lenskart: ETtech Deals Digest: D2C startups steal the show

Direct-to-consumer (D2C) startups shone this week, led by Lenskart subsidiary Neso Brands, which secured initial funding. GreyOrange and B2B marketplace Fashinza were the other startups that brought in a lot of money.

Lenskart’s Neso Brands Has Raised Over $100 Million

Neso Brands, a Lenskart subsidiary that invests in D2C eyewear brands, has raised more than $100 million in its starting round. Neso Brands said it would partner with, invest in and grow consumer eyewear brands worldwide by leveraging synergies within the Lenskart Group. Lenskart is the latest entrant to brand roll-up in India, a space that has become increasingly popular with companies such as Globalbees, Mensa, Goat Brands and Rebel Foods, backed by Firstcry.

D2C jewelry brand Melorra raised $16 million

Melorra, a jewelry brand of D2C, has raised $16 million in the first leg of the Series D round from Axis Growth Avenues, SRF Family Office, N+1 and existing investors. The financing includes $14 million in equity and $2 million in debt. Founded in 2015, Melorra supplies stamped gold jewelry to 718 districts in India and more than 2,800 cities.


BlissClub Raised $15 Million Led by Eight Roads, Elevation Capital

Discover the stories of your interest

BlissClub, D2C’s women’s activewear brand, has raised $15 million in a new round of funding led by Eight Roads Ventures and Elevation Capital. This comes less than a year after the Bengaluru-based startup raised $2.25 million in seed funding in May 2021. BlissClub has not disclosed its valuation after the funding round. More than 90% of BlissClub’s revenue comes from its own platform, with the rest coming from Amazon India e-commerce platform and Walmart-owned fashion portal Myntra.

MasterChow Raised $1.2 Million Led by Anicut Capital

Ready-to-eat food brand MasterChow raised $1.2 million in a financing round led by Anicut Capital, an Indian investment company that trades in alternative assets. The round also saw participation from Mumbai-based WEH ventures and D2C-focused fund Fluid ventures, including marquee founders and angel investors. MasterChow is a ready-to-eat Asian kitchen brand that offers a range of premium Asian pantry staples such as stir-fry sauces, ready-to-eat dips and noodles for quick, restaurant-style meals at home.

Wow Skin Science has provoked Singapore’s

Beauty and wellness brand Wow Skin Science has raised primary growth capital from Singaporean sovereign wealth fund GIC. The deal gives the ChrysCapital-backed company an aftermarket valuation of $400-420 million.

GreyOrange has raised $110 million from Peter Thiel’s Mithril Capital and others

Warehouse robotics and automation company GreyOrange has raised $110 million from Peter Thiel’s Mithril Capital and other existing and new investors. It also received separate debt financing from funds and accounts managed by investment firm BlackRock. The company last raised money in a $140 million round in September 2018.

Fashinza raised $100M from Prosus and Westbridge

Fashinza, the AI-driven business-to-business (B2B) market, has raised $100 million in Series B funding led by Prosus Ventures (formerly Naspers Ventures) and Westbridge. The company said it would use the funds to create a sustainable supply chain and expand into new geographies.

Coinshift Raised $15 Million Led by Tiger Global

Treasury management and infrastructure platform Coinshift has raised $15 million led by Tiger Global. The company will use the money to develop its product and technology. The company will launch its latest version in beta next week, which will be available via a waiting list.

Smytten has raised Rs 100 crore led by Fireside Ventures

Smytten, a product sampling and engagement platform for direct-to-consumer brands, has raised Rs 100 crore (about $15 million) in a funding round led by existing investors Fireside Ventures and Roots Ventures.

Other Notable Deals

■ High Street Essentials, the parent company behind women’s fashion brands FabAlley and Indya, has raised Rs 40 crore from Stride Ventures as a combination of equity and debt. The startup plans to enter international markets such as the Middle East and the US with the new fundraising.

■ Cloud certification and skills platform QwikSkills has raised Rs 3.85 crore in a funding round led by angel investors Manish Sinha and Naveen Gupta of IAN.

■ Flipkart-backed fresh fruit and vegetable supply chain startup Ninjacart has raised $9 million (Rs 69 crore) from South Korea-based STIC and UK-based Mainstream Digital at a valuation of $812 million ( Rs 1,050 crore), according to ETtech’s regulatory filings. STIC is an existing investor in Ninjacart.

■ GeoIQ, a location intelligence startup, has secured $2.25 million in funding from Lenskart and others. It said the new capital would enable it to expand globally, develop its data stack and build various AI models by leveraging communities of data scientists.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-have tech news delivered straight to your inbox.

Leave a Comment