Uravu Labs, HiYo, NoCap, R for Rabbit raise capital even as funding remains downcast

YourStory presents daily funding roundups from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, March 23, 2023.

Uravu Labs, HiYo, NoCap, R for Rabbit raise capital even as funding remains downcast

Thursday March 23, 2023,

3 min Read

The funding momentum remained lethargic for Indian startups on Thursday with the total capital-raise announced during the day not exceeding $20 million.

The banking crisis in the West has certainly an overhang on the flow of capital and it is unlikely to change anytime soon.

Uravu Labs raises $2.3 million in seed round

Deep-tech startup Uravu Labs has raised $2.3 million in seed funding from JITO Angel Network, Anicut Capital, Speciale Invest, and Rocketship.vc.

Other investors who participated in this round include Vesta, Spectrum Impact, ZNL Growth Fund, VERSO, Echo River Capital and wealthy individual investors.

Uravu Labs has developed a renewable water technology that utilises atmospheric moisture to produce high-quality drinking water.

Uravu Labs founders

Uravu Labs founders (from left); Govinda Balaji, Swapnil Shrivastav, Pardeep Garg and Venkatesh RY

Founded by ​Pardeep Garg, Swapnil Shrivastav, Venkatesh RY and Govinda Balaji in 2020, this Bengaluru-based startup uses liquid desiccants to absorb moisture, and then recovers the absorbed moisture to create freshwater using only renewable energy sources such as solar energy, biomass, or waste heat.

Uravu plans to use this fresh capital for commercialising its renewable water solutions, and scaling up its operations and partnerships.

“Our mission is to revolutionise the water industry with breakthrough technologies that create a sustainable future for everyone,” said Garg.

HiYo raises $500,000 from angel investors

HiYo, a D2C startup, has raised $500,000 from angel investors. Founded in 2022, HiYo adds a layer of commerce to creator-led communities, helping reduce customer acquisition costs. It launched its first brand, FAADU, earlier this month.

NoCap Meta raises Rs 2 crore

NoCap Meta, a Web3 company that provides a range of services including blockchain-based systems, metaverse development, and asset-backed tokens, has raised Rs 2 crore from Sunicon Ventures.

NoCap Meta will use the money for growth-related initiatives. Founded in 2021, this startup has collaborated on various projects including for Femina Miss India, Toms, Metastar Media, Breathe ESG, and Yaap Digital & Neo Asset Management.

R for Rabbit raises funds from Negen Capital

Baby products brand R for Rabbit has raised an undisclosed amount of capital from Negen Capital in a pre-Series B round of funding. It will deploy the capital towards strengthening its portfolio of consumer goods products, retail expansion, and scaling up the brand.

R for Rabbit earlier raised Rs 40 crore in a Series A round from Xponentia Capital Partners in October 2021. The startup aims to touch revenue of Rs 700 crore in 4-5 years.

Founded in 2014 by Kinjal Popat and Kunal Popat, R for Rabbit sells a diverse range of baby products, including baby gear, ride-ons, nursing and feeding products, and diapers.

Edited by Feroze Jamal

Montage of TechSparks Mumbai Sponsors