The Startupstars in the 4th Week of December 2022 are Big Basket, Beco, Bajo Foods and Eggoz who were among the three Indian Startup who secured significant funding, showing signs of investor sentiments.
Here are the startupstars in 4th week of December 2022
Big Basket Raises $200 Million
Bigbasket has raised $200 million from parent Tata Digital which owns 64% of the company. This is Tata Digital’s fourth round of funding in Bigbasket. The funding round is expected to value BigBasket at a valuation of $3-3.5 billion post-money, according to a report by the Economic Times.
The company was valued at $2.7 billion in a secondary share sale in March this year. Bigbasket will use the fresh capital to expand the quick commerce vertical BB Now and use it as an expansion tool for core Bigbasket users as opposed to converting existing users to try the 30-minute delivery service, per the report.
The company has been in expansion mode with the launch of its quick-commerce vertical BBNow in December 2021, which puts it in direct competition with well-funded players such as Instamart by Swiggy, Zomato’s grocery delivery service through Blinkit, and quick commerce player, Zepto.
Big Basket Now is clocking gross sales of about Rs 130 crore a month with a target of about Rs 320 crore by December next year. It is present in more than 24 cities currently through dark stores.
Beco raises $3 Million
Beco an eco-friendly home and personal care D2C startup said it raised $3 million in a Series A funding round led by Rukam Capital. Climate Angels, Dia Mirza along with other investors also participated in the round.
The startup will use the fresh capital towards its R&D efforts (product innovation, development in sustainability), marketing, and supply chain function, and focus on talent acquisition across verticals to boost growth.
Speaking on the investment, Dia Mirza said, “I am investing in Beco because I feel it is my responsibility to not just use my voice but my resources to back eco-sensitive, sustainable businesses. Beco’s mission resonates with my vision, and I am happy to work in synergy towards a happier, healthier planet.”
Eggoz raises INR 66 Crore
Eggoz, an egg-focused agri consumer tech brand, said it raised $8.8 million (Rs 66 crore) in a Series B funding round led by IvyCap Ventures. NABVENTURES, Avaana Capital, and Rebright Partners also participated in the round.
“With this funding, we plan to take Eggoz to more geographies and have a larger impact on the lives of both farmers and consumers,” said Abhishek Negi, Co-founder of Eggoz.
“Eggs being a major source of protein and a dietary staple for a huge section of India’s 1.4 billion population, the market potential is tremendous. Eggoz, with its unique model, has the potential to capture this market and become the leader in this segment,” said Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd.
Angels, including Vishesh Khurana (Co-founder, Shiprocket), Ankit Mehrotra, Sahil Jain, Nikhil Bakshi, Vivek Kapoor (Founders, ), Khalid Qazi (VP, Swiggy), and others, joined this funding round. The startup will use the fresh capital to expand its business, bring on additional talent, and grow its community.
Bajo Food Raises $2 Million
Bajo Foods raises $2M led by Mount Judi Venture Bajo Foods Private Limited, the parent company of Keto Brand – Lo! Foods, raised $2 million in a funding round led by Mount Judi Venture. Investors like S Ramadorai (Former VC TCS) and KP Balaraj, Founder of KPB Trust (former Co-founder of Sequoia Capital India and WestBridge Capital) also participated in the round.
Bajo Foods plans to use the funds for building its new product ranges, DiabeSmart, and Protein Chef, as well as expanding its channels to offline retail, B2B, and hospitals. It will also look to bolster its leadership team in branding and revenue generation to drive its growth ambitions. With this funding, the FMCG startup expects to grow by 3.5X in the next 18 months.
