Funtoot, an MA portfolio company, is acquired by RIL funded Embibe

View this email in your browser Funtoot, an MA portfolio company, is acquired by RIL funded Embibe December 23, 2019: Funtoot, an ed-tech startup and a part of Mumbai Angels Network portfolio is acquired by Reliance Industries Limited funded Edutech firm, Embibe for around $10 mn. Embibe is an ed-tech startup that combines technology and data sciences, and helps students prepare better for competitive complex exams. MA Network investors were the first to invest in Funtoot (eDreams) in 2012. The company had a second round of investment in 2013 by Inventus Capital Partners. Funtoot, based out of Bangalore, founded by Rajeev Pathak in 2010, pioneered the use of machine learning, natural language processing and AI to provide deep personalization of learning for every student in Maths and Science for K-12 sector. Mumbai Angels Investor Dara K Mehta said, “Darashaw Group has always been interested in backing new ideas and superior management teams. We found that in eDreams (Funtoot) and have been among their earliest supporters and largest investors. The acquisition by Reliance Group will enable Funtoot’s next phase of their journey and we wish them all the best”. Nandini Mansinghka, Co-promoter and CEO at Mumbai Angels Network, said, “We are very excited that Funtoot, one of our edu-tech start-ups, got acquired by a strategic partner. Mumbai Angels Network has invested in edu-tech sector when it was at its nascent stage. This acquisition by a Reliance Group company is great news both for Funtoot and the Edu-tech sector in India. As the premier network for venture investing in India, our focus is on growth and exits rather than investments.” About Mumbai Angels Network: Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune and Jaipur). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.

WitBlox raises funding of INR 1.3 crores from Mumbai Angels Network

View this email in your browser WitBlox raises funding of INR 1.3 crores from Mumbai Angels Network December 18, 2019: WitBlox, an edu-tech startup, has raised a funding of INR 1.3 crores from Mumbai Angels Network.  Witblox was founded in 2014, headquartered in Mumbai by Amit Modi. WitBlox is creating an ecosystem of gamified robotics learning for children aged (8-16 years) through plug and play hardware toolkits across science, technology, engineering and maths (STEM). The company was earlier incubated with Neotech, an incubator and accelerator from Ambuja Neotia. 24 investors from the Mumbai Angels Network have participated in this round. Amit Modi, Founder and CEO of Witblox, said, "MA not only helped me raise funds seamlessly, it connected me to its vast network of Investors across cities in India. With these funds, we plan to bring about significant changes in our strategy." Mumbai Angels Investor, Aditya Sanghi said, “I’m happy to be associated with the next phase of growth of Witblox. While helping children learn by building is rewarding in itself, I think this is a great team with potential to build a big business. To make it big, business needs a motivated passionate team propelled by a purpose catering a growth market. I think Witblox has the right ingredients and it is time to execute heads down.” Mumbai Angels Investor, Vivek Lodha said, “A lot of people I meet want kids to be learning fast without using iPad and other gadgets. This is a perfect way to make your kids grow smart with  real experiential learning and I’m glad to back WitBlox to achieve this.” Nandini Mansinghka, Co-promoter and CEO Mumbai Angels Network, commented, “We are happy to welcome witblox in our expanding diversified portfolio. We see increasing activity in edutech space and are hoping that Witblox becomes a star in our edutech portfolio”   About Mumbai Angels Network: Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune and Jaipur). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.   About WitBlox: We Techshiksha is a private limited company based out of Mumbai, India. WitBlox is an edu-tech startup creating an ecosystem of gamified robotics learning for children aged (8-16 years) through plug and play hardware toolkit across science, technology, engineering and maths (STEM).

NowFloats, MA Network portfolio company acquired by Reliance Industries Arm for INR 142 crores

Mumbai Angels Network portfolio company NowFloats acquired by Reliance Industries Arm for INR 142 crores December 14, 2019: Nowfloats, a Mumbai Angels Network (MA Network) portfolio company has got acquired by Reliance Industries. MA Network Investors were the first to invest in Nowfloats in 2013. The initial investment was followed by multiple rounds by existing MA investors, joined by institutional investors - Iron Pillar, IIFL, Blume Ventures and Omidyar Network. NowFloats, founded in 2012 by Jasminder Singh Gulati, Neeraj Sabharwal, Nitin Jain and Ronak Kumar Samantray, develops cloud-first products that let busines provide better digital experiences to their customers from a mobile phone without the need for a computer at a fraction of the cost. They approach every business category individually, and their products are used by big brand names recognised by the small store in the local market. Regarding the transaction, Mumbai Angels Investor and Committee Member at NowFloats, Anil Joshi commented: “We are proud to have been a part of NowFloats journey so far. I am sure NowFloats will touch the sky with the new investor on-board”. Anirudh Damani, Mumbai Angels Investor added: “We were the first investors in NowFloats. We are happy to see the company grow and wish them the very best in their journey from here on with a partner like Reliance Industries.”   Nandini Mansinghka, Co-Promoter and CEO of Mumbai Angels Network said, “NowFloats is one of our early bets in Enterprise businesses. We are excited that one of our early portfolio companies has been acquired by a large strategic player in the Indian ecosystem. As the premier network for venture investing in India, our focus is always on growth and exits rather than investments.” About Mumbai Angels Network: Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune and Jaipur). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.

