In Full Blume: New Funding, Revenue Milestones, and Winning Beyond Boundaries
Updates from the Blume team and portfolio companies
This time, we're all about scaling peaks - new funding, revenue milestones, top G2 reviews, and winning beyond boundaries!
It's been a month of highs, and we couldn’t be happier!
Fingers crossed for the times ahead!
Here’s what’s in store:
New funding announcements
G2 achievements
Portfolio companies scaling globally
New milestones and product releases
Read on!
Funding Galore
Sprinto dashes to $20 million Series B funding
Security compliance and risk platform Sprinto (Blume Fund III) raised $20M in Series B funding from Blume Ventures, Accel, and Elevation Capital.
“Compliance serves as a way of seeding good behaviors that help maintain security while ensuring high operating standards, high service levels, and risks under control. I’ve seen how CEOs are now increasingly engaged in risk and compliance-related projects, transitioning from viewing it solely as a monitoring and reporting mechanism for regulators to recognizing its potential as a driver of growth,” writes Girish Redekar, CEO of Sprinto in the company’s blog, underscoring the massive opportunity for Sprinto as security and compliance become boardroom topics.
LightFury Games lights up the gaming industry with $8.5 million seed funding
Gaming startup LightFury Games (Blume Fund IV) raised $8.5 million in seed funding led by Blume Ventures, Mixi, and Gemba Capital.
Co-founded by Karan Shroff, former CMO of Unacademy, Anurag Banerjee, its chief product and technology officer, and Tina Balachandran, previously senior vice president at Unacademy, LightFury aims to develop AAA games in India. It will focus on mobile gaming before expanding to other platforms, including consoles.
“Creating successful AAA titles in the Indian market and establish a Tencent-like presence originating from India is what we are excited to bring to the fore. It would necessitate building the finest expertise and leveraging state-of-the-art technological innovations to ensure top-tier gameplay quality,” said Karan Shroff.
Clientell ‘tells’ the world that it is here to win!
RevOps startup Clientell (Blume Fund IV) raised $2.5 million in a seed round led by Blume Ventures with participation from Chiratae Ventures, Artha Venture Fund, and Silicon Valley-based Z5 Capital.
Clientell deploys custom forecasting processes and ML models to help companies forecast their revenue pipeline. The company’s key differentiator is its agility in deployment and intuitive user experience, reducing the burden on sales teams using multiple tools.
“When the world is talking about 10x developers, we’re focused on bringing useful AI products to help 10x salespeople, CRM developers, and GTM leaders,” said Saahil Dhaka, founder and CEO of Clientell.
SiftHub bags $5.5 million in seed funding
SiftHub (BlumeFund IV) raised $5.5 million in seed funding led by Blume Ventures and Matrix Partners India with participation from Neon Fund and noted angel investors.
SiftHub, founded by the former CTO of LogiNext Solutions, Manisha Raisinghani, is an AI platform that collates and sifts through content scattered across multiple repositories, enabling the sales team to generate quick, personalized responses to sales RFPs.
"Sellers need deep product knowledge and easy access to proprietary company information to win new customers. Unfortunately, the current sales tech stack does not support this foundational shift in the role of sales and presales teams. SiftHub is therefore poised to capture a share of the $280 billion GenAI revenue market," said the company in an official release.
Here’s why we invested in SiftHub.
SuperK lands super funding deal
SuperK (Blume Fund IV) raised $6 million in a funding round led by Blume Ventures. Silver Needle Ventures, Veltis Capital, Atrium Angels, and angel investors and syndicates participated.
SuperK is a franchised retail chain for small towns in India, operating in over 80 Tier 3, 4, and 5 towns of Andhra Pradesh, and serving over 5 lakh families in the last four years.
The company helps customers transition from unorganized Kirana stores to a branded, organized retail experience where most customers visit a self-service store for the first time.
“Our customers have upgraded their lives since a SuperK store came up in their neighborhood, their grocery shopping has moved from a chore to a family shopping experience. These customers have discovered new products and upgraded to a more healthy choice of staples at SuperK,” said Neeraj Menta, co-founder of SuperK.
Bam! Here’s a new funding round!
Sustainable packaging startup Bambrew (Blume Fund IV) raised Rs 60 crore in funding led by Blume Ventures, with participation from Blue Ashva Capital, Mumbai Angels, Indus Capital, and angel investors.
“So far, we have saved more than 60,000 tonnes of single-use plastic and more than 125,000 tonnes of carbon dioxide emissions by creating revolutionary materials that are both functional and cost-efficient compared to plastic,” said Vaibhav Anant, co-founder of Bambrew.
Click here to read our investment thesis behind investing in Bambrew.
Company Milestones
Cashify sets the cash registers ringing with a Rs 1001 crore revenue milestone!
Re-commerce market leader Cashify (Blume Fund I company) has hit Rs 1001 crore in revenue, a "small milestone in a long journey,” according to co-founder Mandeep Manocha.
From a humble beginning of selling used laptops online at fair prices from a small basement office to leading the Indian Re-commerce market a decade later, it's been an incredible journey for Cashify.
“We owe this success to every single employee, past and present, who poured their hard work and dedication into making Cashify what it is today. Your contributions have been invaluable. We also thank our customers who have placed their trust in us over the years and gave us an opportunity to serve,” said the company in a LinkedIn post.
Stage is unstoppable
Regional OTT platform STAGE, Blume Fund IV company, is in our newsletter again! Unstoppable, we must say!
STAGE Haryanvi became profitable in March ‘24 with its highest revenue ever in a single month! Even more astonishing, the company generated more free cash from Haryanvi in March '24 than its total revenue in April '23!
Now, that’s some growth!
Next target?
Rajasthani profitability by the end of the year!
DPDzero turns 2
Blume Fund IV company DPDzero, a Collections As a Service (CaaS) company, has hit significant milestones in its two-year run.
Annual revenues grew by 340%
INR 387 crores saved from delinquency
21 happy partners
“Great companies are built by great people" - extremely proud of the team at DPDzero and really amazed with what we've been able achieve this year. We're kicked to enter FY25 and chase new milestones and set higher benchmarks for ourselves,” said the company’s LinkedIn page.
Procol reaches new milestone
Procol, a Blume Fund III company, a next-gen procurement software, has hit a $3B procurement landmark.
Procol is built from the ground up with the mission to create the world’s most trusted business network - helping businesses collaborate and transact simpler and faster.
G2 Wins
LambdaTest tops G2 rankings
LambdaTest, a Blume Fund III company, has been named one of G2's Best Software Companies for 2024 and ranked 24th in G2’s Best Software Development Tools for 2024.
“This recognition is a testament to the hard work and dedication of our team, and we couldn't have done it without the support of our customers. We are grateful to G2 for recognizing our efforts and including us in the list of best software companies globally. It motivates us to keep pushing ourselves to do even better and reach the very top,” wrote Asad Khan, CEO of LambdaTest on X.
Sprinto leads yet again in G2 Report
Sprinto is ranked #1 by G2 in the India Regional Grid® Report for Security compliance and has also bagged badges in other categories.
“A special thanks to our amazing customers for their valuable feedback, which helped us secure these awards. We have always strived to stay ahead of the curve, provide exceptional customer service and these awards are testament to our hard work. Excited to continue pushing the boundaries and setting new standards in the industry,” said Girish Redekar, CEO of Sprinto, on LinkedIn.
Click here to view the impressive badges!
Winning beyond boundaries
The Ultrahuman flag flies in the US
Ultrahuman (Blume Fund III) has launched UltraFactory, an end-to-end production facility in Indiana, US. It will open within six months and be the launchpad for Ultrahuman’s next growth phase.
This exciting news follows a recent $35 million Series B investment. The new factory will add production capacity of 200,000 smart rings and an impressive additional $100 million annual revenue opportunity.
“The US is an interesting market for us given it has always been huge in terms of demand for the product but we’re also seeing tremendous value from a manufacturing and research perspective. UltraFactory US would enable manufacturing for health tracking smart ring devices and give us the ability to do necessary research to evolve the form factor further,” said Mohit Kumar, Founder and CEO of Ultrahuman.
Carbon Clean awarded Sustainable Markets Initiative 2023 Terra Carta Seal
Carbon Clean (Blume Fund I) is one of 17 global companies awarded the Sustainable Markets Initiative’s 2023 Terra Carta Seal.
The prestigious Terra Carta Seal recognizes global companies leading the charge to create a climate and nature-positive future.
Carbon Clean’s award-winning modular CycloneCC technology solves the biggest barriers to the widespread deployment of industrial carbon capture, enabling hard-to-abate sectors to decarbonise at a gigatonne scale.
You ain’t seen nothing yet!
Atomicwork’s Atom AI is all set for a big revolution
Atomicwork (Blume Fund IV) and Cohere, a leading enterprise AI platform, have teamed up to introduce a digital workplace experience solution to revolutionize productivity and support for modern enterprises.
Atom AI, Atomicwork’s digital assistant, will harness the power of AI to provide intelligent, contextual support to employees. By understanding each user’s work context, Atom AI can autonomously address IT support issues, empowering employees with true self-service capabilities while turbocharging efficiency for IT teams.
Whether it’s navigating through business applications or tapping into internal knowledge bases, employees can now access the insights they need without having to switch between apps, thus elevating both productivity and overall experience.
Bambrew wins big!
Bambrew (Blume Fund IV) won Zomato’s Packathon Challenge!
“Eco-Victory! We did it, Bambrew family! 🎉 Our vision for a cleaner planet has just been endorsed by innovation itself. Winning Zomato’s Packathon Challenge is not just a win for us; it’s a win for the Earth! 🌍
The company's LinkedIn handle said, "Imagine 1.3 million orders setting the stage for a plastic-free world. This is our call to action—let’s celebrate and strive for more!”
We couldn’t be prouder!
Learn the Pixxel-by-Pixxel journey of the space technology company
In the latest SparX episode, Mukesh Bansal, founder of Myntra and Cult.Fit, speaks to Awais Ahmed, founder and CEO of Pixxel (Blume Fund III), a space technology company. They discuss how Pixxel is revolutionizing space technology with the world's highest-resolution hyperspectral earth imaging satellites.
Watch this episode to know:
How will Pixxel's innovations propel the development of industries like agriculture, mining, and health.
The impact of ISRO's infrastructure on India's space tech industry.
The future of space technology.
Yash Sehgal on why BeatO is the need of the hour
Yash Sehgal, COO and Co-Founder of BeatO (Blume Fund II), a pioneering diabetes management healthcare platform, spoke to SugerMint about prioritizing user needs in product development and service delivery.
“We gather insights through user research, feedback, and data analysis to understand their preferences, challenges, and requirements and utilize this information to tailor diabetes care programs that meet the diverse needs of users nationwide. The development of our comprehensive care programs is a perfect example of this," said Yash.