Mumbai Angels Network

Wednesday, 8 February 2023

Mumbai Angels and others invest in EUME, the ultimate eco-conscious lifestyle and luggage brand

EUME will use half of the capital for strengthening its marketing efforts, 30% for its working capital, and the remaining 20% for building team and IT infrastructure

8th February, 2023: Mumbai Angels, a premier platform for private investments, has invested an undisclosed amount along with other investors in EUME, a sustainable and eco-conscious luggage brand. The startup focuses on designing multi-purpose everyday accessories with useful innovation for the everyday commuter, jetsetter and family traveler with the core belief in ‘Doing the Undone’ in the luggage and accessories industry. EUME will use 50% of the new capital for bolstering its marketing efforts, 30% for its working capital, and 20% for team building and enhancing IT infrastructure.

Nandini Mansinghka, CEO of Mumbai Angels, said, “Sustainability in all aspects is the crux of the continued survival of our planet and humankind. Unfortunately, the fashion & accessories industry is one of the biggest contributors to global warming and climate change. EUME is on a quest to change this by creating eco-friendly, vegan bags that are functional and stylish. The brand has also been incredibly capital efficient. We are confident that our funding, combined with its immense potential, constant innovation, digital-first approach, eco-consciousness, and customer-centricity, will help EUME grow further.”

Naina Parekh, Co-founder of EUME, commented, “EUME focuses on building trustworthy relations, where you can rely on our brand without worrying about it. EUME’s goal is to give customers the best quality products at affordable pricing. All our products are made in India, and the latest collections are made using 100% vegan leather. As a brand, we want to be aware of our community and their likes and dislikes and ensure our product speaks the same language as the situation around us.”

She further added, “We have raised this round after investing more than INR 10 Cr in Eume as a family over the past 3 years. We are determined to grow Eume to the next level and have gotten it to this stage by taking many calculated risks. We firmly believe in sustainable growth, and the latest infusion of capital will help us achieve the same.”

EUME launched the World's first, and patented, massaging backpack in July 2018. With patents issued in India and the USA, the 100% vegan lifestyle brand has a PCT filed worldwide and has appeared on popular shows like Shark Tank India and Good Morning America. The brand has grown almost 50% as compared to last year and aims to achieve a growth of 25% M-o-M post the closure of the latest funding round. EUME currently clocks a monthly run-rate of INR 1.8 Cr.

About Mumbai Angels
Mumbai Angels, India’s premier platform for private investment that is now a part of 360 ONE (earlier known as IIFL Wealth & Asset Management), one of the leading wealth and alternates-focused asset firms in India, holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming, and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 750+ investors spread across 70+ Global and Indian cities.

Thursday, 2 February 2023

A Toddler Thing, receives funds from Mumbai Angels and others

A sustainable baby essential brand, A Toddler Thing, receives funds from Mumbai Angels and others

The brand will use the fresh capital to up its marketing and expansion efforts to increase brand awareness and gain a wider customer reach while expanding its product line

2 February, 2023: Adding yet another high-potential startup to its vast portfolio, Mumbai Angels, a premium platform for private investments, led the investment round of INR 2.2 Cr, in sustainable baby essentials brand A Toddler Thing, amidst other investors. A Toddler Thing will use the fresh capital to up its marketing and expansion efforts to increase brand awareness and gain a wider customer reach while expanding its product line. The funds will also allow the brand to bolster its sustainability quotient, providing safe, eco-friendly baby products.

Nandini Mansinghka, CEO of Mumbai Angels, commented, “Parenting can be a rollercoaster ride. There are countless aspects a parent needs to pay attention to, and their child’s safety tops the priority list. A Toddler Thing focuses on creating a wide range of sustainable and safe baby products for the babies who will inherit the planet tomorrow. The brand is leading the way in sustainable baby products in India and has been incredibly capital efficient. This funding is a testament to their growth and progress over the past 5 years. We believe that the new capital will allow them to expand further on all fronts and reach greater heights.”

“Today, nearly every parent is constantly on the hunt for baby products that are safe and non-toxic. They are also increasingly concerned about the sustainability aspect of the brands they purchase from, as they want to ensure a cleaner, greener planet for their children. Sustainability and safety are in our DNA at A Toddler Thing. As a game-changer in the Indian market, we are committed to providing sustainable and safe baby products that benefit both the environment and our little ones. Together, let’s create a brighter and more sustainable future. We are thankful for our investors who are backing us in our journey to ensure children’s and the planet’s safety. The latest funding will help us gain a wider reach and grow further,” added Ashwanth Sureshbabu, Co-Founder and CEO of A Toddler Thing.