PURPLLE, a Mumbai Angels (MA) Network Company, raises $30mn, led by Goldman Sachs

PURPLLE,  a Mumbai Angels (MA) Network Company, raises $30mn, led by Goldman Sachs December 14, 2019: Purplle, a Mumbai Angels Network portfolio company,  has raised a Series C round from global investment bank Goldman Sachs along with  few existing investors. Purplle, founded in 2012 by Rahul Dash and Manish Taneja, is an online marketplace for users to shop for beauty, cosmetics, skin and hair care products. Purplle also has its own private label called StayQuirky. Manish Taneja, co-founder at Purplle said, "Mumbai Angels investors were the initial investors to demonstrate  confidence in our venture. With continued mentorship of our investors, we diversified into unique brands. This latest round capital will be used to strengthen the supply chain and invest in digital content” Gita Nayyar, Mumbai Angels Investor, said, “We invested at a very  early stage with Purplle. It was great to be involved as a board observer and engaged investor, guiding them in the early days and watching the brand grow. I am delighted to see their continued efforts as a potential unicorn” Nandini Mansinghka, Co-Promoter and CEO of Mumbai Angels Network said,  “Purplle is a star in our diversified portfolio. We as a network are very bullish on the India consumer story and are happy that our early investment in Purplle has proven our hypothesis right. We wish Purplle the very best in its journey ahead.”  About Mumbai Angels Network: Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune and Jaipur). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.

Dhruva Space raised collective funding of INR 5 Crores from Mumbai Angels Network & other external Angel Investors

Dhruva Space raised collective funding of INR 5 Crores from Mumbai Angels Network & other external Angel Investors December 3, 2019: Dhruva Space, a private Space company, has raised a collective angel funding of INR 5 Crores from Mumbai Angels Network and other external angel investors.  Dhruva founded by Abhay Egoor,  Krishna Teja , Sanjay Srikanth in 2014, is based out of Hyderabad that enables privatization of space assets by enabling corporate to build, launch and track constellation of small satellites. 37 investors of the Mumbai Angels Network, across all its chapters, have participated in this round. The Deal was led by Ravikanth Reddy, Managing Director, Hotcrete private limited. “I'm backing Dhruva because of their cutting edge satellite & communications technology and a strong founding team. Space is a sector that will be an integral part of many critical applications in the future. I will advise them from time to time and provide relevant contacts to help them grow,” said Reddy. Commenting on the fundraise, Co-founder Sanjay Nekkanti said, “It was a pleasure working with MA towards our first fund raise. The support extended by the entire MA team has been phenomenal. They were diligent and thoroughly professional throughout the process. Looking forward to working with them and benefit from their experience” Nandini Mansinghka, Co-Promoter and CEO of Mumbai Angels Network said, “We are excited about raising funds for Dhruva Space, the first space tech start-up in our portfolio. We see a strong wave in space start-ups both from the number of companies approaching us for investments and investors keen to invest in this space. We are extremely bullish about participating in this industry defining the near future.” About Mumbai Angels Network: Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune and Jaipur). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores. About Dhruva Space: Dhruva Space provides end to end solutions from building small satellites, making ground sensors, launching them and monitoring the same via earth stations. The company is working with ISRO and European Space Agency (ESA). The company has been awarded a grant from European Space Agency (ESA) for 50,000 Euros. Once they set up an entity in Austria and do the other necessary formality as part of the agreement, they will be able to access the grant.

We are now in Jaipur!

Mumbai Angels Network is growing with its 8th chapter in Jaipur, home to 3.5 million people and over 200 startups making it ripe for angel investors to pool in their resources and expertise to these budding entrepreneurs. “Mumbai Angels Network with its network of 400+ members is already present in 7 key cities in India and has members from across 25 cities both Indian and Global. We are excited to open our 8th chapter in Jaipur which is a testimonial of the entrepreneurial spirit of the investors in Rajasthan,”  Nandini Mansinghka, Co-founder and CEO, Mumbai Angels Network.