In Full Blume | August 2024
Updates from the portfolio companies and Blume team
This month was like a fast-paced action thriller. Things were happening here, there, everywhere, and all at once. We were, of course, at the edges of our seats!
We had acquisitions, exits, big product launches, and loads of press coverage. When we could catch our breath, we managed to organize a few events.
We don’t want to give away the plot here, so how about you catch up on all the exciting happenings?
Exits, New Portfolio Company, and Acquisitions
Apax Digital Fund II Acquires a Majority Stake in greytHR (Blume Fund I)
Apax Digital Fund II, managed by global private equity firm Apax Partners, acquired a 52.1% stake in greytHR (Blume Fund I), a leading HRMS provider. This strategic investment will enable greytHR to enhance its product portfolio by adding new HR modules for recruitment and talent management while expanding into new customer segments.
Girish Rowjee, Co-founder and CEO of greytHR expressed gratitude to outgoing investors Blume Ventures and MegaDelta, acknowledging their role in the company's early growth.
Mark Beith, Partner, and Shashwat Shukla, Vice President at Apax Digital, who will join greytHR’s board, emphasized the value greytHR brings by automating complex HR functions with a user-friendly, mobile-first interface.
As greytHR embarks on this new chapter, with the backing of Apax and continued support from Info Edge and GMO, the company is poised to scale new heights and continue its legacy of innovation in HR automation.
We wish them all the best!
Fashioning the Future of Indian Ethnic Wear
Blume Ventures welcomes Fashor, a fast-growing ethnic wear brand, into its portfolio with a $5M funding round.
Founded by Vikram Kankaria and Priyanka Kankaria, Fashor is making waves in the Indian fashion market with its omnichannel approach and focus on quality, affordable ethnic wear.
Fashor is uniquely placed, with over 50% of its revenue coming from Tier II cities. In the next few years, it aims to double down on its Tier II presence and simultaneously penetrate metros by opening 100+ stores.
Apurva Dixit of Blume Ventures shares: "Fashor is making quality fashion accessible to women, driving freshness in ethnic wear like never before. Priyanka and Vikram have instilled a strong product DNA in Fashor, supported by a scalable supply chain, that enables them to offer price points untouched by national incumbents."
We're thrilled to partner with Fashor on their journey to shake-up the Indian ethnic wear market!
Let's go Team Fashor! 🚀
Jai Kisan Expands Horizons with a Strategic Acquisition and NBFC License
Blume Fund III company Jai Kisan, a fintech startup, acquired a majority stake in Kushal Finnovation Capital Pvt Ltd, a Mumbai-based non-banking financial company (NBFC).
Having already facilitated over ₹6,000 crore in loans, Jai Kisan is poised to deepen its impact with this strategic move. This acquisition enables Jai Kisan to lend to customers and move beyond loan generation for its partners, furthering its mission to empower farmers and rural enterprises.
In the Spotlight
Blumiers Bloom Bright in Forbes Asia 100 to Watch 2024
We’re beaming with pride as seven Blume portfolio companies have earned their spot on the prestigious Forbes Asia 100 to Watch list for 2024!
This highly anticipated list highlights breakout startups across Asia-Pacific, recognizing those making significant waves despite challenging market conditions.
Our shining stars include Ati Motors (Blume Fund III), Virohan (Blume Fund IV), and ElectricPe (Blume Fund IV) as well as four companies from our discovery program portfolio - Accacia, Airblack, Indiagold, and SpotDraft.
From revolutionizing enterprise technology and reimagining finance to transforming healthcare, these startups are at the forefront of their industries, pushing boundaries and setting new standards.
With only 20 Indian startups making the cut, we’re thrilled to see our Blumiers standing tall among Asia-Pacific's most promising ventures.
Here’s to the dreamers, the innovators, and the game-changers!
Yes, You Kane! LambdaTest’s KaneAI Can Do It All in Test Automation
Unified testing platform LambdaTest (Blume Fund III) has launched KaneAI, the world's first end-to-end software AI Test Agent.
With industry-first natural language-based AI features like test authoring, management, and debugging capabilities, KaneAI enables users to create and evolve complex test cases, significantly reducing the time and expertise required to get started with test automation.
"The engineering and product team has spent over a year to build this revolutionising product and pushed the boundaries of what is possible in quality engineering. This journey was about developing an AI-powered test agent and reimagining what test automation could be," said Asad Khan, Co-Founder and CEO of LambdaTest.
