In Full Blume | January 2025
Updates from the portfolio companies
We know 1/12th of the year has zipped by, but what a January it’s been, packed with the kind of fireworks that usually only light up New Year’s Eve!
From blockbuster funding rounds to jaw-dropping ‘once-in-a-generation’ achievements, from cash registers ringing with serious moolah to a heart-warming story of social impact, our portfolio has delivered it all.
2025 is already looking like a year for the books, and we’re just getting started. Here’s to the next 11 months and beyond! (Fingers crossed)
Go Blumeiers!
Read on!
Funding Days
Atomic Leap: Atomicwork Raises $25M
Atomicwork (Blume Fund IV), the enterprise workflow automation startup, has secured $25M in Series A funding led by Khosla Ventures and Z47, with participation from Blume Ventures, Battery Ventures, and Peak XV Partners. Founded in 2022 by Vijay Rayapati, Kiran Darisi, and Parsuram Vijayasankar, the company has now raised a total of $39M.
“We are pioneering agentic service management to transform how companies manage their IT workflows,” said Vijay Rayapati, CEO, Atomicwork. The B2B SaaS platform uses AI agents to streamline IT, HR, and finance operations by intelligently harnessing organizational knowledge scattered across various systems.
Commenting on Blume’s thesis to double down on Atomicwork, Sanjay Nath of Blume Ventures said, “We view Atomicwork becoming a massive force multiplier in the shifting enterprise IT landscape, empowering IT teams to realize order-of-magnitude efficiency and cost improvements. Vijay, Kiran and Parasu have been assembling a world-class team from day one, and this further builds on our conviction that Atomicwork is going to be a generational software company over the next decade.”
The fresh capital will fuel the development of enterprise AI agents and expand go-to-market initiatives.
Euler Motors Charges Ahead with $20M Debt Funding
Euler Motors (Blume Fund III), a leading manufacturer of electric commercial vehicles, has secured $20M from responsAbility, a leading impact asset manager, as part of the latter's $500M climate investment strategy for Asia.
The company recently expanded its portfolio with Storm, a four-wheeler EV featuring ADAS technology and advanced fleet management capabilities.
“This new funding will boost us to scale further, expand our reach, and continue delivering sustainable, high-performance solutions that meet India’s unique logistics needs,” said Saurav Kumar, CEO & Founder.
With over 7,000 vehicles on road and innovative features like 15-minute quick charging, Euler Motors is accelerating India's transition to sustainable urban logistics.
Zoplar’s $3.4M Booster Shot
Zoplar (Blume Fund IV), the Gurugram-based medical equipment procurement platform, has secured $3.4M led by Blume Ventures, with participation from Beenext, Saison Capital, Atrium Angels, Finfirst, and LogX.
This brings their total raise to $5.1M, including previous backing from Titan Capital, Stride Ventures, and Panthera Peak.
Launched in 2022 by OYO veterans Amit Sah and Umesh Sharma, the startup is revolutionizing how small and medium hospitals source and maintain medical equipment.
With 300+ hospital partnerships and an impressive 40% repeat customer rate, Zoplar is now gearing up to strengthen its supply chain integration and expand its service engineering capabilities.
“This investment is not just financial backing—it's a validation of our mission to make quality healthcare accessible through affordable and reliable medical technologies,” say co-founders Amit and Umesh, who are focused on solving the complex equipment procurement and after-sales challenges faced by MSME hospitals across India.
Portfolio Updates
Pixxel’s Firefly Constellation Takes Flight
In a landmark moment for India’s space sector, Pixxel (Blume Fund III) successfully launched the first three satellites of its Firefly constellation - marking the nation’s first private satellite constellation.
Launched via SpaceX’s Transporter-12 mission from California, these satellites are the world’s highest-resolution commercial hyperspectral imaging system, offering unprecedented 5-meter resolution (6x sharper than current standards) across 150+ spectral bands.
The Fireflies, orbiting at 550 kilometers with a 40-kilometer swathe width and daily revisit capability, are revolutionizing Earth observation by detecting minute changes in chemical compositions, vegetation health, and water quality. This launch kicks off Pixxel's commercial operations, with three more satellites scheduled for Q2 2025.
Image source: Business Standard
Ring in the Revenue: Ultrahuman's Stellar 2024 Performance
Ultrahuman (Blume Fund III) delivered exceptional growth in 2024, achieving $74M in revenue with a 6X YoY increase and maintaining a healthy 11% profit margin.
Their flagship Ring AIR, the world's most comfortable sleep tracker, dominated the revenue mix at $67M, while PowerPlugs and UltrahumanX showed promising recurring revenue growth. The company's zero-ad-spend approach and strong multi-channel strategy led to surpassing internal estimates by 30%, particularly during the September-December period.
With a strong presence in core markets (US, India, UAE, and UK) and emerging growth in Thailand, Hungary, and Germany, Ultrahuman is investing in local teams while expanding its product ecosystem.
