Dexter Rewind - January, February, March 2024

Monthly Rewind

Here is a sneak peek of the Venture capital (VC) landscape in the first quarter of the year. 

January started on a slow note witnessing only $61M raised across 13 deals in the first week but closed with a total of ~$400M raised across 55+ deals. February was better with ~$750M+ raised across 90+ deals.

VC funding in Indian startups demonstrated resilience throughout the initial weeks of March, the funding amounts for each respective week hovered at approximately $200M and tally of deals ranged from 14 to 23 per week, cumulatively doing roughly the same as February.

Particularly noteworthy news of this quarter was the emergence of a new unicorn, Perfios, adding to the vibrancy of the funding landscape along with other major deals. 

Making the deals count :

Dexter started the year with a roll by sourcing 237+ deals across FinTech, B2B SaaS, Consumer, Consumer Tech, Creator Economy, HealthTech, AgriTech and more during the months of January, February, and March.

Dexter Deep Dive

In this month's Deep Dive section, we immerse ourselves in an engaging exploration of an insightful article written by Aryan Mulchandani, part of the Investment Team at Dexter Ventures.

“Navigating the Evolution: The Shift from B2C to B2B in Fintech Startups”

Portfolio Update

Let's take a look at the achievements of our portfolio companies!

1. Insurtech startup, Bharatsure, the parent company of Healthysure, has successfully raised $1 million in funding spearheaded by Capital-A, an early-stage venture capital fund.

   

2. HairOriginals opens flagship experience centre in Hyderabad. With the new store launch, the company is anticipating to generate a revenue of Rs 3 crore in the next 12 months. The brand plans to open 25 experience centres across India before the end of FY2025.

3. BASIC Home Loan has been awarded the GOLD in the B2C (BFSI) category at the DIGIXX 2024 Awards for their 'SwayamGhar' Campaign. The DIGIXX Awards honors outstanding accomplishments within the ever-evolving digital landscape.

Atul Monga, Founder & CEO, Basic Home Loan, won the prestigious 'Social Entrepreneur of the Year' award at the #ETEntrepreneurAwards! This remarkable achievement not only highlights Atul's exceptional vision but also serves as an inspiring reminder of the pursuit of greatness.

4. Pilgrim expresses gratitude to Inc42 Media for it’s inclusion in Inc42's list of the fastest-growing direct-to-consumer (D2C) brands this year.

5. MeraPashu expresses gratitude to India Today and Rajdeep Sardesai for highlighting their mission of delivering crucial dairy inputs to Indian dairy farmers. Their efforts, including a user-friendly app and multilingual customer care, are praised for improving accessibility. The initiative aims not only for convenience but also for empowering women and generating employment, leading to positive community development.

6. TagZ celebrates its inclusion in Inc42's list of the fastest-growing direct-to-consumer (D2C) brands in the growth category for 2024. Their mission to improve snacking habits among young Indians has been marked by learning, lessons, victories, and significant growth along the way.

 Tagz has been awarded the D2C Brand of the Year in the Snacks & Namkeen category at the esteemed Channelier FMCG Awards.

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! 💡🌟

We are proud to announce that Anuradha Aggrawal , our GP at Dexter Ventures was part of the 40 under 40 Alternative investment professionals in India 2024 list, yet another testament to her knowledge in the space.

Aryan Mulchandani, part of the Investment Team at Dexter Ventures, was one among the panelists speaking on “The Investor Landscape: Understanding the Preferences of Seed and Growth Investors" at the Global Startups Summit Event in January 2024.

Aryan Mulchandani, part of the Investment Team at Dexter Ventures, was one among the panelists at the COHORT 12 Business Pitch Event conducted on February 3, 2024 by NMIMS AIC, Mumbai.

Our founder, Devendra Agrawal, after organising the previous two editions of Fintech Summit, is helping his Alma Mater - IIT Bombay organise the IIT Bombay Alumni Association’s (IITBAA) eagerly awaited 3rd FinTech Summit, titled 'FinTech Summit 2024 - India: The Land of FinTech Innovation' on April 20, 2024 at Radisson Blu, Marathahalli, Bengaluru from 9:00 AM - 5:00 PM. The event is open to everyone!

