Angels, India’s leading private investment platform, has released its annual report for FY23, which reflects impressive numbers on all fronts, including investments, the number of deals evaluated, the average deal size, the total amount invested during the year, exits, and more. The platform invested over INR 80 Cr through 66 deals, with the average deal size being INR 1.2 Cr.

Building on its success so far, Mumbai Angels has evaluated 6000+ deals, with 160+ deals showcased during FY23. The platform has also made 6 exits and had 40+ startups raise additional rounds of funding, totaling up to over INR 550 Cr. Having a network of more than 720+ investors across 20+ countries and 60+ cities, Mumbai Angels has clocked an AUM (Assets Under Management) of $130 million in FY23. The platform’s annual report also showed that it has a 36% IRR (Internal Rate of Return) and 50+ investors for its Multiplier program, a specialized marketplace exclusive to its portfolio companies.

Further, Mumbai Angels’ number of investors rose from over 450 to 720+ in FY23, with 82% of the investors from India and 18% being international investors. The platform also invested majorly in the education (15.2%), F&B (12%), technology (10.6%), consumer (9.1%), and finance (9.1%) sectors. Apart from this, 7.6% of Mumbai Angels’ investments in FY23 went to the EV industry, while 6.1% each was dedicated to marketplaces and content, and 4.5% each went to the Logistics, Legal, and HR segments.

Ms. Nandini Mansinghka, CEO of Mumbai Angels, said, “The past year has been one of the most significant for Mumbai Angels. We became a part of 360 ONE, one ofIndia’s leading Wealth and alternates-focused Assetmanagers with an AUM of over USD 40 billion+. We also launched two new funds that can turn out to be game changers in this space. While these transformational events were taking place, our performance for FY23 remained consistent with steady growth on all fronts. As a leader in the private investment segment, we will continue to remain committed to nurturing high-potential startups while fulfilling our responsibility to stakeholders, including investors, entrepreneurs, and co-partners. We look forward to continuing our momentum and furthering our growth in the coming months/years.”

About Mumbai Angels

Mumbai Angels, India’s premier platform for private investment that is now a part of 360 ONE (earlier known as IIFL Wealth & Asset Management), one of the leading wealth and alternates- focused asset firms in India,hold an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming, and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 750+ investors spread across 70+ Global and Indian cities.

Mumbai Angels Backs Agritech Startup RuKart in Seed Funding Round

RuKart will utilize the finding amount to build its marketing and sales teams, scaleup operations, and expand its manufacturing unit.

Mumbai Angels, a premier platform for private investments, has invested in Mumbai-based Agritech startup, RuKart. While the capital amount remains undisclosed, RuKart will leverage the funds to build its marketing and sales teams, scaleup operations, and expand its manufacturing unit. With the low-cost and easy-to-maintain, water-based cooling storage device called Subjee Cooler, the founders, all of them alumni from IIT Bombay, aspire to eradicate poverty in accordance with UN's sustainable development goals (SD goal 1), by making available affordable and clean energy alternatives (SD goal 7), and generating accelerated economic growth (SD goal 8) locally.

Nandini Mansinghka, CEO of Mumbai Angels, said, “Agriculture is not just integral to our economy but also for every individual, making it an industry that must be the priority at all times. RuKart is on a mission to minimize post-harvest loss and unsustainable practices in the flower, fruit, and vegetable segment. Not only has RuKart been incredibly capital efficient, but it also prioritizes innovation, sustainability, and technology. We are confident that our funding will allow the company to grow further and achieve its goals.”

“We at RuKart are looking to develop an economical and profitable, and environmentally sustainable farm ecosystem for small plot holders growing Fruit/Vegetable/Flower in less than 0.5 acres of land through an affordable and decentralized green innovation – the Subjee Cooler. RuKart’s mission is to bring down the post-harvest loss in the Fruit, Vegetable, and Flower segment from the current level of 30% to less than 5% in the developing world by 2030,” said the founders, Gunavant Nehete, Sharayu Kulkarni & Vikash Jha.

RuKart was launched by VikashJha with his IIT Bombay collegemates - Sharayu Kulkarni and GunvantNehete, who bootstrapped RuKart Technologies (rukart.org) in May 2019. They developed an affordable, recurring-cost-free Green storage technology, Subjee Cooler, a device that is independent of electricity, solar power, and diesel for its operation, all it needs is 20 liters of water per day. In the last 40 months, RuKart sold 800+ Subjee Coolers across 10 states. Initially, the startup started with a brick model of Subjee Cooler and with rigorous field-level installations across different geographies that also included regular follow-ups for end users. Today the Agritech startup also offers portable and mobile models.

Mumbai Angels, India’s premier platform for private investment (a part of 360 ONE, earlier known as IIFL Wealth & Asset Management), holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming, and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 750+ investors spread across 70+ Global and Indian cities.

Sustainable Baby Essentials Brand, A Toddler Thing, Raises INR 2 Cr in Funding Led By Mumbai Angels

The brand will use the fresh capital to up its marketing and expansion efforts to increase brand awareness and gain a wider customer reach while expanding its product line

Adding yet another high-potential startup to its vast portfolio, Mumbai Angels, a premium platform for private investments, led the investment round of INR 2.2 Cr, in Coimbatore-based sustainable baby essentials brand A Toddler Thing, amidst other investors. A Toddler Thing will use the fresh capital to up its marketing and expansion efforts to increase brand awareness and gain a wider customer reach while expanding its product line. The funds will also allow the brand to bolster its sustainability quotient, providing safe, eco-friendly baby products.

Last month, 360 ONE (earlier known as IIFL Wealth & Asset Management), completed the acquisition of controlling stake in Mumbai Angels. And, also announced also announced the launch of two new funds. 

Nandini Mansinghka, CEO of Mumbai Angels, commented, “Parenting can be a rollercoaster ride. There are countless aspects a parent needs to pay attention to, and their child’s safety tops the priority list. A Toddler Thing focuses on creating a wide range of sustainable and safe baby products for the babies who will inherit the planet tomorrow. The brand is leading the way in sustainable baby products in India and has been incredibly capital efficient. This funding is a testament to their growth and progress over the past 5 years. We believe that the new capital will allow them to expand further on all fronts and reach greater heights.”

