Tuesday, 27 July 2021

MA makes successful exit from DoSelect


Mumbai Angels Network makes successful exit from DoSelect, a data-driven skill assessment platform
The startup investment platform was a part of DoSelect’s seed funding round along with 3one4 Capital, Aarin Capital, and Mohit Saxena, Co-Founder, InMobi

Mumbai, July, 27, 2021: Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, has successfully exited DoSelect, a collaborative, data-driven skill assessment platform focussing on skilling and hiring. The Bangalore-based company was recently acquired by InfoEdge, India’s premier internet company and the parent company of the country’s largest recruitment portal, Naukri.com. Mumbai Angels Network hadinvested in DoSelect along with 3one4 CapitalAarin Capital, and Mohit Saxena, Co-Founder, InMobi, as a part of its seed funding round. This marks Mumbai Angels Network’s 13th exit/subsequent round for the current financial year.

Speaking on the exit, Nandini Mansinghka, Co-Founder & CEO - Mumbai Angels Network said, “We are happy to announce that we have made a successful exit from DoSelect following its acquisition by InfoEdge. DoSelect has had a remarkable growth trajectory over the past few years and has redefined how companies hire candidates and reskill/upskill their employees, helping them hire top talent every time and upskill existing employees. We believe that InfoEdge will provide DoSelect with the required support and resources to grow further with deeper integration with Info Edge’s services.”

Co-founded by Iliyas Shirol and Rohit Agrawal in 2015, DoSelect uses data-driven assessment intelligence in the recruitment lifecycle and has built a strong customer base of 150+ customers across enterprises, SMEs, and startups in various sectors. The company has also enabled its customers to make smart ‘people decisions’ by deploying innovative solutions in hiring, upskilling, deployment, onboarding, and employee engagement.
DoSelect’s acquisition by InfoEdge will further strengthen InfoEdge as a leader in the recruitment sector with a focus on tech-based, end-to-end hiring solutions. As part of the InfoEdge ecosystem that also comprises the country’s largest job seeker database, DoSelect will provide an intelligent decision engine to help organizations target relevant applications for various jobs more efficiently.

About Mumbai Angels:

Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 60 of them. Today the platform has 550+ investors spread across 40+ cities within and outside India. 

Tuesday, 20 July 2021

Automovill, a full-stack mobility start-up raised USD 500k


Mumbai Angels Network along with NEDFi and North East Venture Fund, invests over USD 500,000 in full-stack mobility startup Automovill 
The burgeoning startup will be directing the funds towards technology adoption, expansion, mid-level hiring, and ramping up the infrastructure of its existing partners and hub networks

Bengaluru, July 20,2021: Automovill, a full-stack mobility start-up has raised USD 500,000 in a bridge round from Mumbai Angels Network, along with its existing investor NEDFi Venture Capital. The round is led by Jay Nagrecha and Sandeep Daga participating through Mumbai Angels Network in the fundraise. Including the current fundraise the start-up has raised a total of 1.2 Mil USD since inception.

While a majority of the fresh infusion of capital will be utilized in bolstering technology adoption, expanding its footprint in multiple cities and mid-level hiring to manage the increase in business, Automovill will also be using the funds in ramping up the infrastructure of its existing partner and hub networks.

Speaking on the investment, Nandini Mansinghka, Co-Founder & CEO, Mumbai Angels Network said, “Mobility is one of the fastest-growing sectors with a dynamic market and it’s important for players in the space to evolve and grow with increased technological adoption and scaling. Automovill has been committed to providing seamless, tech-driven services to its customers and this funding will be a testament to the work Automovill has been doing.”

Mridu Mahendra Das, Founder, Automovill said, “The change in the mobility sector and post covid demand in private vehicles has been a great boost for Automovill; to increase its customer base across the country. With the experienced team and adoption of technology in process automation, quality control and increased retail customer base, Automovill aims to increase its footprints in the B2B and B2B2C segments including auto insurance providers.”