One of the most sought-after baby essentials brands in the country, A Toddler Thing offers an unparalleled selection of GOTS and CPSIA-certified clothing and organic muslin essentials, all carefully designed with your baby’s comfort and happiness in mind. The founders, Ashwanth and Swathi, have personal experience and understanding of how important it is to have safe and sustainable baby products, that’s how the brand came to life.

Founded in 2017, A Toddler Thing has seen tremendous growth, processing over 1.5 lakh orders, with a 75% YoY increase in sales. The brand is committed to providing safe and sustainable products for babies and their parents and is excited to continue to raise the bar for conscious consumption in the country. With the support of the investors, A Toddler Thing is poised to make an even greater impact in the industry.

Tuesday, 24 January 2023

Mumbai Angels and others invest in rural Agritech startup, Falca

The platform will use the funding to bolster its technology infrastructure, hire skilled Data Scientists and senior management professionals, and expand its geographical footprint.

23 January, 2023: Expanding its vast portfolio further, Mumbai Angels, a premium platform for private investments, has invested Pre-Series A fund in Falca, a rural Agritech startup offering end-to-end farming solutions through a tech-based Phygital platform. Falca will leverage the capital infusion to bolster its technology infrastructure, hire skilled Data Scientists and senior management professionals, and expand its geographical footprint.

Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels, said, “India is undeniably an agrarian economy, given that the sector employs over half the population. However, the sector has long remained fragmented, unorganized, and one of the last to integrate technology. Falca has emerged as a game-changer in the industry, connecting farmers with the end markets, and enabling them to improve their sales and product yield. We are confident that this funding will help Falca ramp up its infrastructure and grow on all fronts.”

“Firstly, we are thankful to have marquee investors backing us in our journey to revolutionize the agriculture sector. We are driven by our mission to enable the farmer lifecycle by providing quality services at every phase of farming, from sowing to harvesting. Our goal is to be the first choice for a farmer for any agricultural services they are looking for. The latest capital infusion will definitely propel our growth and achievement of our goals,” added Santosh Danegoudar, Founder and CEO of Falca.

Founded in 2018, Falca’s rural presence and technology platform connect smallholder farmers with the end markets for quality inputs, marketing produce, renting machinery, and farm advisory. The company has onboarded 1,50,000+ farmers, 60+ Input manufacturers & 100+ corporate buyers enabling transactions worth INR 2,500+ Mn.

Sunday, 15 January 2023

Mumbai Angels invests in BHIVE ALTS, a fintech platform for investments in commercial real estate, along with others

BHIVE ALTS plans to triple its AUM to INR 300 Cr by 2023-24 and expand its user base to 2 lakhs from the current 72,000.

13 January, 2023: Mumbai Angels, a premium private investment platform, recently invested an undisclosed amount in BHIVE Alts, a fintech investment platform for fractional ownership of the commercial real estate, alongside other investors. Shortly after the funding round and 14 months since it commenced operations, BHIVE Alts has now announced that it has crossed INR 100 Cr in AUM (Assets Under Management). The startup plans to triple its AUM to INR 300 Cr by 2023-24 and expand its user base to 2 Lakhs from the current 72,000 with the freshly infused funds.

Nandini Mansinghka, Co-Founder & CEO of Mumbai Angels, commented on the investment, “Fractional ownership is a new-age investment technology that is increasingly finding the allegiance of middle-class millennials desiring lucrative wealth creation opportunities over medium to long-term horizons. BHIVE Alts’s growth milestones are a testament in itself to its proven capabilities and the growth potential of the solutions it offers. We wish the team great success in its expansion endeavors in the future.”

Shesh Rao Paplikar, Chief Executive Officer and Co-Founder BHIVE Alts said, “As an organization, we are committed to bringing value for our customers and the Alternative Investment ecosystem. Our primary focus is to create wealth for our customers by generating risk-adjusted returns through our attractive investment opportunities. Through our unique asset acquisition strategy we were able to bring compelling real estate investment opportunities to our customers. We have been actively pursuing growth in the fractional real estate sector and are delighted to announce the milestone of crossing the INR100 Crore mark. This is a testament to our commitment to bringing the best for our investors and partners, and we are committed to tripling our AUM and customer base over the next year.”

