SatLeo Labs Secures $2.2M to Advance AI-Powered Thermal Satellite Constellation

• The funding will accelerate SatLeo’s flagship thermal satellite mission and fast-track its AI-powered platform for next-gen thermal intelligence.

SatLeo Labs, a leading space-tech startup focused on capturing high-resolution thermal & visible data from Low Earth Orbit (LEO) has raised $2.2Mn in a seed round led by Unicorn India Ventures. With this, SatLeo has raised $5.5M in total funding to date. The round also saw participation from existing investors Merak Ventures, Java Capital, IIMA-CIIE and Deep tech Investor Manish Gandhi. The funding will be deployed to advance SatLeo’s flagship thermal satellite mission and the development of its AI-powered platform for thermal intelligence applications.

Over the last 12 months, SatLeo has experienced significant growth across technology development, team expansion, funding, and commercial traction. The company has grown its team from 8 to 30 members, bringing together engineers and researchers with deep expertise in satellite missions, thermal sensing, and AI-driven geospatial analytics.

The company has achieved a major milestone by designing and delivering its first experimental thermal payload, TAPAS-1, for satellite integration within six months, reaching TRL-8 readiness and positioning the system for launch. In parallel, the company began translating its technology into real-world deployments through commercial pilot projects, including urban heat island and air-pollution monitoring initiatives with cities such as Ahmedabad and Tumakuru, impacting more than 400,000 citizens. Additionally, the company has built a strong commercial pipeline, with Letters of Intent (LOIs) growing from approximately $15Mn to over $42Mn within the year, reflecting strong market demand for SatLeo’s space-based thermal intelligence solutions.

“Sustainability has become imperative amid accelerating climate change, rapid urbanization, and increasing global uncertainties driven by heat anomalies," said Shravan Bhati, Co-founder & CEO, SatLeo Labs. At SatLeo Labs, we are developing a state-of-the-art thermal imaging satellite constellation designed to deliver actionable thermal intelligence at scale. This fundraise represents a critical milestone as we transition into the execution phase of our next mission—advancing payload performance, accelerating constellation deployment, and scaling our global thermal data capabilities.”

Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said, “We strongly believe that space is an arena where the next technological innovations and solutions will emerge from. This is our third space tech investment. The value of SatLeo presents a compelling opportunity, as it has a strong technological edge with very clear commercial applications aligning with the market needs. The company’s differentiated product is combining thermal and visible satellites to generate high value real-time insights and is well positioned to drive long-term value to become a key player in the space-tech ecosystem.”

In the next 12 months, SatLeo plans to focus on advancing its space-based thermal intelligence capabilities through satellite launch readiness, commercial expansion, and technology scaling

About SatLeo Labs

SatLeo Labs is a spacetech company building an advanced multi-spectral satellite constellation combining thermal (IR) and visible imaging to deliver continuous, high-resolution Earth observation insights. Its platform enables applications across defence, agriculture, disaster response, and urban climate intelligence, helping governments and enterprises make data-driven, sovereign decisions and build climate-resilient systems at scale.

About Unicorn India Ventures

Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a deep tech focused early-stage fund that invests in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore and invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Fund has emerged as the best performing early-stage fund in India with the stellar exits provided by the fund to its LPs. Fund II is a Rs 300 Cr fund launched in 2020 that has invested in 20 companies so far like Gamerji, Probus, Daalchini, Windo, Finsall. Most of the portfolio is scaling up fast and has had several uprounds.

Unicorn India Ventures has closed its Rs 1200 Cr Fund III surpassing the target of Rs 1000 Crore. With this Fund, UIV aims to build a portfolio of 20 startups that are focused mostly in the deep tech sector that includes semiconductor, space tech, and medical diagnostics apart from AI infrastructure and India digital platforms. Companies like Netrasemi, Kluisz, OrbitAID, TakeMe2Space, Aurassure, EyeROV, QubeHealth to name a few.

Recently, IIT-Madras and Unicorn India Ventures launched Rs 1000 crore “IITM Unicorn Frontier Fund I”. UIV is a fund with engineering DNA and has been backing deeptech companies for over a decade. The Fund has investors across the globe represented by institutions, family offices and UHNIs. The Fund has a global viewpoint while sourcing companies throughout the country.

AI powered B2B Visa Processing Company StampMyVIsa raises Rs 4 crore in Bridge Round Led by Unicorn India Ventures

• StampMyVisa has also launched premium services like SMV Insure and SMV Global for the global travelers.
• Over the next 12 – 18 months, the company will also build fintech infra with payment solutions and embedded credit to fuel India’s SMEs business growth.
• They also plan to expand their visa tech infra to GCC countries

AI powered B2B Visa processing company StampMyVisa has raised a bridge round of Rs 4 crore led by Unicorn India Ventures (UIV). UIV is an existing investor in the company and last year, it invested Rs 6.6 crore in SMV leading their seed round. The bridge round has been raised to reach critical milestones by the Company as they gear up for a larger Series A round in the next financial year.

The current capital will be used for future growth of the company, marketing and supporting the acquisition of Teleport. SMV had recently acquired Teleport to expand its operations in South India. The Company has achieved a 4X growth in its revenues. The visa processing capabilities have been further enhanced by using AI backed proprietary software Nucleus, built by SMV inhouse, that has resulted in a success rate of 99.5% with 75,000+ visas processed in the last 6 months alone

Commenting on the fund raise, Rahul Borude, Co-founder CEO, StampMyVisa, says, “India’s economic growth is driving outbound travel for work, studies and pleasure. While there is a tech disruption taking place in every aspect of foreign travel, visa processing still remains a highly manual process. We see this as a last mile gap to be addressed. With the help of AI, visa documentation can be virtually made error-free, thus bringing down the chances of rejection considerably. Our platform enables travel agents, corporates, OTAs and MICE to process visas for over 80 countries. As we continue to improve our offerings, we are also going to enter GCC countries.” 

StampMyVisa has also launched premium offerings for travelers to provide more comfort while traveling to foreign destinations. This includes, SMV Insure: Trip Protection Insurance where If Visa gets rejected, SMV would refund the booking value to the traveller. SMV Global: Global Internet connectivity via SMV's proprietary eSim Product that enables travellers to enjoy affordable & uninterrupted connectivity, which is 40% cheaper than regular International roaming offered by telecom providers.

Anil Joshi, Managing Partner, Unicorn India Ventures, says, “We invested in SMV last year and have seen Rahul and his team building a truly global product which is made in India. Visa processing is a highly stressful process and over 35% rejections are due to human error, the paper work, timelines and dependencies on manual processes has many a times played spoilsport in the travel planning of many professionals, students and even leisure travellers. SMV understands this problem and with an intelligent use of AI is streamlining the entire process. Seeing them hit one milestone after the other, we decided to continue our investment round in the company as we gear up for an accelerated growth trajectory and a larger round on the horizon.”

SMV’s key driver in future growth is going to be its enhanced capabilities in processing ~80% of visas within 5 minutes of receiving applications. This beats the current industry standard of 2 days. Tech automation with the deep integration of AI will enable SMV to provide users with a tentative % probability of their visa getting approved. This comes in handy for European and US visas. The company currently serves 80+ countries each month and will keep on serving them with increased efficiency in the order processing leading to shorter processing times.

About Unicorn India Ventures

Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore and invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Fund has emerged as the best performing early-stage fund in India with the stellar exits provided by the fund to its LPs.

Fund II is a Rs 300 Cr fund launched in 2020 that has invested in 20 companies so far like Gamerji, Probus, Daalchini, Windo, HiWi. Most of the portfolio is scaling up fast and has had several uprounds.

Unicorn India Ventures is closing its Rs 1000 Cr Fund III.

With this Fund, UIV aims to build a portfolio of 20 startups that are focused mostly in the deep tech sector that includes semiconductor, space tech, and medical diagnostics apart from SaaS and India digital platforms. Unicorn has already made 16 investments from this fund and includes companies like Netrasami, Qubehealth, Orbitaid, Aurassure , PELocal, Kluisz amongst others.

About StampMyVIsa

StampMyVisa is a revolutionary AI-powered platform that simplifies the complex visa application process for businesses.

