In Full Blume | October 2024
Updates from the portfolio companies
We couldn’t have asked for a better beginning to the last quarter of 2024.
Our portfolio companies have been pushing the realms of what's possible through the year and things have only become bigger and better.
We've had some big funding rounds, boundary-defining (in more ways than one) achievements, and some good ol' 'We've got the cash registers ringin' business updates.
Not to mention, our companies are shining under the press limelight, too.
Let's not spoil the surprise, eh?
Here's to a great last quarter! (Fingers crossed)
All the money news
Purplle Paints a Pretty Picture closing Series F round with ₹1,500 Cr (~$178M)
Beauty platform Purplle (Blume Fund I) closed its Series F funding round having secured ₹1,500 crore ($178.4M) led by Abu Dhabi Investment Authority (ADIA), which invested $120M for nearly 10% stake in a mix of primary and secondary transactions.
The round saw participation from existing investors Blume Ventures and Premji Invest, along with new investor Sharrp Ventures, valuing the company at $1.25 billion.
The omnichannel platform, reaching 10M monthly consumers through online and 20,000 offline touchpoints, reported strong growth with revenue increasing to ₹680 crore in FY24 while narrowing EBITDA losses to ₹85 crore from ₹187 crore the previous year.
Stellapps Nets $26M (₹218 Cr) in Fresh Funding
Dairy tech startup Stellapps (Blume Fund II) has secured $26M (₹218 Cr) in mixed equity and debt funding, with participation from existing investors, including Blume Ventures, Omnivore, Gates Foundation, and others, along with new investor Miledeep Capital and US International Development Finance Corporation.
The funds will be deployed to develop value-added dairy products under their mooMark initiative, according to CEO Ranjith Mukundan.
mooMark is focused on contract manufacturing and private labeled dairy business of high-quality value-added dairy products, that are both sustainable and traceable.
A Slice of Banking: Leading Fintech Lender slice Completes Historic Merger with North East Small Finance Bank
Fintech lender slice (Blume Fund II) has completed its merger with North East Small Finance Bank (NESFB), creating a unified tech-driven banking institution.
The merger, effective October 27, 2024, follows slice's strategic 5% stake acquisition in NESFB for $3.42 million last year. The combined entity aims to offer comprehensive banking services with slice’s unique digital banking DNA, while maintaining NESFB's strong presence in traditional banking.
L&T Powers Up Cloud Play: Acquires 21% Stake in E2E Networks for ₹1,406 Cr
Engineering giant L&T has made a strategic investment in AI Cloud provider E2E Networks (Blume Fund I; Fully exited 2023; NSE: E2E), acquiring a 21% stake for ₹1,406 crore. The strategic investment, the company executives said, helps expand the company’s cloud service offering as part of the data center business.
Blume was the first and only institutional investor in E2E Networks before they went public. In tandem with investment from L&T, E2E’s stock crossed the $1B market cap, making it India’s first publicly-listed unicorn AI company.
Blume’s partner Arpit Agarwal shared the behind-the-scenes of E2E’s decade-long journey in a Twitter thread.
Yulu’s ARR Milestone Makes Us Scream Yu-Hoo!
India's largest shared electric mobility company, Yulu (Blume Fund II), has achieved a remarkable milestone in its 7-year journey, crossing $30 Million in Annual Recurring Revenue while turning EBITDA-positive.
This achievement marks a significant turning point for the mobility pioneer, which has transformed from a startup dream into a sustainable business powerhouse.
Beyond the numbers, Yulu is aiming to push the limits of innovation by enabling accelerated adoption in the instant delivery and easy commute space.
Class Act: Classplus Scores A+ with 15x Growth, Revenue Hits ₹264 Cr
Leading EdTech company Classplus (Blume Fund III) has posted impressive financial results for FY24, with total income soaring to ₹264 Cr, marking a remarkable 15x growth over the last four years (FY21: ₹16 Cr → FY24: ₹264 Cr).
This growth trajectory is particularly noteworthy given the post-COVID skepticism about the EdTech sector.
The company has also demonstrated strong fiscal responsibility, reducing cash losses (excluding ESOP and depreciation) by 65% to ₹60 Cr in FY24, down from ₹173 Cr in FY23. Classplus is aiming for zero cash loss in FY25.
What’s up with our companies, you ask?
Pixxel's Fireflies Will Soon Light Up Space
Space tech startup Pixxel (Blume Fund III) has unveiled Fireflies, its next-generation hyperspectral satellites with groundbreaking 5-meter native resolution and 150+ spectral bands.
These advanced satellites are set to revolutionize Earth observation by enabling precise monitoring of everything from crop diseases to deforestation, water stress, and carbon sequestration.
Ultrahuman says, “Konnichiwa Japan”
Wearable tech company Ultrahuman (Blume Fund III) has achieved a remarkable milestone by launching in Japan, partnering with giants Softbank, Rakuten, Yahoo, Bic Camera, Yodobashi, and Sourcenext.
This groundbreaking entry marks a significant achievement as one of the first Indian device companies to venture into the sophisticated Japanese consumer electronics market, challenging conventional market dynamics.
“We've done something that seemed almost impossible and funny a few quarters ago - 'A company from India selling devices in the Japanese market',” said Mohit Kumar, CEO, Ultrahuman on X.
Making a Flashy Entry into the US Market
Shopping rewards platform Flash.co (Blume Fund IV) has officially launched in the US market, marking its first major international expansion since its inception two years ago. The company has strengthened its leadership team with Tim Clarke, former SVP at Rakuten, who will spearhead U.S. partnerships.
“Keep an eye out for our new AI-powered features, making every transaction smarter, more rewarding, and personalized. Its still early days and we are quite excited about the impact we can have on power shoppers across the globe,” said Ranjith Boyanapalli, founder of Flash.co on LinkedIn.
Niqo's RoboThinner Plants Seeds in US Market with AI-Powered Precision
Niqo Robotics (Blume Fund III) has launched its flagship product, RoboThinner, in the US market, marking its first expansion into North America.
The AI-powered robotic spot sprayer, equipped with proprietary Niqo Sense™ technology, offers precise lettuce thinning at millimeter-level accuracy, promising highest ROI for horticulture growers.
The product will make its debut at FIRA USA in Woodland, CA, showcasing Indian agritech innovation on global soil.
Going Atomic in Silicon Valley
AI-powered ITSM & ESM solutions provider Atomicwork (Blume Fund IV) has established its new office in Palo Alto, marking a strategic expansion into the heart of Silicon Valley.
This move positions the company right at the epicenter of tech innovation as it continues to transform enterprise service management.
Battery Smart Charges Past 50 Million Swaps
Blume Fund IV company Battery Smart, a pioneering player in India's EV infrastructure space, has achieved a remarkable milestone of 50 million battery swaps.
The achievement marks a significant stride in advancing India's electric mobility revolution, showcasing how the company's battery-as-a-service model is powering the transition to sustainable transportation.
Watch the video to know the insider story!
BHIVE at 10: A Decade of Creating Workspace Buzz
BHIVE Workspace (Blume Fund II) celebrated its 10th anniversary, marking a decade-long journey from a single idea to becoming a thriving community hub.
Founded with the vision of creating spaces where people can connect and achieve, the company has evolved into a significant player in the workspace solutions sector.
Looking ahead to its next chapter, BHIVE continues its mission of fostering collaboration and growth in the professional community.
Take a trip down the nostalgia lane here.
Euler Motors Accelerates into Hurun U35 Elite List
Saurav Kumar, founder of Blume Fund III company Euler Motors, has been recognized among India's top young entrepreneurs in the prestigious Hurun U35s list for 2024. The electric vehicle innovator joins an elite cohort of young leaders including entrepreneurs from Meesho, Exponent Energy, Skyroot Aerospace, and Porter.
Euler Motors recently launched its Storm EV series, making a bold entry into the electric 4-wheeler Light Commercial Vehicle (LCV) market. The company has also recently raised Rs 200 crore in a Series C funding round, with Blume Ventures and Green Frontier Capital among the investors.
IntrCity SmartBus Drives Transparency: Safety Scores a Stellar 9.3/10
IntrCity SmartBus (Blume Fund I) has pioneered a new era of transparency in India's intercity bus travel by publicly sharing its customer satisfaction metrics. Recent data reveals impressive scores across key parameters, with safety leading at 9.3/10, journey experience at 8.9/10, and overall NPS consistently above 54.
With the aim to professionalize the “second cousin of trains,” the company has transformed long-distance bus travel through five core promises: clean buses, safety focus, punctuality, polite staff, and essential amenities.
Smallcase, Big Win
Investment platform Smallcase (Blume Fund II) has clinched the prestigious 'Best Fintech - Investments' award at Financial Express India's Best Banks Awards.
The honor was presented to founder & CEO Vasanth Kamath by Finance Minister Nirmala Sitharaman, recognizing the company's outstanding contribution to the investment technology sector.
G2's Fall Harvest: Procol Bags a Bouquet of Badges
Procurement powerhouse Procol (Blume Fund III) continues to shine in G2's prestigious Fall 2024 Edition report, securing an impressive collection of recognition badges across multiple categories.
The platform's user-friendly approach to intelligent procurement has earned them top honors, including 'Best Usability,' 'Easiest Admin,' and 'High Performer' in the Enterprise segment.
These accolades underscore Procol's commitment to simplifying complex procurement processes while maintaining high-performance standards.
Here a press, there a press
Start Camera, Rolling, Action: STAGE Sets the Rural Scene
Regional OTT platform STAGE (Blume Fund IV) was recently covered by BBC. STAGE is revolutionizing regional content creation by transforming Haryana's rural landscape into a thriving film hub. Since 2019, the platform has produced over 200 Haryanvi films, a dramatic leap from the dozen made previously in India's history.
With 3 million paying subscribers currently enjoying Rajasthani and Haryanvi content, STAGE has identified 18 out of India's 19,500 dialects with sizeable audiences worthy of their own film industries.
Read more in BBC’s coverage of STAGE here.
Fashor onboards Sara Ali Khan as its New Brand Ambassador
Ethnic and fusion wear brand Fashor (Blume Fund IV) has appointed Sara Ali Khan as its brand ambassador, launching their partnership with the “Dil Se Indian” campaign. The collection will be showcased across Fashor’s digital platforms and marketplaces Myntra, Nykaa Fashion, and Ajio.
“Sara Ali Khan is the perfect representation of everything Fashor stands for—authenticity, individuality, and cultural pride,” says Vikram Kankaria, co-founder and CEO of Fashor, highlighting the brand's mission to connect with women who cherish heritage while embracing modernity.