[Funding roundup] Docsumo, Bebe Burp, TABPS Pets QPe, Bonsaro raise capital
YourStory presents the latest funding activities in the Indian startup ecosystem and beyond. Here's the roundup for Thursday, March 3, 2022.
Thursday March 03, 2022,
6 min Read
Docsumo raises $3.5 million in seed round
, a document AI startup founded by Rushabh Sheth and Bikram Dahal has raised $3.5 million in seed capital led by Common Ocean with participation from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital.
Docsumo plans to utilise the fresh funds to expand its client base in the North American market and grow the team. Founded in January 2019, this startup helps enterprises capture, validate and analyse data from unstructured documents for automated decisions.
The startup’s core technology platform helps commercial lenders and insurers read financial statements, tax returns, insurance policies, and other documents required for credit and insurance applications.
On the fundraise, Rushabh Sheth, Co-founder, Docsumo, said, ”We enable companies to unlock 10x efficiency and act on incoming documents in real-time. What differentiates Docsumo is that the technology can accurately extract data from business documents with a high degree of structural variability, and automate decisioning workflows end-to-end.”
Over the last 12 months, Docsumo has grown its team in Mumbai and Kathmandu and claimed a 6X increase in revenue. It currently services major enterprises in the US, EU, and Asia.
Bebe Burp raises $280,000 in seed round
, a Surat-based baby food product maker and part of 100X.VC, has raised $280,000 in seed round of funding led by Lead Angels and Lets Venture.
The other investors in this round include Mapro Foods Private Limited, Ivy Growth Associates, Shreeji Brothers, Dholakia Ventures, Jaydeep Deshpande, Navika ventures LLP, Mandar Pramod Dixit, Dr Vikas Gupta, Preetam Goswami, Raghupati Rao, and Sumit Malhotra.
Founded in 2018 by Shruti Tibrewal, Bharat Tibrewal and Chirag Gupta, Bebe Burp plans to utilise the funds primarily to pursue strategic opportunities and develop new commercial relationships besides looking at expanding its product line.
Shruti Tibrewal, Co-founder of Bebe Burp, said, “It has always been our goal to provide healthy alternatives of baby food to mothers. We are excited about the recent round of investments that has demonstrated the investment community's confidence in Bebe Burp.”
TABPS Pets raises Rs 4 crore in seed round
, a Coimbatore-based startup that manufactures ayurvedic based food and grooming items for pets has raised Rs 4 crore in a seed round of funding led by a group of angel investors.
This startup sells its products under FiloMilo brand like dog biscuits, pet shampoo etc and is present in 320 stores across Tamil Nadu and Kerala.
On the fundraise, TABPS Pets co-founder Brindha Vijay Kumar said, “We are planning to use these funds for putting up a pet food manufacturing facility in Coimbatore. We will also use the funds for R&D and further expansion of the brand in both physical and digital stores like Amazon.”
According to Brindha, most of the premium dog food is being imported into India and there are multiple issues in the process. Firstly, the food is already old when it reaches India after a long shipment time. Also in case of any supply chain disturbances, like what happened in COVID-19, the pups find it very difficult to adjust to new food all of a sudden. Since all the food ingredients used are foreign, there are huge allergy issues with the pups.
According to this startup, it is working to solve all these issues by manufacturing premium food in India by sourcing all ingredients as close to the plant as possible.
QPe raises seed funding from angel investor
, a Delhi-NCR-based O2O (offline to online) commerce platform, has raised an undisclosed amount in a seed round led by US-based angel investor Daniel Keloha. The company intends to utilise the amount to expand its team, onboard more merchants, and augment its tech landscape to fulfil the market demands.
Founded by Manish Kaushik and Mohit Choudhary in 2021, QPe digitises enterprise and SMB merchants through a full-stack solution from an online store to manage orders, payments, deliveries, marketing, and business automation from a single platform.
QPe envisions bringing offline businesses and SMEs in Tier III and IV cities, towns, and rural parts of the country online to give a new dimension to their operations.
Mohit Choudhary, Co-gounder, QPe, said, "QPe is democratising ecommerce by offering a digital ecosystem to the merchants to manage and automate their business. From the merchants in rural pockets to big players, and from small roadside "chhole bhature wala" to top-rated grocery restaurant business owners, QPe is empowering all sorts of businesses."
QPe has onboarded merchants in grocery, restaurant, electronics, and D2C startups segments. Its product enables merchants to sell their offerings hyperlocal, pan India, and globally by creating a digital storefront.
Bonsaro raises growth capital
, a revenue-based financing company., the technology-driven supplier for seafood and meat, has raised an undisclosed amount as growth capital from
Launched in August 2020, Mumbai-based Bonsaro delivers seafood, red meat, and other poultry items in various cuts and forms. According to this startup, it opted for raising capital from Klub as it has got a recurring revenue stream from its customer base numbering over 7,000.
Bonsaro plans to deploy this capital towards expanding its business footprint.
On the fundraise, Sachin Shetty, Founder, Bonsaro said, “Our business has grown 5X since January 2021….We see a huge opportunity in taking the business model across the country.”
Bonsaro procures a large proportion of the products directly from fishermen and farmers, thus resulting in assured income streams for the latter. It is now gearing up for geographical expansion across Western India followed by high potential clusters in other key regions of the country.
Chhotastock raises pre-seed round of funding
, an investment platform has raised an undisclosed pre-seed round of funding from angel investors based in India and the UAE. The round was led by SC Innovations Funds.
Set up in January 2022, Chhotastock aims to democratise stock trading and retail investing, targeting users in tier II and beyond locations in India.
Chhotastock Founder and CEO Mithun Tantri said, “We are a product-led company with a goal to help increase the penetration of equity investments in India making it affordable for all.”
Edited by Kanishk Singh