OfficeBanao, Nysha Mobility Tech, RAS Luxury Oils, WLDD raise funds
YourStory presents daily funding roundups from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, April 11, 2023.
Tuesday April 11, 2023,
4 min Read
Lightspeed invests $6M in OfficeBanao
Venture capital firm Lightspeed has invested $6 million in, a workspace interiors platform. The company will utilise the funds to "strengthen its platform across both technology and team, specifically in design and growth capabilities".
OfficeBanao offers end-to-end solutions for the design, procurement and execution of office development to designers, architects, contractors and suppliers of office furniture and other materials.
Present in 15 Indian cities, the company will work with small- and mid-sized businesses and large enterprises to establish a deeper presence in 25 top markets.
Nysha Mobility Tech gets $3.5M in seed funding
Electric vehicle (EV) components startuphas raised $3.5 million in a seed funding round in a combination of equity and debt from Touchstone Ventures, Panthera Peak Capital, and some family offices and angel investors.
The company will deploy the capital for technology development to optimise manufacturing processes, research and development of EV components, and use of Internet of Things (IoT) and artificial intelligence in manufacturing besides allocating for capital expenditure.
Nysha Tech Mobility has over 40 customers including SUN Mobility, Ola Electric and Virya Mobility, and has set targets to onboard more than 100 customers by the end of this year.
It inaugurated its first manufacturing facility in Nelamangala, a town in Bengaluru Rural district, to make cables and harnesses that will be used in battery packs, charging and battery swapping infrastructure and vehicles.
RAS Luxury Oils raises $1.5M from Green Frontier Capital
Skincare and personal care brandhas raised $1.5 million from Green Frontier Capital, a New York-based climate change- and sustainability-focused venture capital firm. Existing investors also participated in the round.
The direct-to-consumer brand said it will work on product innovations, launch exclusive brand outlets, focus on global expansion, strengthen its brand presence, and also hire more people in Raipur and Mumbai.
Last May, the company raised $2 million in a Pre-Series A funding round from Sixth Sense Ventures. RAS Luxury Oils was founded by Shubhika Jain, Founder and CEO; her mother, Sangeeta Jain, Co-founder and Chief Research Officer; and her sister, Suramya Jain, Co-founder and Chief Marketing Officer, in 2017.
The company has a vertically-integrated process to source its own raw materials, which are researched and formulated in its in-house research and development facility approved by the Department of Scientific and Industrial Research and manufactured in its government-approved factory.
Negen Capital invests $1.25M in meme marketing company WLDD
Meme marketing company Wubba Lubba Dub Dub (WLDD) has raised $1.25 million in a seed funding round led by Negen Capital, a debt syndication and private equity advisory focusing purely on mid-market deals across sectors.
The Bengaluru-based company is also looking to raise another $750,000 from angel investors and creators in India. This is the first fundraise for WLDD, which was founded by Arihant Jain, Vivekanand Kilari, and Jaidev Kesti in 2018.
WLDD said it will use the funds to "accelerate the growth of the startup" and "strengthen the company's growing influence". The company said it has worked with more than 120 businesses, launched over 1,500 campaigns and built a creator community of more than 10,000 people.
Investcorp acquires a majority stake in Shearer Supply
Global alternative investment firm Investcorp has picked up a majority stake in Shearer Supply, a distributor of heating, ventilation and air conditioning equipment for residential and commercial properties in the southern United States region. The press note did not include the financial details of the transaction.
Shearer's management team and family, and PNC Riverarch Capital, will continue to retain some stake in the company.
The acquisition comes after Investcorp raised $1.2 billion from blue-chip institutional investors, including pension plans, family offices, private wealth funds and an insurance company operating across North America, Europe and the Gulf region. The fund is focused on controlling buy-out investments in middle-market service North American businesses.
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh