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Author: evolvex

Scandalous Foods closes pre-seed round

B2B sweets startup Scandalous Foods has announced the completion of its pre-seed funding round at Rs 3 crore. The most recent infusion of Rs 1.4 crore came from the Indian Angel Network (IAN), spearheaded by KRS Jamwal and Mrunal Jhaveri and notable angel investors Arjun Vaidya of V3 Ventures, Ajay Mariwala, MD of VKL and FSIPL, and Sushma Gupta. Scandalous Foods raised 1.6 crore in the first tranche of the pre-seed funding round in December last year. The funds will be utilised to establish a larger production facility and expansion, Scandalous Foods said in a press release. The firm now looks to broaden its footprint across the food service industry and build a robust HoReCa base in key markets, including Mumbai and Nasik. “With the additional Rs 1.4 crore, we are better equipped than ever to innovate, expand, and cater to the growing demands of our diverse clientele. Our journey from a nascent startup to a trailblazer in the industry has been exhilarating, and this is just the beginning,” said Sanket S, founder of Scandalous Foods. Co-founded in August 2022, Scandalous Foods is a business-to-business company that empowers the sweets industry for the restaurant sector. It offers preservative-free sweets with a 6-month shelf life. The company operates with a focus on cloud kitchens and plans to expand to various food service segments. Currently, a B2B company with aspirations for B2B2C and B2C expansion, Scandalous Foods is set to introduce mithai bars and sachets shortly.

ParkMate raises $1.2 Mn

Car parking solutions provider ParkMate has raised $1.2 million in a new round led by early growth-stage venture fund Cactus Partners. Existing backers such as Venture Catalysts and the Marwah Group Family Office have also participated in the round. According to ParkMate, the funds will be used to ramp up its growth trajectory, invest in its team to win business, streamline its operations, and continue to innovate new solutions. Co-founded by Abhimanyu Singh and Dhananjaya Bharadwaj, ParkMate offers smart parking solutions to shopping malls, office complexes, and Hotels in the corporate segment and to parking contractors for government parking spaces. The firm’s exclusive DaSH (Drop & Shop) service claims parking within 2 minutes for car owners at shopping malls, arcades, and business complexes. It counts as DLF, Phoenix Mills, Fun Republic, the UP, and Telangana Governments. Smart cities are another sizeable market for ParkMate. It directly competes with Park+, Get My Parking, Park Smart, and Parky, among others. Park+ is the largest player in this segment. In June, the company ventured into the on-demand driver services segment with Drive+, positioning it as a potential competitor to DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24. This marks the eighth investment by Cactus Partners since January 2021. The firm has invested in companies such as Lohum Cleantech, Kapture CX, Vitraya Technologies, AMPM Fashions, Auric, Indigrid Technology, and Rubix Data Sciences (exited).

Plus Gold Strikes 400% MoM Growth

India’s affinity for gold jewellery has been well-known for ages. However, the recent spike in gold prices reduced the country’s consumption to 562.2 tonnes in 2023, a 6.39% dip from 600.6 tonnes of gold as jewellery in 2022, according to the World Gold Council. On the other hand, China raced to the top last year, consuming 630.2 tonnes of gold as jewellery. But away from the discretionary purchase of jewellery, this precious metal is rapidly gaining traction in India as an asset class. There has been an upsurge in the consumption of bullion (bars, coins and ingots) and investments in sovereign gold bonds (SGBs) since 2022. In fact, the December quarter (Q3 FY24) saw a record rise in SGB investments, reaching 12.1 tonnes at a little over INR 7.5K Cr. In contrast, investing through legacy banks/FIs can be cumbersome. It requires a lump sum down payment equivalent to the gold value, has stringent upper limits and long lock-in periods (a minimum of five years). Moreover, returns are pretty low, an annual interest rate of 2.5% in case of sovereign gold bonds issued by the RBI. Private jewellers offer EMI-based gold-buying schemes, but these also lack flexibility. One can only buy from a specific jeweller instead of browsing through a varied marketplace and may have to pay exorbitant prices. Also, missing a single EMI may lead to the forfeiture of the benefits accrued. According to investment professionals, a high-value commodity like gold needs staggered buying to avoid short-term volatility. Gold gains can only boom when buyers have the much-needed flexibility to choose their timing and price. Otherwise, it will invariably turn into a lead weight in one’s portfolio. Plus Gold and its ilk are offering small-time gold investors that rare opportunity to choose their product, price and pace. Hence, it should be a win-win for the gold savings fintech, its users and jeweller partners in the long run.

EvolveX Invests in Cashvisory: Democratizing Financial Advice for the Next Generation

Empowering Young Professionals Through a DIY Financial Platform At EvolveX, we believe in empowering individuals with the tools and knowledge to achieve their financial goals. That’s why we’re proud to announce our participation in the pre-seed funding round for Cashvisory, a DIY financial advisory platform that’s making financial planning accessible to everyone. Cashvisory, co-founded by Arpita Sinha and Utkarsh Chaudhary, offers a user-friendly digital platform that simplifies complex financial concepts through a gamified approach and real-time what-if analysis. This allows young professionals, regardless of their financial background, to make informed investment decisions with confidence. Why We Invested in Cashvisory: EvolveX’s Role in Cashvisory’s Growth: Beyond financial support, EvolveX is committed to providing Cashvisory with the resources and mentorship needed to achieve their goals. We will work closely with the founders to: We’re confident that Cashvisory has the potential to revolutionize the way young professionals approach financial planning. By making financial advice accessible and engaging, Cashvisory is empowering the next generation to build a secure financial future. Learn more about Cashvisory and their innovative approach to financial planning by visiting their website.

