Lenskart: ETtech Deals Summary: D2C Startups Steal the Spotlight

Direct-to-consumer (D2C) startups shined this week, led by Lenskart subsidiary Neso Brands, which received its first funding. GrayOrange and Fashinza were the other startups that made big profits.

Lenskart’s Neso Brands has raised over $100 million


Neso Brands, a Lenskart subsidiary investing in D2C eyewear brands,
Raised over $100 million In the seed round. Neso Brands said it will engage and invest in and grow consumer eyewear brands globally by leveraging synergies across the Lenskart Group. Lenskart is the newest participant in India’s portfolio of brands, a space that has been heating up with companies like Globalbees backed by Firstcry, Mensa, Goat Brands and Rebel Foods.

Jewelry brand D2C Melorra has raised up to $16 million


Melora, a D2C jewelry brand,
Raised $16 Million from Axis Growth Avenues, SRF Family Office, N+1 and existing Phase 1 investors in Round D. The funding includes $14 million in equity and $2 million in debt. Founded in 2015, Melorra delivers premium gold jewelry to 718 districts in India and over 2,800 countries.

dealsETtech

BlissClub raised $15 million led by Eight Roads, Elevation Capital

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D2C women’s clothing brand,
BlissClub raised $15 million In a new funding round 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 assessment following the funding round. More than 90% of BlissClub’s sales are done through its own platform, while the rest comes from e-commerce platform Amazon India and Walmart-owned fashion portal Myntra.

MasterChow Acquired $1.2 Million Led By Anicut Capital


Ready-to-cook food brand
MasterChow raised $1.2 million In a funding round led by Anicut Capital, an Indian investment firm that deals in alternative assets. The round also saw participation from Mumbai-based WEH Ventures and D2C-focused Fluid Funding Ventures, among other founders and angel investors. MasterChow is a ready-to-cook Asian food brand that offers a range of premium Asian food items such as stir-fry sauces, ready-to-eat dips and noodles for restaurant-style fast food at home.

Wow Skin Science has listened to Singapore


A beauty and wellness brand
Wow Skin Science raised initial growth capital From the Singapore sovereign wealth fund GIC. The deal gives the ChrysCapital-backed company a post-money valuation of $400-420 million.

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


Robotics and Automation Warehouse Corporation
GrayOrange 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 last time the company raised the money in a round was $140 million in September 2018.

Fashinza earned $100 million from Prosus and Westbridge


Fashinza, a business-to-business (B2B) marketplace driven by artificial intelligence
Raised $100 million in Series B funding round Led by Prosus Ventures (formerly Naspers Ventures) and Westbridge. The company said it will use the funds to create a sustainable supply chain, and expand into new geographies.

Coinshift raised $15 million led by Tiger Global


Treasury and Infrastructure Management Platform
Coinshift raised $15 million Led by Tiger International. The company will use the funds to develop its products and technologies. The company will release its latest beta next week, which will be available through a waiting list.

Smytten raised Rs 100 crore led by Fireside Ventures


Smytten, a product sampling and sharing platform for direct-to-consumer brands,
Raised 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 the women’s fashion brands, FabAlley and Indya,
I collected 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 United States through new fundraising.

■ cloud certification and skills platform
QwikSkills collected Rs 3.85 crore In a funding round led by angel investors Manish Sinha and Navin Gupta of IAN.

■ Flipkart Powered Fresh Fruits and Vegetables Supply Chain Startup
Raised $9 Million (69 crore) from South Korea-based STIC and UK-based Mainstream Digital at a valuation of $812 million (Rs 1,050 crore), according to regulatory filings obtained from ETtech. STIC is a current investor in Ninjacart.

■ GeoIQ, start location information,
Received $2.25 million in funding from Linskart and others. She said that the new capital will enable it to expand globally, develop its own data set, and build different models of artificial intelligence by leveraging the data scientist communities.

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