“In the coming decade, we will see formalization of the Automobile servicing industry; I believe Automovill via its platform, technology, and transparency will play a significant role in realizing that change" added Jay Nagrecha, Deal Lead, & Director, General Export Enterprises.

Adding to this Sandeep Daga, Deal Lead said, “Automovill solves an agonizing problem of motor servicing, has a well differentiated offering and is EBITDA positive at a very early stage of its evolution, paving a way for exponential growth in times to come.”

Speaking about Automovill, CMD of NEDFi Venture Capital, Mr PVSLN Murty has said, "Automovill is one of the fasted growing company in our portfolio. NEDFi is pleased to provide continuous support in establishing Automovill as a PAN-India brand in mobility sector. Automovill is one of the rapidly growing startups spinning out of NE region and a great example of entrepreneurial success."

The brand has already served around 100000+ number of orders across 12 cities, witnessing almost double the initially targeted traction. The fresh funds will enable the start-up to further expand its presence sustainably. In line with the current growth rate, Automovill plans to reach a mark of 1.5 Lakhorders  by the end of fiscal. 

Monday, 19 July 2021

Spotlight -July Edition


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Pixuate participates at NASSCOM COE
Pixuate, a new MA Portfolio company, offers AI based video analytics for small and large enterprises.
NASSCOM COE held its 2nd edition of Udyam 4.0 to promote the adoption of technological solutions by MSMEs.
Pixuate, amongst 5 other deep tech companies presented their innovative solutions. 
Health Horizons plan expansion with new products

Health Horizons is a leading processor of hemp seeds. It has processed over 48 tons of hemp seeds and supplied 90% to the industry.
It has witnessed 30% growth in its lifestyle and health products sales with a 45% YoY growth in total revenues.
It plans to raise funds for the expansion of its lifestyle and health products portfolio.

DYT partners with Encubay

Do Your Thng (DYT), an MA portfolio company, is a branded content marketplace.
It has partnered with Encubay - a global diversity-focussed startup network to roll out its influencer marketing services to startups. 

Big Bang Boom Solutions -an iDEX success story

Big Bang Boom Solutions, MA Portfolio company, is a defence tech startup focused on creating cutting-edge solutions.
Innovation for Defence Excellence (iDEX) is a defence ministry initiative that leverages the startup ecosystem to improve India’s defence preparedness, equipment design and manufacturing capabilities.
Big Bang Boom Solutions was a product of the iDEX initiative and is a former winner of its challenges.

Charge Zone to benefit from Gujarat EV policy

Charge Zone is an EV charging infrastructure company in the MA portfolio.
The Gujarat Government in its policy, gave incentives to EV infrastructure company along with subsidies for buying EV vehicles.
This policy will encourage the building of EV infrastructure on highways.

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Tuesday, 13 July 2021

Energy storage startup Indi Energy has raised funds from Mumbai Angels Network


Mumbai Angels Network invests undisclosed amount in energy storage startup Indi Energy
The company will be using the freshly infused capital to strengthen R&D and scale up its proprietary Sodium-ion battery technology that is made from bio/agricultural waste.

Mumbai, July 14, 2021: Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, has invested in Indi Energy, a forward-looking energy storage startup committed to developing energy storage technologies such as Lithium-ion and Sodium-ion batteries, solid-state batteries, Supercapacitors, etc. as a part of its Seed Round. While the funding amount remains undisclosed, Indi Energy will be utilizing the funds in bolstering its R&D and scaling up its proprietary Sodium-ion battery technology.

Akash Soni, Co-Founder & CEO - Indi Energy said, “Indi Energy is on a mission to develop low-cost, safe, and high-performance Sodium-ion batteries that are manufactured from agricultural waste and biowaste such as paddy straws and natural resources from the earth such as sodium, thereby reducing our dependence on scarce elements such as lithium, cobalt, and nickel which are essential components of Lithium-ion batteries. We are thrilled to have an eminent investor Mumbai Angels Network backing us in our journey. This funding will allow us to bolster infrastructure and scale up our business through the development of our Sodium-ion battery technology.”

