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Startup Funding Alert: 12th September 2019
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Hungry Foal raises an undisclosed amount of funding in a pre-series A round led by Madison Capital; Chiratae Ventures set to conclude the first round of Fund IV at $150 million; used car marketplace Truebil raises $1M from Spiral Ventures and Heads Up For Tails close Pre-Series A round of $10 million.

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Hungry Foal raises funding in a Pre-Series A round led by Madison Capital

Hungry Foal, a Gurugram based FMCG startup, has raised an undisclosed amount in a Pre-Series A financing led by Singapore based Madison Capital. Others such as Innerchef co-founder Rajesh Sawhney and Startupbuddy’s CEO Amit Singhal also participated in the round. The healthy snacks brands plan to use its funds for product development, scaling the distribution, and building the brand. The 2016 company, founded by Japna Rishi Kaushik and Vivek Kaushik, focuses on providing affordable and healthy snacks to the people. Hungry Foal makes products like energy bars, muffins, nut mixes, etc. The company sells its products to Tier 2 and Tier 3 cities.

Japna Rishi, Co-founder, Hungry Foal, stated, “While we need to work on making Hungry Foal a household name in India, there is definitely a growing awareness about the importance of proteins, nutrients, etc., in the general population. However, healthy snacks are being priced in such a way that they remain totally out of reach for the masses – this is where Hungry Foal comes in.”

 

Chiratae Ventures raises $150 million for Fund IV

Venture capital fund Chiratae Venture all set to close its first round of fourth India-focussed fund at $150 million. Last week, the company raised $20 million from the World Bank’s private investment arm IFC (International Finance Corporation). The VC fund aims to raise $275 million for the fund. By far, Fund IV has raised 60% of its capital from Indian investors. Small Industries Development Bank of India, the company’s existing limited partner, has committed $21 million for the fund.

Additionally, industrial houses and Indian family offices have also shown interest in the fund. Chiratae, the 2006 launched company founded by Sudhir Sethi, TCM Sundaram, and Manik Arora, has invested in over 75 businesses including Nestaway, Myntra and bounce. The company’s Fund IV will be utilized to invest in seed rounds, early investment, and expansion stages for startups in Tier 1 cities.

 

Mumbai-based Truebil raises $1M from Spiral Ventures

Truebil team
Truebil team

The Mumbai based used car marketplace, Truebil raised $1 million Spiral Ventures, a Japanese venture capital firm. The company will use the funds to strengthen its technology stack and marketing. Truebil was launched in 2015 by IIT graduates Suraj Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman, Ritesh Pandey, Shanu Vivek, and Himanshu Singhal. The firm follows an integrated online and offline model for buying & selling of pre-owned cars.

 In January 2019, the firm secured a $14 million funding in series B round led by Japanese investor Joe Hirao along with it’s existing investors-Inventus Capital, Kae Capital, Kalaari Capital, Shunwei Capital, and Tekton Ventures. The company is currently running at Rs 350 crore annual revenue run rate and aim to grow over three times this fiscal year.

 

Heads Up For Tails close Pre-Series A round of $10 million

Heads Up for Tails store
Heads Up for Tails store

Delhi based pet couture startup Heads Up for Tails (HUFT) announced that it has concluded a $10 million Pre-Series A funding round led by a group of family offices, HNI’s, and existing promoters. The pet products retailers will be utilizing the funds to expand its business as well as e-commerce trade. Founded in 2018 by Rashi Narang, HUFT has grown to become synonymous with pet couture in India. Rashi mentioned that her startup has been growing at a record of 30% year-on-year and on an average of 1,000 customers monthly. It additionally announced its foray into B2B distribution through its alliance with Avanti Overseas. The partnership necessitates the direct delivery of global brands including Kong, Nylabone, Isle of Dog, Schesir & Pet Head.

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A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

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Saumya Uniyal
Saumya Uniyal
A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.
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