Ultrahuman also made waves when it inaugurated the new UltraFactory in Plano, Texas, marking a significant expansion in its US operations. This strategic move aligns with the company’s strong performance in 2024 ($74M revenue) and its growing presence in core markets. The Texas facility will support Ultrahuman’s ambitious plans for 2025.
Image source: Ultrahuman
The STAGE is Set for Bhojpuri Cinema
STAGE (Blume Fund IV), the regional entertainment streaming platform, continues its #BoliYonKiKranti initiative by entering the Bhojpuri market, following successful launches in Haryanvi and Rajasthani content.
The platform emphasizes high-quality, family-friendly content that preserves cultural values for Bhojpuri cinema enthusiasts worldwide.
A Health(if)y Start to the New Year
Healthify (Blume Fund II) kicked off 2025 with remarkable momentum, recording ₹2.5 Cr ($300k) in sales during the New Year transition alone.
The AI-powered health coach app saw seven new users joining every minute, with an impressive 1.2M meals logged and 1M workouts tracked.
GreyOrange Powers PetSmart's Digital Transformation
GreyOrange (Blume Fund I vintage) has secured a major win with PetSmart, deploying its gStore platform across nearly 1,700 stores in the US. The AI-powered retail SaaS solution is transforming PetSmart’s store operations with 3D location management, dynamic pick paths, and real-time inventory tracking. This partnership demonstrates GreyOrange’s growing influence in revolutionizing retail operations for major enterprises.
Servify Powers BoseCare Protection
Servify (Blume Fund II) has secured another major partnership, powering BoseCare's protection plans as their trusted administrator. Through this collaboration, Servify manages the complete after-sales protection ecosystem for Bose products.
Procol’s PO-werful Move
Procol (Blume Fund III) has launched a free Purchase Order Generator Tool, streamlining procurement operations for businesses. The tool offers instant PO creation with automated calculations, customizable templates, and a user-friendly interface requiring no training.
Bengaluru Gets Handpickd
Handpickd, a Blume Discovery portfolio company, launched its services in Bengaluru. Founded by Anant Goel (founder of Milkbasket), Handpickd started in April 2024 in Gurugram. With a first-of-its-kind UX and an innovative supply chain, Handpickd delivers plastic-free, pesticide-free fresh produce to urban households every morning. Over 5,000+ families already trust Handpickd for its convenience and quality. With a zero inventory and non-warehouse/dark store-based model, they aim to structurally eliminate wastage from the entire supply chain.
Awards and Recognition
Carbon Clean Soars in UK Tech Rankings
Carbon Clean (Blume Fund I vintage) was recognized as Britain's 7th fastest-growing hardware company in The Sunday Times 100 Tech.
The company’s annual sales growth over three years is 124.89%, significantly higher than the impressive average of 87% for companies in the hardware and non-software category.
The carbon capture solutions pioneer is the only carbon capture, utilisation and storage (CCUS) company featured in the prestigious list, highlighting its unique position in the UK's burgeoning cleantech landscape.
Blume’s Twin EV Innovators Lead India's Green Revolution
ElectricPe and Battery Smart (both Blume Fund IV) have been featured in ‘India’s Green Startups’, a landmark book co-authored by Green Frontier Capital’s Sandiip Bhammer and former Union Minister Jayant Sinha.
For the uninitiated, ElectricPe's mission is to accelerate EV adoption through its holistic approach to electric vehicle ownership and charging solutions, while Battery Smart is building India’s largest network of battery swapping stations providing Li-ion batteries on a pay-per-use basis for the drivers of three-wheeled electric rickshaws.
Their inclusion underscores Blume's strategic investments in companies driving India's clean mobility future.
Auto-matic Hero: Namma Yatri Driver Saves the Day
In a heart-warming testament to Namma Yatri’s impact beyond mobility, auto driver Dhanush M transformed into a lifesaver in Tier-2 India. When a 62-year-old customer suffered a sudden heart attack, Dhanush's quick thinking and swift action ensured the patient reached the hospital within crucial minutes, leading to a successful recovery after bypass surgery.
This incident powerfully demonstrates how Namma Yatri isn’t just about connecting rides, especially in smaller cities where emergency transport can be a critical challenge.
Exotel Crowned Fastest Growing CPaaS in UAE
Exotel (Blume Fund I vintage), already a leader in the Contact Center as a Service (CCaaS) space, is now making waves in the Communications Platform as a Service (CPaaS) category.
The Global Economics has recognized the company as the ‘Fastest Growing CPaaS 2024 - UAE’, marking its successful expansion in the Middle East market. This achievement highlights Exotel’s evolution from a CCaaS provider to a comprehensive communications platform powered by strong customer relationships and team excellence.
Not kidding, I had thought of the "AI agents trained on custom data tailored for a company" idea. Glad to see someone executed the same.
But no one is doing it for content, though. That's still a white space. Startups want to go the content route for marketing and generating trust but have to shell out a lot of money to hire quality copywriters and producers.
AI agents trained on their data can reduce costs and improve the efficiency of the content they put on. Zerodha's Zero1 network is doing the same, so I presume this idea does make sense. If someone reading this finds value in the idea, please go ahead and execute.