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Spendflo, Dozee, Blacksoil, and others raise funds

YourStory presents daily funding roundups from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, April 04, 2023.

Spendflo, Dozee, Blacksoil, and others raise funds

Tuesday April 04, 2023 , 6 min Read

V3 Ventures launches in India

Early-stage venture capital fund, V3 Ventures, has officially launched in India and will invest up to €100 million across Europe, United States, and India.

Backed by the international investment company Verlinvest, V3 Ventures will focus on investing in the consumer space across new-age brands, technology, enablers, and platforms at the seed and Series A stages.

V3 Ventures is led by entrepreneurs Lopo Champalimaud and Arjun Vaidya, who have decades of experience in building transformative companies for consumers.

Spendflo secures $11M in Series A funding

Spendflo—which provides a SaaS buying and management platform—has secured $11 million in a Series A fundraising round led by Prosus Ventures and Accel.

The company hopes to utilise the capital to fuel product growth and accelerate global expansion. It plans to broaden its North American footprint through hiring resources and on-ground marketing activities.

So far, Spendflo has bagged a total of $15.4 million from investors, including Prosus Ventures, Accel, Together Fund, Signal Peak Ventures, and Boldcap Ventures.

Dozee raises $6M in Series A2 funding

Dozee, a contactless remote patient monitoring and AI-based early warning system firm, has raised $6 million in a Series A2 funding round. The investment came from a mix of new and existing investors, including State Bank of India, J&A Partners Family office, and Dinesh Mody Ventures.

Bengaluru-based Dozee plans to use the funding to expand in the Indian market, explore global opportunities, and invest in its R&D capabilities. Dozee's flagship product—the Contactless Vital Signs Measurement system—recently received US FDA 510(k) clearance, meeting global standards for medical devices and algorithms.

Dozee device health tech

Blacksoil secures over $25M through debt products

Mumbai-based alternative credit platform BlackSoil has secured more than $25 million through its debt products. The fresh funds were raised from banks, family offices, corporate treasuries, and high-net-worth individuals; 60% of the investors were existing ones.

This recent capital raise is in addition to the $35 million that BlackSoil raised during the first half of FY23.

"We have witnessed a strong interest from investors, and we are confident that our robust portfolio performance in the current funding winter environment will continue to attract investors in the years to come,” Ankur Bansal, Co-founder of BlackSoil, said in a statement.

BlackSoil manages an alternative credit platform. It claims to have deployed $270 million across 135 deals. The portfolio includes investments in nine unicorns such as Upstox, Udaan, Zetwerk, OyoRooms, and Spinny.

Prozeal Infra raises $4M in Series A round

Prozeal Infra Engineering Pvt Ltd has raised $4 million in a Series A funding round led by Chandrakant Gogri's family office arm—Alchemie Ventures.

The firm said the funds will be used to scale operations and execute developer-model projects for energy and utility companies.

“Solar energy and decarbonisation are the backbone of India's climate change commitment. Prozeal Infra, through its engineering capabilities, is well positioned to capture a lion's share of this energy transformation,” Chandrakant Gogri, Founder and Chairman Emeritus of Aarti Group of Industries, said in a statement.

Prozeal Infra was founded by Manan Thakkar and Shobit Rai. The company claims to have an order book worth Rs 1,000 crore, which will be fulfilled over the next 12 months.

Incorp Advisory was the exclusive investment banker for the transaction.

Zyod raises $3.5M in seed funding

Zyod, a global B2B platform for apparel sourcing and manufacturing, has raised $3.5 million in funding in a seed round led by Lightspeed.

FJ Labs, Panthera Peak Capital, and select angels such as Abhishek Goyal (founder Tracxn), Abhinav Sinha (Global COO, Oyo), Gaurav Hinduja (COO, Gokaldas Exports), and Ravi Khandelwal (Founder, Yufta) also participated in the round.

Zyod plans to use the funds to strengthen its technology platform and team. The company said it would add manufacturers and suppliers, introduce new features, and continue to build a network of MSMEs in apparel sourcing and manufacturing.

Founded in 2023 by Ankit Jaipuria and Ritesh Khandelwal, Zyod offers exclusive support to global customers looking to launch and grow their fashion businesses and brands from scratch.

Dozer secure $3M in seed funding

Open-source data infrastructure platform Dozer has secured $3 million in funding in a seed round led by Sequoia Capital Indiaand Southeast Asia’s Surge. Gradient Venturesand January Capitalalso participated in the fundraise.

Dozer said the funding will contribute to the scaling of product and engineering teams.

Dozer, which was co-founded by Matteo Pelati and Vivek Gudapuri, enables engineers to build APIs from multiple data sources. The platform connects with databases such as Postgres and MySQL and data warehouses such as Snowflake and Ethereum ledger, allowing engineers to build scalable real-time data applications.

“We believe that companies will continue to invest in real-time, data-driven products that offer users a 10x experience—and the picks and shovels that enable this will unlock tremendous value. Dozer offers a novel approach to building data APIs, playing in a very strategic and potentially large TAM,” Dozer's co-founders said in a statement.

Narrato raises $1M in pre-seed funding

AI content marketing platform Narrato has raised $1 million in funding in a pre-seed round led by AirTree Ventures. The round also saw participation from TheFund and several marquee angel investors, including Ruchi Kalra and Bhuvan Gupta, Co-founders of Ofbusiness, and Shreesha Ramdas, an entrepreneur.

The company said it will use the funds to enhance its platform and invest in marketing to penetrate the US market.

Founded in January 2022 by Sophia Solanki, Narrato allows users to use generative AI to ideate, create, collaborate and publish content all in one place.

“Having identified the massive opportunity for generative AI in content marketing and already successfully built two companies in this space, Sophia knows the market inside out,” said Elicia McDonald, Partner at AirTree. “She has a strong connection to the problem and has achieved impressive traction for a company at such an early stage, especially considering they have bootstrapped to date.”

Sophia Solanki

Sophia Solanki, Founder of Narrato

Lawyered secures $150,000 in pre-series round

Legal-Tech platform Lawyeredhas secured $150,000 in a pre-series round led by India Accelerator iAngels, an Angel Investor Network.

Lawyered plans to use the funding to scale up LOTS (Lawyer On-The-Spot) by building a cutting-edge technology solution using OpenAI. The platform will also strengthen its on-ground operations by building efficient processes and reinforce its sales and marketing efforts.

“Lawyered's innovative approach and deep understanding of legal challenges make them a standout in the industry. We're proud to support them and believe they have the potential to become a legal industry leader,” Mona Singh, Co-founder of India Accelerator, said in a statement.

Launched in 2017, Lawyered makes legal services accessible and affordable through tech-driven consumer products with a sharp focus on the mobility market.

Lawyered said it has raised the pre-series round at a $10 million valuation and is slated to get into the Series A round of investments soon with current projections.


Edited by Swetha Kannan