EvolveX Invests in Ugees: Revolutionizing Undergarment Care with Sustainable Solutions

Supporting a Startup that’s Redefining Intimate Hygiene At EvolveX, we’re passionate about supporting startups that are disrupting traditional markets with innovative and sustainable solutions. That’s why we’re excited to announce our pre-seed investment in Ugees, a pioneering brand that’s revolutionizing undergarment care in India. Ugees, co-founded by Rahul Tyagi and Samiksha Yadav, offers India’s first liquid wash specifically designed for undergarments. Their unique, plant-based formula addresses the need for safe and effective intimate hygiene solutions, challenging conventional and often unhygienic cleaning practices. Why We Invested in Ugees: EvolveX’s Role in Ugees’ Growth: As part of our accelerator program, EvolveX is dedicated to providing Ugees with the resources and guidance needed to scale their impact. We will support them by: We believe Ugees has the potential to transform the way people approach undergarment care in India. By offering safe, effective, and sustainable solutions, Ugees is setting a new standard for intimate hygiene. Learn more about Ugees and their innovative approach to undergarment care by visiting their website.

EvolveX Invests in Uma Robotics: Automating India’s Industries with Affordable Robotics Solutions

Supporting a Startup That’s Democratizing Access to Robotics Technology At EvolveX, we’re committed to supporting startups that are driving innovation and addressing critical challenges in various industries. We’re excited to announce our investment in Uma Robotics, a company that’s making robotics technology accessible and affordable for businesses of all sizes in India. Uma Robotics, founded by Suchit Sharma, a seasoned robotics expert, provides sustainable logistics, automation, and IoT solutions to optimize operations in warehouses, manufacturing, and other sectors. Their innovative robots automate heavy box and tote handling tasks, traditionally performed by humans, leading to increased efficiency and cost savings. Why We Invested in Uma Robotics: EvolveX’s Role in Uma Robotics’ Growth: As part of our accelerator program, EvolveX is dedicated to providing Uma Robotics with the resources and guidance needed to scale their impact. We will support them by: We believe Uma Robotics has the potential to revolutionize how businesses operate in India by making automation accessible and affordable. We’re excited to be part of their journey and contribute to their success. Learn more about Uma Robotics and their innovative robotics solutions by visiting their website.

EvolveX Invests in UcliQ: Revolutionizing India’s B2B Meat Supply Chain

Supporting a Startup that’s Bringing Transparency and Efficiency to the Meat Industry At EvolveX, we’re committed to supporting startups that are leveraging technology to transform traditional industries. That’s why we’re excited to announce our investment in UcliQ, an innovative B2B marketplace that’s streamlining the meat supply chain in India. UcliQ, founded by Sameer Malik, provides a digital platform that connects buyers and sellers of chicken and seafood, including HoReCa businesses, manufacturers, wholesalers, and brands. This platform offers increased transparency, efficiency, and traceability, addressing key challenges in the meat industry such as inconsistent quality, price fluctuations, and logistical hurdles. Why We Invested in UcliQ: EvolveX’s Role in UcliQ’s Growth: As part of our accelerator program, EvolveX is dedicated to providing UcliQ with the resources and guidance needed to achieve their ambitious goals. We will support them by: We believe UcliQ has the potential to transform the B2B meat industry in India, bringing greater efficiency, transparency, and sustainability to the sector. We’re excited to be part of their journey and contribute to their success. Learn more about UcliQ and their innovative approach to the meat supply chain by visiting their website.

EvolveX Invests in Metabook XR: Revolutionizing Education with Immersive Learning

Supporting a Startup that’s Bringing VR and AR to the Classroom At EvolveX, we’re passionate about supporting startups that are transforming education through innovative technologies. That’s why we’re thrilled to announce our investment in Metabook XR, a pioneering EdTech company that’s bringing immersive learning experiences to K12 students through Virtual Reality (VR) and Augmented Reality (AR). Metabook XR, co-founded by Ashish and Sanjeev Singh, provides engaging and interactive educational content that allows students to explore subjects like Math, Science, and Social Studies in a whole new way. By creating virtual worlds and interactive simulations, Metabook XR is making learning more engaging, effective, and fun. Why We Invested in Metabook XR: EvolveX’s Role in Metabook XR’s Growth: Beyond financial support, EvolveX is committed to providing Metabook XR with the resources and guidance needed to scale their impact. We will work closely with the founders to: We believe Metabook XR has the potential to revolutionize education by making learning more engaging and effective for students around the world. We’re excited to be part of their journey and contribute to their success. Learn more about Metabook XR and their innovative approach to education by visiting their website.