Specialising in B2B travel, the platform helps corporates, travel agents, MICE companies, and OTAs streamline and automate visa processing, ensuring faster approvals, reduced errors, and enhanced global compliance. With its scalable and user-friendly technology, StampMyVisa is positioned to transform how businesses manage international travel documentation, empowering them to scale globally with ease

Bhubaneswar-based Biotech Startup Exsure Raises ₹ 3 Cr in Seed Round Led by Unicorn India Ventures

• Exsure has built India’s first patented Exosome-based drug that works to reduce side-effects and toxicity of anti-cancer drugs
• With its cutting-edge technology, Exsure aims to improve the overall survival and therapy outcomes of cancer patients
• Company’s mission is to revolutionize and democratize cancer therapy by making quality and affordable cancer treatment available for all
• Exsure also reported a 5 fold growth last fiscal year
• The funds raised will be used to complete the milestones of non-clinical study with its Exosome-based drug delivery vehicle and will also support Exsure’s global expansion with its in-house manufactured R&D products and promote Exosure, Leucosure, PlantExosure & Dr Berries.
• Exsure has recently launched India’s first plant exosome isolation reagent.

Bhubaneswar based biotech startup Exsure has raised Rs 3 Cr in a seed round led by Unicorn India Ventures. The funds raised will be used to complete the milestones of non-clinical study with its exosome-based drug delivery vehicle and will also support Exsure’s global expansion plan with its in-house manufactured R&D products and promote Exosure, Leucosure, PlantExosure & Dr Berries.

Founded in 2021 by Swastika Paul and Abhishek Dutta, Exsure is a biotech startup working to reduce side-effects and toxicity of anti-cancer drugs by its patented exosomal drug-delivery platform that targets both cancer and cancer-stem cells. With its cutting-edge technology the company aims at reducing the toxic effects of chemotherapy and chances of cancer relapse improving the quality of lives of patients suffering from cancer.

In the last 12 months, Exsure has initiated the non-clinical study in India in collaboration with a CRO and completed one of its milestones in the preclinical study using its patented technology. The company also reported a 5 fold growth last fiscal year and is on track to service more than 50 clients this year with its R&D products, Exosure (3-in-1 exosome isolation reagent), Leucosure (PBMC isolation reagent) and PlantExosure (India’s 1st Plant exosome isolation reagent). It has also been selected for the OIST Innovation Accelerator program in Japan for business expansion and conducting clinical trials.

Commenting on the investment, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, says, "The fear of Big C is real not just for the patients but even their families. Exsure with its advancement in scientific tools, technology and cutting edge medical research has built a powerful Exosome based drug that commits to staying at the forefront of advancement in therapeutics science. The funding accelerates Exsure’s mission to deploy solutions at a global level. We believe Exsure will not only continue to sustain its momentum but also grow due to its potential for transformative breakthroughs through its nano delivery platform. The company has witnessed remarkable progress in the last 12 months and has launched more innovative products. Hence, we believe the market opportunity is huge and the company has built the right momentum to capitalise on this segment.”

In the coming 12 months, Exsure will finish the non-clinical study and work on team building. The company also plans to present its data for CDSCO approval, strengthen the team size along with expanding its product marketing and sales at a global level.

Swastika Paul, CSO & Co-founder, Exsure, says:

During our PhD journey, we witnessed the toxicity of the present-day chemotherapy drugs and how 13% of the in-treatment cancer patients die due to toxicity of the chemotherapy drugs. Exsure is on a mission to reduce the toxicity of the chemotherapy drugs and make them more targeted to the cancerous cells. Our vision is to empower millions of cancer patients around the world and improve their quality of life.

The company has launched its first in-house manufactured products and gained collaborators/partners Pan India for its products and services. Exsure has also signed contracts with distributors to expand the market for products at global level.

According to IBEF (INDIA BRAND EQUITY FOUNDATION), the Indian biotechnology industry is expected to reach $150 billion by 2025 and has the potential to reach$ 270-300 billion by the year 2030. By 2025, the contribution of the Indian biotechnology industry to the global biotechnology market is expected to grow to 19%, giving hyper growth opportunity to Exsure.

About Unicorn India Ventures

Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore and invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.

Fund II is a Rs 300 Cr fund launched in 2020 that has invested in 20 companies so far like Gamerji, Probus, Daalchini, Windo, HiWi. Most of the portfolio is scaling up fast and has had several uprounds.

Unicorn India Ventures is closing its Rs 1000 Cr Fund III. The first close was reached at Rs 225 crore. The Fund is expected to reach its final close this year. With this Fund, UIV aims to build a portfolio of 20 startups that are focused mostly in the deep tech sector that includes semiconductor, space tech, and medical diagnostics apart from SaaS and India digital platforms. Unicorn has already made 11 investments from this fund and includes companies like Netrasami, Qubehealth, Orbitaid, Aurassure amongst others.

About Exsure

Founded by Swastika Paul and Abhishek Dutta in 2021, Exsure is a biotech startup working to reduce side-effects and toxicity of anti-cancer drugs by its patented exosomal drug-delivery platform. With their technology, Exsure aims to improve the overall survival and therapy outcomes of cancer patients.

Kerala-based Semiconductor Startup Netrasemi Raises ₹10 Cr in Pre Series A from Unicorn India Ventures

• Netrasemi is building system-on-chips (SOC) to enable the new-age need for optimal computing for smart IoT products
• The company is bringing a family of AI/ML capable SOCs and reference designs for solving 100+ AI/ML use cases making edge AI product development Efficient, Simple and Economical
• The company has started generating strong revenue growth & profits of ~$ 0.75 M from chip design and porting service for strategy partners, which will grow further in FY25 to 150% with IP revenue, and will grow exponentially starting FY27 once volume production of chips starts.
• In the last 12 months, the company has been receiving encouraging responses from large OEMS across various countries operating in Medical, Telecom and Industrial segments
• The funds raised will be used for fabrication of two ML SoC chips (Netra A2000 and Netra R1000)
• Netrasemi has strong recognition and support, backed by government entities including MeitY (Benefits under DLI and C2S programme) and leading accelerators like Taiwan’s TTA.

Kerala-based Semiconductor startup Netrasemi has raised Rs 10 crore in a Pre Series A round from Unicorn India Ventures to build Edge AI for IoT products. Funds raised will be used for fabrication of two ML SoC chips (Netra A2000 and Netra R1000).

Founded in 2020 by Jyothis Indirabhai, Sreejith Varma and Deepa Geetha, Netrasemi is an Indian Edge AI semiconductor technology company building system-on-chips (SOC) to enable the new-age need for optimal computing for smart IoT products. With a strong 61 member team, the company is bringing a family of AI/ML capable SOCs and reference designs for solving 100+ AI/ML use cases making Edge AI product development efficient, simple and economical. These chips go into motherboards that make these products capable of doing advanced AI-based analytics without the need for sending the data to servers and the cloud hence, making them smart, cheap, responsive and independent. The company is bringing a family of AI/ML capable SOCs and reference designs for solving 100+ AI/ML use cases making Edge AI product development efficient, simple and economical.

In the last 12 months, the company has been receiving encouraging responses from large OEMS across various countries operating in medical, telecom and industrial segments and has started generating strong revenue growth & profits of ~$0.75 M from chip design and porting service for strategy partners, which will grow further in FY25 to 150% with IP revenue, and will grow exponentially starting FY27 once volume production of chips starts.

Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, says “There are attractive opportunities in the Edge AI software market and there is absolutely no denying that the AI industry has the potential to transform various sectors. The funding accelerates Netrasemi’s mission to deploy the solutions on a better scale. We believe Netrasemi will continue to sustain its momentum with its most powerful AI chip for edge devices and strengthen its position in this space. The company has witnessed remarkable progress in the last 12 months and has designed new solutions. Hence, we believe the market opportunity is huge and the company has built the right momentum to capitalise on this segment.”

Netrasemi has designed 3 SoC (System on Chip) family- Netra-R1000, Netra-A2000 and Netra-A4000. All three chips are high-performance ML-capable chips built on an efficient Netrasemi DSA (Domain Specific Architecture) and feature companies' patented graph-stream hardware acceleration architecture. The chips are designed based on various end-customer application requirements and are very power-efficient as well as optimally priced, to be useful for the edge market. Netrasemi chips can enable solution players to develop advanced ML and vision application use cases faster and with ease.