“Today, nearly every parent is constantly on the hunt for baby products that are safe and non-toxic. They are also increasingly concerned about the sustainability aspect of the brands they purchase from, as they want to ensure a cleaner, greener planet for their children. Sustainability and safety are in our DNA at A Toddler Thing. As a game-changer in the Indian market, we are committed to providing sustainable and safe baby products that benefit both the environment and our little ones. Together, let’s create a brighter and more sustainable future. We are thankful for our investors who are backing us in our journey to ensure children’s and the planet’s safety. The latest funding will help us gain a wider reach and grow further,” added Ashwanth Sureshbabu, Co-Founder and CEO of A Toddler Thing.

One of the most sought-after baby essentials brands in the country, A Toddler Thing offers an unparalleled selection of GOTS and CPSIA-certified clothing and organic muslin essentials, all carefully designed with your baby’s comfort and happiness in mind. The founders, Ashwanth and Swathi, have personal experience and understanding of how important it is to have safe and sustainable baby products, that’s how the brand came to life.

Founded in 2017, A Toddler Thing has seen tremendous growth, processing over 1.5 lakh orders, with a 75% YoY increase in sales. The brand is committed to providing safe and sustainable products for babies and their parents and is excited to continue to raise the bar for conscious consumption in the country. With the support of the investors, A Toddler Thing is poised to make an even greater impact in the industry.

Mumbai Angels, India’s premier platform for private investment that is now a part of 360 ONE (earlier known as IIFL Wealth & Asset Management), one of the leading wealth and alternates-focused asset firms in India, holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming, and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 750+ investors spread across 70+ Global and Indian cities.

360 ONE Acquires Mumbai Angels; Announces Two New Funds with Them

 Angel Fund and Category 1 Venture Capital Fund to be launched.

360 ONE (earlier known as IIFL Wealth & Asset Management), one of the leading wealth and alternates-focused asset firms in India, recently completed the acquisition of controlling stake in Mumbai Angels, a premier platform for early-stage venture investments.

Mumbai Angels, one of the largest players in the early-stage investment space, will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool. Through its strict filtration criteria, it will be able to offer a wider array of best-in-class deals to its investors. Dedicated to supporting and nurturing early-stage startups, and helping its investors to grow their wealth, the investment platform today also announced the launch of two new funds: Category 1 Venture Capital Fund - Angel Fund and Category 1 Venture Capital Fund. (VCF)

The Category 1 VCF - Angel Fund does not involve pooling, i.e. each investment is treated as a separate scheme. This fund offers unique flexibility to both investors as well as startups. While investors will have the freedom to invest in a larger number of select deals, while the startups will have a leaner cap table.

The second fund, Category 1 VCF, is aimed at those looking at investments over a wider portfolio, without getting into the nitty gritty of all participating startups. This fund will enable investors to participate in every deal on the platform.

"Mumbai Angels has built an enviable platform to tap quality companies at an early stage. We are glad to have a talented team on board led by Nandini Mansinghka, Chief Executive Officer, Mumbai Angels. With this new set of offerings, we will be able to further provide clients some interesting investment opportunities at an early stage in companies, which have the potential to bring about disruptions in their respective industries," said Karan Bhagat, Founder, MD & CEO, 360 ONE.

Nandini Mansinghka

"We are thrilled to be a part of 360 ONE, and the launch of our two new funds will open a plethora of opportunities for new-age companies looking at capital and investors keen to ride the startup wave," said Nandini Mansinghka, Chief Executive Officer, Mumbai Angels. "Our investments are sector-agnostic, and our team has a proven track record of identifying and supporting promising early-stage companies, and we are confident that the Angel Fund and Category 1 VCF. Fund will provide valuable opportunities for investors to be a part of the success stories of young Indian start-ups," she added.

About Mumbai Angels:

Since its inception in 2006, Mumbai Angels Network has the reputation of helping many new-age innovative endeavours get off the ground successfully. The company is dedicated to making India's startup ecosystem more accessible to investors across the country and has previously sponsored multiple successful companies.

About 360 ONE

360 ONE, earlier known as IIFL Wealth & Asset Management is one of the leading wealth and alternates-focused asset management firms in India. 360 ONE has aggregate assets of more than INR 3,33,000 crores under management, as on September 30, 2022.

360 ONE is an embodiment of two words that are extremely important to the firm, ‘360’ represents the holistic view we take of the ‘ONE’ person whose interests are always first: Our Client. The new brand 360 ONE will help the company retain all the elements that make it unique, while also injecting vibrancy and freshness of a modern India. It not only captures the company’s ethos but will also resonate with a more diverse set of clients and prospects, including the next generation. 

360 ONE is one of the pioneers in the industry to bring about product innovations. The firm has won more than 125 awards of repute since its inception in 2008. With a 900+ team strength, 360 ONE is headquartered in Mumbai with a presence in 27 domestic and global locations.

Mumbai Angels and Other Investors Invest INR 8 Cr in Digital Training Platform Spardha as a Part of Its Pre-Series A2 Round

Spardha will leverage the funds to expand its sales and operations team, upgrade its products, build its brand, and ramp up its marketing efforts to gain a stronghold in the global market

Mumbai Angels, a premium platform for private investments, along with others has invested INR 8 Cr in a Series A2 round of funding in Spardha, a digital training platform. Spardha will use the fresh capital to expand its team by hiring for its sales and operations teams and upgrading its products. The company will also be leveraging the funds to build its brand and for ramping up marketing efforts to expand its presence in the global market.

“Increasing consumer propensity for flexibility and reduced cost has made online learning a preferred option worldwide. With geographic barriers fading away in response to the online skilling revolution, there is a huge market yet to be explored. I am confident that Spardha is well placed to exploit this burgeoning glocal demand with its well-established global presence and versatile music platform,” said Nandini Mansighka, CEO & Co-Founder of Mumbai Angels.

“Spardha’s mission is to contribute to the holistic development of our students and teachers. We want to become the most trusted platform for Performing Arts Education globally. We have achieved a healthy user base of 15,000 so far. We are thankful to be backed by marquee investors who have placed their faith in us. We believe this funding will help us achieve our goal of expanding our footprint and augmenting our product offerings,” added Saurabh Srivastav, Founder and CEO of Spardha.

