In Full Blume | Smart Mobility, Battery Breakthroughs, and Cancer Care Innovation | May 2025
Updates from the portfolio companies
May was one of those months where long-term vision meets major validation. We watched Routematic—a company we backed in 2013 as one of their first institutional checks—close a $40M Series C, proving that founder grit and persistent execution can transform urban mobility at scale. Meanwhile, Euler Motors, Blume Fund III, landed a massive ₹638 crore Series D from Hero MotoCorp, marking a strategic milestone that positions electric commercial vehicles for mainstream adoption.
There’s a lot more that made our May especially memorable! Let’s dive in.
Funding Highlights
Routematic Accelerates Forward with $40M Series C
Routematic (Fund I vintage) has raised $40M (₹341Cr) in a Series C round, led by Fullerton Fund Management and Shift4Good. This marks a significant milestone for one of our earliest investments—we first backed Routematic in 2013 as one of their first institutional checks.
A decade later, they've evolved into one of India's leading corporate commute platforms, serving 300+ clients and enabling 5 million+ employee rides every month across 23 cities. This latest institutional investment validates Routematic's capital-efficient, AI-powered model.
The fresh funds will fuel expansion to a 10,000-vehicle fleet by 2026, with 30% converted to EVs, while scaling their real-time, city-level command centres. "This investment will enable us to capitalise on the growing demand and further strengthen our leadership in sustainable corporate mobility," shared Sriram Kannan, founder and CEO.
Powering Up: Volt14 Charges Into Blume Portfolio with $1.87M
We're excited to welcome Volt14 Solutions (Fund IV) to the Blume Fund IV portfolio! The company has raised $1.87M (₹16Cr) in a Pre-Series A round led by Blume Ventures, with participation from Beyond Next Ventures Inc., Spectrum Impact, Supermorpheus, and Cocoon Capital.
Founded by materials scientist Animesh Kumar Jha, Volt14 is reimagining lithium-ion batteries by developing a ready-to-use, silicon-majority anode that boosts battery energy density while staying cost-effective and scalable for manufacturers.
"Volt14 is fundamentally reimagining the future of battery technology. Their breakthrough silicon anode innovation could push the boundaries of what's possible with lithium-ion batteries," noted Arpit Agarwal of Blume Ventures.
Healthcare Transformation: Complement1 Emerges from Stealth with $16M
Complement1 (Fund IV) has raised a $16M (₹136Cr) seed round led by Blume Ventures and Owl Ventures, with participation from healthcare-focused angel investors. The company is building the first tech-enabled, clinically validated lifestyle modification platform for cancer patients and high-risk individuals.
Founded by second-time founder Karan Bajaj and Trupti Mukker, their solution delivers personalized daily guidance through dedicated one-on-one CoActive Coaches. Clinical trials reveal that Complement1 members report 37% fewer treatment side effects, 18% less pain, and 27% better sleep—all while achieving an extraordinary 90%+ adherence rate.
Hero's Bold Move: Euler Motors Secures $76M Series D
Euler Motors (Fund III) has raised $76M (₹638Cr) in Series D funding led by Hero MotoCorp, alongside British International Investment (BII). This strategic partnership marks Hero MotoCorp's entry into the electric three-wheeler market, where EVs are projected to account for 35% of total sales in the near future.
The investment provides Hero MotoCorp with a strong foothold in the fast-growing electric commercial vehicle segment while accelerating Euler's mission to redefine commercial EVs in India.
Portfolio Milestones
Manufacturing Excellence: Ultrahuman Scales US Operations
Ultrahuman (Fund III) is ramping up production at its UltraFactory in Plano, Texas, aiming to serve 100% of US demand for the Ring AIR through domestic manufacturing. The facility, operational since November 2024 in partnership with SVtronics, is scaling to produce over 500,000 units annually.
"Bringing manufacturing to the US is a key step in our vision to empower more people with real-time health insights," shared Mohit Kumar, CEO. "The UltraFactory allows us to deliver products faster, enhance quality control, and strengthen our commitment to American consumers."
The company has also expanded its retail presence with a new store-in-store at Selfridges London, marking another milestone in their global expansion strategy. The dual expansion in manufacturing and retail reinforces Ultrahuman's position as a leader in health optimization technology.
