Clarapath Raises $36M in Series B-1 Funding

White Plains, NY-based medical robotics company Clarapath raised $36 million in Series B-1 funding led by Northwell Ventures, with participation from CU Healthcare Innovation Fund, Mayo Clinic, and Ochsner Ventures. The funds will accelerate the commercialization of SectionStar™, expand sales and service, enhance precision manufacturing, and continue R&D efforts.

Key Highlights of Union Budget 2024-25 for Startups and MSMEs

Finance Minister Nirmala Sitharaman’s Union Budget 2024-25 includes significant provisions for startups and MSMEs:

  • Abolition of angel tax for all investors from April 1, 2024.
  • Rs 2 lakh crore central outlay for MSMEs.
  • Simplified FDI and overseas investment rules.
  • Increased LTCG and STCG tax rates.
  • Corporate tax on foreign companies reduced to 35%.
  • New ESOP reporting exemptions and changes to buyback taxation.

Unimech Aerospace Raises $30 Million in Maiden Funding Round

Unimech Aerospace raised Rs 250 crore ($30 million) from Steadview Capital, ValueQuest Scale Fund, and Evolvence India Fund. The funds will support organic and inorganic growth. The Bengaluru-based aerospace manufacturer, led by Anil Puthan, plans to go public, targeting a revenue of Rs 200 crore by FY24.

Captain Fresh Acquires Poland-Based Salmon Producer Koral

Seafood supply chain firm Captain Fresh acquired Poland’s Koral, a branded salmon products producer, from Abris Capital Partners and founder Boguslaw Kowalski. The deal awaits regulatory approvals. This follows Captain Fresh’s acquisitions of CenSea and Senecrus. Launched in 2020, Captain Fresh is backed by investors like Tiger Global, having raised $165 million to date.

Pneucons Secures Pre-Series Investment Round Via Social Media Engagement

Pneucons, a B2B industrial marketplace startup, closed its pre-series investment round with participation from Ather Energy’s Tarun Mehta. The funds will expand the team and boost cross-border transactions in engineering sectors. Founded in 2022, Pneucons has a presence in 42 countries and serves major clients like Indian Railways and ISRO.

Waycool Aims for Break Even in FY24, Reports 62% Revenue Growth in FY23

B2B food and agritech platform Waycool targets operational break-even in FY24, with claimed revenues of Rs 1,600 crore. The company’s FY23 revenue grew by 62% to Rs 1,251 crore from Rs 772 crore in FY22, driven primarily by sales of goods, with additional income from commissions and interest.

FAAD Capital Invests $121,000 in Four Agritech Startups Through AgriManch Program

Early-stage venture capital fund FAAD Capital invested $121,000 in four agritech startups—Godaam Innovations, VedaFit Foods, Aqin Biotech, and Mkelly Biotech—as part of their AgriManch accelerator program. FAAD will also provide post-funding support to enhance revenue generation and networking within the agriculture sector.

Qatar Investment Authority Moves to Block Byju’s Asset Transfers

Qatar Investment Authority (QIA), a key backer of Byju’s, has approached the Karnataka High Court to prevent founder Byju Raveendran from selling, pledging, or transferring assets. QIA seeks to claim Raveendran’s personal assets up to $235.19 million and demands disclosure of his personal assets. This move coincides with Byju’s ongoing insolvency issues and legal battles over a $1.2 billion loan.

Auxilo Secures Rs 100 Crore in Debt Financing

Education-focused NBFC Auxilo has raised Rs 100 crore ($12 million) through non-convertible debentures. Dezerv Securities contributed Rs 26.39 crore, while MAS Financial Services and CredAvenue Securities each invested Rs 25 crore. This funding follows Auxilo’s recent $33.6 million round led by LeapFrog Investments.

Nykaa to Raise Rs 125 Crore via Non-Convertible Debentures

Nykaa plans to raise Rs 125 crore ($15 million) by issuing 12,500 non-convertible debentures at Rs 1,00,000 each. The funds, raised from an undisclosed foreign investor, will support its UAE subsidiary Nysaa Beauty. Nykaa’s FY24 revenue grew by 24.1%, with a 90.5% profit increase.