lenskart: ETtech Deals Digest: D2C startup steals the show

The direct-to-consumer (D2C) startup led by Lenskart subsidiary Neso Brands is making a splash this week, securing its first funding. GreyOrange and B2B marketplace Fashinza are other startups that have received big funding.

Lenskart’s Neso Brands raises over $100 million

Neso Brands, a Lenskart subsidiary that invested in D2C eyewear brand,
Raised over $100 million in its seed round. Neso Brands said it will partner with and invest in global consumer eyewear brands and develop them by leveraging the synergies of the Lenskart Group. Lenskart is the latest entrant into the Indian brand rollup, which has been working with Firstcry-backed companies like Globalbees, Mensa, Goat Brands and Rebel Foods

D2C jewelry brand Melorra raises $16 million

Melorra, a D2C jewelry brand,
Raised $16 million Series D round 1 from Axis Growth Avenues, SRF Family Office, N+1 and existing investors. The funding includes $14 million in equity and $2 million in debt. Founded in 2015, Melorra provides iconic gold jewellery to 718 regions and more than 2,800 towns in India.


BlissClub raises $15M led by Eight Roads, Elevation Capital

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D2C women’s sportswear brand,
BlissClub raises $15 million In a new funding round led by Eight Roads Ventures and Elevation Capital. That’s less than a year after the Bengaluru-based startup raised $2.25 million in seed funding in May 2021. BlissClub did not disclose its valuation following the financing round. More than 90% of BlissClub’s sales come from its own platform, with the rest coming from e-commerce platform Amazon India and Walmart-owned fashion portal Myntra.

MasterChow secures $1.2M led by Anicut Capital

Ready-to-eat food brands
MasterChow raises $1.2 million The firm deals in alternative assets in a funding round led by Indian investment firm Anicut Capital. Mumbai-based WEH Ventures and D2C-focused fund Fluid Ventures also participated in the round, along with other large founders and angel investors. MasterChow is a ready-to-eat Asian food brand that offers a range of premium Asian food staples such as stir-fry sauces, instant dips and noodles for quick, restaurant-style meals at home.

Wow Skin Science attracts Singalore’s

Beauty and Wellness Brands
Wow Skin Science Raises Major Growth Funding From Singapore’s sovereign wealth fund GIC. The deal gives the ChrysCapital-backed company a post-money valuation of $40-420 million.

GreyOrange raises $110 million from Peter Thiel’s Mithril Capital and others

Warehouse Robotics and Automation Company
GreyOrange raises $110 million Mithril Capital and other existing and new investors from Peter Thiel. It also receives separate debt financing from funds and accounts managed by investment firm BlackRock. The company last raised $140 million in September 2018.

Fashinza gets $100 million from Prosus and Westbridge

Fashinza, an AI-driven business-to-business (B2B) marketplace
Raised $100 million in Series B funding Led by Prosus Ventures (formerly Naspers Ventures) and Westbridge. The company said it will use the funds to create a sustainable supply chain and expand into new regions.

Coinshift raises $15 million led by Tiger Global

Fund Management and Infrastructure Platform
Coinshift raises $15 million Led by Tiger Global. The company will use the funds to develop its products and technology. The company will launch a beta version of its latest version next week, which will be available through a waitlist.

Smytten raises Rs 100 crore led by Fireside Ventures

Smytten, a product sampling and engagement platform for direct-to-consumer brands,
Raised 1 billion rupees (~$15 million) In a funding round led by existing investors Fireside Ventures and Roots Ventures.

Other notable deals

■ High Street Essentials, parent company of women’s fashion brands FabAlley and Indya,
Raised Rs 400 crore from Stride Ventures as a combination of equity and debt. The startup plans to enter international markets such as the Middle East and the United States with the new financing.

■ Cloud Certification and Skills Platform
QwikSkills raises Rs 3.85 crore In a funding round led by angel investors Manish Sinha and IAN’s Naveen Gupta.

■ Flipkart-backed fresh fruit and vegetable supply chain startup Ninjacart
$9 million raised According to regulatory filings provided by ETtech, South Korea’s STIC and UK-based Mainstream Digital are valued at $812 million (Rs 10.5 crore) (Rs 690 crore). STIC is an existing investor in Ninjacart.

■ GeoIQ, a location intelligence startup,
Received $2.25 million in funding from Lenskart and others. The company said the new capital will allow it to leverage the community of data scientists to expand globally, develop its data stack and build various artificial intelligence models.

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