With the help of its curated curriculum, certified trainers, and state-of-the-art technology, Spardha is expanding rapidly not only in India but also in the international markets. Headquartered in Pune, Spardha, offers a unique blend of professional teachers, a result-oriented curriculum, personalized musical journeys for different student personas, and a digital platform where you can perform online, jamming, practice with your friends/peers, compete with your peers, co-create music with your peers and launch your own compositions.

The company plans to garner a user base of 50,000 in the coming months. With more than 400+ certified teachers on its platform across Hindustani, Carnatic, and Western Music, Spardha is one of the fastest-growing online music schools globally. Recently Spardha achieved one more milestone of crossing INR 10 Cr+ ARR in Sales and Renewals. More than 60% of the revenue comes from international markets, i.e., the USA, UK, UAE, Australia, and Singapore.

About Mumbai Angels

Started in 2006, Mumbai Angels, India's premier platform for private investment holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 700 investors spread across 60+ Global and Indian cities.

Mumbai Angels, Hindustan Media Ventures Pvt Ltd, and others invest in pre-SeriesA round of Hemp Horizons

The company will leverage its latest funding to build offline distribution, strengthen its marketing strategies, boost its D2C brand 'Health Horizons' and launch new products

Mumbai Angels, a premium platform for private investments, invests in Hemp Horizons, a vertically integrated, zero waste and carbon-negative pioneer in the domestic hemp industry. The undisclosed funding round that saw the participation from Hindustan Media Ventures Pvt Ltd, and others, will enable Hemp Horizons to build a robust offline distribution network, strengthen marketing strategies, promote its D2C brand 'Health Horizons,' and launch new products.

“With the recent regulatory amendment advancing the recognition of Hemp seed as a nutritional superfood product, the Hemp industry is upbeat about its growth prospects. I am confident that as an established vertically integrated player focused on driving a carbon-negative footprint, Hemp Horizons is set to capitalize on the Hemp revolution for the unabated future growth,” said Nandini Mansinghka, Co-Founder & CEO of Mumbai Angels.

"With this renewed support from our previous investors, Mumbai Angels and Hindustan Media Ventures Pvt Ltd, we are all set to build a much larger organization at Hemp Horizons. We are excited to see how the hemp and cannabis industry has evolved since our inception five years ago. At Hemp Horizons, we don't just sell products but encourage a zero-waste ecosystem. We have created a sustainable foundation with an unbreakable supply chain, in-house GMP, and USFDA-registered manufacturing and packaging facility. Every product we sell comes right from the farm into the customers' hands, and Hemp Horizons is the only channel in between."

"With these fresh funds, we will be building our offline distribution network, which will allow us to create a true D2C system that is sustainable and has a relatively lower carbon footprint. For consumers, I would like to say, read the labels and do your research before buying the products. It's important to know the lifecycle of every product. The Indian hemp and cannabis industry is growing significantly, and soon we will be an exporter to the world,"added Co-Founder & CEO of Hemp Horizons, Rohit Shah.

Founded in 2017, Hemp Horizons is the brainchild of Rohit Shah, Kartikey Dadoo and Kanishk Yadav. It was initially set out to be a vertically integrated company. Over the last five years, the company has witnessed significant growth. It currently operates a 20MT manufacturing facility for hemp seed and cannabis to develop health and wellness products. Hemp Horizons has already collaborated with more than 40 labeling companies to supply their products. Its brand 'Health Horizons' has also recently launched several avant-garde products in India and gained 7000+ D2C clients.

About Mumbai Angels

Started in 2006, Mumbai Angels, India's premier platform for private investment, holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 700 investors spread across 60+ Global and Indian cities.

Mumbai Angels and Others Invest INR 4.39 Cr in Woolly Farms, a Consumer-first Agricultural Ecosystem

The platform will utilize the funding to build its technology platform and bolster sales and marketing efforts

Mumbai Angels, a premium platform for private investments, has invested INR 4.39 Cr along with other investors in Woolly Farms, a consumer-first agricultural ecosystem built within and around urban areas with consumer participation. The round also saw the participation of Callapina Capital, Malabar Angels Network and Mentorous Ventures. Woolly Farms will use the funding to build its technology platform with an NFT ecosystem for consumers to participate in farm constructions built on Blockchain technologies, and IoT-driven farms that enable centralized monitoring systems to manage farms at scale, and bolster sales and marketing efforts.

“As an agrarian country, farming is at the core of the Indian economy that requires sustainable farming intervention on a priority. Woolly Farms has built a unique platform that ensures sustainable farm production of organic and affordable vegetables, especially off-season greens, through its consumer/producer participation approach based on a decentralized finance model. I am confident that the fresh funds will enable Woolly Farms to widen its reach as it scales up itstech infrastructure and business in different geographies,” said Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels.

"Agriculture contributes 17% to the global warming cause. But it’s important to understand that no business can sustain itself without having sustainability as a critical pillar. Without designing our systems for mass adoption of products from climate-friendly systems, the movement of sustainability would fail. At Woolly Farms, we believe that Capitalism, Empathy and Technology together can bring this necessary change into effect. We are delighted to be backed by prominent investors in our quest for good quality food and sustainable agriculture. The funding will allow us to bolster our infrastructure and expand our customer reach and footprint," added Bushair, AP, Co-Founder, and CEO of Woolly Farms.

"It is time for a different approach. With vertical farming (using hydroponics), Woolly is doing exactly that - solving for multiple challenges faced by traditional farming at once. By growing the crops in a controlled environment that is local to the end consumer, Woolly is able to guarantee high quality, consistent output that the consumer can see and trust, thereby creating a D2C Agro brand. Moreover, with their innovative consumer financing model, they have figured out a scalable model enabling local consumer participation. Bushair,Nithun,and the team have a very bold and long-term vision to present an alternative option for the Indian consumer, which we are excited to get behind,” commented Vinod Jose, MD of Callapina Capital.

Woolly Farms’ Consumer first agriculture ecosystem aims to construct sustainable farms, co-owned by the consumers, in urban areas. With financial contributions ranging from INR 10,000 upwards, consumers are also engaged in responsible urban farming through volunteering contributions in technology, farm works and agri knowhow, in return for entitlement of fresh farm produce. Adoption of technologies, such as zero soil usage, farming on the top of high-rise buildings, use of 95% less water consumption compared to traditional farming are a just few solutions, among others, that have been garnering the interest and the support of today’s green-conscious customers at a faster pace. Based in Bangalore, the company has so far touched 12K+ households in the city, with a close community of 6000 consumers and urban growers. The modern farming player is keen to drive sustainable farming goals by allocating 2% of its token capital towards implementing sustainable practices that are on par with the International standards.