KaneAI offers intelligent test planning, AI-powered test healing, and advanced conditional assertions for comprehensive test coverage. It provides two-way test editing, multi-language code export, and unique Instruction-to-Code and Code-to-Instruction translation features. Additionally, it revolutionizes debugging with AI-powered test observability and real-time RCA capabilities and seamlessly integrates with popular tools such as Jira, Slack, GitHub Actions, and Microsoft Teams.
Bhive firms up IPO plans
Bhive Workspaces, a Blume Fund II company, spoke about their IPO plans with the Economic Times. The Bengaluru-based coworking space provider is targeting an ₹800 crore IPO in FY26. Bhive aims to expand its footprint by adding 3 million square feet of managed office space across major Indian cities.
Currently earning over ₹168 crore in annual rental income, the company anticipates significant growth driven by increasing demand for flexible workspaces post-pandemic. Bhive's office space stock in top Indian cities has already surpassed 33 million square feet.
WebEngage's Triple Play: Empowering Retention Marketing Through Education, Partnership, and Publication
WebEngage, a Blume Fund I company, has launched three significant initiatives to augment skills in retention marketing.
First, they've introduced the WebEngage Academy, which has already enrolled 1,239 learners in just 45 days, with 333 achieving certification. The academy aims to certify over 1,000 retention marketing professionals this year.
Secondly, WebEngage has partnered with MICA Ahmedabad to offer 'Tech Tonic,' a five-week course on Consumer Technology, Retention Marketing, and Campaign Management. This collaboration bridges the gap between traditional and data-driven marketing practices.
Lastly, the company has published "Retention Simplified," a comprehensive guide for ecommerce and D2C founders, available on Amazon in both paperback and Kindle formats. The book offers actionable strategies for retention-led growth, with contributions from key leaders in the WebEngage ecosystem.
These initiatives collectively demonstrate WebEngage's commitment to educating the market, fostering academic partnerships, and providing practical resources to tackle the challenges of modern retention marketing.
Ethereal Machines: Pioneering Precision Machining-as-a-Service in India
In a recent Forbes podcast, Kaushik Mudda, co-founder of Ethereal Machines (Blume Fund III), shared how he and Navin Jain transformed a challenge into a groundbreaking opportunity.
With their award-winning five-axis CNC machine, they built Ethereal Machines, a deep tech venture from Bengaluru that is revolutionizing manufacturing services in India.
Backed by Blume Ventures, Peak XV Partners, and Steadview Capital, Ethereal is leading the charge in machining-as-a-service, emerging as a trailblazer in the deep tech space.
Routing it Right with AI and Sustainable Solutions
Corporate transportation company Routematic (Blume Fund I) is transforming employee transportation by harnessing the power of AI, big data, and sustainable practices.
Sriram Kannan, founder and CEO of Routematic, said, "Routematic’s sustainable commute solutions have significantly reduced carbon emissions and transportation costs for companies across industries. Through strategic EV use, comprehensive sustainability tracking, and optimized deployment, Routematic is making notable strides in environmental stewardship."
Routematic is poised for global expansion into Southeast Asia, Africa, and South America by March 2025, supported by a loyal client base and strategic partnerships.
Ring It On: Verizon and Ultrahuman Team Up
Verizon is entering the smart ring market with the launch of the Ultrahuman (Blume Fund III) Ring AIR in its stores.
Ring AIR tracks sleep, movement, and recovery, offering Verizon customers and tech enthusiasts an opportunity to experience Ultrahuman’s advanced technology firsthand.
Adding to its appeal, the Ultrahuman ring has introduced the PowerPlugs store—a groundbreaking platform offering apps and plug-ins specifically for smart rings.
Recent PowerPlugs include Vitamin D tracking, cardio adaptability, and AFib detection. All are powered by the ring's advanced sensors, which deliver real-time health data to keep users informed and connected to their wellness.
Portfolio Milestones
Battery Smart Sparks a Swap Surge: Powering 1 Lakh EVs Daily!
EV battery swapping startup Battery Smart (Blume Fund IV) is leading the charge in the EV revolution, facilitating an impressive 1 lakh daily battery swaps. By saving over 2 lakh hours of charging time daily, Battery Smart empowers 1,100+ partners across 35+ cities and contributes an incredible 3 crore+ in driver income.
