Commerceiq Spins Unicorn, Inflection Point Ventures Launches $50M Vc Fund, Leverages $22M Series B Edu Bags, and Ola Electric Makes Strategic Investment in Storedot

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CommerceIQ goes unicorn after raising $115M from SoftBank Vision Fund 2

Retail e-commerce management platform CommerceIQ has gone unicorn after raising $115 million in Series D funding at a valuation of over $1 billion. The funding round was led by SoftBank Vision Fund 2 and saw participation from existing institutional investors including Insight Partners, Trinity Ventures, Shasta Ventures and Madrona Venture Group.

The new investment comes after CommerceIQ pocketed $60 million Series C in June 2021, bringing the total funding raised by the company over the past 12 months to $175 million.

The startup will use the funds to expand its business globally, including in India, and to accelerate the development of its unified retail e-commerce management platform, which connects and automates data and decisions across the world. entire e-commerce stack to fuel smart, profitable growth for leaders. global brands, the company said in a statement.

The investment will also fuel accelerated hiring for CommerceIQ in India, including expansion into software development, data science and analytics, product operations and customer support, the company added.

Inflection Point Ventures to Launch $50M Venture Capital Fund

Angel investment platform Inflection Point Ventures has announced the launch of its new fund Physis Capital – CAT II fund, which will have a corpus of $50 million (around Rs 380 crore). The new fund aims to build a portfolio of 15 to 20 startups with an average ticket of $2.5 million, IPV said in a statement.

The fund will actively invest in sectors such as vertical commerce, consumer technologies, social and content creators, business-to-business software as a service and enterprise technologies, he added.

“With Physis Capital, the partners, namely – Vinay Bansal, Mitesh Shah and Ankur Mittal, are poised to replicate the success of First Port Capital (Angel Fund) and angel investment platform IPV,” a statement read.

Physis Capital will have a corpus of $50 million (approximately Rs 380 crore) with a green shoe option of an additional $25 million (approximately Rs 190 crore) and is targeting for its first close at $20 million.

It will participate in and lead investments in startups seeking to raise capital from pre-Series A to Series B. Physis Capital will begin deploying capital after the first close. It is in the final stages of the registration process and is awaiting approval from the Securities and Exchange Board of India (SEBI).

Leverage Edu pockets $22m in Series B, worth $120m

Leverage Edu, a startup that helps students pursue higher education and careers at foreign universities, said it secured $22 million in its Series B led by a consortium of funds, family offices and of angel investors.

The round saw participation from Kaizenvest Private Equity, DSP Mutual Fund Group, Artha Ventures, UAE-based NB Ventures, 9Unicorns, Blume Ventures, DSG Consumer Partners, Tomorrow Capital. Chona Group (behind Havmor), FMCG player Vicco, Mankind Pharma and other family offices have joined the round. Trifecta Ventures and Bennett Coleman also participated.

Prominent personalities like Morgan Stanley MD Hemant Gupta, CRED Founder Kunal Shah, BookMyShow Founder Ashish Hemrajani, True North Partner Haresh Chawla, Lenskart Founder Peyush Bansal, ShareChat Founder Farid Ahsan have also invested.

With the new investment, the company’s valuation soared to $120 million. “We increased our revenue more than 12 times between February 2021 and 2022, and we hit a $20 million annualized revenue milestone. The team did it while reducing the CAC by 2/3 crazy – thanks to over 20% of our business coming from referrals, another 35% from a bunch of nifty product channels like the UniConnect virtual fair platform, the IELTS preparation product Leverage Live, the hugely popular AI Course Finder, and double-digit growth in our organic traffic which is now the largest in the world for the category at 30 million last year and over 100 million this year,” said the founder and CEO of Leverage Edu, Akshay Chaturvedi.

Additionally, Leverage Edu has also announced its foray into financial services, pending an FFMC (Full Fledged Money Changer) license from RBI, which will accelerate its overseas remittance business. Although the company does not lend from its own balance sheet, it aims to achieve a loan book of Rs 500 Cr by this fall.

Ola Electric makes strategic investment in Israeli company StoreDot

Electric vehicle manufacturer Ola Electric has made a strategic investment in Israeli battery technology company StoreDot. The investment in StoreDot is the first of several global strategic investments planned by Ola Electric as it seeks to accelerate its core R&D in advanced cell chemistry and manufacturing as well as other battery technologies and new energy systems. , the company said in a statement.

As part of the investment in StoreDot, Ola Electric will have access to the company’s advanced XFC battery technology that charges a battery from 0-100% in just 5 minutes. Ola will also have the exclusive rights to manufacture batteries incorporating StoreDot’s fast charging technology in India, he added.

“We are increasing our investments in core cell and battery technologies and increasing our internal capabilities and hiring of global talent, as well as partnerships with global companies doing cutting-edge work in this area. Our partnership with StoreDot, a pioneer in ultra-fast battery charging technologies, is of strategic importance and a first among many,” said Bhavish Aggarwal, Founder and CEO of Ola.

The company is now looking to set up a gigafactory for cell manufacturing in the country to meet the demand generated by Ola Futurefactory and has already submitted a bid under the government’s PLI program for the storage of cell chemistry batteries. advanced.

FutureCure Health secures $4M Series A funding round from RVCF India Growth Fund and others

Healthtech startup FutureCure Health has raised $4 million in a Series A funding round led by RVCF India Growth Fund, Unicorn India Ventures, Kotak Investment Advisors Limited and other investors.

After scaling up technology for treating patients with vertigo and dizziness in more than 150 clinics under the NeuroEquilibrium brand, FutureCure said it now aims to help patients with migraine and other chronic conditions. The funding will be used to further develop various technologies, FDA approvals and global expansion, the company said in a statement.

He is also launching a Digital Therapeutics app that will help patients manage lifestyle changes for chronic conditions. “FutureCure plans to launch various technologies for migraine patients, including a wearable neuromodulation and biofeedback device.

Additionally, the Digital Therapeutics app will help identify triggers using AI and help manage lifestyle changes. The interactive app will also provide cognitive behavioral therapy (CBT),” said Rajneesh Bhandari, Founder of FutureCure Health.

Velocity invests Rs 2.5 crore in JSB Healthcare

Home health and fitness brand JSB Healthcare has secured Rs 2.5 crores from Velocity.in across two rounds of funding. “Velocity’s funding further validates the strength of our business and will go a long way in enabling us to expand our operations,” said Jagjot Singh, CEO of JSB Healthcare.

“We will use this funding to fund new product inventory and to accelerate our digital marketing,” Singh added.

JSB Healthcare’s products include massage chairs, sports and fitness equipment, patient care and wellness products. It has an online presence on marketplaces like Amazon, Flipkart, JioMart, Paytm, and Snapdeal.

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