Jyothis Indirabhai, Co-founder Netrasemi, says, “Netrasemi family of chips will be the first AI/ML SoCs from India for intelligent edge devices, with a full array of digital IPs inhouse developed. We not only own the chip but also own what goes inside. We are excited to be backed by Unicorn India Ventures and believe this funding will play a crucial step for us to fuel our continued expansion and success.”

The key target segments of Netra SOCs are surveillance, smart sensors, smart infrastructure, machine vision & industry 4.0, robotics, drones, and autonomous vehicles. As the demand for security cameras are surging due to privacy concerns and smart city initiatives, Netrasemi aims to target the market that includes different types of video surveillance among end-user verticals such as government, industrial, BFSI, transportation, and others

About Unicorn India Ventures

Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests capital in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore From its first Fund, UIV has invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Internal Rate of Return (IRR) was more than 60 percent year over year. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.

Fund II is a Rs 300 crore fund launched in 2020 that has invested in 20 companies so far like Gamerji, ForeignAdmits, Probus, Daalchini, Esmito, Finin. Most of the portfolio is scaling up fast and has had several uprounds.

Unicorn India Ventures has recently announced its first close of Rs 1000 crore Fund III. The first close reached at Rs 225 crore. With this Fund, UIV aims to build a portfolio of 25 startups that are focused on global SaaS and digital platforms. From the sector's perspective, the Fund is looking at newer sectors of climate tech, agritech, spacetech and the semiconductor ecosystem. Unicorn has already made 4 investments from Fund III.

About Netrasemi

Netrasemi is a Kerala-based Indian Edge AI semiconductor technology company building system-on-chips (SOC) to enable the new-age need for optimal computing for smart IoT products. These chips go into motherboards that make these products capable of doing advanced AI-based analytics without the need for sending the data to servers and the cloud. Netrasemi has a power-efficient deep-neural AI acceleration core (NPU) and a rich portfolio of silicon IPs to enable this.

Netrasemi, founded in 2020, is building system-on- chips (SOCs) and system-on-modules (SOMs) supported with a versatile AI software design framework. They enable 100+ smart vision use- cases with low light imaging, on camera video analytics and video compression. Its key target segments are defense, surveillance, smart sensors, smart infrastructure, machine vision & industry 4.0, robotics, drones and autonomous vehicles, among others.

Marine Robotics Deep Tech Startup EyeROV Raises ₹ 10 Crore in Pre-Series A Led by Unicorn India Ventures

• EyeROV is the fastest growing marine robotics deeptech company specialising in underwater drone technology
• The Company aims to revolutionize industries like maritime, defense, energy and infra through its cutting edge unmanned technologies
• The company has successfully introduced India's first commercial underwater drones/ROVs and launched an unmanned surface vehicle (USV), providing solutions in India and the MENA region
• Funds raised will be used to expand in international markets and develop advanced marine robotic products
• The company aims to triple their revenue by the end of this Financial Year and boost sales in both Indian and international markets

EyeROV, a marine robotics deep-tech startup providing products and solutions in the field of underwater domain has raised INR 10 Crore ($1.2M) in a Pre-Series A round led by Unicorn India Ventures. The funds deployed will further strengthen EyeROV's geographical expansion into international markets and develop advanced marine robotics products and solutions to augment EyeROV’s current offerings. 

Founded in 2016 by IIT Alumnus Johns T Mathai and Kannappa Palaniappan P, EyeROV is a pioneering deep-tech company specialising in marine robotics and AI. The Company aims to revolutionise industries such as energy, maritime, defence, and infrastructure through its cutting-edge unmanned technologies.

The company has successfully introduced India's first commercial underwater drones/ROVs and launched an unmanned surface vehicle (USV) that is providing solutions in both India and the MENA region. EyeROV also possesses unique capabilities for inspecting very long tunnels and pipelines and has advanced integration capabilities for specialised payloads.

Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, says “Marine robotics is a highly complex subject and developing a drone to inspect underwater infrastructure requires unmanned tech built with precision. Unicorn India has a strong DNA of a deep tech investor as we understand the teh both hardware and software aspect. As we have a strong track record of bringing out highly innovative companies from sectors that are still emerging or relatively new, we believe EyeROV’s products and solutions have a global application.”

EyeROV has seen consistent revenue growth over the past 24 months Year on Year and launched multiple new products and expanded to new industry verticals and geographies and is a leader in underwater ROV-based inspections in India's hydro sector.

With strong customer interest in India, the MENA region, and Europe, particularly in the infrastructure, power, and oil & gas sectors, EyeROV is strengthening its market presence and developing new R&D capabilities to bring unique solutions to the market.

EyeROV is also creating specialised solutions for infrastructure inspections and collaborating with defence R&D labs and forces through the Innovations for Defence Excellence (IDEX) initiative to develop maritime intelligence, surveillance, and reconnaissance (ISR) solutions.

Johns T Mathai, CEO, EyeROV says, "With this funding, EyeROV will be able to scale up its sales, R&D, and operations much faster. We have developed unique, differentiated solutions for underwater infrastructure inspections that have been successfully validated in the Indian market and are now ready for global expansion. Unicorn India has supported similar hardware/robotics companies in the past, and we believe this partnership will be highly beneficial."

In FY 2024, EyeROV secured multiple contracts domestically and internationally, expanding its reach through partnerships in India and the GCC region. The company serves esteemed clients such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard, having completed over 100 underwater inspections.

EyeROV plans to triple its revenue by the end of the financial year by boosting sales in both domestic and international markets. The company is set to undertake more projects in oil & gas, maritime, and infrastructure sectors, and is advancing its efforts to supply products to the Indian defence sector.

Kannappa Palaniappan P, CTO, EyeROV, adds, "This funding will accelerate the development of new products, which have been validated by market studies and numerous industry inquiries."

Serial Entrepreneur Dewang Neralla Founded Fintech Platform HiWi Raises ₹7.25 Cr led by Unicorn India Ventures

(L-R) Ujwal Tamminedi, Co-founder - HiWi, Geeta Chauhan, Co-founder - HiWi and Dewang Neralla, Founder - HiWi

• Round also saw participation from Unmaj Group
• HiWi is a cross border fintech platform that aims to simplify payments
• The Company has launched its platform for students studying abroad with an aim to bring a safer, easier and a convenient way for remittances from parents to students across geographies
• HiWi will be looking to expand to more use cases using its tech for cross border payments
• Funds raised to be used for building out the MVP and GTM activities
• HiWi aims to support 25,000+ students across India with seamless remittance services to the tune of USD 100 million in the next one year
• HiWi has facilitated transactions worth USD 3,00,000 to various geographies in its pilot phase

HiWi, a global cross-border remittance fintech, has successfully secured INR 7.25 crore in a pre-seed funding round, with Unicorn India Ventures and the Unmaj Group Family Office leading the investment. The capital injection is earmarked for advancing product development and executing a strategic go-to-market rollout.

Headquartered in Mumbai, HiWi was co-founded by Dewang Neralla, a seasoned fintech entrepreneur and the former Founder and CEO of Atom Technologies, alongside Geeta Chauhan and Ujwal Tamminedi, accomplished professionals in the information technology and services sector.

The contemporary cross-border payment landscape is plagued by issues such as opacity in exchange rates, exorbitant forex margins, and documentation challenges. HiWi's mission is to streamline these processes across various sectors, including Study Abroad, Trade & Finance for SMEs, and industries confronted with intricate procedures.

HiWi's inaugural offering is geared towards simplifying remittances for students studying abroad. The platform serves as a centralized and integrated solution for both study abroad agents and students, offering a comprehensive suite of financial services. This includes a user-friendly mobile application for students to transfer funds, open foreign bank accounts, access financing options, manage card expenditures, accrue loyalty points, all while ensuring compliance with regulatory requirements.

HiWi aspires to assist more than 25,000 students in remitting USD 100 million by March 2025 and aims to onboard 5,000 educational consultants onto its platform.

Dewang Neralla, Founder of HiWi, expressed his gratitude, stating, "I would like to thank Unicorn India Ventures and Unmaj Group for having confidence in HiWi's vision to make cross-border remittances accessible and convenient for all stakeholders. Although our initial focus is on education, we plan to expand our services to cater to SMEs, further streamlining and enhancing the remittance process."

