In Full Blume | July 2024
Updates from portfolio companies and Blume team
Boy, oh, boy, July had everything-funding, launches, global recognition, partnerships, press coverage-you name it! Suffice it to say that we were exhausted (in a good way, obviously) keeping up with the barrage of good work our portfolio companies were doing.
Read on!
Funding Announcements
It’s indeed a Purplle patch
Omnichannel beauty marketplace Purplle (Blume Fund I portco) has raised ₹1,000 crore ($120 million) in a fresh funding round led by a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) with participation from other investors.
Nearly 70% of the investment was in the form of secondaries, in which ADIA and other investors bought shares in the e-commerce company from early backers.
In addition, the startup has also announced its largest-ever employee stock ownership plan (ESOP) liquidity program worth ₹50 crore ($6 million).
The company said it is operationally profitable and expects to grow its online platform faster than the industry while scaling offline stores and improving profitability. Purplle added that its gross merchandise value (GMV) grew by around 4x over the last three years, and it now clocks ten million+ consumers a month, along with 20,000+ offline touchpoints.
On a roll: Namma Yatri 'gears up' with $11 million boost
Namma Yatri (Blume Fund IV) has raised $11 million (₹92 crore) in a pre-Series A funding round led by Blume Ventures and Antler with participation from Google and several other investors.
Namma Yatri will invest the funds in technology, R&D, and product innovation to empower drivers, integrate public transport, and enhance customer experience.
"Through direct-to-driver and multimodal transportation models, Namma Yatri aims to increase driver earnings while providing reliable, affordable, seamless, and sustainable mobility solutions for all," the company said.
"Namma Yatri is at the forefront of transforming mobility with a fresh and innovative model. We were amazed by the simplicity of what the tech and a robust product can do to solve mass mobility. We are glad to partner with an exceptional team and back their grand vision," said Karthik Reddy, co-founder and managing partner at Blume Ventures.
Read the full announcement here.
‘Multipl-ying’ success with $1.5 million boost
Fintech startup Multipl (Blume Fund IV) secured $1.5 million (~₹13 crore) in extended seed funding, co-led by Blume Ventures and MIXI Global Investments, Inc., bringing their total seed funding to $4.5 million.
Founded in 2020, Multipl allows users to invest in mutual funds for future lifestyle purchases. The platform boasts 500,000 downloads, 100+ brand partnerships, and has facilitated goals worth over Rs 1,000 crore.
The fresh funds will support platform enhancements and new features, including 'Open Goals', which enables users to invest in future expenses through partnerships with leading brands.
The platform’s window shopper widget further enhances consumer savings by embedding options for financial planning at the point of purchase across merchant websites and apps.
Portfolio Spotlight
From days when they had to stagger salary payments due to financial difficulties to today when it is a ₹ 200 crore+ ARR (~$25 million) SaaS powerhouse, WebEngage's (Blume Fund I) journey is nothing short of extraordinary! This Indian SaaS success story has defied the odds, pivoted strategically, and emerged stronger at every turn. In our latest spotlight article, Shreevar Chhotaria, tunes into what makes WebEngage stand out.
For starters, they've cracked the code of selling SaaS in the India and near-India markets, challenging the prevalent narrative that 'you can only scale if you sell SaaS in the US.'
They've built a solid Customer Data Platform, which gives them an edge not only in the tech/startup vertical but also when selling to traditional enterprises with legacy systems like pharma and CPG. After all, good marketing tech isn't just for digital-first companies.
Lastly, WebEngage has built a top-tier SaaS brand by creating unique digital IPs like The State of Retention Marketing podcast and e-magazine and large-scale physical events like Engagemint. For their customers, they are the first name that comes to mind when they think of customer retention.
It's this practical, problem-solving approach that's helping them replace global giants in the Indian market and expand rapidly in the Middle East and Africa.
Read the full Spotlight article here.
Partnerships, Launches, and Milestones
SuperK's super move: Partners with BillMe to digitize small-town retail
SuperK (Blume Fund IV), the retail innovator focused on small-town markets, has announced a strategic partnership with BillMe, a Razorpay company. This collaboration brings digital billing solutions to SuperK's customers, allowing them to receive and access their bills directly on their mobile phones.
