Dexter Rewind - January 2024
Monthly Rewind
The first week of December remained subdued marked by the absence of significant deals.
Venture funding experienced only a marginal increase during the second week, primarily driven by a noteworthy transaction from a young GenAI startup. The overall funding for the week amounted to $111 million across 15 deals, indicating a relatively tepid environment.📉
The third week of December brought significant positivity to the Indian startup ecosystem, primarily due to a substantial transaction by Udaan. Venture funding for the week soared to become the fourth-highest on a weekly basis for the year. The total funding reached $498 million across 15 deals.📊
As December progressed, the positive trend for Indian startups in terms of venture capital continued, defying the typically quieter atmosphere associated with the upcoming holiday season. 🚀
In the last week, startups secured around $198 million across 25 deals. The cumulative funding for the month reached approximately $800 million, reflecting a robust and successful month for the Indian startup ecosystem.💰
Making the deals count :
In the past month, Dexter has actively assessed 55 deals spanning 10 diverse sectors, and has closed the year 2023 with a total of 1,119 deals across various sectors.
Dexter Deep Dive
In this month's Deep Dive section, we embark on a captivating exploration into an insightful article crafted by Yash Garg, Investment Team @Dexter Ventures.
D-Mart was not founded by Mr. Damani. Here is a small story of ‘The Retail Man of India’
Portfolio Update
Let’s take a look at the thrilling strides in the journey of our portfolio companies’ growth!
HairOriginals has closed a Pre-Series A funding round of $2.75 M. Founded in 2019 by Jitendra Sharma, the Gurugram-based startup manufactures hair extensions and wigs, in both permanent and temporary DIY options, made from real human hair. The D2C brand runs experience centres in Gurgaon, Mumbai, Bangalore, Chennai, Lucknow, Ahmedabad, Surat, Pune, Hyderabad, Chandigarh, and Kolkata, among others.
Pilgrim has unveiled its very 1st airport store at Chennai!
Introducing BECA by Rashki, A new age innovative backpack designed for women on the go! It is a 2 in 1, a backpack which instantly converts into a briefcase. It has pockets for every conceivable item and is water resistant.
Freakins has unleashed their exclusive influencer collaboration with none other than Apoorva Mukhija, a.k.a The Rebel Kid! 🎉
Founder of Jaipur Watch Company, Gaurav Mehta had the honor of celebrating the legacy of the majestic Jaigarh Fort, a beacon of Rajputana history and architecture. The event was not just a gathering but a confluence of tradition, culture, and artistry, set against the backdrop of one of Jaipur's most iconic landmarks. The highlight of the evening was presenting a special timepiece to His Highness Maharaja Sawai Padmanabh Singh of Jaipur which was inspired by the intricate designs of Jaigarh Fort and the vibrant spirit of Rajasthani culture, this watch is a blend of traditional craftsmanship and modern elegance.
Healthysure has been named one of the top 250 promising early-stage health techs globally. They are one of the 3 Indian startups on this list and are committed to solving India's health problems with their innovative products and solutions.
TagZ Foods has been named the exceptional Winners of the inaugural CMPL Disruptors Awards, spotlighting innovators in D2C and Retailer Brands. Their outstanding achievements in the Food & Beverages category are truly remarkable. Congratulations on reshaping the future and pushing boundaries!
Atul Monga, Founder of BASIC Home Loan, has been featured in the BW Disrupt 40 Under 40 2023 list. The BW Disrupt 40 Under 40, presented by BW Businessworld, is a prestigious recognition, which acknowledges the most brilliant young entrepreneurs, innovators, and game-changers under the age of 40. This recognition serves as a testament to Atul Monga’s innovative leadership in the field of digital home loans.
MeraPashu360 is breaking the barriers and empowering women in rural by providing:
Doorstep delivery within 24hrs
Access to ‘Essential Dairy Inputs’ at a click of a button/call
‘Free of Cost’ healthcare
Education on nutrition and best practices
What’s brewing at Dexter
At Dexter, we passionately cultivate connections and ignite meaningful conversations within our vibrant community. These events epitomize our steadfast commitment to uniting an exceptional network of skill and success-driven thinking! 💡🌟
Dexter Smash League
Dexter proudly hosted the "Dexter Smash League" Badminton Tournament on 10th December in Bangalore!!🏸
This tournament transcended mere victory; it was a celebration of building a vibrant community, promoting sportsmanship, and embracing an active lifestyle!
The badminton court witnessed intense battles round after round, where participants competed with unwavering passion and sportsmanship. In the end, the deserving winners were honoured with awards and titles, marking the culmination of a spirited sporting journey. 🏸🏆✨
Here is a glimpse of the exciting event:
Dexter Escapade Goa 2023
Team Dexter had a team outing at Goa, one of the popular beach destinations in India with stunning beaches, amazing water sports and other recreational activities.
Take a sneak peak here :
Deal makers
In this exclusive segment, we present the most recent updates on funding within the dynamic and ever-evolving Indian startup ecosystem. Stay tuned for a glimpse into the pulse of innovation and investment! 💡🚀
B2B ecommerce startup Udaan raised $340 million from M&G Plc, Lightspeed, and DST in an equity and debt transaction.
Bengaluru-based cloud kitchen startup Kitchens@ raised $65 million in Series C funding from London-based growth investment firm Finnest.
Gen AI startup Sarvam AI raised $41 million in Series A round led by Lightspeed Venture Partners and supported by Peak XV Partners and Khosla Ventures.
EV startup Exponent Energy raised $26.4 million in a Series B funding round led by Eight Roads Ventures and TDK Ventures.
B2B fruits marketplace Vegrow raised $46 million from GIC, Prosus, Matrix Partners India, Elevation Capital, and Lightspeed.
Private equity firm Bluestone Equity Partners made a growth investment in VideoVerse, the maker of Magnifi—an AI-powered video editing solution for an estimated $45 million.
Aye Finance raised Rs 310 crore (about $37.2 million) in a Series F round from British International Investment (BII), The Waterfield Fund of Funds, and A91 Partners.
D2C startup The Sleep Company raised $22 million in Series C funding from Premji Invest and Fireside Ventures.
CoreEL Technologies has raised $16 million from 360 ONE Asset Management.
Dairy fintech startup Digivriddhi Technologies raised $6 million in a Series A funding round led by Omidyar Network India with participation from existing investors Omnivore and InfoEdge Ventures.
Menswear fashion brand Snitch raised Rs 110 crore (about $13.2 million) in a Series A funding round co-led by SWC Global and IvyCap Ventures Advisors Private Limited.
Sports company Agilitas Sports raised Rs. 100 crore (about $12 million) from Nexus Venture Partners.
D2C startup Nat Habit raised $10.2 million in Series B funding from Bertelsmann India Investments (BII), Amazon India Fund, Mirabilis Investment Trust, Sharrp Ventures, and Fireside Ventures.
Mobility startup BluSmart raised $24 million (Rs. 200 crore) from existing investors, founders, and the leadership team.
Wrapping up this captivating chapter of Dexter Monthly Rewind has been a joy, and we trust you found it as fascinating as our team did while crafting it! Your steadfast support and lively engagement fuel our passion to continue delivering even more exciting content. We wholeheartedly welcome your valuable insights, so don't hesitate to reach out and share your thoughts.
As we bid adieu until our next interaction, keep fueling your curiosity, stay well-versed, and, above all, let the brilliant flame of inspiration guide your path to success! 🌟