Started in 2006, Mumbai Angels, India's premier platform for private investment holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 700 investors spread across 60+ Global and Indian cities.

B2B FnB Marketplace with Zero Inventory Redbasil Raises Rs 2.5 Cr from Mumbai Angels and Others

Mumbai Angels and others invest INR 2.5 Cr in Redbasil, a tech-driven zero-inventory wholesale food marketplace for restaurants and cloud kitchens

Redbasil will utilize the funds to expand ground operations and its sales team in Delhi NCR, invest in engineering resources and tech infrastructure, and onboard 500+ outlets

Mumbai Angels, a premium platform for private investments, has invested in Redbasil, a tech-driven, zero-inventory marketplace for wholesale food supply for restaurants and cloud kitchens, as a part of its Seed funding. The round also saw the participation of SAT Industries, Plan B Capital and other investors. Redbasil will primarily use the capital to expand its ground operations and sales team in the Delhi NCR region and invest in engineering resources and tech infrastructure. The platform also aims to onboard 500+ outlets and clock a monthly GMV of over INR 1.5 Cr with the funding.

Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels, said, “The skyrocketing number of restaurants and cloud kitchens in the country has fueled a need for hassle-free procurement of wholesale foods. Redbasil’s digital marketplace model has bridged the gap by enabling restaurants and cloud kitchens to source them seamlessly through its app. We are confident that the latest infusion of capital will help the platform tap into the immense potential in the market, cater to more customers, and scale the business.”

“Redbasil was founded with a simple idea – making wholesale food supply reliable and convenient. We found that the Indian food value chain faced multiple challenges like inconsistent quality, volatile pricing, delayed deliveries, creating a major gap in the system. Redbasil was conceptualized as a digital marketplace to address these challenges for commercial kitchen operations in India. We have received an incredible response from our customers. We’re delighted to be backed by marquee investors in our journey of building a robust ecosystem in the food value chain for restaurants and cloud kitchens. This funding will help us achieve our goal and reach greater heights,” added Naman Dayal, Founder and CEO of Redbasil.

Since its inception, the platform has sourced produce for over 2000 SKUs (with 5000+ in the pipeline). Redbasil has also onboarded 80+ food outlets in Delhi NCR, alongside 20 high-quality suppliers from various wholesale mandis, local traders and branded distributors. Having generated INR 51 lakhs in GMV in April 2022, Redbasil is currently clocking a growth of 30% month-on-month.

Started in 2006, Mumbai Angels Network is India’s premier platform for private investments. Mumbai Angels today has 200+ companies in its portfolio across sectors and cities in India. Of the overall portfolio, the platform has exited/ secured the next round of funding for 100+ of them. Today the platform has 700+ investors spread across 60+ cities across the globe.

DaveAI Raises Pre-series Funding led by Mumbai Angels to Humanize Digital Conversations with Virtual Avatars

Bengaluru based Artificial Intelligence sales augmentation platform, DaveAI said it has raised an undisclosed amount in their pre-series round of funding from Mumbai Angels Network, GHV Accelerator, IIIT Technology Venture partners and Mr. Mohan Kumar, CEO of Crestere Technologies.

From replacing chat bots with virtual avatars to creating contactless experiences in physical spaces, the startup's patent pending Empathetic AI technology is creating a new dimension for product discovery moving away from the traditional websites and four walls of stores & banks. DaveAI's avatars can be deployed on web, Kiosks, VR and AR. DaveAI is a Nasscom Deeptech club member and part of Intel's Maker Lab.

"We are pleased to be backed by investors who understand technology & believe that world class deep technology products can be built in India. DaveAI is an enterprise grade AI platform for creating next generation of Sales Experiences. This investment will help us enter new markets & sustain this growth at a global scale", said Sriram, Co-founder & CEO – DaveAI.

Founded by Dr.Ananthakrishnan Gopal, Ashok Balasundaram & Sriram P H, this is the founding team’s second venture. Ananth has a PhD in Speech technology & ex Samsung R&D, Sriram was a client partner at HCL & Ashok was a retail entrepreneur.

Virtual Sales Solutions have seen a surge in interest in the Post Covid world. With enterprises like Maruti Suzuki, Pidilite Industries, Landmark Group and some leading banks as customers, the startup recorded 230% revenue growth last quarter amidst a global slowdown.

Talking about their engagement with DaveAI, Mr.Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki said, “We at Maruti Suzuki are constantly working towards bringing Innovative solutions to provide superior experience to our customers.

Our corporate accelerator, MAIL (Mobility and Automobile Innovation Lab) provides an excellent platform to startups to collaborate and work with Maruti Suzuki to co-create solutions which will be quickly implemented in our business and ecosystem. We are collaborating with DaveAI winner of our MAIL program (cohort 2) to implement multiple AI based solutions to enrich the customer experience on our digital platforms. We are confident that with this partnership, we can set new benchmarks to enhance business performance and improve customer interface.”

Talking about the investment, Vikram Upadhyay, Chief Mentor of GHV Accelerator said, 'DaveAI faired extremely well to showcase the impact of their technology with Maruti Suzuki MAIL, powered by GHV Accelerator, a signature industry co-creation program. This not only gave DaveAI a strong Industry validation, but also a confidence to GHV about their potential. DaveAI forms a part of GHV’s AI vision, where we would be deploying along with other co-investors INR 100 crore from our network, out of which 25% is already executed.’

This round was led by Mumbai Angels Network. Nandini Mansinkha, Co-promoter and CEO Mumbai Angels Network commented, “Innovation of using Digital human avatars for having digital conversations is the best way to merge the physical and digital world altogether. We believe this innovation is going to progress in future by transforming enterprises. AR/VR technology has a vast market that offers a potential new way of interaction between customers and the world around us.”

Deeptech Defence Startup Big Bang Boom Raises additional Rs. 11 Cr in Funding led by Mumbai Angels

Big Bang Boom Solutions has raised an 11 Cr round led largely by Mumbai Angels, and other Angel Networks including Keiretsu Forum, Udtara Ventures, Pitchright Ventures and other HNIs. This comes on the back of a 5Cr raise a short while back and has put the company on a highly accelerated growth trajectory and is expected to bolster the company's efforts towards setting up a high technology software vertical, and its presence internationally.

The company has pioneered the concept of 'Runway Infinity' where they have been able to build a business model which uses cash only for acceleration of projects with a clear path to monetization; as opposed to a classical burn rate measured by startups, which gives them an infinite runway.

The startup accelerated the fundraise at the announcement of the lockdown and closed the entire round with oversubscription by the end of it. The company leadership explained this acceleration with a metaphor - "If we are not allowed to chop wood due to a blizzard, we will spend the time sharpening our axe". The leadership also mentioned that the recent announcements by the government towards increasing FDI in the defence sectors, import ban on key technologies and local procurement of all governmental tenders under 200Cr would aid in the growth of the fledging defence product development sector in India.



Praveen Dwarakanath, CEO mentioned, "We took inspiration from the battle at Rezang La in 1962. If the Indian soldiers could hold the enemy back under those impossible odds, surely we can do what is needed to back our Force. We did not let the lockdown slow us down and did what was required to ensure that everything is on track".

The fundraise is not just the cash addition to our balance sheet, the founders clarified "The addition of over 70 private investors means that the startup now has a set of highly intellectual, and well-placed individuals whose combined contribution to the journey in kind, far outweighs the cash raised." The company decided to turn towards Angel Networks as opposed to the classic VC route for their fundraise as a strategic call to bring in these allied benefits. The company anticipates several alliances with, and among the new additions to the Big Bang Boom family.

Dr. Shivaraman Ramaswamy, CTO mentioned, "This is an extremely exciting phase of our journey towards becoming India's first defence Unicorn. With support from iDEX and the confidence of our investors; we are sure we will be able to continue our groundbreaking R&D in defence technologies."

"Defence technologies that are developed within the geographical boundaries of the nation bring a great deal of security to the country especially given the situation at the border," he further added.

Vishwanathan, Head of Forge Incubator Coimbatore mentioned, "As a partner incubator to iDex, Forge sees Big Bang Boom as an exemplar startup bringing its audacious vision, execution agility, and financial ingenuity to serve the iDEX vision to strengthen technological capabilities of the Indian defence sector in alignment with Atmanirbhar Bharat."

Col. Arvind Kumar, Program Director of Defence Innovation Organization (DIO) mentioned, "Kudos to your efforts and single minded determination. Very happy to note that your continued high traction growth will allow for a deeper engagement with the Defense Innovation Organization."

Nandini Mansinghka, Co-promoter and CEO Mumbai Angels Network, "We are happy to welcome BBBS in our expanding diversified portfolio. We are seeing a dynamic shift in how the government is looking defence as a sector for startups to innovate, research and built technologies from ground-up and put India on the global footprint as a defence exporter instead of a defence importer. We are extremely bullish about participating in this industry-defining the near future and is the backbone of our economy."

About Big Bang Boom Solutions

Big Bang Boom Solutions was started in 2018 by Dr. Shivaraman Ramaswamy and Praveen Dwarakanath, both serial entrepreneurs with excellent track records. The company managed to win two prestigious iDEX grants from the Defence Innovation Organization, Department of Defence Production; and is on track to deliver cutting-edge technology systems to the Indian Armed Forces. They also have other products which they have developed in-house and were on display at the recent Defence Expo in Lucknow. They have been granted incubation facilities with T-Hub in Hyderabad and Forge in Coimbatore.

EV Tourism Startup BLive Raises Funds from Mumbai Angels Network

BLive, an eco-tourism start-up which has pioneered the concept of Electric Vehicle Tourism in India, has raised an undisclosed amount from Mumbai Angels Network in its pre-Series A funding round. The company has raised close to 1milion USD from a strategic investment by DNA Networks and a seed funding round led by Shrinivas V Dempo, Chairman of Goa’s leading business house Dempo Group and Shivanand V Salgaocar, Chairman, Vimson Group.

The funds raised will be used for developing tech infrastructure, market expansion and enhancing the consumer experience. Founded in 2018 by Samarth Kholkar and Sandeep Mukherjee, BLive offers unique, experiential, guided tours on smart electric bikes thus promoting zero carbon tourism in India. The company works closely with the government bodies & hospitality chains to encourage early adoption of electric vehicles across all tourist destinations in India. The company envisions bringing in eco-tourism revolution in the country through curated experiences powered by electric vehicles.

Speaking about the investment, Samarth Kholkar & Sandeep Mukherjee Co-Founders, BLive, said, "We are happy to receive strong investor interest despite the Covid19 situation. Our robust business model and consistent performance has proven we can bounce back quickly from the crisis. Securing an investment amidst the present situation shows the confidence of investors in the potential of our EV tourism business. Amidst this crisis, Mumbai Angels helped us raise funds seamlessly and also connected us to its vast network of Investors India. We will be deploying the funds towards expanding to new profitable markets with strategic hospitality partners.”

Nandini Mansinghka, Co-promoter and CEO Mumbai Angels Network, said, “We are happy to welcome BLive in our expanding diversified portfolio. We are seeing a dynamic shift in how travel takes place and are hoping that BLive becomes a star in our portfolio. Domestic travel will flourish after the pandemic is contained and there’s a great potential for the company to grow and expand to newer markets. We are extremely bullish about participating in this industry-defining the near future.”

BLive experiences are available in Gujarat, Kerala, Karnataka, Rajasthan, Puducherry, Tamil Nadu and Goa. B: Live is the official EV tourism partner of GTDC. The company also have tie-ups with hospitality partners like – Taj, Grand Hyatt, Airbnb to name a few. Within a year of its launch, BLive has expanded to 9 top tourist destinations in India and has completed over 6000 rides, helping save six tonnes of carbon emissions.

Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune and Jaipur). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.

About BLive

BLive- India's first electric-bike tour brand offers curated, authentic and immersive local tours that can be experienced on smart, savvy, electric bikes. With BLive electric bike, one can cover longer distances and scale greater heights, almost anywhere in India. Powered by battery packs, our electric bikes can whizz through in a flash. Experience the joy of effortless riding and collect memories as you ride a new adventure to off beaten trails. Its well trained and informed captains ensure an informative, enjoyable and safe ride for all. See an unseen-local side of culture, history, food and festivals without leaving a carbon footprint behind. The guided e-Bike tours have been designed to help discover the hidden treasures of a destination while showcasing the best art, culture and cuisine.