The partnership serves multiple purposes: it enhances the shopping experience for customers in smaller towns, promotes sustainability by reducing paper usage, and creates a new digital touchpoint for brands to connect with consumers in these markets.
GreyOrange unveils next-gen autonomous forklifts, setting a new standard in AI-driven fulfillment automation
GreyOrange Inc. (Blume Fund I), a leader in AI-driven fulfillment automation, has expanded its Intralogistics and Case Pick Ranger Portfolio with two patented autonomous forklift solutions:
1. Ranger Forklift XXL for case picking
2. Ranger Forklift AnyPallet for closed pallet handling
These patented solutions, part of the Certified Ranger Network™ ecosystem, address critical market demands for heavy payloads and efficient handling.
Akash Gupta, Co-Founder and CEO of GreyOrange said, “We are the first in the market to launch these types of autonomous forklift solutions that can handle multiple trolleys and multiple pallets. These solutions will address critical market demands for heavy payloads, lifting up to four trolleys with a combined weight of 3000 Kgs.”
Leverage Edu unveils flagship experience center in Nehru Place
Study abroad startup Leverage Edu (Blume Fund III) has launched its most ambitious experience center yet in the iconic Nehru Place, Delhi.
Key highlights:
1. Exclusive scholarships
2. Early access to popular study programs
3. Hand-picked team of education experts
LightFury Games is all set to ignite India's AAA gaming revolution
LightFury Games (Blume Fund IV) recently opened its first Bengaluru studio.
The studio is located near Bengaluru International Airport and has the infrastructure and equipment designed to support the development of high-quality AAA titles. Initially focusing on mobile games, LightFury Games plans to expand its offerings to include console platforms. The 60-seater studio is a testament to the company’s commitment to producing world-class gaming experiences.
LightFury Games has recently appointed Justin Farren as Chief Creative Officer for the India studio. With over 20 years of game development experience, Farren previously held senior roles at Wargaming and Ubisoft Singapore, where he worked on titles like Assassin’s Creed and Skull and Bones.
“The opening of our state-of-the-art studio in Bangalore marks our first step toward reinventing gaming experiences in India and developing world-class AAA titles from this region,” said Karan Shroff.
SiftHub supercharges Superhuman's growth
SiftHub (Blume Fund IV) has announced a strategic partnership with Superhuman, the famed email productivity platform. This collaboration has proven instrumental in enhancing the efficiency of Superhuman's sales and compliance teams as they expand their services to mid-market and enterprise clients.
By implementing SiftHub's innovative solutions, Superhuman has successfully automated sales responses and accelerated deal closures.
This partnership showcases SiftHub's ability to deliver tangible results for scaling companies, enabling them to serve larger clientele with increased ease and effectiveness.
Ultrahuman unveils PowerPlugs: A new era in personalized health tech
Ultrahuman (Blume Fund III) has launched PowerPlugs, an innovative app store for health algorithms and services designed to transform personal health monitoring. This new feature allows users to customize their health journey with specialized plugins.
Key PowerPlugs include:
Afib Detection: Using Fibricheck's algorithm, the Ultrahuman Ring can detect atrial fibrillation signals through PPG data. Initially available in select markets, including the UK, EU, UAE, Singapore, and KSA, with plans to expand to India and the US.
Vitamin D Estimation: This plugin provides personalized guidance on optimal sun exposure for Vitamin D absorption, considering factors like skin melanin, sunlight conditions, and outdoor activity.
Women's Health: Enhanced capabilities for pregnancy and cycle tracking, with more features in development to leverage temperature and HRV data.
Ultrahuman is set to expand its PowerPlugs lineup with upcoming additions focused on ovulation, screen time, jet lag, and weight loss. This modular approach to health tech promises users a more tailored and comprehensive health monitoring experience.
IDfy launches Privy: A tailored solution for DPDP Act compliance
IDfy (Blume Fund I), the Mumbai-based online identity verification platform, has unveiled Privy, a comprehensive privacy and compliance suite designed to help enterprises navigate the complexities of India's Digital Personal Data Protection (DPDP) Act.
Privy offers a range of tools, including instant compliance checks, personal data discovery solutions, and consent governance mechanisms. What sets Privy apart is its focus on India-specific requirements often overlooked by global GDPR and CCPA compliance tools. These unique features include:
Consent nomination
Verifiable parental consent
Notices in 22 Indian languages
Integration with existing sectoral regulations
IDfy's CEO and co-founder, Ashok Hariharan, emphasizes the DPDP Act's significance in empowering Indian citizens and the increased responsibility it places on data fiduciaries.
With a track record of serving over 1,500 clients across sectors like BFSI, FMCG, e-commerce, and gaming since its 2011 inception, IDfy is well-positioned to help businesses adapt to this new era of data protection in India.
Atomicwork Teams Up with Microsoft for Seamless Service Management
Atomicwork (Blume Fund IV), a conversational ITSM software and AI service desk platform provider has partnered with Microsoft to integrate its Modern Service Management Platform directly into Microsoft Teams. This collaboration aims to streamline employee support across IT, HR, and Finance departments.
Key benefits for users of Microsoft Teams:
Atom AI Assistant: Acts as a personal concierge within Teams
Unified support: Eliminates the need for multiple portals
On-demand assistance: Provides contextual, personalized support
Enterprise-grade security: Ensures data privacy
This integration allows IT teams to focus on strategic initiatives while Atom handles routine queries and service requests, offering instant resolutions and valuable insights.
Namma Yatri and EletricPe help Google Maps Revolutionize Travel
Google Maps recently announced six ways to enhance the user experience powered by AI and local partners. Namma Yatri (Blume Fund IV) and ElectricPe (Blume Fund IV) are at the forefront of this evolution.
Google has integrated Namma Yatri in the maps app in Kochi and Chennai to make booking metro tickets smoother. At the same time, ElectricPe, along with a few other players, will add verified information for over 8,000 EV charging stations.
Fun fact: India will be the first country in the world to receive information about EV charging stations for two-wheelers on Google Maps.
We’re extremely excited about this project and congratulate the Namma Yatri and ElectricPe teams on their hard work!
Niqo Robotics powers kharif season with RoboSpray launch
Niqo Robotics (Blume Fund III) marks a milestone in Indian agriculture with the official launch of Niqo RoboSpray, India's first smart sprayer, in Akola, Maharashtra. This groundbreaking event coincides with the start of the Kharif season, highlighting the company's commitment to transforming farming practices.
It is a significant step towards modernizing agricultural techniques in India, promising to enhance efficiency and productivity for farmers.
As seen in the news
Ultrahuman Tadej Pogačar wins Tour de France
Ultrahuman proudly celebrated the remarkable achievement of their supported athlete, Tadej Pogačar, who won the prestigious Tour de France for the third time.
The 25-year-old Slovenian cyclist's win is particularly historic. He became the first cyclist since Marco Pantani in 1998 to secure the Giro d'Italia and Tour de France in the same year. This extraordinary feat cements his status as one of cycling's greatest talents.
Routematic - Solving the modern-day traveling salesperson problem with a twist
Sriram Kannan has always been drawn to complex challenges, from security systems to employee transportation. Now, as the founder of Routematic (Blume Fund I), he's tackling a modern twist on the classic traveling salesperson problem.
Discover how Routematic’s innovative platform revolutionizes employee transport, maximizing efficiency while ensuring safety and convenience. Dive into the conversation with this accidental entrepreneur to learn more!
Ethereal Machines ‘carves’ out a niche in the global market
Five-axis CNC milling and 3D printing machines manufacturer Ethereal Machines (Blume Fund III) is not just innovating; they're reshaping the future of manufacturing globally with their cutting-edge "Machining-as-a-Service" model.
From their base in India, this trailblazing startup, led by co-founder Kaushik Mudda, emphasizes, "Our goal is to democratize precision manufacturing and make it accessible at a global scale."
Discover their story of technological prowess and rapid expansion in the detailed article on Forbes India. Dive into their inspiring journey here.
Blume-ing success: Our stars shine in ET's 40 Under Forty
Congratulations to Manisha Raisinghani of SiftHub and Suyash Katyayani of Purplle for their well-deserved spots in The Economic Times 40 Under Forty list! These visionary leaders exemplify the innovation and drive within our portfolio. We're proud to support such talented entrepreneurs who are shaping India's business landscape.
Awards and Recognition
Leverage Edu Founder Recognized in The PIE 50 Voices of 2024
Leverage Edu Founder & CEO Akshay Chaturvedi was recognized as one of The PIE 50 Voices of 2024, Asia Pacific edition. The PIE is a leading voice covering all aspects of the global education landscape, offering insights, analysis, events, and career opportunities across the sector.
As quoted by the report - "Akshay Chaturvedi founded Leverage Edu in 2017 and has raised USD$70m in private investment for the company’s study abroad services. In addition to the everyday operating, Akshay also bagged news for commissioning the ‘First in the family’ documentary series for Netflix & Hotstar. He also hosts the ‘Beyond borders show’ on YouTube, conducting high profile interviews with leaders in the sector. In 2023, Leverage were praised for completing a successful ESOP buy-back scheme for employees to invest in company shares."
Sprinto races ahead in G2's Summer Reports
Sprinto (Blume Fund III), an information security compliance and privacy laws automation platform, has achieved remarkable success in G2's Summer 2024 Reports. As Pritesh Vora, VP of Marketing & Growth at Sprinto, shared, the company has collected an impressive 80 badges and has been recognized as a leader in over 30 categories.
Sprinto's achievements span crucial areas, including Security Compliance, Third-Party and supplier Risk Management, Cloud Compliance, Cloud Data Security, and the newly introduced GRC category.
ZapScale scales new heights: 26 badges in G2 Summer 2024 report
Customer success platform ZapScale (Blume Fund IV) has achieved a remarkable milestone in the G2 Summer 2024 Report, earning an impressive 26 badges across various categories. This significant leap from two badges in the previous year showcases ZapScale's rapid growth and commitment to excellence in the customer success space.
Key achievements include:
"Easiest Setup" and "Best Est. ROI" for Small Business
"High Performer" across multiple categories and regions
"Users Most Likely To Recommend" recognition
These accolades span crucial areas such as usability, implementation speed, and customer satisfaction, highlighting ZapScale's comprehensive approach to empowering businesses in customer success journeys.
Blume Team’s Corner
BITS Pilani recognizes Sanjay Nath as a Distinguished Alumnus
July was an extra special month for us, as Sanjay Nath, our co-founder and Managing Partner, was conferred the Distinguished Alumni Award by his alma mater, Birla Institute of Technology and Science, Pilani.
Sanjay's journey from BITS Pilani to becoming a key figure in India's venture capital landscape is truly inspiring. His leadership at Blume Ventures has been instrumental in backing some of India's most innovative startups, such as Pixxel, GreyOrange, Locus, Sprinto, Exotel, and LambdaTest. This award not only recognizes Sanjay's professional achievements but also highlights the impact of his dedication to empowering founders and driving the startup ecosystem in India.
Deep tech's deep pockets: The need for patient capital
Arpit Agarwal, partner at Blume Ventures, sheds light on the critical need for patient capital in deep tech. In an exclusive interview with Forbes India, Arpit emphasizes that successful deep-tech ventures can yield impressive returns, but the ecosystem faces a unique challenge. The key? Matching long-term funding with focused execution.
As India witnesses the rise of a new generation of deep science startups, Arpit stresses the importance of sustained financial support. This is particularly crucial in sectors like life sciences, where development cycles are inherently lengthy.
Blume’s views on the Union Budget 2024
Blume's Head of Finance Mitul Mehta spoke to Reuters on the scrapping of the angel tax by the Indian Govt.
Mitul believes this move will reduce time spent on non-core activities and says, "Founders and investors will feel more at ease after this change, allowing them to concentrate on building their businesses."
Ashish Fafadia, partner at Blume, shared his views on the Union Budget on CNBC Awaaz. He mentioned that introducing parity between listed and unlisted shares is a significant step forward for capital formation. He sees the Government's space tech fund as a strong signal to investors and applauds the new Variable Capital Company structure for its sophistication in fund management. While noting no changes to ESOP taxation, Ashish remains optimistic about future reforms to address operational inefficiencies.