Startup news and updates: Daily roundup (April 5, 2024)

Funding news

SmartCheck secures debt funding

SmartCheck, headquartered in Hyderabad and specialising in SaaS facility management services, has recently secured undisclosed debt funding from Incred Capital, with facilitation by India's premier investment banking firm, Lakhani Financial Services. This marks SmartCheck's first external funding round.

The capital infusion comes at a pivotal moment for SmartCheck as it embarks on a journey to expand its business operations and accelerate software development initiatives. With a strong focus on delivering cutting-edge facility management solutions, SmartCheck aims to leverage the funds to strengthen its market position and enhance its suite of innovative offerings.

"We are thrilled to have secured this debt funding, which will enable us to fuel our growth trajectory and further enhance our software capabilities," said Sreenivasteja M. and DV Sarath Reddy, founder and director of SmartCheck.

Holani Group launches Rs 400 crore SME focused fund

Holani Venture Capital Fund, a SME-focused fund promoted by a renowned name in the investing realm, The Holani Group, has received a communique from the Securities and Exchange Board of India (SEBI) for registration of its Alternate Investment Fund, enabling it to operate as an Equity Fund house. T

his landmark communication marks a significant milestone for the Holani Group, signaling its foray into the realm of fund management and investment.

Holani Venture Capital Fund Category I AIF, managed and sponsored by Holani Capital Advisors LLP, is an Indian growth capital private equity fund. Recently, the fund received official registration from SEBI as a Category I AIF – Venture Capital Fund.

This regulatory approval allows the Holani Venture Capital Fund to mobilise and allocate Rs 300 crore from investors into the vibrant Indian equity markets. Additionally, the fund possesses a greenshoe option, enabling it to retain an extra Rs 100 crore.

Rocksport Raises funds from Brand Capital

One of Asia’s largest providers of in-school adventure programs Rocksport has secured a new round of investment, nearly $3 million, from Brand Capital, the strategic investment arm of The Times of India. With this latest funding, Rocksport has closed its Series A round, elevating its valuation to $30 million.

During a previous round of funding, Mahindra Holidays & Resorts acquired a strategic stake in Rocksport, aiding in the expansion of its presence across India beyond metropolitan areas. Known for pioneering school adventure programs, Rocksport has since diversified its offerings to include tailored programs for families and corporations. Presently, over 1,000 top-tier schools host Rocksport's soft adventure programs.

Troovy raises Rs 5 Cr in Pre-Seed round

Troovy, a family nutrition startup, has secured Pre-Seed funding from Veltis Capital, SSV, Rebalance, and others. Amid the challenging funding landscape, this achievement speaks volumes about investor confidence in Troovy's vision and potential.

Troovy provides a range of flavorful and nutrient-rich products designed to appeal to young tastes, encouraging children to make healthy choices and realize their full potential. With Troovy, parents can trust that their children are receiving the necessary nutrients for optimal growth and development, fostering a sense of well-being and enjoyment.

Mave Health raises Rs 6 Cr in Pre-Seed round

Mave Health, a mental health-tech startup, has raised Rs 6 crore in pre-seed funding round. The funding round was led by All-In Capital and Utsav Somani’s iSeed Fund, with participation from other marquee investors including Bharat Founders Fund, Deepinder Goyal (Zomato), Kunal Shah (CRED), Mohit Kumar and Vatsal Singhal (Ultrahuman). 

The round also saw angel investors like Gaurav Agarwal (TATA 1mg), Nandan Reddy (Swiggy),

Rohan Verma (BreatheWellBeing), Nikhil Kant (Even), Harsh Shah (Fynd), Neel Mehta (Studio Carbon), Nitin Mehrotra (Dressfolk), Himanshu Aggarwal (SHL), along with Vikrampati Singhania from JK Family Office, Gaurang Patel and Pradeep Patel from Amaanta Family office, and Rajan Dube. Representatives from the creator industry, such as Ganesh Prasad and Parsh Kothari (ThinkSchool), Shlok Srivastava (TechBurner), Neel Gogia and Naim Siddiqui, also participated in the pre-seed round. 

Established in 2023 by Dhawal Jain, Jai Sharma, and Aman Kumar, Mave Health is dedicated to crafting evidence-based programmes centered around human well-being. The startup's primary focus is on mental health, with its flagship product, Arc, tailored to enhance brain health and address depression. The recently secured investment will enable Mave Health to introduce Arc, India's pioneering non-invasive brain stimulation wearable designed for depression treatment.

Caret Capital invests in SuperProcure

Caret Capital, a venture capital fund focusing on supporting early-stage startups to enhance efficiency within India's value chain, has made an investment in Kolkata-based startup SuperProcure.

Established in July 2017 by Anup Agarwal and Manisha Sharaf, SuperProcure offers a real-time Transport Management System (TMS) and collaborative platform tailored for manufacturing and infrastructure firms. Initially conceived as a freight e-negotiation product, SuperProcure has evolved into a comprehensive logistics and supply chain platform, facilitating the digitization of manual transport management processes for shippers.

Other news

Wonderchef launches all in one Kitchen Robot

Wonderchef, an industry leader in premium kitchen appliances has announced the launch of Chef Magic, an innovative, all-in-one kitchen robot designed to transform the home cooking experience with fully automated cooking processes. The device has hundreds of preloaded recipes, which can be chosen at will from the smartphone-like touchscreen.

Chef Magic then takes charge, providing step-by-step guidance on ingredient addition, weighing, and executing various cooking functions such as mixing, chopping, steaming, sautéing, blending, frying, stirring, and kneading.

Ravi Saxena, Founder and CEO of Wonderchef said, “We are confident of achieving Rs 200 crore in sales from Chef Magic in three years. This product will be leveraged strategically to further strengthen our foothold in overseas markets and we will be servicing the global markets from June this year. There is already a tremendous demand from Indians living abroad and from parents in India whose kids are abroad. The 120-volt machine for North America has also been developed and would be made accessible in the USA and Canada. All machines will keep getting regular recipe updates.”

(The copy will be updated with the latest news throughout the day.)