Wow! Momo Raises Rs 125 Crore; Zippmat makes $10 million; Powerplay gets $7.14 million and Lucidity pockets $5.3 million in seed round

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Funding Rundown gives you a quick overview of all the deals that matter in the startup space.

Here’s an overview of the best boot space deals.

Wow! Momo raises Rs 125 crore from OAKS Asset Management

Wow! Momo, the quick service restaurant chain, has raised over Rs 125 crore from OAKS Asset Management at a valuation of Rs 2,125 crore in its Series D funding round.

In the second tranche of the funding round, Wow! Momo is set to raise another Rs 100 crore from another venture capital (VC) fund in the next quarter, the company said.

The company plans to use the new funds to build strong back-end capabilities to enter the Tier-1 and Tier-2 markets in India. Wow! Momo is expected to grow with “powerful performance” over the next 24 months, according to a QSR brand release. The company has an expansion plan to open over 250 new outlets this fiscal year, supported by a network of over 50 Wow! Chicken stores and acquire strong brands.

The company said it was aiming to end the current financial year with revenue of over Rs 450 crore compared to Rs 220 crore in the previous financial year.

ZippMat Raises $10 Million in Matrix Partners India Funding Round

Construction procurement platform ZippMat raised $10m in its seed funding round led by Matrix Partners India in a mix of debt and equity. The round also saw participation from existing investor Zephyr Peacock, HDFC Bank and TradeCred.

The startup will use the latest funds to expand its user base, digitize the supply chain, bring product innovations and expand its team from the current 25 people, according to a statement. The business claims to save Rs 100 crore in annualized revenue rate while operating profitably.

“We want ZippMat to be a digital assistant for all contractors and suppliers to streamline and simplify their procurement processes,” said Nandeesh Hasbi, co-founder and Chief Commercial Officer of ZippMat.

Powerplay secures $7.14 million in Series A from Accel, Sequoia and others

Powerplay, a construction management platform, raised $7.14 million in its Accel-led Series A funding round and saw participation from Sequoia Surge, India Quotient and the founders of Snapdeal.

According to the startup, the new capital will be used to expand its business in India and overseas. Powerplay said the value of construction managed on its platform from January to June 2022 was worth Rs 7,500 crore.

“With domestic and international expansion on our radar, we are working on creating self-service software and creating intuitive product flows. This would reduce human intervention and help us scale faster,” said Shubham Goyal, co-founder and CTO of Powerplay.

Lucidity pockets $5.3 million in funding round from AlphaWave and others

Lucidity, a cloud storage orchestration platform, secured $5.3 million in its seed funding round led by AlphaWave Investments. Beenext, Blume Ventures, BoldCapital, NuVentures and Sparrow Capital also joined the round.

The company plans to use the new capital for overseas expansion, hiring and preparing businesses for the cloud, according to a statement. He added that Lucidity aims to target Fortune 500 companies globally with its services, especially those in the US market.

The company offers AI-enabled software for cloud storage (AWS, Azure, GCP) that makes multi-cloud storage cost-effective, efficient, and effortless.

“70% of storage costs are wasted today due to manual cloud management and downtime risks. And to add to this challenge, the skill curve required to adopt a cloud-first culture with Teams becomes an additional hurdle. Lucidity solves these problems and more,” said Nitin Bhadauria, co-founder of Lucidity.

DSG Consumer Partners leads $2m pre-Series A round in Anveshan

D2C healthy food brand Anveshan has raised $2 million in its pre-Series A funding round led by DSG Consumer Partners, Force Ventures and We Founder Circle.

This round also saw the participation of angel investors including Amit Jain and Amit Hooja of Netgraph, Vardhman Group, Rahul Sharma of Zetwerk, among others.

The company will use the new capital to hire talent, standardize operational processes and R&D of existing and new product categories. It also plans to expand its reach in high-end retail stores in Mumbai, Delhi NCR and Bengaluru, according to a statement.

VsnapU raises Rs 2 cr in the starting round of LPI

Photography services platform VsnapU has raised over Rs 2 crore in a seed funding round led by Inflection point companies.

The new capital will be used for technological progress, business innovation and expansion, and securing more contracts and expanding the team, the company said.

The company brings together locally available photographers, enabling them to provide instant photography solutions to B2B and B2C customers. VsnapU claims to have taken over 30,000 shots and plans to expand into the wedding photography industry by forging new partnerships with established wedding planners in the country.

The startup currently has B2B partnerships with hotel chains such as Taj and The Leela, Ttavel websites like MakeMyTrip and thomas cookorganizers of holiday activities such as TripAdvisorand platforms like Just dial.

The Edtech OLL startup raises $115,000 in funding rounds

Edtech Online Live Learning (OLL) startup raised $115,000 in its seed funding round led by We Founder Circle and angel investors such as Gaurav VK Singhvi, Neeraj Tyagi, Bhawna Bhatnagar, Sandeep Balaji, Rahul Hingmire.

The company plans to use the funds raised to expand the network of schools and teachers across India and hire more talent, according to a statement.

OLL acts as a marketplace that connects teachers with students in genres like coding, robotics, arts, language, life skills, and over 100 other options. It primarily targets Tiers One through Ten with a focus on Tier 2 and Tier 3 cities, as the demand for skill development is high in this age group.

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