Led · Equity · Mar 2024

Myntra operates a fashion e‑commerce marketplace carrying over 420 global brands and a growing mix of private labels. The company has moved to focus on select in‑house labels rather than scaling a wide range of brands. It has struck partnerships to expand assortment, including exclusive sales of Turkish brand Trendyol and a market entry tie‑up with French brand Kiabi. Myntra reported operating revenue of Rs 4,375 crore for the year ended March 31, 2023, a 25% year‑over‑year increase, while net loss widened to Rs 782 crore. Bernstein research attributed a 55% share of fashion ecommerce MAUs to Myntra but noted that app users were transacting less; GMV grew 12% in FY23 versus 35% in FY22. The company also carried out a restructuring last July that included about 50 layoffs as it sharpened its product and brand strategy. Myntra operates a large Indian online fashion portal offering traditional and western clothing. The company has made two prior acquisitions (Exclusively.in in 2012 and Fitiquette last year) and is investing in growth as a standalone business. It is on track for gross merchandise value (GMV) of $100 million for the current fiscal year and reported extremely rapid growth (100% every six months as of April 2013). Myntra projects GMV of $1 billion by 2016–2017. The company has raised capital to support expansion and has attracted acquisition interest from larger players. Myntra is a lifestyle e-commerce site that sells fashion and related products online. The company has offices in Bangalore and New Delhi and was founded in 2007 by a group of IIT/IIM graduates. Myntra has made acquisitions including San Francisco-based virtual fitting room startup Fitiquette and Exclusively.in to expand its product and technology capabilities. Management said it plans to penetrate Tier II cities and aims to double sales to Rs 800 crore in FY14. The firm has been a heavily funded Indian e-tailer and used recent investment to expand technology and improve customer experience. Total institutional funding reached $65 million after the most recent injections from existing backers. Myntra Designs operates an online platform for designing and purchasing customizable consumer products—T-shirts, mugs, key chains—and serves both individual and institutional customers. The company was formed in 2006 and is based in Bangalore. Two-thirds of its revenue comes from institutional clients and it recently crossed annual revenue of Rs 4 crore; October was its best month, with revenues three times the recent monthly average. Myntra currently offers about 20 products to individual customers and roughly 50 to institutional clients, and has served around 100 companies and 30 colleges. The firm plans to use the funds for geographic expansion to top Indian cities (including Mumbai, Pune and Hyderabad), broaden its product portfolio, and grow its team from 50 to 150. Management intends a phased city rollout—entering a new city every 3–6 months initially and moving to quarterly expansions after several markets.

Participated · Series E · Feb 2024

Shadowfax operates a unified last-mile logistics platform serving hyper-local and on-demand delivery businesses, including quick-commerce firms and D2C brands. The company’s network reaches over 2,500 cities and more than 15,000 zip codes, making over 2 million package deliveries each day and serving 3.5 million registered users. It runs a logistics and delivery workforce of over 125,000 monthly active delivery personnel and reports it has not lost a customer in five years. Shadowfax says it has remained profitable while growing at a 35% annual rate, driven by wider adoption of quick-commerce in India. The startup works with clients such as Flipkart, Meesho and numerous direct-to-consumer brands and is focused on scaling instant and same-day delivery capabilities. Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax operates a tech-enabled logistics network offering hyper-local, same-day, and next-day deliveries across more than 150 cities and towns. The company serves clients including Amazon, Swiggy, BigBasket, Nykaa, and Paytm. Fidelity International is its largest investor, holding roughly a 37% stake, and local reports have valued the company at about USD 200–250 million. Shadowfax says it will invest in onboarding more kirana (mom-and-pop) stores onto its platform and build automated warehouses across the top 10 cities to enable backward integration and end-to-end service. Management has publicly stated plans to grow 10x over the next four years and to pursue an eventual public listing. The business positions itself as a provider of on-demand logistics and hyperlocal fulfilment technology for e-commerce and grocery players. Shadowfax Technologies is a Bengaluru-based on-demand delivery startup that connects micro-entrepreneurs, suppliers and customers across grocery, food, fashion and electronics through a singular logistics platform. Co-founded in 2015 by Abhishek Bansal (CEO) and Vaibhav Khandelwal, the platform uses an AI-based location stream processing engine called Frodo to optimize routing, costs and service levels. It operates a crowd-sourced network of more than 30,000 delivery partners and says it delivers more than 90,000 unique orders every day. The company intends to use the $22m Series C to scale operations and is projecting 150% year-on-year growth for the next five years. Shadowfax aims to connect 4 lakh new businesses and delivery partners by 2021, up from the current 40,000 connections. The company previously raised $18.5m from Eight Roads Ventures in 2015 and 2016 and acquired hyperlocal delivery business Nuvo Logistics Pvt Ltd last year. Shadowfax Technologies is a Gurgaon-based hyperlocal delivery service operating in the Delhi-NCR region. The company provides a technology-driven merchant delivery framework including integrated GPS tracking, automated routing algorithms, restaurant-preparation-time logic, automatic rider scheduling, app communication, instant feedback, geo-based tracking and location-based rider allocation. Shadowfax reports about 35 employees, 350 riders, serves 120–150 restaurant partners and claims roughly 3,000 orders per day. It was launched in May this year by Abhishek Bansal (an IIT Delhi alumnus) and Vaibhav Khandelwal, with management emphasizing technology to improve last-mile delivery efficiency. Shadowfax raised around Rs 1.90 crore ($300,000) in angel funding and will use the proceeds to expand into 10 more cities by year-end. The company also plans to broaden its logistics infrastructure beyond food delivery into multiple categories.