BHIVE, a group of coworking and fintech companies focused on commercial real estate was established in 2014. BHIVE Workspace is the largest co-working space provider in Bengaluru, with 172 startups and companies operating from its 17+ locations today. Currently, the company operates in Bangalore and plans to be in 6 major cities in India by June 2024. BHIVE Alts, the fintech arm of the group, aims to democratize alternative investments in commercial real estate through technology that provides retail investors access to institutional quality real estates, which were previously accessible only by private equity funds. The platform has boarded 20k+ investors so far and currently holds INR 100 Cr AUM and 600 active investments.

About Mumbai Angels
Started in 2006, Mumbai Angels, India’s premier platform for private investment, holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming, and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 700 investors spread across 60+ Global and Indian cities.

Tuesday, 20 December 2022

Mumbai Angels and others invest in The Artment as part of its Seed round

The Artment will leverage the latest capital infusion to launch SKUs in the US and scale its business in the American e-commerce market

Mumbai, December 20, 2022: Mumbai Angels, a premium platform for private investments, has invested in The Artment, an online contemporary home decor startup, as a part of its seed round. The funding also saw the participation of other Angel investors. The Artment will leverage the latest capital infusion to launch SKUs in the US and scale its business in the American e-commerce market. The home decor brand’s plan comes on the back of its successful testing of indigenous products in the US market while it was a part of Amazon’s Global Selling Propel program.

Nandini Mansighka, Co-Founder & CEO of Mumbai Angels, said, “With a growing demand for exquisite solutions, the luxury home décor market is witnessing rampant growth. Since its inception, The Artment has successfully carved a niche for itself globally with its products that are uniquely placed to blend art and utility in an innovative way, and this funding is a testament to the brand’s immense potential. We are excited about their growth and wish the team great success in carrying out scale-up plans in the US market.”

"The recent US-China rift has opened several doors, offering brands like ours the opportunity to showcase indigenous products on the global platform. The Artment is focused on bringing international design and aesthetic sensibilities to craft clusters at home like Jodhpur, Meerut, and Moradabad. We plan to connect these clusters to international buyers through the D2C channel. We are thankful for our investors who are backing us in our journey and offering their expert guidance. The latest funding will help us break into a massive market, and we plan on taking India’s homegrown designs and crafts worldwide,” added Aditya Agarwal, Founder of The Artment.

Further, Aanchal Agarwal, Co-founder of The Artment, commented, “We specialize in designing art for people's homes and offices. We've always been passionate about bringing magic into people's lives, and after the recent lockdown, we're seeing people spending more time inside their homes. This is the perfect time to bring in the magic of art with our products and allow people to put together a home that is aesthetically pleasing and a reflection of them since art is subjective and immensely opinionated.”

Established in 2016, The Artment designs and curates exquisite pieces of home decor that represent customers’ styles and art preferences.

About Mumbai Angels

Started in 2006, Mumbai Angels, India’s premier platform for private investment, holds an AUM of USD 130 Mn and a 200+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming, and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 700 investors spread across 60+ Global and Indian cities.

Wednesday, 9 November 2022

Webnyay, India’s leading grievance redressal and online dispute resolution platform, receives Seed funding from Mumbai Angels and others

The freshly infused funds will be appropriated for executing go-to-market strategy through product and security enhancement & scale-up with AI, ML & NLP capabilities built-in for efficient dispute resolution

Mumbai, November 09, 2022: Mumbai Angels, a premier platform for private investments, has invested an undisclosed amount in Webnyay, an online SaaS and legal tech platform for grievance redressal and dispute resolution, as a part of Seed funding, along with others. The freshly infused funds will be used for executing go-to-market strategy through product and security enhancement & scale-up with AI, ML & NLP capabilities for efficient dispute resolution. The funds will also be used to build capabilities to deal with disputes in open networks such as Account Aggregator, ONDC and OCEN.

Webnyay, with its proprietary platform for grievance redressal and dispute resolution, deploys an easy-to-use UI that enables DTY drafting of legal documents for arbitration by the users without the assistance of advocates and external legal help in low-value B2C disputes. Available in multiple languages, Webnyay’s solutions seek to resolve both B2B and B2C grievances, conflicts, and disputes across diverse sectors, including Media & Entertainment, Banking and Fintech, Healthcare, and e-commerce.