Commenting on the investment, Nandini Mansinghka, Co-Founder & CEO- Mumbai Angels Network said, “In today’s world that is almost entirely powered by technology and gadgets, there is increased awareness about climate change and waste generation, and sustainable energy production and waste utilization are the need of the hour. Indi Energy’s commitment to reducing reliance on scarce resources to build its proprietary Sodium-ion battery will be a revolutionary step in the energy storage space. We believe that this funding will be a testimony to the work that the Indi Energy team has been doing and will help them scale up its operations and ramp up infrastructure to drive growth.”

“Self-reliant India in the battery manufacturing segment is Indi Energy’s vision and for this, fortifying the supply chain of raw materials is a crucial factor. To achieve this, Indi Energy is developing all the components of Sodium-ion batteries including anode, cathode, electrolyte, and separator, alongside the battery cell manufacturing process. We are delighted to have a marquee investor like Mumbai Angels Network supporting our vision. This capital infusion will enable us to reach greater heights through strengthening our R&D processes”, added Prof. Yogesh Sharma, Associate Professor, IIT, Roorkee and Head of R&D, Indi Energy.

With an experienced core team of scientists and engineers from IIT, Roorkee, Indi Energy envisions providing indigenously developed, cost-effective, safe, and high-performance battery technology for various applications including solar and wind grid storage, electric scooters and e-rickshaws, SLI batteries, batteries for solar lights, UPS batteries, and inverter batteries, amongst others. The company is currently working on its proprietary Sodium-ion batteries that aim to significantly bring down India’s dependence on imported Lithium-ion batteries and the raw materials required by providing a sustainable alternative at affordable prices.
Furthermore, Indi Energy has made breakthroughs in Sodium-ion batteries with its energy density 3-4 times better than the commercialized lead-acid batteries that are currently available in the market. The company has also filed patents for Sodium-ion batteries, having invented a high-performance Sodium-ion negative electrode material from rice/paddy straw and cattle manure. This is a ground-breaking step that addresses the prevalent issue of burning rice/paddy straw and stubble by converting them into a valuable energy source.
About Mumbai Angels Network:
Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 60 of them. Today the platform has 550+ investors spread across 40+ cities within and outside India. 

Thursday, 8 July 2021


Backpacker hostel brand goSTOPSraises USD 1 million in Pre-Series A roundled by Indian Angel Networkand family office of Xander Group founder Sid Yog

The freshly infused funds will be used to grow the company’s supply over the next 12 months and investin marketing and technology.

8th July, 2021: Backpacker hostel brand goSTOPS has raised USD 1 million in its Pre-Series A round led by Indian Angel Network (IAN) and Yuj, an investing arm of the family office of Xander Group founder Sid Yog. The round also saw participation from The Chennai Angels, Chandigarh Angels, Lead Angels, Mumbai Angels Network, LetsVenture as well as goSTOPS’ existing lead investor 1Crowd. KRS Jamwal, Uday Chatterjee and Mitesh Shah led this round at IAN.

goSTOPS caters primarily to the GenZ population. With community and design-led hotel transformation, the brand harnesses the efficiencies of the shared economy to make a high-quality youth-focused stay accessible within a GenZ friendly budget of INR 500 per night. Operating across 20 destinations in India, goSTOPS has hosted over 500K guests in its properties since its inception.

Pallavi Agarwal, CEO & Co-Founder of goSTOPS

Speaking on the capital infusion, Pallavi Agarwal, CEO & Co-Founder of goSTOPS said, “We are thrilled to have great investors backing us in our quest to make youth travel accessible, safe and fun. This pandemic has challenged lives in an unprecedented manner. Despite that, we saw a robust demand recovery from our young travelers post the first wave, and the same is happening today. This has helped us validate strong market-need fundamentals and business model resilience. This is also an opportune time for us to aggressively expand supply across the country to cater to the needs of the ever-increasing number of GenZ travelers."