AI-powered Video Platform Toch Raises Funds from Angels Networks, HNIs Including Former Zee CFO

Mumbai-based start-up Vogueme Technologies has raised an undisclosed Pre-Series A funding round led by investors from Hyderabad Angels, Mumbai Angels and other high net worth individuals (HNIs) including former Zee Entertainment CFO Mihir Modi and Swastik Bihani, Head of Products & GM, India at PayPal.

The startup will use the funds raised to enhance technology, scale their team and operations.

Founded in 2016 by Vinayak Shrivastav, Alok Patil and Saket Dandotia, Toch is world's first video interactive shoppable platform that allows users to purchase and view information right while watching the content. The platform optimises the video content, to add clickable hotspots, or 'tags', to any moving person or object in video adding an unexplored consumer experience he is not purview to currently.

The artificial intelligence (AI) video platform of Toch auto-detects objects, people, emotions, locations, scenes and activities in a video in real time and automates the meta-tagging process to enable monetisation.

Rathnakar Samavedam Portfolio Manager with Hyderabad Angels said, “With live commerce becoming the centre in the country, Toch has positioned itself as a platform to enable the new-age live discovery solution for users. The founders have the vision that excites us and our members believe Vinayak and team are building a disruptive technology in the media and commerce space.”

"Our growth roadmap in the media-tech sector has expanded over the last year and also our vision for a live commerce experience. We have automated the decade-old meta-tagging opportunity and look to keep growing our revenues by 4x this year. Toch is currently enabling meta-tagging for live sporting events, live shows and library-based content for streaming platforms and is venturing into broadcasting meta-tagging simultaneously,” Founder and CEO, Vinayak Shrivastav said.

“While the platform is gearing up for a rebranded launch in the Live commerce category before the end of Q3. The current round will be used to grow our market traction,” Shrivastav added.

“Toch’s technology is already powering leading media companies in the digital media revolution that the country is currently witnessing,” said Mihir Modi.

Natural Protein-based Foods Startup Proliva Raises Funding from Mumbai Angel Network

Anand, Gujarat-based Proliva (Nutrisattva Foods Pvt. Ltd.), a natural protein based functional foods company, raises funding from Mumbai Angels Network (MA Network), India’s premier platform focused on new venture investing.

Nutrisattva Foods was founded in 2016 by three veterans from the dairy and nutrition sector: BM Vyas, former Managing Director of India’s largest dairy firm Amul (GCMMF), Shirish Upadhyay, former Senior Vice President of Parag Milk, and nutritionist Dr. Ravi Khimani; with backing from Bennett, Coleman & Co. Ltd. (BCCL).



The protein innovation company is focused on developing customized protein-based functional foods for individuals across age groups, nutritional needs, and lifestyles. Their brand Proliva is 100% vegetarian, all natural, with no additives or preservatives, fillers or added sugars, and is fortified with vitamins, superfoods and Ayurvedic ingredients.

Protein deficiency is one of the biggest causes of malnutrition with 9 out of 10 Indians deficient in this nutrient. The health benefits of protein include support for muscles, joints, bones, skin, hair and nails, as well as amino acids and electrolytes, all necessary for our well-being. The Indian Dietary Supplements market is estimated to be $2 billion (Rs. 13,400 crores); growing at a fast pace of 16% and estimated to double by 2020.



Commenting on the Founder Shirish Upadhyay, said, “We are excited to be associated with MA Network and the value they bring to help us execute our larger vision and movement in making India a healthy nation. We want consumers to make Proliva a part of their daily food consumption habit rather than viewed as a supplement. We want to increase consumer awareness by building focused products within the health food and consumer industry."

“We are thrilled to bring Nutrisattva Foods to our portfolio group of companies. We are looking for companies that are paving new paths in the consumer category and believe Proliva is doing just that with their clean label and attractive branding. We believe MA Network is in tune with the needs and wants of modern consumers and see this as a big business opportunity within the consumer health category. There is a lot of innovation happening around the protein space and consumers are looking for convenient ways to boost their intake through new formats. Together, Nutrisattva and MA Network aim to increase brand awareness and boost distribution for Proliva,” said MA Network CEO & MD, Nandini Mansinghka.

EV Battery Tech Startup Gegadyne Raises Funding From Mumbai Angels Network

Gegadyne Energy, a Mumbai-based startup Electric Vehicle (EV) & Energy Storage startup has raised undisclosed amount of funding from Mumbai Angels Network, announced the investor in a press release sent to IndianWeb2.

Founded in 2015 by Jubin Varghese and Ameya Gadiwan, Gegadyne has patent pending battery technology which will enable to recharge batteries in a rapid manner without the need for fast charging. The startup also touts itself as India's Indigenously Developed Fully Electric Vehicle & Energy Storage System.

The funding raised will help the startup to venture into an eco-friendly future without the cumbersome lithium-ion batteries. It beats the conventionally used options not only in terms of utility but also in terms of cost and convenience.

“A new concept needs the right set of people and the right source of financing to transform it into something tangible. In our case, MA’s timely guidance and the vast network have put us in touch with investors who bring not only a financial backing to this venture, but the much-needed connections that this industry demands", said Gegadyne founders.

Nirav Choksi, Deal Lead, Mumbai Angels Network said, “Gegadyne is one of those companies that can truly change the world. With the world moving towards Electric Vehicles and efficient low-cost batteries, Gegadyne’s patent pending super capacitor graphene-based battery would be the game changer replacing the Lithium ION batteries.This is one company, and these are one set of entrepreneurs you really want to see succeed for the betterment of mankind.”

Vishwamitra Hariharan, Deal Lead, Mumbai Angels Network said, “Founded by two extremely passionate founders, Gegadyne’s patent-pending technology can truly change the rules of game in battery technology. We have great expectations from Gegadyne to become ubiquitous in the world of sustainable technologies and look forward to the company playing a pivotal role in the world EVs, as well as the world of sustainable energy products.”

The startup name - 'Gegadyne', reminds of GegaFactory, a lithium-ion battery factory of Elon Musk's Tesla Inc., which is the biggest battery factory in the world. With similar-fasioned name, probably the Mumbai-based startup aims to go the level of Tesla's Gigafactory, in Indian subcontinent.

Notably, India supposed to be one of the destinations GigaFactory however, in March 2017, Tesla got reluctant of Indian government offer and decided to stay away from manufacturing in India, ateast for couple of years more.