Among other features, Webnyay has developed a document management system tailored for lawyers with one-click online filing and service, automated creation of electronic hearing bundles in document-heavy and complex disputes as well as a sophisticated messaging and video conferencing solution that supports online (and hybrid) court and arbitration proceedings. It recently digitized the Tashkent International Arbitration Centre, the largest arbitration center in Central Asia and promoted by the Government of Uzbekistan. Businesses, arbitral institutions, lawyers, and arbitrators from numerous countries have used the platform for managing disputes and conducting their arbitration and mediation proceedings. Its users include the DIFC Courts in UAE, the retired Chief Justice of India, former Supreme Court and High Court judges, global law firms, and arbitrators from across the world.

Nandini Mansighka, Co-Founder & CEO of Mumbai Angels commented on the investment, “The attainment of justice with ease and speed stands within the reach of the common man with the advent of tech-enabled legal platforms like Webnyay. With the vast legal market yet devoid of digital tech interventions coupled with the rising digital readiness of consumers for legal solutions, the platform is set for a rapid growth trajectory. We wish Vishwam and the team great success in enabling a hassle-free legal ecosystem in India.”

Vishwam Jindal, Co-Founder & CEO of Webnyay, is optimistic about the scope of legal technologies in instituting streamlined legal processes. “We are building the justice delivery ecosystem for the internet. We are leveraging technology to make dispute resolution cheaper, faster and less stressful. Today, AI can work alongside lawyers and arbitrators to automate administrative and onerous tasks to bring efficiencies that benefit everyone,” he adds.

Webnyay was co-founded by Vishwam Jindal and Ishita Jindal, who envisioned providing hassle-free technology for dispute resolution. Webnyay’s mission is to help businesses and Government bodies resolve grievances and disputes in an efficient, speedy, secure and cost-effective manner.

Friday, 21 October 2022

Mumbai Angels and others participate in a $5 Mn investment round in document infrastructure platform, Leegality

Leegality enables businesses to digitally transform their document logistics and is used by over 1500 Indian businesses including group entities from 8 out of the top 10 banking conglomerates in India.

Mumbai, India, October 21, 2022: Document infrastructure platform Leegality today announced that it has raised $5 Million in an investment round led by IIFL Fintech Fund. Existing investors Mumbai Angels also participated in the round.

This investment comes as a time when digital infrastructure space has got boost from legal developments like the IT act amendment which allows digitization of immovable property contracts and power of attorneys - and the RBI Digital Lending Guidelines which impose new digital paperwork requirements on digital lenders.

Nandini Mansinghka, CEO of Mumbai Angels Network said, “Digitizing documentation in a legally compliant way is a hard problem, especially in regulated industries. From its inception, Leegality has been innovating from the ground-up - focused on accelerating document logistics in a fast and compliant way. This approach has led to building a truly differentiated product that customers have come to love & trust.”

Shivam Singla, Founder of Leegality said, “We estimate that in the Indian lending ecosystem alone, more than 60 crore digital paperwork transactions are needed annually to completely eliminate physical paperwork. Imagine what will be needed for the entire economy. Leegality is addressing this gap with first-of-its-kind digital infrastructure built for Indian ground realities and core compliance needs unique to the Indian business environment. In five years, Leegality will be the standard way to execute documents in India. We are proud to receive the support of the IIFL Fintech Fund on this journey.”

Since 2020, Leegality has grown its quarterly revenue by more than 13 times and its employee strength by 7 times, while also being cash flow positive.

Mehekka Oberoi, Fund Manager, IIFLFintech Fund said, “Digitization is a major priority of all major BFSI companies today. We are super impressed with the expertise of the Leegality team and the depth of their offerings. We have seen the impact of Leegality’s solutions first-hand, and we are confident that Leegality is very well placed to tap on the digitization wave in the BFSI sector. This is the first major early stage investment into a legal-fintech company in India, and we are proud to enable it.”

Beyond its business traction - Leegality is an extremely popular place to work - achieving an employee Net Promoter Score of 97 (in a survey conducted by Binny Bansal founded xto10x) - the highest in the Indian startup ecosystem.

In August 2021, IIFL Fintech Fund was established with a dedicated Rs 140 crore sponsorship from two group companies - IIFL Finance and IIFL Securities. The financial services group with a large retail interface is aiming to offer last-mile credit with the help of cost-effective technologies. The fund’s investments include Trendlyne, Leegality, FinBox, Trendlyne, DataSutram, Multipl, Finarkein, TrustCheckr, EasyRewardz and Open Financial Technologies.

About Mumbai Angels
Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 200+ strong portfolio across sectors and cities across India. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. Today the platform has 700 investors spread across 60+ cities within and outside India.

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