This event features an impressive lineup of speakers including Ashish Chauhan (NSE, CEO) Sandeep Ghosh (Visa, Country Head) and Gautham Aggarwal (Mastercard, South Asia and Country head).

Register now using the code "DEXTER" for a special discount!

Awaiting to see you there!

Deal makers  

In this exclusive segment, we unveil the latest updates on funding within the dynamic and ever-evolving Indian startup ecosystem. Get ready for a sneak peek into the heartbeat of innovation and investment! 💡🚀

1. EV startup River raised $40 million from Yamaha Motor Co, Al-Futtaim Automotive, Lowercarbon Capital, and Toyota Ventures.

2. Logistics startup Shadowfax raised $100 million from TPG NewQuest, Mirae Asset Venture, Flipkart, IFC, Nokia Growth Partners, Qualcomm, and Trifecta Capital. Kushal’s, a fashion and silver jewellery brand, raised Rs 284 crore ($34.2 million) from Lighthouse.

3. Ola Founder Bhavish Aggarwal's Large Language Model (LLM) startup Krutrim has raised $50 million from Matrix Partners and others at a valuation of $1billion.

4. SaaS fintech startup Perfios raised $80 million from Teachers’ Venture Growth (TVG) at a valuation of more than $1 billion. 

5. Audio entertainment platform Pocket FM raised $103 million from Lightspeed and Stepstone Group.

6. Captain Fresh, a B2B fish and seafood tech startup, raised $25 million from British International Investment and Nekkanti Seafoods Group as well as a few family offices.

7. Rentomojo, a furnishing rental brand, raised Rs 210 crore ($25 million approx.) from Edelweiss Discovery Fund Series – I, Chiratae Growth Fund, and Magnetic. 

8. Walko Foods, the parent company to ice cream brands NIC and Cream Pot, raised $20 from Jungle Ventures. 

9. Bengaluru-based shared electric mobility company Yulu raised $19.25 million from Canadian auto parts manufacturer Magna and Bajaj Auto Limited. 

10. SaaS startup Capillary Technologies raised $95 million as part of its Series D round from a group of investors. 

11. Fintech startup Mswipe Technologies raised $20 million from Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. 

12. Non-Banking Finance Company (NBFC) Varthana Finance has secured $14 million from Blue Earth Capital. 

13. Investment firm Grip Invest raised $10 million from Stride Ventures, LC Nueva, Multiply Ventures, Venture Highway, Anicut Capital, and AdvantEdge.

14. Fintech startup FinAGG Technologies raised $11 million from Tata Capital, Blue Orchard, SIDBI, Prime Venture Partners, and Gray Matter Capital.

15. Logistics startup Wiz Freight raised Rs 125 crore ($15 million) from SBI Investment, Tiger Global, Nippon Express, Axilor Technologies Fund, Foundamental etc.

16. Direct-to-consumer (D2C) luggage brand Mokobara raised Rs 100 crore ($12 million) from Peak XV Partners, Sauce VC, and Saama Capital.

17. The Ayurveda Experience raised $27 million from Jungle Ventures. SIDBI Ventures, Anicut Capital, and Sharrp Ventures. 

18. Rural ecommerce startup Rozana raised $22.5 million from Bertelsmann India Investments and Fireside Ventures. 

19. AI-driven dermatology platform CureSkin raised $20 million from Healthquad, JSW Ventures, Khosla Ventures, and Sharrp Ventures. 

20. Healthtech startup Ultrahuman raised $35 million from Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave Incubation, and Deepinder Goyal. 

We are thrilled to wrap up another month of invaluable insights. It's been a month filled with exciting developments that are reshaping the funding landscape. As we say goodbye for now, keep nurturing your curiosity, stay informed, and let the brilliant spark of inspiration guide you on your journey to success! 🌟