Nandini Mansinghka, Co-Founder & CEO of Mumbai Angels Network

Commenting on the investment, Nandini Mansinghka, Co-Founder & CEO of Mumbai Angels Network said, “Post-pandemic travel is drastically different than what it was during the pre-pandemic times. There has also been an uptick in demand from young travelers who prefer to be digital nomads and are constantly on the lookout for brands offering a unique travel experience. goSTOPS has been committed to offering affordable yet one-of-a-kind experiences to the youth and we believe that this collective investment will help the brand scale up and cater better to the growing demand and needs of youth travelers.”

Sid Yog, Founder of Xander Group and Yuj

In the same vein, Sid Yog, Founder of Xander Group and Yuj, shared, “The travel and hospitality industry is witnessing a watershed moment, and youth travel is emerging as a frontrunner in the segment. We are excited to partner with goSTOPS as they grow their offering to match a burgeoning demand, and deliver a high-quality stay brand focused on needs and aspirations of the youth.”

Monday, 5 July 2021

Document Execution platform - Leegality picks up Pre-Series A funding from IIFL; Existing investor Mumbai Angels also participates.

The freshly infused funds will be used to expand Leegality’s team in key departments to fast-track product development and deepen enterprise adoption of its solution.

5th July 2021: Document Execution platform Leegality, has raised Pre-Series A funding led by IIFL Securities Capital Enhancer Fund. Existing investors including Mumbai Angels also participated in the round. While the funding amount has not been disclosed, Leegality will be using the freshly infused capital to expand its team in key departments to accelerate product development and deepen enterprise adoption of its solution.

Leegality's eSign, eStamp and Document Workflow Platform enables Indian businesses to sign and manage their paperwork with customers, vendors, employees, investors and other stakeholders in a faster, easier and more legally compliant way.

Shivam Singla, Founder of Leegality 

Shivam Singla, Founder of Leegality, said, “Over the past few years, Leegality has become the go-to solution provider for any Indian enterprise looking to digitize their paperwork processes. We are now the market standard for electronic signatures and digital documentation in India. This funding round is a great vindication of the efforts of our wonderful team so far, and will provide us further fuel to grow exponentially in the war against paper. We have managed to solve a very hard and important problem within a short span, and have created an entirely new product category in the Indian market. It's very exciting.”

R Venkataraman, Co-Promoter, IIFL Group

R Venkataraman, Co-Promoter, IIFL Group said, “The pandemic has accelerated digital transformation across businesses. Leegality is at the forefront in digital legal documentation processes. We expect rapid growth in this segment and an entity like Leegality would benefit from this. We are excited to partner with Leegality in their growth journey.”

Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels Network

Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels Network, added,  “The world is going digital in all aspects and paperwork is no exception. Companies often find streamlining the paperwork processes challenging and Leegality is committed to helping businesses go paperless since its inception. We believe that this investment is a testimony to the work Leegality has been doing and will help them expand their team and scale up their offerings to better serve the needs of Indian enterprise." 

Leegality has registered a ten-fold growth in revenue over the last 2 years and has been cash flow positive since last year. Leegality offers a horizontal product tailor-made for the Indian market, and is used by businesses across scale, sectors, verticals and use-cases. The Gurugram-based startup is helping more than 850 businesses including Federal Bank, HDFC Ltd, Bajaj Finance, HDB Financial, ICICI Lombard, Axis Finance, Razorpay, Udaan, WeWork, and Cars 24, amongst others to digitally transform their documentation processes.

About Leegality

Leegality was founded in 2016 by  Shivam Singla, Prakhar Agarwal and Sapan Parekh  with the vision of liberating Indian businesses from the clutches of paper. Today, more than 850 top Indian businesses use Leegality’s eSign, eStamp and Document Workflow platform to digitize their documentation process in a fast, easy and legally secure way.

About IIFL Securities Capital Enhancer Fund

Launched by IIFL Securities, one of the leading players in the Indian retail brokerage and distribution space, IIFL Securities Capital Enhancer fund's objective is to invest in entrepreneurs that are developing promising fintech solutions targeted primarily at retail financial services that can drive financial inclusion. 

About Mumbai Angels:

Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 60 of them. Today the platform has 550+ investors spread across 40+ cities within and outside India.