Ethereal Machines Unveils Nimbus: Setting New Precision Manufacturing Standards
Ethereal Machines (Fund III) has launched Nimbus—a groundbreaking 5-axis CNC machines that's redefining high-tolerance precision engineering in India. The closed-loop production cell can mill everything from aluminum to exotic materials like Inconel within ±4 µm tolerances, positioning Indian engineering at the forefront of global manufacturing capabilities.
Beyond technical specifications, Nimbus delivers real business impact through shorter prototype cycles, transparent process accountability, and future-ready capabilities for next-generation materials like pure-copper EV rotors and nickel-based super-alloys.
Know more here
We wrote a spotlight article on how Kaushik and Navin built India’s first 5-axis CNC machine and highlighted their growth trajectory.
To read the full article, click here
LambdaTest Celebrates Six Years of Testing Innovation
LambdaTest (Fund III) marked its sixth anniversary, celebrating its evolution from a cross-browser testing platform to a comprehensive testing cloud. The company has trained over 60,000 professionals through free certifications, published 1,600+ technical blogs and 1,000+ videos, and hosted 80,000+ QA professionals at Testμ events.
Recent innovations include HyperExecute—their next-gen test orchestration cloud—and KaneAI, an AI-native testing engine bringing autonomy to testing. The platform has also launched MCP servers that integrate AI directly into IDEs, making intelligent testing a native part of the development process.
Product Launches & Updates
DPDzero Takes Recovery to the Next Level
DPDzero (Fund IV) has unveiled TARA—their Next Gen-AI Voice Agent that's redefining debt recovery through intelligent, empathetic automation. Available in 10+ Indian languages with 24/7 repayment assistance, TARA handles EMI reminders, follow-ups, and on-call payments while delivering 10x faster and more cost-effective operations.
The breakthrough lies in TARA's ability to conduct smarter conversations while providing real-time borrower insights, proving that AI can enhance human empathy in sensitive financial interactions.
Pixxel's Order Desk Goes Live
Pixxel (Fund III) has launched its Order Desk portal, providing streamlined access to the world's highest-resolution hyperspectral imagery captured by their 5m-resolution Firefly satellites. With 135 spectral bands, the platform delivers deep insights across agriculture, environment, forestry, and multiple other applications.
Users can now access hyperspectral datasets directly through aurora.pixxel.space, marking a significant step in making space-based Earth observation data more accessible.
SuperK Expands Physical Footprint
SuperK (Fund IV), the rapidly expanding supermarket chain in South India, inaugurated a new store in Kaluvaya, continuing its ambitious expansion across Tier-III and Tier-IV towns in Andhra Pradesh.
The company has also introduced the New Gold Membership program, offering members up to 10% cashback on purchases with monthly limits based on membership levels. The new Kaluvoya store achieved the highest Gold Memberships on opening day, demonstrating strong customer adoption.
Strategic Partnerships
Ultrahuman and Optimity Partner to Reward Healthy Behaviors
Ultrahuman (Fund III) has partnered with Optimity to integrate the Ring AIR into their health rewards ecosystem. The collaboration enables users to redeem Optimity points—earned through daily physical activity and healthy habits—for savings on the Ring AIR, creating a virtuous cycle of health tracking and behavioral rewards.
The partnership is particularly significant given Optimity's focus on incentivizing physical activity to combat metabolic disorders like Type 2 diabetes. Members can now earn points through Ring AIR step tracking, with future plans to reward sleep quality and metabolic health improvements.
Beyond consumer benefits, the integration opens new opportunities for insurers and healthcare providers. Life insurance brokers can leverage the platform to reduce risk and reward healthy behaviors at scale, while health systems can connect Ring AIR's comprehensive tracking (including AFib Detection, CGM integration, and sleep monitoring) to early intervention programs—potentially reducing long-term care costs.
Recognition & Awards
IDfy Celebrates 14 Years of Identity Innovation
IDfy (Fund I vintage) marked its 14th anniversary, celebrating a journey from a 12-person startup in a Bandra house to a multi-country operation impacting over 300 million Indians. The platform now processes 70 million users monthly across fraud detection and compliance frameworks.
Founder Ashok Hariharan reflected on the company's evolution from product innovation to sales and marketing innovation, with operations now spanning 7 countries and continued focus on building industry-leading culture and technology.
We wrote a spotlight article recently on how Ashok built IDfy over the past 14 years and highlighted their growth trajectory.
To read the full article, click here
See you next month with more exciting updates!
Team Blume