The Week that Was: Indian Startup News Overview (16th July-22nd July)
The Indian startup ecosystem has expanded quite rapidly, mainly through private investments, including seed, angel, venture capital, and private equity funds, with technical support from incubators, accelerators, and the government. It has evolved dynamically over various technological. Digital transformation and tech-enabled startups such as online aggregators have benefited primarily from improving price discovery, removing intermediaries, and reducing transaction costs for producers and end consumers.
This week, we saw Dell Technologies had launched software-driven modern storage solutions across its industry-leading storage portfolio to drive increased intelligence, automation, cyber resiliency and multi-cloud flexibility. Fitterfly raised $12 million from investors Amazon Smbhav Venture Fund and Fireside Ventures. Here is the compilation of top 5 startups that raised million dollar funds this week.
Dell
Dell Technologies on launched software-driven modern storage solutions across its industry-leading storage portfolio to drive increased intelligence, automation, cyber resiliency and multi-cloud flexibility.
The company said that these advancements PowerStore, PowerMax, and Dell PowerFlex will give businesses a secure and flexible environment to derive critical insights to grow in the digital era.
"Our storage advancements are aimed at helping businesses prepare for today and tomorrow's business challenges," Manish Gupta, Vice President & General Manager, Infrastructure Solutions Group, Dell Technologies India, said in a statement.
Burger Singh
India's largest homegrown burger chain, Burger Singh, has raised INR 30 crores in Series A funding, led by Negen capital and other investors namely Lets ventures, Mumbai angels, Old World Hospitality (Rohit Khattar) and Jasleen Royal (Singer, songwriter and composer).
The round also saw participation from existing investors RB Investments, Rukam Capital, KCT Family Office and V.M. SALGAOCAR family office (Goa). Despite the dry funding spell currently plaguing the larger economy, Tipping Mr Pink Pvt Ltd. It has managed to close the round in 60 days. The company aims to deploy these funds towards its expansive growth plans to launch an additional 120 food court outlets in FY 23.
Reliance
Reliance Industries Ltd posted record consolidated revenues at Rs 2.42 lakh crore ($30.8 billion) in Q1 FY23, up 53 per cent year on year.
Reliance posted record quarterly consolidated EBITDA at Rs 40,179 crore ($5.1 billion), up 45.8 per cent YoY and the highest ever quarterly consolidated Profit Before Tax (PBT) at Rs 27,236 crore ($3.4 billion), up 57.7 per cent YoY. The consolidated Net Profit for the quarter was Rs 19,443 crore ($2.5 billion), higher by 40.8 per cent.
EPS for the quarter was Rs 26.6 per share which increased by 42.7 per cent. Reliance's exports for the quarter was Rs 96,212 crore ($12.2 billion), higher by 71.3 per cent.
Nykaa
India’s largest beauty e-commerce player, Nykaa has come up with an initiative to support some of the many beauty startups and help build homegrown brands. Nykaa’s new incubator programme allows beauty startups in the country to showcase their brand and earn a grant of up to Rs 4 crore ($500,000) and even an acquisition opportunity in the future.
On July 20, Nykaa launched ‘Beauty&You’ in partnership with American beauty giant Estee Lauder with a prize pool of Rs 4 crore that will be distributed among companies chosen by a panel of fashion entrepreneurs.
Fitterfly
Digital therapeutic startup Fitterfly with focus on diabetes management said it has raised $12 million in funding led by Amazon Smbhav Venture Fund and Fireside Ventures.
The co-investors in this round include 9Unicorns, Venture Catalysts and Nihar Parikh, Founder of 4point0 Health Ventures and Sriram Natarajan, Founder of Molbio. The funding will be used to increase the reach of Diabefly, the digital therapeutics and clinically- proven program to prevent, manage and reverse diabetes. It will also be used to enhance Fitterfly’s technology stack to give unique clinical insights
This week, we saw Dell Technologies had launched software-driven modern storage solutions across its industry-leading storage portfolio to drive increased intelligence, automation, cyber resiliency and multi-cloud flexibility. Fitterfly raised $12 million from investors Amazon Smbhav Venture Fund and Fireside Ventures. Here is the compilation of top 5 startups that raised million dollar funds this week.
Dell
Dell Technologies on launched software-driven modern storage solutions across its industry-leading storage portfolio to drive increased intelligence, automation, cyber resiliency and multi-cloud flexibility.
The company said that these advancements PowerStore, PowerMax, and Dell PowerFlex will give businesses a secure and flexible environment to derive critical insights to grow in the digital era.
"Our storage advancements are aimed at helping businesses prepare for today and tomorrow's business challenges," Manish Gupta, Vice President & General Manager, Infrastructure Solutions Group, Dell Technologies India, said in a statement.
Burger Singh
India's largest homegrown burger chain, Burger Singh, has raised INR 30 crores in Series A funding, led by Negen capital and other investors namely Lets ventures, Mumbai angels, Old World Hospitality (Rohit Khattar) and Jasleen Royal (Singer, songwriter and composer).
The round also saw participation from existing investors RB Investments, Rukam Capital, KCT Family Office and V.M. SALGAOCAR family office (Goa). Despite the dry funding spell currently plaguing the larger economy, Tipping Mr Pink Pvt Ltd. It has managed to close the round in 60 days. The company aims to deploy these funds towards its expansive growth plans to launch an additional 120 food court outlets in FY 23.
Reliance
Reliance Industries Ltd posted record consolidated revenues at Rs 2.42 lakh crore ($30.8 billion) in Q1 FY23, up 53 per cent year on year.
Reliance posted record quarterly consolidated EBITDA at Rs 40,179 crore ($5.1 billion), up 45.8 per cent YoY and the highest ever quarterly consolidated Profit Before Tax (PBT) at Rs 27,236 crore ($3.4 billion), up 57.7 per cent YoY. The consolidated Net Profit for the quarter was Rs 19,443 crore ($2.5 billion), higher by 40.8 per cent.
EPS for the quarter was Rs 26.6 per share which increased by 42.7 per cent. Reliance's exports for the quarter was Rs 96,212 crore ($12.2 billion), higher by 71.3 per cent.
Nykaa
India’s largest beauty e-commerce player, Nykaa has come up with an initiative to support some of the many beauty startups and help build homegrown brands. Nykaa’s new incubator programme allows beauty startups in the country to showcase their brand and earn a grant of up to Rs 4 crore ($500,000) and even an acquisition opportunity in the future.
On July 20, Nykaa launched ‘Beauty&You’ in partnership with American beauty giant Estee Lauder with a prize pool of Rs 4 crore that will be distributed among companies chosen by a panel of fashion entrepreneurs.
Fitterfly
Digital therapeutic startup Fitterfly with focus on diabetes management said it has raised $12 million in funding led by Amazon Smbhav Venture Fund and Fireside Ventures.
The co-investors in this round include 9Unicorns, Venture Catalysts and Nihar Parikh, Founder of 4point0 Health Ventures and Sriram Natarajan, Founder of Molbio. The funding will be used to increase the reach of Diabefly, the digital therapeutics and clinically- proven program to prevent, manage and reverse diabetes. It will also be used to enhance Fitterfly’s technology stack to give unique clinical insights
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