Commenting on the fundraise, Anil Joshi, Managing Partner, Unicorn India Ventures, says, “Foreign education is an ever growing market. At Unicorn, we have studied this segment and made investments both in study abroad and fintech companies. HiWi is combining the power of tech and addressing a much needed gap of facilitating cross border payments that are easier and convenient for both the parents and students. The company is starting with foreign admission but the product stack will be leveraged for other use cases post foreign admission, The future offerings canvas in this segment will give immense growth opportunities to HiWi.”

About HiWi (High Speed Wire):

HiWi is a next gen global cross-border fintech platform provider with a strong focus on simplifying payment processes and providing a wide range of services for students and businesses, especially in the context of cross-border remittances. It encapsulates the following:

Global Cross-Border Fintech Platform: HiWi is designed to cater to international payments and financial transactions, making it easier for individuals and businesses to manage cross-border transactions.

Simplifying Payment Processes: The platform aims to streamline the often complex and time-consuming process of making international payments, which can involve multiple intermediaries, currency conversions, and high fees.

Comprehensive Suite of Services: HiWi appears to offer a variety of financial services beyond just payments.

Digital Services: The platform is digitally oriented, meaning customers can access and utilize its services online or via mobile apps. This emphasizes the convenience of online financial transactions.

Scalable Cloud-Based Infrastructure: HiWi is built on a scalable cloud-based infrastructure, which allows it to expand and adapt to changing demands and workloads. Cloud technology is often used for flexibility and cost-efficiency.

Integrations with AI Models: The incorporation of AI models like ChatGPT suggests that HiWi aims to provide enhanced customer support and interaction through

AI-driven chatbots. AI can assist with customer inquiries, transaction monitoring, and more.

Overall, HiWi aims to address common pain points in international payments and aims to improve the user experience by leveraging modern technologies such as cloud computing and AI.

For more information, visit: https://hiwipay.com/

About Unicorn India Ventures:

Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests capital in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore From its first Fund, UIV has invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Internal Rate of Return (IRR) was more than 60 percent year over year. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.

Fund II is a Rs 300 crore fund launched in 2020 that has invested in 20 companies so far like Gamerji, ForeignAdmits, Probus, Daalchini, Esmito, Finin. Most of the portfolio is scaling up fast and has had several uprounds.

Unicorn India Ventures has recently announced its first close of Rs 1000 crore Fund III. The first close reached at Rs 225 crore. With this Fund, UIV aims to build a portfolio of 25 startups that are focused on global SaaS and digital platforms. From the sector's perspective, the Fund is looking at newer sectors of climate tech, agritech, spacetech and the semiconductor ecosystem.

 

Climate Tech Startup Aurassure Raises ₹4 Crore in Seed Round from Unicorn India Ventures

• Aurassure becomes the first investment from Unicorn’s recently announced Fund III
• Aurassure is an IoT enabled climate tech startup, a pioneering environmental technology company committed to revolutionising sustainability efforts through hyperlocal data insights
• Funds to be primarily used for team building, expanding data analytics and sales & marketing
• Unicorn India ventures has recently announced its first close of Rs 1000 crore Fund III at Rs 225 Crore

Bhubaneswar-based IoT enabled climate tech startup Aurassure has raised INR 4 Crore in a seed round led by Unicorn India Ventures.

The funds raised will be deployed to strengthen product capabilities by creating a data analytics team, acquiring product certifications for international scaling, and sales team expansion for growing reach to multiple cities.

Aurassure using its powerful IoT enabled intelligent systems has the capabilities to collect real time data and analyse it to provide accurate forecasts and updates on disasters and frequently changing weather patterns like floods, air pollution, and rainfall along with other climate data which can empower governments and citizens in making decisions for a healthy and safe lifestyle. The Company has successfully onboarded prestigious clients including Tata Realty, L&T Realty, P&G, Honeywell, IIT Bombay and Google. Aurassure has witnessed a 40% QoQ growth and has expanded its operations to cities like Bhubaneswar, Chennai, Aurangabad, Rajkot and Delhi.

Aurassure aims to bring people together to fight against the rising issues of the environment, namely pollution, global warming, and climate change.

Akanksha 

Akanksha Priyadarshini, Co-founder & CEO, Aurassure, says, “Empowering communities with hyperlocal data to build resilience against climate change is not just a mission, it's a responsibility we wholeheartedly embrace. Together, we're not just innovating but driving a positive change for a healthier, more resilient, and sustainable future, one city at a time. Our vision goes beyond data collection. We aim to be instrumental in policy-level decision-making by providing vital insights to form responsible environmental practices. We also plan to offer robust decision support systems and environmental consultancy services, guiding governments and organisations in making sustainable choices.”

Aurassure’s mission is to improve the liveability of cities of the world, impacting billions of lives by enabling responsible climate actions through real-time data & AI. The company provides cutting-edge sensor-based devices and AI-powered analytics platforms that empower governments, corporations, researchers, and communities to make informed decisions and take meaningful action to protect our environment. The Company has recently launched Aurassure Care, a smart air quality monitoring device for indoor environment monitoring that can be integrated with BMS and air purification solutions. It can also enhance the green ratings of commercial spaces. The Company also has products like Aurassure Trust for flood monitoring designed to provide crucial and timely insights for flood-prone areas and Aurassure Infra for outdoor air quality weather and GHG monitoring.

Commenting on the investment, Bikram Mahajan, Partner, Unicorn India Ventures, says, “Although the global environment monitoring market is valued at over $12 billion, of the 1.4 million devices needed just for air quality monitoring, only 3% are operational, underscoring the urgent need for action and the vast market potential. In our quest for a scalable climate-tech venture, Aurassure stood out. In a world choked by data silos and the escalating threat of climate change and air pollution, the Aurassure platform leverages AI, machine learning, and data points from multiple devices to generate accurate insights and actionable intel. Driven by a powerhouse team, Aurassure resonated with our ethos of championing disruptors, and we're thrilled to partner with them as they redefine environmental monitoring to pave the way for a cleaner future. “

Aurassure's notable revenue growth in the last one year underscores the escalating demand for smart environment tech products and services, setting the stage for the company to potentially multiply its earnings by 6x in 2024. In the next 12 – 18 months, Aurassure aims to deploy over 1000 sensor devices in 8 cities across the country. It is also targeting to expand in Southeast Asia and Africa, and subsequently, into Europe and the United States. The company's growth plans for the next year are marked by geographical expansion, revenue diversification, team strengthening, and global readiness along with certifications for international scaling.

About Aurassure:

Aurassure, a Bhubaneswar-based climate tech startup, is a pioneering environmental technology company committed to revolutionizing sustainability efforts through hyperlocal data insights. Founded by NIT Rourkela alumni, including Akanksha Priyadarshini, Vamsi Krishna, Raviteja Cherukuri, and Omprakash Patra, with a combined experience of over 25 years in developing IoT-based products, with a mission to improve the liveability of cities around the world impacting billions of lives by enabling responsible climate actions through real-time data & AI. We specialize in providing comprehensive data on air quality, urban flood monitoring, weather patterns, and more. Our cutting-edge sensor-based devices and AI-powered analytics platform empower governments, corporations, researchers, and communities to make informed decisions and take meaningful action to protect our environment. With a visionary mission to transform our world, Aurassure strengthens resilience and environmental sustainability, fostering a greener and healthier future.

About Unicorn India Ventures:

Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests capital in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore From its first Fund, UIV has invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Internal Rate of Return (IRR) was more than 60 percent year over year. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.

Fund II is a Rs 300 crore fund launched in 2020 that has invested in 20 companies so far like Gamerji, ForeignAdmits, Probus, Daalchini, Esmito, Finin. Most of the portfolio is scaling up fast and has had several uprounds.

Unicorn India Ventures has recently announced its first close of Rs 1000 crore Fund III. The first close reached at Rs 225 crore. With this Fund, UIV aims to build a portfolio of 25 startups that are focused on global SaaS and digital platforms. From the sector's perspective, the Fund is looking at newer sectors of climate tech, agritech, spacetech and the semiconductor ecosystem. 