Led · Seed · Jan 2024

FlexifyMe provides AI-driven posture and motion analysis combined with licensed physiotherapists to deliver data-driven, trackable interventions for chronic musculoskeletal pain. The platform offers live one-on-one sessions, personalized programs, and guided video sessions, and works with enterprises, insurers and healthcare ecosystems. The company says it is already trusted by thousands of users across India and global markets. FlexifyMe plans to use the new funding to accelerate a hybrid care expansion (online and offline centres), launch advanced posture and gait analysis labs, and strengthen clinical research partnerships. Co-founded in 2021 by Manjeet Singh and Amit Bhayani, the Pune-based company emphasizes reducing unnecessary procedures and improving long-term patient outcomes through objective progress tracking. Previously it raised a $1M seed round led by Flipkart Ventures and secured investment via Shark Tank India from Namita Thapar (Emcure). FlexifyMe provides individualized chronic pain management using AI, machine learning and data analytics to analyze joint movements and recommend exercises and care. Its software also helps users find orthopedic surgeons, physiotherapists and yoga instructors for long-term treatment. The company says it aims to help organisations address ergonomic challenges, correct postural misalignments, boost employee productivity and provide ongoing health monitoring. FlexifyMe plans to use the new funds to implement innovative technologies and progressive exercise programs to influence chronic pain treatment. The Pune-based company was co-founded in 2021 by Manjeet Singh and Amit Bhayani and reports more than 50,000 users across 25 countries.

Led · Series A · Sep 2023

Castler offers an escrow banking stack that addresses complex transaction flows, identity verification, fraud management and customer protection. Founded in 2021 and based in New Delhi, the firm provides escrow solutions to over 500 enterprises and partners with more than 200 startups and 150 NBFCs and LSPs. It reports handling monthly transactions exceeding Rs 5,000 crore. Castler is launching full-stack solutions for liquidation and RERA escrows in partnership with multiple banks, insolvency professionals (IRPs) and NBFCs. The company plans to bolster both domestic and cross-border escrow services and establish partnerships with over 25 banks. It has also appointed fintech veteran Kumar Amit, ex-Razorpay, as co-founder and COO to support its expansion. Castler provides escrow solutions for enterprises, offering both domestic and cross-border escrow products and a dedicated Escrow Management TSP solution for enterprises and banks. The company has been operational since last April and currently serves over 150 enterprises. It manages over ₹1,000 crore (approximately $130 million) in transactions every month and operates with a team of just 12 employees. Castler has partnered with nine leading Indian and global banks to deliver its services. With the new funding, the company plans to expand its domestic and cross-border escrow product portfolio, go live with ten more banks, and grow its business tenfold over the next year. Leadership says the platform aims to democratise escrow products for mass usage across consumers and MSMEs.

Participated · Series B · Nov 2022

BeatO is an Indian diabetes care provider. The company's core focus is on diabetes care. It has raised $33 million in a Series B funding round. The round was led by Lightrock India and included participation from HealthQuad, Flipkart Ventures and existing investors. The fundraising was announced on Wednesday. The article did not provide operating metrics or details on use of proceeds. BeatO provides a digital care ecosystem combining IoT‑connected devices and an app to enable real‑time monitoring, AI‑driven personalized insights, and proactive intervention by doctors and health coaches for patients with chronic conditions. The platform focuses on cardiometabolic conditions and aims to expand care across channels and geographies. The company recently launched operations in Singapore as part of its ASEAN expansion. BeatO is led by co‑founder and CEO Gautam Chopra. Financially, the company has raised more than USD 10m over the last year and completed an additional USD 5.7M funding round. BeatO plans to use the new funds to grow its subscriber base and enhance product capabilities to cover more cardiometabolic conditions. BeatO offers a smartphone-based glucometer that connects to a mobile app which stores readings and links users with doctors and diabetes educators for real-time guidance and alerts to family and caregivers. The company targets end-to-end needs of people with diabetes and sells its glucometer directly to consumers. BeatO plans to use new funds to increase its user base and revenue and to expand its product line for its flagship glucometer and FMCG/retail categories. The company reported that its user base and revenue have grown tenfold over the past 12 months. BeatO was founded in 2015 by Gautam Chopra and Yash Sehgal and is based in Delhi. It currently claims to serve 50,000 diabetic customers across more than 1,500 cities. BeatO is a full-stack platform for people living with diabetes that offers a mobile-based monitoring solution, a smartphone-based glucometer, and diabetes-specific products such as diabetic snacks, specialty food, and footwear. Founded in 2015 by Yash Sehgal and Abhishek Kumar Gautam Chopra and based in Delhi, the startup serves 25,000 active customers across more than 1,500 cities. The company reports facilitating more than 250,000 glucose readings and an over 80% repeat order rate among acquired customers. BeatO says it grew revenue 10X within the last year. The startup plans to use new proceeds to add products across categories useful for diabetics and to leverage technology to make them more accessible. Previous financing includes an angel round from individual investors such as Rajeev Chitrabhanu and Vishal Sampat.