[Funding roundup] Samudai, SubCom, Redbasil, MoneyyApp raise early-stage deals

Here are the companies that announced early-stage rounds on Wednesday, June 8, 2022.
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Samudai raises $2.5 million pre-seed funding

Samudai, a decentralised autonomous organisation (DAO) platform for managing and building communities in the Web3 ecosystem, said it has raised a pre-seed financing round of $2.5 million, to continue growing the team, accelerate development, and bring its platform to market.

The heavily oversubscribed round includes the participation of well-known investors including FTX Ventures, Sino Global Capital, A&T Capital, Coinbase Ventures, Lunar Ventures, NxGen, Paradigm Shift Capital, DWeb3 Capital, Builders Tribe, and Superteam DAO. The company also secured funding from several notable operators and angel investors.

Samudai was founded in 2022 and incorporated in Singapore by Kushagra Agarwal and Navin, who met in college and have been working together for over five years. The company operates globally and remotely. 

Samudai is planning a full productivity suite for DAOs, including a Web3 native project management framework, team graphs, and an analytics dashboard, along with building a roster of talented Web3 professionals to facilitate collaboration with a proprietary and verifiable reputation metric called “Bushido”. 

“We’re grateful for the support of such well-known investors in innovation which will help us make it easier for DAO Admins and Contributors to nurture a healthy work-life while advancing global coordination in this industry,” said Samudai co-founder Navin. 

Samudai plans to launch a private alpha version of its platform to a small group of users this Summer, around mid-July, with a public beta phase later in 2022. 

SubCom raises $1 million in seed round

SubCom (Subconscious Compute) said it has raised $1 million in a seed funding round from YourNest Venture Capital, ISV Capital, and an existing investor—Entrepreneur First. 

This round also saw participation from Bikky Khosla (Chairman of TradeIndia), Varun Alagh (Founder, MamaEarth), Harjot Gill (Founder of FluxNinja and Netsil), and some senior executives from Google, Netflix, and Visa.

Launched in December 2020 by Anter Virk and Dilawar Singh, SubCom’s AI-driven technology allows users to observe and manage the trust score of their endpoints like laptops, mobile phones, and IoT (Internet of Things) devices in real-time. 

Redbasil raises $330,000 in seed round

Redbasil, a tech-driven, zero-inventory marketplace for wholesale food supply for restaurants and cloud kitchens, said it has raised $330,000 as part of its seed round led by Mumbai Angels. The round also saw the participation of SAT Industries Ltd, Planb Capital, and other investors.

Redbasil will primarily use the capital to expand its ground operations and sales team in the Delhi-NCR region, and invest in engineering resources and tech infrastructure. 

The platform also aims to onboard more than 500 outlets and clock a monthly GMV (Gross Merchandise Value) of over Rs 1.5 crore with the funding. Redbasil plans to expand further in the core categories of fresh produce, fresh meats, seafood, and dairy products while also starting operations in new categories, such as imported groceries and frozen products.

Founded in 2021, Gurugram based Redbasil’s digital marketplace model enables restaurants and cloud kitchens to source high-quality food supplies seamlessly through its mobile app. 

“We are confident that the latest infusion of capital will help the platform tap into the immense potential in the market, cater to more customers, and scale the business”, said Nandini Mansinghka, Co-founder and CEO of Mumbai Angels.

Naman Dayal, Founder and CEO of Redbasil, said “We’re delighted to be backed by marquee investors in our journey of building a robust ecosystem in the food value chain for restaurants and cloud kitchens. This funding will help us achieve our goal and reach greater heights.”

MoneyyApp raises undisclosed angel funding

MoneyyApp, a fintech app that helps creators to manage their business by providing fintech tools, has raised an angel round from a clutch of marquee investors led by GSF Accelerator. 

Other investors who participated in the round included IndiaMart’s founder Dinesh Agarwal, Nazara Technologies’ founder Nitesh Mittersain, Amit Singhal of Fluid Ventures, Sumesh Menon of U2opia Mobiles, Pras Hanuma, and many others. 

Founded in December 2021 by Fayyaz Hussain, Mohit Goyal, and Aaditya Goyal, MoneyyApp helps Indian content creators improve their monetisation by providing tools to enhance their business.

MoneyyApp plans to use the funding to expand its operations, work on product development, and create awareness around the app. The startup’s target audience is the millions of creators making content on various social media platforms but majorly from Youtube.

MoneyyApp’s co-founder and CEO, Fayyaz Hussain, said, “The funding from the GSF accelerator would help us provide the much-needed mentoring and ability to work on product development.”

The June Shop raises undisclosed funding from angel investors

The June Shop, a design-inspired home decor ecommerce brand, based out of Kolkata, raised undisclosed amount from angel investors.

The June Shop will use the acquired funds to address the organisation's growing needs, for product innovation, inventory diversification, recruitment, web and app development, and to ramp up the marketing activities.

The round was led by angel investors in their personal capacity, including Vijay Subramaniam (Former Head of Content for Amazon Prime Video, India), Pratik Nahata, and Sreekumar Krishnan (Founders, Voxtur Ventures). Angel fund backs early-stage entrepreneurs building the future through technology.

On the fundraise, Rishav Nahata, Founder, The June Shop, said, “The recently raised funds will further allow us to transform into a more luxe and premium collection.”

Four startups receive investments worth Rs 6.3 Cr at JIIF Shark Angels Noida event

At the JIIF Shark Angels event, four startups received a cumulative investment of $810,700 (Rs 6.3 crore)

This was hosted by JITO Incubation and Innovation Foundation (JIIF) and JITO Youth wing (JYW) in association with North Zone. Out of the five startups that pitched, four received investments. 

UnoTag, the employee retention and customer loyalty platform, received Rs 50 lakh. Glove-making company Glovatrix, which helps people with hearing or speech impediments communicate, is assured Rs 80 lakh support. Photo sharing platform and tool Kwikpic raised Rs 1 crore and edtech skill-testing platform Offee received Rs 4 crore.

(The story has been updated with more funding news.)

Edited by Kanishk Singh

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