 

Unicorn India Ventures Announces Ist Close of Fund III at INR 225 Crore

(L-R) Anil Joshiv& Bhaskar Majumdar

• Total fund size is Rs 1000 crore
• Aims to build a portfolio of startups with focus areas including agritech, space tech, aerospace and semiconductor ecosystem
• Average first cheque size of $1 – 2 Million
• Final close expected by March 2024
• From its first fund, Unicorn has returned more than 2X cash within the fund life and with assets worth 6X still under management
• Appoints two key senior personnel Bikram Mahajan and Kamlesh Ahuja to strengthen the management team

Mumbai-based Unicorn India Ventures (UIV), one of the most successful early-stage fund house with a pan India presence, has announced the first close of its Rs 1000 crore Fund III. The first close is reached at Rs 225 crore and final close is expected by March 2024.

With this Fund, UIV aims to build a portfolio of 25 startups that are focused in global SaaS and digital platforms, Unicorn India’s expertise areas. From the sector's perspective, the Fund is looking at newer sectors of climate tech, agritech, spacetech and the semiconductor ecosystem.

Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests in startups in emerging sectors. Post the success of the First Fund, Unicorn India Ventures launched Fund II, a Rs 300 crore fund launched in 2020 and has demonstrated exceptional growth, with several of the portfolios raising multiple rounds in the first two years after the initial investment. The second Fund has a portfolio of 20 companies. With two funds under management and an active portfolio of over 35 companies, UIV has repeatedly demonstrated their ability of picking unique startups. Most of the startups within the current portfolios are already profitable or have a clear path to break-even.

With the Fund III, Unicorn India Ventures would continue with their strategy of being the “first institutional investor”. The Fund would look at investing a first cheque of around $ 1 -2 million dollars and would then look to invest in the follow on round. As a part of their investment thesis, UIV invests only 20% of its investible corpus to create the portfolio and the rest to back the winners of the portfolio.

Bhaskar Majumdar, Managing Partner, Unicorn India Ventures says, “We continue to identify innovative business models with faster scalability. The metrics for us is a clear path to profitability for the companies. Being the first institutional investors, before doing any investment we spend considerable time with the founders to understand their vision, team’s capabilities, growth plans and leadership style. Our focus is to invest in companies that are enablers of India’s digitisation across sectors. We avoid high cash burn businesses like D2C, Consumer Internet, content businesses.”

We believe the raison-d'etre of our existence is to give cash returns to our investors and in this regard, we are clearly one of the best performing funds. We are focussed on bringing newer pools of capital to the country both for co-investments in our portfolios as well as for secondary divestments. Over the years, we have built strong relationships with international funds and family offices that don’t have a physical presence in India but are keenly looking at the India growth story, he adds.

Anil Joshi, Managing Partner, Unicorn India Ventures says, “We have always believed in the Bharat story as much as the India story. While we have invested in startups from Delhi, Mumbai and Bangalore but over 60% of our portfolio is built from startups coming from emerging regional hubs like Kochi, Jaipur, Ahmedabad, Pune and Hyderabad amongst others. Unicorn is perhaps the only fund which has worked tirelessly with state govt in Kerala, Orissa, Madhya Pradesh to roll out startup policy with an aim to find high potential startups from tier 2 and 3 cities. Our key differentiator is that we are present across India and believe that India’s startup landscape has changed immensely over the past couple of years. With this third fund, our commitment to nurture Indian startups will be unwavering and we will keep scouting for highly innovative companies whose disruptive solutions can address real life problems of users by leveraging technology.”

Unicorn India Ventures has also announced senior hiring for Fund III.

The fast-growing team is joined by Bikram Mahajan as a Partner. Bikram will play a key role in the next phase of the Fund’s growth, with a primary emphasis on portfolio management and nurturing the growth of investee companies. Bikram comes with 20 years of experience in private equity and investment banking with the last decade in fund management. He is an alumnus of IIM Calcutta. Discussing his new responsibilities, Bikram Mahajan, Partner, Unicorn India Ventures, says, “Leveraging my track record and experience, I aim to contribute my knowledge, network and expertise to help the fund scale its business.”

Kamlesh Ahuja joins as VP (Fund Operations) responsible for all compliance and back-office administration for all the Funds. He has 15 years’ experience in fund operations with large cross sector funds as well as with trustees.

Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests capital in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore From its first Fund, UIV has invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Internal Rate of Return (IRR) was more than 60 percent year over year. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.

Fund II is a Rs 300 crore fund launched in 2020 that has invested in 20 companies so far like Gamerji, ForeignAdmits, Probus, Daalchini, Esmito, Finin. Most of the portfolio is scaling up fast and has had several uprounds.

Smart Grid-focussed IoT Startup Probus Raises $3 Mn Led by US Family Office and Unicorn India Ventures

• Round saw participation from other existing investors.
• This is Unicorn India Ventures’ third round of investment in Probus
• Signals strong belief in Probus’ IOT platform to bring in digital transformation in the power and utility sector
• Probus is an integrated IoT platform based service for distribution grid monitoring and automation
• Funds raised to be used for strengthening product R&D, expand team and grow GTM partnerships with ecosystem partners
• Probus has clocked 8X revenue growth and has achieved profitability in the last 12 months
• The Company has deployed over half a million products automating the grids and monitoring the last-mile power distribution segment. 

IoT Communications & Data Analytics Startup Probus Smart Things focused on Smart grid applications has raised $3 million from Unicorn India Ventures and Family Office from the US. The round also saw participation from existing investors. Funds raised will be used for strengthening product R&D, expanding the team and grow GTM partnerships with ecosystem partners.

Probus develops integrated hardware and software solutions for utility providers and helps digitize their distribution grid and have a clear visibility of their network through Probus integrated end to end IoT platform. A powerful IOT solution for electricity distribution utilities that helps them achieve distribution grid analytics and automation which subsequently enables a much more efficient distribution of electricity along with quicker restoration of electricity after power disturbances. Probus further enables reduced operations and management costs for utilities, and ultimately lower power costs for consumers.

 

Smart Meters Testing

Anand Singh, Co-founder CEO, Probus Smart Things, says, “Probus has been at the forefront of digitization of the last mile electricity distribution grid. With the GoI mandate of 270 million smart meters deployment by 2026 to reduce the $40 billion annual losses that India is incurring in the last mile power distribution segment, Probus's deep-tech in massive scale communications network and data analytics will be of immense value in achieving this goal. This is just the beginning of the automation that we are seeing in the energy sector. As more assets like EV, storage and renewables get deployed, IoT automation and private communication networks would become a must by all utilities and private players operating in the space. Once the data is acquired, the next step is to connect all of them and use it to resolve all the climate change issues pertaining to energy efficiency that the world is facing - optimum use of energy (demand response), reduce manual intervention and corresponding CO2 emissions.”

In the last 12 months, Probus has demonstrated 8X revenue growth and has achieved profitability at PAT level. The Company has currently deployed over half a million smart meters products in 4 geographies and doubled the team size. In addition to expanding further in India, Probus will also be looking to launch operations in MENA and SEA over the next 12 – 18 months. 

Anil Joshi, Managing Partner, Unicorn India Ventures, says, - “At Unicorn, our belief has always been to identify disruptive business ideas from sectors which may not necessarily enjoy the limelight whether it is CyberSec or InsuranceTech or power and utility. We back startups that have the potential to be the market leaders in their sector and back them with conviction. Probus is a company in which we have led the round for the 3rd time. We truly believe that the power sector and last mile distribution is a sector waiting to be disrupted and Probus’ IOT platform and smart meters are helping some of the largest utility companies adapt a technology-led approach to monitor their assets better.”

Probus has recently launched a new product for the solar sector to monitor the production efficiency of solar modules in the central inverter solar plans through wireless sensors. The Company has already bagged its first order from a major utility company covering 78MW solar plant. The Company is aiming to grow its revenues by 6X and double its team size in the next 18 – 24 months.

About Probus Smart Things

Probus Smart Things Private Limited is in the business of developing integrated hardware and software solutions for utility providers. Current scope of solutions encompasses asset management, outage management, energy management, operations management and smart metering. It aims to increase the per capita consumption of electricity in India by 10X, which is presently 1/3 of the global average- by reducing the distribution losses in the Indian electricity distribution grid.

About Unicorn India Ventures

Unicorn India Ventures is a Mumbai-based early stage fund house started in 2016 by Anil Joshi and Bhaskar Majumdar. From its first Fund, UIV has invested in 17 companies like SmartCoin, Open Bank, Inc42, Sequretek, Pharmarack, Genrobotics, Futurecure to name a few. Unicorn India Ventures Fund II, which is a Rs 300 crore fund launched in 2020 which has invested in 20 companies so far like Gamerji, ForeignAdmits, Probus, SocialSwag. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.

IIT Madras Incubated EV Startup Esmito Raises Rs 10 Cr in Seed Round Led by Unicorn India Ventures

• Esmito is a battery swapping solutions provider working with OEMs and last mile delivery players to enable Energy as a service
• Funds to be primarily used for expansion of swapping solutions and further strengthening the technology team to bring out world class products
• IIT-Madras incubated Esmito has developed multiple EV technologies with CBEEV and has also been instrumental in shaping standardization and policy alignments for the larger adoption of swapping in the country

IIT Madras incubated EV startup Esmito has raised Rs 10 crore in a seed round led by Unicorn India Ventures.

The funds raised will be deployed for the expansion of swapping solutions and to further strengthen the technology team. Founded in 2018, by Prabhjot Kaur, Hasan Ali and Akhila Vijay Kumar the company offers swapping solutions and energy as a service to logistics and last mile mobility players that includes products integrated with web & mobile applications and embedded analytical modules.

Sparsh Kumar, Vice President, Unicorn India Ventures says, “The Indian EV market is evolving rapidly and the Government has been at the forefront of framing policies related to EV adoption, battery standardization and swapping in India. The EV industry, according to various estimates, is projected to see anywhere between 30-90% CAGR, sustained through this decade and possibly even beyond. This roughly translates into EV sales overtaking ICE vehicle sales by mid-to-late 2030s with India becoming the 3rd largest EV market. Combined with the fact that this adoption is going to be much faster in the commercial 2W and 3W categories which Esmito aims to serve, we think that there is a lot of potential of rapid value creation in this space.”

Esmito provides integrated battery swapping solutions leveraging its IoT-enabled cloud platform. The Company aims to deepen its differentiation in swapping even though the swapping solutions industry is at a nascent stage. The funding will enable Esmito to continue executing its growth strategy and strengthen its position as the largest swapping infra solutions provider. The company aims to build multiple use cases in key segments like Logistics & MAAS (Mobility as a Service).

Esmito has built multiple EV technologies with Centre for Battery Engineering and Electric Vehicles (CBEEV) and has been instrumental in shaping standardization and policy alignments for the larger adoption of swapping in the country.

The company has also launched smart battery swap solutions for the Mobility Service Providers. The swapping infra solutions provider aims to build and scale further their swapping solutions for both the 2 and 3 wheeler market in India.

Hasan Ali, Co-founder, Esmito says, “Esmito is rightly positioned in a rapidly growing and a fast evolving EV market. Based on our strengths in building scalable swapping technology, we believe that Esmito can unlock immense value for the end user thereby accelerating the adoption of EVs in the country. The booming battery swapping market coupled with Esmito’s strength of in-house technology capability can enable Esmito to lead the Energy/ Battery as a Service market.”

Esmito collects data from all sub-systems and performs intelligent data analytics across all the solutions which assist in EV asset optimization, inventory control, charging demand forecasts and driving patterns. The platform also generates insightful reports for charger usage, battery and cell life analytics, vehicle performance, driving behavior, and user transactions.

About Esmito:

Esmito is an IIT Madras incubated company with technology co-developed with Centre for Battery Engineering and Electric Vehicles (CBEEV). Esmito has developed multiple EV technologies with CBEEV and has also been instrumental in shaping standardization and policy alignments for the larger adoption of Swapping in the country.

About Unicorn India Ventures:

Unicorn India Ventures is a Mumbai-based early stage fund house started in 2016 by Anil Joshi and Bhaskar Majumdar. From its first Fund, UIV has invested in 18 companies like SmartCoin, Open Bank, Inc42, Sequretek, Pharmarack, Genrobotics, NeuroEquilibrium, to name a few. Unicorn India Ventures Fund II, which is a Rs 300 crore fund launched in 2019 which has invested in 19 companies so far like Gamerji, ForeignAdmits, Probus, SocialSwag. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.

Retail Tech Startup Daalchini Raises $4 Mn in Series A Funding Led by Unicorn India Ventures

Daalchini Team (L to R) - Ayush Rastogi, Prerna Kalra, Vidya Bhushan, Anupam Saxena

• The largest Series A round raised by Daalchini in the smart vending segment.
• Funds to be primarily used for R&D of Daalchini’s autonomous retail solutions to further adopt Daalchini’s product for 10 million retail points across India and 400+ D2C brands in the F&B sector.

RetailTech startup Daalchini has raised $4 million in a Series A round led by Unicorn India Ventures. The round also saw participation from prominent and existing investors like Artha Venture Fund, Ajay Kaul – former CEO of Dominos India, and VSS Investco – the investment vertical of Vijay Shekhar Sharma – CEO of Paytm. So far, this is the largest round raised by a company in the smart vending segment.

A large part of this funding will be deployed to expand their industry footprint and further their tech capabilities. The Company wants to make its solutions asset-efficient and accessible to 10 million retail points in India and 450+ F&B D2C brands.

Founded in 2017 by ex-Paytm colleagues Prerna Kalra and Vidya Bhushan, Daalchini takes affordable snacks and home-style meals to its customers through technology-efficient models like automated kiosks, mobility retails, and smart vending machines.

Currently, the Daalchini app has more than 2 lakh monthly active users.

Daalchini has grown 300% in the last 12 months, making it one of India’s fastest-growing RetailTech startups. The Company has achieved a Product Market Fit (PMF), with ₹12 crores revenue in FY2022. More than 90% of their vending machines are EBITA positive within 45 days.

Daalchini aims to clock ₹50 crores in revenues with a GMV of ₹130 crores in 12 months. The Company intends to grow from 850+ to over 5,000 smart and autonomous retail points in the next 12-18 months. The new funding will enable Daalchini to continue executing its growth strategy and strengthen its position as the largest network of smart retail stores.

Ruchi Pincha, Investment Associate, Unicorn India Ventures, says, “The RetailTech segment in India is going through a massive transition from its traditional physical store form to a digital one, the speed of which has been intensified by the pandemic. In this phase, Daalchini represents the best of both worlds with a ubiquitous physical presence backed by a strong technological framework that prioritizes its customers’ needs and convenience. At Unicorn India Ventures, we are always looking to support such companies that retain the unique essence of their sector and work on enhancing the overall customer experience with technological innovation.”

Setting new milestones in the intelligent retail field, the Company provides a plethora of food and beverage options, available 24*7 and accessible without delivery charges or long wait times. Daalchini has tied up with leading companies like Reliance, Aditya Birla Group’s Hindalco, Vodafone, GE, Genpact, NITI Aayog, Housr, MX Player, Samsung, Paytm, Snapdeal, Byjus, EY, OLX, OYO, Loreal and VIVO, among others. The Company’s vending machines have become a familiar fixture in corporate and co-working spaces, educational institutes, hospitals, and railway stations, offering food and beverage products from over 160 brands.

Prerna Kalra, Co-founder & CEO of Daalchini Technologies, says, “Daalchini aims to establish its footprints at every 200 meters of habitable area with its autonomous smart stores and vending machines. Today, our country has just a few thousand vending machines, while the US or Japan has more than one autonomous store for every 200 people. We are far from the true potential of this kind of retail.”

“We quickly expanded our network to 11 states and 23 cities with 850+ stores. We will continue leveraging our unique tech and supply chain for fresh and packaged food to reach 50+ cities,” Prerna adds.

Providing a high-return customer acquisition platform for D2C brands, Daalchini has collaborated with more than 160 brands like Sleepy Owl, The Whole Truth Foods, Open Secret, Yoga Bar, Slurrp Farm, BRB, Cremica Opera, Cravova, Millet Bowl, Yogapulp as well as industry giants like Dabur, Nestle, Mars.

Daalchini’s Retail-as-a-Service platform enables these brands to grow in hundreds of physical stores while tracking real-time insights digitally. The unique vending machine ecosystem created by the Company enables brands and entrepreneurs to reach their customers all over the country within a week.