Mumbai Angels (MA) Network is India’s leading angel investing and mentoring network, which has invested close to INR 200 crs in high growth startups with scores of high level exits to its credit.

Mumbai Angels has recently invested undisclosed amount in Gurgaon-based Spoofin, a video-based social network.

Earlier, Mumbai Angels has announced its partnership with Calcutta Angels to work as a team for investing in startups in the country.

EV Battery Tech Startup Gegadyne Raises Funding From Mumbai Angels Network

Gegadyne Energy, a Mumbai-based startup Electric Vehicle (EV) & Energy Storage startup has raised undisclosed amount of funding from Mumbai Angels Network, announced the investor in a press release sent to IndianWeb2.

Founded in 2015 by Jubin Varghese and Ameya Gadiwan, Gegadyne has patent pending battery technology which will enable to recharge batteries in a rapid manner without the need for fast charging. The startup also touts itself as India's Indigenously Developed Fully Electric Vehicle & Energy Storage System.

The funding raised will help the startup to venture into an eco-friendly future without the cumbersome lithium-ion batteries. It beats the conventionally used options not only in terms of utility but also in terms of cost and convenience.

“A new concept needs the right set of people and the right source of financing to transform it into something tangible. In our case, MA’s timely guidance and the vast network have put us in touch with investors who bring not only a financial backing to this venture, but the much-needed connections that this industry demands", said Gegadyne founders.

Nirav Choksi, Deal Lead, Mumbai Angels Network said, “Gegadyne is one of those companies that can truly change the world. With the world moving towards Electric Vehicles and efficient low-cost batteries, Gegadyne’s patent pending super capacitor graphene-based battery would be the game changer replacing the Lithium ION batteries.This is one company, and these are one set of entrepreneurs you really want to see succeed for the betterment of mankind.”

Vishwamitra Hariharan, Deal Lead, Mumbai Angels Network said, “Founded by two extremely passionate founders, Gegadyne’s patent-pending technology can truly change the rules of game in battery technology. We have great expectations from Gegadyne to become ubiquitous in the world of sustainable technologies and look forward to the company playing a pivotal role in the world EVs, as well as the world of sustainable energy products.”

The startup name - 'Gegadyne', reminds of GegaFactory, a lithium-ion battery factory of Elon Musk's Tesla Inc., which is the biggest battery factory in the world. With similar-fasioned name, probably the Mumbai-based startup aims to go the level of Tesla's Gigafactory, in Indian subcontinent.

Notably, India supposed to be one of the destinations GigaFactory however, in March 2017, Tesla got reluctant of Indian government offer and decided to stay away from manufacturing in India, ateast for couple of years more.

Mumbai Angels (MA) Network is India’s leading angel investing and mentoring network, which has invested close to INR 200 crs in high growth startups with scores of high level exits to its credit.

Mumbai Angels has recently invested undisclosed amount in Gurgaon-based Spoofin, a video-based social network.

Earlier, Mumbai Angels has announced its partnership with Calcutta Angels to work as a team for investing in startups in the country.

Gurgaon based Advantage Club Raises $300K In A Funding Led By Axilor Ventures

Advantage Club, India’s only platform for both employee perks and reward & recognition,has raised an additional $300K from Axilor Ventures, Mumbai Angels, Purvi Ventures and prominent investors. The company provides curated privileges in essential and luxury segments for corporate employees and effectively increases an employee's spending/saving power by 10%. Premium brands on the other hand, get to target selected clientele without brand dilution. Initially started as a perk platform, they started receiving a high demand for rewards and recognition from their existing clientele, and recently launched the same.The funds will be used to enhance the reward and recognition program, building distinguished features and redemption options.

The founder couple, Sourabhand SmitiDeorahare both UCLA alumni and have worked with Amazon and Microsoft in the United States, before starting Advantage Club. Their aim is to create an analytical tech-platform which redefines employee rewards beyond gift cards and corporate discounts beyond dining.

Currently, 6000+ brands across 12 different categories including Samsung, Max Healthcare, Home Centre, Zoomcar, Smaaash, Mother’s Pride, Footprintsand Lifestyle are offering exclusive privileges via Advantage Club. They have onboarded 200+ companies including Accenture, Fidelity, Concentrix, Home Credit, Tech Mahindra, PNB Metlife, RBS, Hero and many more.There are 6 Crore+ organized sector employees in India which they aim to target.

Axilor led the round, with Ten Innovate and returning investors Mumbai Angels, Chicago Based Purvi Ventures also participating. Other prominent individual investors including Avtar Singh Monga (COO IDFC Bank), Amit Singal and Manish Aggarwal (Startup Buddy) participated in the round again.Advantage Club had raised $400k earlier from Purvi Capital, Mumbai Angels and other prominent individual investors.

Sourabh Deorah Co-Founder and CEO said, “We aim to delight corporates and employees via our app with exclusive privileges from premium brands, and features like wish lists, a 365-day customer helpline and usage dashboard. We now also enable companies to run rewards and recognition via us, and offer redemption options beyond gift cards and internal buying portals, through our extensive network of perks redeemable through reward points.Overall, we aim to be a technology company which gives multiple solutions to enhance employee and customer engagement.”

According to Smiti, COO and Co-Founder, “Every brand wants to reach out to the niche corporate clientele. But in today's unorganized market, even if they offer acorporate privilege, it is not promoted among the employees creating lose-lose situation for them. We not only help brands market within corporates, but throughfeatures like smart personalized notifications and newsletters, we are able to influence the choices of the customer right before he/she is about to make adecision. Through our Rewards and Recognition program, brands also get a share of the HR recognition and gifting budget, which is hard to achieve independently.”

Commenting on the investment, Payal Shah, Head of Investments at Axilor Ventures said, “We were impressed by the high level of savings enabled by AdvantageClub for some of India’s largest corporate houses. We are excited to help the company build a world class product that will touch the daily lives of millions of corporate employees.”

Ravi Srivastava, Founding Partner at Purvi Capital said, “Advantage club has shown outstanding growth since we invested last year, and the team has demonstrated that they don't just have a great product, but are capable of acquiring & delighting clients at scale. Similar to other mature markets, employee engagement programs are becoming indispensable in India. And Advantage Club is strong on track to lead this massive market.”

