Startup news and updates: Daily roundup (December 21, 2023)

Funding

Enrico Eyewear secures Rs 2.1 Cr funding 

Enrico Eyewear, a consumer brand offering ready-to-wear zero-power eyewear products, has raised Rs 2.1 crore in a pre-seed round led by the 100X.VC—the first institutional investor to invest in Enrico Eyewear. Post 100X.V pitch day, various prominent angel investors, further invested in the company.

The investment will be utilised to expand the brand’s market reach through diverse distribution activities. Additionally, the capital raised will be used strategically to educate customers about the importance of quality eyewear and maintaining eye health. 

Enrico comes from a family legacy of over 35 years in the optical industry. Founded in 2017, the brand underwent a comprehensive three-year research phase, resulting in its market entry in 2020.

“Enrico is targeting an interesting untapped market in the Indian space and truly has enormous potential for rapid growth. As the first institutional investor in the startup, 100X.VC is pleased to witness the brand’s growth trajectory and contribute to the same in all ways possible,” said Ninad Karpe, Founder and Partner, 100X.VC.

Nestroots raises pre-seed round led by Beyond Seed Singapore

NestRoots, a new-age home decor and lifestyle brand, has announced a fundraise of Rs 3 crore, led by Beyond Seed Singapore, with investment expertly handled by Bestvantage Investments. This infusion of capital comes on the heels of Nestroots projecting a year-on-year double-digit growth.

Arjun Vaidya, Marquee D2C mentor and investor, has participated in the round and has also come on board as a mentor.

Nestroots will introduce new categories like kids' furniture and bigger furniture alongside an expansive range of decor. Additionally, with a keen eye on global markets, Nestroots' international expansion plans over the next five years include venturing into strategic territories, including the US, Canada, and the UAE. Alongside, the brand aims to bolster its offline footprint through Shop-In-Shops (SIS) and Multi-Brand Outlets (MBOs).

Other news

Delhivery launches its largest trucking terminal at Bhiwandi in Maharashtra 

Logistics provider Delhivery Ltd has successfully operationalised its largest mega-gateway in Bhiwandi, built over 1,200,000 sq ft. of land area. The Bhiwandi trucking terminal combines automated hub, sortation, returns, and freight operations with the capability to handle Delhivery’s parcel and part-truckload freight volume simultaneously.

The automated gateway has 196 docking stations and is designed to transact over 8,000 tonnes of freight, with 1,600 vehicles transiting through it daily, a vehicle every 54 seconds. The facility’s automation system, developed and deployed by Falcon Autotech (a Delhivery invested company), comprises 1.8 km of integrated double-deck cross-belt sorters coupled with over 5 km of material conveyance systems, and is equipped to process over 32,000 shipments and 17,000 freight units per hour.

"Our expanded Bhiwandi gateway will enable us to increase capacity for Mumbai and the West Zone’s large and SME freight shippers while maintaining world-class service reliability and efficiency," said Sahil Barua, Managing Director and Chief Executive Officer, Delhivery.

(This copy will be updated with the latest news throughout the day.)