Anirudh A. Damani, Artha Venture Fund, says “As the earliest backer of Daalchini, we are excited to see the Company deepen its footprints within the industry through its fully integrated IoT solutions. They provide a convenient, safe, and affordable snacking solution for the working population while delivering real-time insights, vast reach, increased accessibility, and better control of marketing spending to food brands, all at the click of a button. What excites us most is that with this fresh infusion of capital from Unicorn and VSS, Daalchini can continue expanding its offerings with a broader reach and a highly efficient capital utility!”

According to the Kearney India Retail Index, the retail industry, dominated by the food and groceries sector, will grow at a 9% rate from $779 billion in 2019 to $1,407 billion in 2026 to $1,884 billion in 2030. Despite the pandemic, research finds that the industry has and will continue to grow on the back of value e-commerce and an unprecedented reach across Tier 2 and Tier 3 cities. These trends align parallelly with Daalchini’s growth trajectory and plans, which will help unlock growth opportunities in untapped markets of the country.

About Daalchini

Daalchini is the brand of Daalchini Technologies, which makes your essentials accessible anytime, and anywhere. It provides instant, affordable, 6-meals-a-day food options through IoT-enabled ‘phygital’ (physical+digital) vending machines. It serves 100+ start-ups, co-working spaces, large MNCs, hospitals, educational institutes, and residential complexes.

Daalchini is a brand of full-stack smart retail offerings that cater to on-the-go food consumption with a specialized supply chain designed to serve the 6-meal-a-day needs of our customers. Its product suite has a complete platform to launch vending machines, micro-markets, automated kiosks, and mobility solutions.

Daalchini is present in 20+ cities in India. It has 200+ franchise partners and 160+ brands selling on its platform.

Unicorn India Ventures is a Mumbai-based early-stage fund house started in 2016 by Anil Joshi and Bhaskar Majumdar. From its first Fund, UIV has invested in 18 companies like Inc42, Sequretek, Pharmarack, Genrobotics, NeuroEquilibrium, SmartCoin, and Open Bank to name a few. Unicorn India has also announced Fund II, a Rs 300 crore fund launched in 2019 which has invested in 19 companies so far like Gamerji, ForeignAdmits, Probus, and SocialSwag. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.

Artha Venture Fund (AVF) is India's first early-stage micro-VC firm with a corpus of $33 million. Since its inception in late 2018, AVF has primarily funded and supported multiple startups that operate as enablers and entities focused on solving the challenges of Indian consumers and businesses. The current fund allocates thematic investment for B2B, B2C/D2C, and D2C enablers.

Led by Anirudh A Damani, a second-generation investor, the firm has a network of limited partners, co-investors, founders, and family offices that traverse the globe. AVF's portfolio includes Agnikul, LenDenClub, HobSpace, PiggyRide, Daalchini, Kabbadi Adda, and more.

Artha Group of Companies, the umbrella entity of AVF, has investments in 90+ startups across India, the US, Israel, and Africa, like OYO Rooms, Purplle, IconBuild, Tala, LeveragEdu, Coutloot, Karza Technologies, Mobilewalla, Interstellar and more.

Insuretech Startup Finsall Raises INR 2.4 Crore Seed Round Led by Unicorn India Ventures, SEA Fund

Finsall_Founders_From R to L_Promod Khanna, Prabal Khanna and Tim Mathews (1)

   Round led by Unicorn India Ventures,
SEA Fund and a clutch of angel investors including Karthik Sridhar (CEO of SupplyAI) and Tirumala Gudla (Ex - 3M, Tech M) also participated

Funds raised will be used for team expansion, scaling up the technology platform, on-boarding insurance companies, intermediaries and lenders.

· Finsall aims to solve problem of financing insurance premiums for individuals.

 

 

Mumbai/Bangalore 5^th Jan, 2021: Bengaluru based Insuretech startup Finsall has raised Rs 2.4 crore in seed round from Unicorn India Ventures. The round also saw participation from SEA Fund, Karthik Sridhar (CEO, SupplyAI) and Tirumala Gudla (Former 3M, Tech M).

Finsall platform is currently operational in the major metros across India. With the funds raised, the company plans to expand and strengthen its presence in tier I cities and venture into tier II cities across India where they see a market and demand for their services.

Tim Mathews, Co-founder & CEO, Finsall, says, "Our vision behind Finsall was to ensure that under-insured and un-insured customers get access to funds for buying insurance. This vision was deep rooted because of the ground realities that we encountered across the length and breadth of India, during the prelaunch surveys and road shows conducted by us.  We have witnessed a significant rise in the number of people who take insurance from our insurance partners because of the financial support they get from our lending partners. We continue to engage synergistically with our partners to ensure that we are able to find win-win solutions."

 

Finsall, an Inuretech startup incorporated in 2018 by Promod Khanna, Tim Mathews, and Prabal Khanna provides 360-degree support and service of insurance premium financing to Indian customers and aims to make insurance accessible and affordable to individuals, households and enterprises.

 

With a view to encourage purchase of insurance policies by those who cannot pay insurance premiums upfront and require installment support, Finsall has tied up with banks and NBFC's that provide loans to such customers. The Company has also partnered with insurance companies to make financing of insurance premium a seamless experience for all the stakeholders mainly the customers.

 

Anil Joshi, Managing Partner, Unicorn India Ventures, says, "Finsall's business idea is really first of its kind. We have been working closely with the founding team from their early days. While they understand the product, we have been guiding them on the business and revenue generation. Finsall is leading insurtech innovations and is offering support on a critical element in the insurance journey. Their approach and ease of product design prompted us to invest in the Company."

 

Finsall's goal is to provide access to funding for any customer who wants to purchase any type of general insurance policy. The journey begins when a customer approaches an insurance intermediary for buying a policy. If he is unable to pay the premium upfront, the insurance intermediary on-boards him on the Finsall platform via the Company app. Finsall's proprietary technology platform assess the risk profile of the customer and offers monthly financing options.

 

Manoj Agarwal, Managing Partner, SEA Fund, says, "Insuretech is an emerging sector for us and Finsall is our 2^nd investment in this space. While leveraging tech can deliver highly impactful results thereby making the customer experience better and provide insurance players with better underwriting algorithms. Finsall's approach of helping customers meet their premium payment obligation is an innovative approach as it addresses the starting point of policy seeker insurance journey. We believe there is a need to look at insurance sector from multiple lens and use tech to help the sector grow."

 

About Finsall Resources:

Finsall Resources is a Bengaluru based insure-tech startup engaged in the business of providing access to funds for financing non-life insurance premium through its proprietary technology platform. The platform connects customers, insurance intermediaries, insurance companies, banks, and NBFC's with a focus on increasing insurance penetration in India. Finsall is also a part of the IRDA Sandbox and is incubated by NASSCOM and Kerala Startup Mission (KSUM).

 

About Unicorn India Ventures:

 

Unicorn India Ventures is a Mumbai-based VC that started in 2015 by Anil Joshi and Bhaskar Majumdar. The Fund has also launched a UK India cross border fund for funding UK startups looking to enter India and have invested in 7 UK startups. From its first Fund, UIV has invested in 18 companies like Inc42, Sequretek, Pharmarack, Genrobotics, NeuroEquilibrium, SmartCoin, Open Bank, Open app to name a few. Unicorn India has also announced Fund II, which is a Rs 400 crore fund launched in 2019. It has also marked its first close of Rs 90 cr and has announced 6 investments.

Unicorn India Ventures invests in Software Defined Radio Startup Inntot Technologies

Mumbai, 25th November, 2020: Kerala – based technology driven startup Inntot has raised an undisclosed bridge round from Unicorn India Ventures. Unicorn India first seeded the company in 2018. Inntot focuses on providing high quality and cost effective IP solutions for next generation digital media broadcast receivers , namely, Digital Radio Mondiale (for AM and FM bands ) Receivers, DAB/DAB+ Receivers, CDR Receivers and ISDB-T Receivers and HD-Radio receiver in collaboration with Xperi.

The Company plans to use the funds to procure highly sophisticated and precision digital radio test equipment that is required for RF and timing performance testing for all the digital radio broadcast receiver standards, namely ; DRM in AM and FM bands, DAB/DAB+, HD-Radio, CDR.