Amit Singhal, Founder at Startup Buddy said, “Advantage Club has proven that they are the right platform for brands to reach out to targeted niche audiences. Their focus on technology and strong unit economics has enabled them to build a venture which is not justsustainablebut alsoscalable.”

Advantage Club is aiming to extend their product bouquet to introduceadditional dimensions in employee/customer engagement. The program is already live in all major metro cities, and is planned to expand across India with stronger presence in tier-2 cities.

Video-Based Social Network Spoofin Raises Funding Via Mumbai Angels Network

Gurgaon-based Spoofin, a video-based social network, has raised undisclosed amount of funding from Mumbai Angels Network, announced Mumbai Angels in a press release sent to IndianWeb2.

Founded by Siddhant Sahni, Mrityunjaya Sharma, Kapil Nawani, Vallari Bhardwaj and Swati Sharma, Spoofin, which is yet to be launched, will allows it’s users to create and share hilarious parody videos. The app allows users to interact and manipulate video content by way of an intuitive creator’s studio, equipped with video editing, voice-over and audio imposing capabilities. The launch of their MVP in the international markets is scheduled early 2018.

The website/app will allow the users to source a video via either the In-App A/V Library, Computer/Phone Gallery and/or Phone Camera and add their own audio over the existing video to make a parody voiceover.

Jatin Aneja, Deal Lead, Mumbai Angels Network & Partner at Shardul Amarchand Mangaldas "Spoofin” is a strong product that presents an exciting opportunity to create a new and original social media network/community where the user can create, consume and share comic video content in an entirely fresh perspective. As a Deal Lead of Spoofin, I see this as an interesting investment opportunity with exponential returns upon gaining scale in a thriving yet uncluttered market. I would be helping & mentoring the company to grow.

Siddhant Sahni, Co-Founder, Spoofin
“The Mumbai Angels Network has been an instrumental part of our seed round journey. The network is teaming with investors who actively mentor and participate in the progress of the startups, which was exactly what we were looking for. The introductions and networking opportunities afforded to us have been foundational to the successful close of our round"

Few days back, Mumbai Angels has announced its partnership with Calcutta Angels to work as a team for investing in startups in the country. The role of Calcutta Angels in the funding of Spoofin is unclear though.

Video-Based Social Network Spoofin Raises Funding Via Mumbai Angels Network

Gurgaon-based Spoofin, a video-based social network, has raised undisclosed amount of funding from Mumbai Angels Network, announced Mumbai Angels in a press release sent to IndianWeb2.

Founded by Siddhant Sahni, Mrityunjaya Sharma, Kapil Nawani, Vallari Bhardwaj and Swati Sharma, Spoofin, which is yet to be launched, will allows it’s users to create and share hilarious parody videos. The app allows users to interact and manipulate video content by way of an intuitive creator’s studio, equipped with video editing, voice-over and audio imposing capabilities. The launch of their MVP in the international markets is scheduled early 2018.

The website/app will allow the users to source a video via either the In-App A/V Library, Computer/Phone Gallery and/or Phone Camera and add their own audio over the existing video to make a parody voiceover.

Jatin Aneja, Deal Lead, Mumbai Angels Network & Partner at Shardul Amarchand Mangaldas "Spoofin” is a strong product that presents an exciting opportunity to create a new and original social media network/community where the user can create, consume and share comic video content in an entirely fresh perspective. As a Deal Lead of Spoofin, I see this as an interesting investment opportunity with exponential returns upon gaining scale in a thriving yet uncluttered market. I would be helping & mentoring the company to grow.

Siddhant Sahni, Co-Founder, Spoofin
“The Mumbai Angels Network has been an instrumental part of our seed round journey. The network is teaming with investors who actively mentor and participate in the progress of the startups, which was exactly what we were looking for. The introductions and networking opportunities afforded to us have been foundational to the successful close of our round"

Few days back, Mumbai Angels has announced its partnership with Calcutta Angels to work as a team for investing in startups in the country. The role of Calcutta Angels in the funding of Spoofin is unclear though.

Calcutta Angels Network & Mumbai Angels network Are Now Partners; To Invest In Startups Combinedly

Calcutta Angels Network(CAN) and Mumbai Angels Network(MAN) announced a partnership today where both Angel Networks will be working together as a single team to bring the best, curated deals to their member base, faster deal closures with their combined strength, standardized deal closure framework and active management of the investment portfolio.

“Our partnership with Mumbai Angels Network will ensure our members get access to the best-in-class startups from across the country. We are also looking forward to extending the full membership experience that being a part of a larger network offers, including investing best practices, learning sessions, active portfolio management and active pitching of our invested portfolio to the next level investors. We are excited to partner with MAN in this first of its kind partnership in the country” said Calcutta Angels Network.

“We are excited to partner with Calcutta Angels in Eastern India. With our nationwide reach of 4 chapters (Mumbai, Delhi, Bangalore and Pune) Mumbai Angels Network has the first access to the best start-ups in the country. With our innovative, process driven investing, we are able to steer the entire investment process smoothly right from curating deals, deal negotiations, deal documentations to actively managing the invested portfolio and working closely with the next level investors for exits. We are honoured to be associated with Calcutta Angels as a partner to bring the same rigour and innovation in angel investing to their member-base” Nandini Mansinghka, Chairperson, Mumbai Angels Network.

Mumbai Angels Network (www.mumbaiangels.com) is India’s leading angel investing & mentoring network with 250+ members across four active chapters - Mumbai, Pune, Delhi, and Bangalore. Their portfolio comprises of 90+ ventures across multiple sectors focused primarily on seed and early stage companies.

Calcutta Angels Network (www.calcutta-angels.com) started out in 2013 and prides itself for being the first angel investment network in eastern India. With a membership strength of 75 they have investments in 21 startups from across India. Their investments are stage and sector agnostic.

Five-years old CAN is relatively new comparing to Mumbai Angels and its recent prominent investment so far are -- LetsMD, a delhi based health-tech startup and Mumbai-based Purple Style Labs. Besides, it also funded two Kolkata-based enterprises. iKure Techsoft was the first startup from Kolkata to have got funds from CA. So far, Calcutta Angels has invested close to ₹10 crore across some 12-odd start-ups. The investments are in the range of ₹65-70 lakh.

Mumbai Angels was started in 2006 and is the first premium Angel network in India. Many members of Mumbai Angels have prior Silicon Valley experience.