Additionally, the company's efforts are making a significant environmental impact, with 500 tonnes of CO2 emissions saved daily. Battery Smart is not just powering vehicles but also driving sustainable growth and innovation in India's EV ecosystem.
Pixxel's Aurora: Lighting Up Earth Observation with a New Dawn
Spacetech firm Pixxel (Blume Fund III) has unveiled Aurora, its cutting-edge Earth Observation (EO) studio, designed to make remote sensing analysis accessible to all. This innovative platform features a vast archive of open-source and commercial datasets, including Pixxel's hyperspectral imagery, which will be integrated by 2024.
Aurora is poised to be a game changer by enabling organizations across industries—agriculture, forestry, mining, and more—to seamlessly incorporate EO data into their operations.
Namma Yatri Empowers Women with Mahila Shakti Electric Auto Driving Program
In an inspiring initiative, Namma Yatri (Blume Fund IV) has rolled out 100 new electric vehicles as part of its Mahila Shakti Electric Auto Driving Training Program in Bengaluru. The program offers a free 1-month training to 1,000 women to become independent auto owners.
After training, participants can rent electric autos at nominal rates for four months. During this time, they receive data-driven guidance to boost their earnings, build a digital credit profile, and save for their down payment to buy their auto.
Howzzat! BeatO Scores a Perfect 10/10 with Anil Kumble as the Brand Ambassador
Marking nine years of transforming diabetes care, BeatO (Blume Fund II) announces cricket legend Anil Kumble as its new brand ambassador.
Anil’s dedication and excellence on the cricket field mirror BeatO’s commitment to making diabetes management more accessible and effective.
His passion for promoting good health aligns seamlessly with BeatO’s tech-driven approach, enhancing their ability to deliver innovative solutions for diabetes care. With Anil Kumble on board, BeatO is set to elevate diabetes care, empowering individuals across India to take proactive steps in managing their health.
We give this partnership a 10/10 ;)
Euler Motors Unveils New State-of-the-Art EV Manufacturing Facility in Palwal
Euler Motors (Blume Fund III), a Delhi-based manufacturer of electric commercial vehicles, has inaugurated a cutting-edge 500,000 sq. ft. EV manufacturing and R&D facility in Palwal, Haryana.
With an investment of ₹100 crore, this facility can produce 36,000 vehicles annually and will serve as the company’s national manufacturing hub. This move comes as Euler Motors aims to expand its operations from 26 to 40 cities by FY25, driven by the increasing demand for its 3W HiLoad EV.
“This state-of-the-art facility will help us respond to increased customer demand and adapt to changes with agility and flexibility,” said Saurav Kumar, Founder & CEO of Euler Motors.
Blume Spotlight
Blume Fintech Summit 2024 | Gazing into the past and the future of fintech
Blume Ventures, along with partners PayU, Google, and IDFC First Bank, hosted the second edition of the Blume Fintech Summit in Mumbai on the 27th of August.
This event saw a gathering of top leaders and innovators from the Fintech ecosystem to exchange ideas and explore opportunities in India's dynamic Fintech landscape. The summit featured panel discussions, thought leadership sessions, and networking opportunities, focusing on finance innovation, AI in finance, and financial inclusion.
Blume Ventures Shares Insights on Standing Out to Investors
In a compelling panel discussion led by People Matters CBO Pushkaraj Bidwai, the spotlight was on the critical knowledge every innovative startup needs: how to stand out in front of investors.
Sajith Pai, Partner at Blume Ventures, joined industry leaders Hidekazu Ito, MD of Mynavi Corporation, and Sandeep Sinha, Managing Partner & Co-founder of Lumis Partners, to share valuable insights on the key drivers of growth and the secrets to building a winning product-market fit.
Blume Ventures Co-Hosts Thriving BITSians Mixer in Bangalore
In the lead-up to BITSians Day, Blume Ventures partnered with All In Capital to co-host a vibrant mixer in Bangalore, bringing together 100+ enthusiastic BITSian builders.
The event, which celebrated the unique spirit of the BITSian community, featured engaging panel discussions with leading BITS alumni such as Hari Menon (BigBasket), Ishan Bansal (Groww), Abhijit Kane (Postman), Awais Ahmed (Pixxel), and Ananya Singhal (Rigi).
The evening was a testament to the power of community and collaboration, with Blume Ventures proudly supporting the next generation of innovative BITSian entrepreneurs.