Inntot Technologies incorporated in 2014 by Prasanth Thankappan, CTO, Inntot Technologies and Rajith Nair, CEO, Inntot Technologies, aims to provide a cost effective and high-quality digital media broadcast receiver solutions across the globe. SDR receiver solutions of Inntot covers the following digital radio broadcast standards and geographies;

• DRM : India, Russia, South Africa, Indonesia etc
• DAB/DAB+ : Europe, Australia, Middle East etc
• HD-Radio : USA, Canada, Mexico etc
• CDR : China

The current Digital Radio Broadcast Receiver solutions in market require dedicated chips that are high in costs and are used to perform complex operations like Demodulation in hardware. Hence the end solution becomes very costly. Such high costs prevent swift penetration into emerging and high-volume markets like India, European Union, South Africa, Russia, China and Indonesia where the usage of DRM, DAB, CDR Technology is mandated by Government and broadcasters. The USP of Inntot is that its SDR implementation along with patented improvisations run on ARM processors making it high quality and cost effective for original equipment manufacturers (OEMs) and bringing down the receiver cost within the reach of common man.

Rajith Nair, Co-founder CEO, Inntot Technologies says, - "Our objective is to enable Inntot to provide high quality and cost-effective Digital Radio Broadcast Receiver solutions across all geographies. Be it inside cars, houses or smart phones. The continued support from Unicorn India is a testament to the success we have achieved so far and the growth plans that are chalked out for the next 2 years."

Inntot has licensed its digital radio receiver solutions to multiple Tier-1 customers including Clarion and Telechips.

Anil Joshi, Managing Partner, Unicorn India Ventures says – "We entered Inntot two years back and since then have seen Inntot's growth and their ability to create IP which will work in global markets like the US, Europe and China. We have extended this additional funding so that they can develop more IPs and scale up faster. It is the only Company in India which can serve multiple bandwidths across different markets."

About Inntot :

Inntot Technologies is a technology driven company with prime focus on enabling cost effective and high quality next generation digital media receivers. Inntot has SDR IP Solutions for Digital Radio Mondiale (DRM in AM and FM bands) Receivers, DAB/DAB+ Receivers, CDR Receivers, ISDB-Receivers and is all set to play a pivotal role in the Analog Sunset of AM and FM broadcast radio transmission paving way to Digital Radio Transmission in the near future. Inntot Technologies is a winner of several prestigious awards including ASSOCHAM 4th ICT startup awards 2020, Digital Radio Mondiale Enterprise Award 2019 and CII Industrial Innovation Awards for the Best Service Start-up 2017. Inntot is a member of Digital Radio Mondiale Consortium, WorldDAB and has collaboration with Xperi for HD-Radio receiver solutions.


Unicorn India Ventures is a Mumbai-based VC that started in 2015 by Anil Joshi and Bhaskar Majumdar. The Fund has also launched a UK India cross border fund for funding UK startups looking to enter India and have invested in 7 UK startups. From its first Fund, UIV has invested in 18 companies like Inc42, Sequretek, Pharmarack, Genrobotics, NeuroEquilibrium, SmartCoin, Open Bank, Open app to name a few. Unicorn India has also announced Fund II, which is a Rs 400 crore fund launched in 2019. It has also marked its first close of Rs 90 cr and has announced 6 investments.

Unicorn India Ventures invests in AI Driven InsureTech Startup Fedo

• Insuretech player Fedo raises $1 million in Pre-Series A funding from Fund II
• Round led by Unicorn India Ventures. 
• SEA Fund along with Ashish Mehrotra (Former Md CEO, Max Bupa) also participated 
• Funds raised to be primarily used to enhance the computer vision capabilities for enhanced non-invasive identification of health risks usable in various use cases requiring health assessment and to co-create personalised insurance products. 
• Fedo to focus on global expansion starting with South East Asia and Australia this year. 
• Unicorn launched Rs 400 crore Fund II last year. 
• 1st close of Fund II announced in March at $12 million 

Mumbai-based early stage VC Fund house Unicorn India Ventures has announced its 5th investment from Rs 400 crore Fund II in Fedo, a Bangalore – based cutting edge Insuretech player for the new generation which has built an AI/ML platform that leverages the power of deep tech and medical research to automate underwriting in the health and life insurance sector. The Company has raised $1 million in a Pre Series A from UIV. The round saw participation from SEA fund along with Ashish Mehrotra (Former MD CEO, Max Bupa).

Fedo, founded in 2017 by Prasanth Madavana and Arun Mallavarapu, is spearheading the next generation of Artificial Intelligence powered health insurance insights with partners around the globe bringing together a unique understanding of health risks and the required coverage combined with industry knowledge across three continents.

It uses a cutting edge computer vision and AI algorithms to help insurers enhance sales, reduce costs and enrich the quality of their portfolio.

"Fedo Score" their proprietary AI based health score has been developed by medical professionals and data scientists using 250 plus medical studies, 1.5M claims and analysing over 50 million global health records.

Prasanth Madavana, Co-founder, Fedo says, - "Our vision is to offer AI backed solutions to insurance providers, which enables early identification of potential health risks by using non invasive methods thereby reducing out of pocket expenditures of individuals and making insurance accessible, affordable and personalised."



Apart from helping health and life insurance companies with data driven smart portfolio management, Fedo also supports population risk predictions, partnering with health departments of local governments in India and abroad.

Anil Joshi, Managing Partner, Unicorn India Ventures says – "India is one of the most under-insured countries in the World. A big reason for this is that many people may want to take insurance but they don't know which product works for them or covers ailments. Fedo has the capability to deploy AI and assess your health related risks. With COVID situation entering into the community stage in India and coming back in the 2nd wave in other large countries, the awareness about getting a health cover is on the rise. Insurtech players like Fedo are positioned right to leverage this trend."

Fedo works with many marquee insurance players in India and globally. The Company recently on boarded Sachin Bansal backed CoCo General Insurance. Fedo achieved break even last year and continues to be cash positive and a profitable startup.

Ashish Mehrotra, who turned an angel investor with Fedo, says, "Fedo's AI enables the insurers to seamlessly on-board, track and manage product portfolios with customer level insights and predictive models. This will significantly simplify and enhance profitability and lifetime value for the insurers."

FEDO's technology has been globally recognised and has been the winner of various national and international accolades including the 10 companies selected globally by Tokyo Metropolitan Government to be introduced in Japan, and is the only Indian company to be selected in Accenture Fintech Innovation Lab APAC.

The Company takes data privacy and security seriously. The insurance providers only share the customer's demographic data basis which the AI engine makes its recommendations. Name, age and other personally identifiable information is not shared with Fedo.

Manoj Kumar Agarwal, Managing Partner, SEA Fund says, "SEA Fund has a focus on Insurtech as we believe that digital technologies hold the promise of not only increasing customer convenience, but also enterprises' reach over time by bringing down costs. Insurance penetration in India has some way to go and the sector is ready to embrace new age tech driven products. Fedo brings all these threads together and it's unique risk scoring algorithm allows insurers to advise, upsell and cross sell products suited to the customer's individual risk profile leading to personalised insurance products, which is the future of insurance"

With the funds raised, Fedo is working on launching the world's first ever image based underwriting platform this year which would enable insurance on boarding in less than 60 seconds. It is also working with a global player to dynamically price retail and group premiums and also plans to launch its operations in South East Asia and Australia this year.

About Fedo :

Bengaluru-based Fedo is a smart insurance for the new generation which has built an AI/ML platform that leverages the power of deep tech and medical research to automate underwriting in the health & life insurance sector. The AI/ML underwriting uses a combination of health risk and claim propensity scores to predict the risk of an individual for various diseases. Fedo helps individuals to keep score of their health, based on a number of questions answered and shows them variations in the health risk due to those changes, depicted through "Fedo Score" (credit score for health)

About Unicorn India Ventures :

Unicorn India Ventures is a Mumbai-based VC that started in 2015 by Anil Joshi and Bhaskar Majumdar. The Fund has also launched a UK India cross border fund for funding UK startups looking to enter India and have invested in 7 UK startups. From its first Fund, UIV has invested in 18 companies like Inc42, Sequretek, Pharmarack, Genrobotics, NeuroEquilibrium, SmartCoin,Open Bank, Open app to name a few. Unicorn India has also announced Fund II, which is a Rs 400 crore fund launched in 2019. It has also marked its first close of Rs 90 cr and has announced 5 investments.