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EquityPandit

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Zvolv Raises $1.5 Million From JSW Ventures

Zvolv has raised $1.5 million in a funding round led by JSW Ventures. The round also saw participation from Riso Capital. The startup is planning to utilise the funds to increase its customer base globally, manage rapid adoption in the work-from-anywhere in the world and double down building out the AI/ML skills in the platform.


“Many companies are shifting to no-code and low-code development platforms to increase application delivery speed. Joined with raised demand for custom applications and data-centric solutions, business and IT teams within firms are increasingly turning to Zvolv,” said Hardik Gandhi, co-founder & CEO of Zvolv.


Zvolv is an intelligent no-code/low-code platform for automating business processes. Zvolv helps firms to create workflows and deliver end to end automation of their processes at speed. The platform has been adopted by many big companies like Tata Group, Aditya Birla Group, Accenture, Dominos, Swiggy, Lenskart, etc.

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Scapia Secures $40 Million Funding in Series B Round 

Ali Waghbakriwala

Scapia, the travel credit card company created by Anil Goteti, Flipkart’s former senior vice president, has secured $40 million in a Series B round led by Peak XV Partners. The current investors who participated in the round included Elevation Capital, Z47, and 3STATE Capital, according to the firm’s announcement on April 3.

Goteti said that the funds would be used to expand the staff, boost product offerings, and integrate AI-driven solutions. 

Anil Goteti said, “We are going to invest a lot in product development. We are going to invest a lot in AI as well. A lot of companies are experimenting and exploring with AI. We have a bunch of ideas that we are going to try out as well and see how that plays out for customers.”

Scapia is also willing to acquire companies that provide synergy.

Scapia was introduced in June 2023 and has its headquarters in Bengaluru. It offers consumers a co-branded credit card and an app to assist them in turning their everyday costs into benefits. These benefits are converted into Scapia tokens, which can be used to book hotels and flights online.

Scapia’s co-branded card has no joining or yearly fees, and users can enjoy a zero-forex markup and unrestricted domestic lounge access for minimum monthly expenditure.

Scapia offers a co-branded credit card in partnership with Federal Bank and is looking to grow its banking network.

Investors see a significant opportunity in the travel fintech sector, as Gen Z and millennials already account for half of all credit card issuances in India.

Scapia is well-positioned to capture a significant portion of this expanding market, according to Tejeshwi Sharma, managing director of Peak XV.

Scapia raised $9 million in its initial investment round, which was headed by Matrix Partners, in June 2023. The company raised $23 million in a Series A fundraising round in November of that year, with Elevation Capital and Binny Bansal’s fund 3State Ventures leading the deal.

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Isomorphic Labs Secures $600 Million in Funding

Ali Waghbakriwala

Isomorphic Labs, an AI-driven drug discovery startup, has raised $600 million in its first-ever external funding round, led by Thrive Capital, the company announced on Monday.

With tech giants increasingly integrating AI-powered solutions into their products, startups specializing in generative AI and machine learning continue to attract strong investor interest.

Founded in 2021 as a spin-off from Alphabet’s AI research arm, Google DeepMind (acquired in 2014), Isomorphic Labs has made significant strides in AI-powered drug discovery. Last May, it introduced the third major version of its Nobel Prize-winning AlphaFold model, which accurately predicts almost all known protein structures.

The London-based startup plans to utilize the newly raised capital to accelerate R&D efforts and expand its talent pool.

CEO and Founder Demis Hassabis, who also heads DeepMind, hinted in January that AI-designed drugs developed by Isomorphic Labs could enter clinical trials by late 2025.

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GreenFortune Secures $4.5 Million in Funding 

Ali Waghbakriwala

Hyderabad-based fenestration startup GreenFortune has raised $4.5 million (approximately Rs 39 crore) in a funding round led by Germany-based Foundamental, with participation from Titan Capital Winners Fund, Incubate Fund Asia, and other existing investors.

The fresh funds will be used to expand operations across India, boost production sixfold, and further develop its proprietary tech platform, PartnerGate, into a comprehensive full-stack solution to enhance customer experience.

Previously, GreenFortune secured $1 million in seed funding in July 2023, led by Incubate Fund Asia.

Founded in May 2022 by Dilip Kumar and Pratyusha Kosaraju, GreenFortune is modernizing India’s fragmented windows and doors industry by providing high-quality, climate-adaptive, and affordable fenestration solutions.

Currently operating in 100+ locations, the startup has supplied materials for over 2 million square feet of windows and doors.

Co-founder and CEO Dilip Kumar stated, “This funding reaffirms our investors’ trust in our vision to provide quality solutions to middle-income households at affordable prices.”

GreenFortune plans to diversify its product range beyond traditional windows and doors, incorporating aluminium, steel, and pre-painted steel solutions while investing in R&D and technical services to develop new offerings.

Shubhankar Bhattacharya, co-founder and general partner at Foundamental, highlighted the startup’s focus on scaling manufacturing, improving service quality, and enhancing customer access.

“GreenFortune is executing brilliantly in its mission to become India’s leading fenestration brand. We are proud to lead this Pre-Series A round,” he said.

Titan Capital Winners Fund VP Shiv Kapoor praised the team’s strong supply chain and commitment to quality at competitive prices, stating that GreenFortune is now ready for its next phase of growth.

The company aims to achieve Rs 250 crore ARR within two years, expanding first across South India before scaling nationwide.

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Dozee Secures $8 Mn to Boost Global Expansion

Ali Waghbakriwala

Bengaluru-based health-tech startup Dozee, backed by Prime Venture Partners and 3one4 Capital, has raised Rs 71.5 crore (approximately $8.3 million) through a mix of equity and debt.

According to the startup’s MCA filings, Temasek Trust’s impact-first investment vehicle C3H invested Rs 6.3 crore in equity, while Stockhausen International Pte Ltd provided Rs 58.5 crore as debt. The remaining funds came from undisclosed strategic investors.

The fresh capital will accelerate Dozee’s global expansion and enhance its R&D efforts to improve critical patient care monitoring, a company spokesperson confirmed.

Founded in 2015 by Mudit Dandwate and Gaurav Parchani, Dozee specializes in contactless patient monitoring systems, enabling hospitals to remotely track vital signs such as heart rate, respiration rate, blood pressure, and temperature. The company also offers an early warning system that alerts doctors to potential health deterioration in patients.

Dozee competes with Zyla Health, Fix Health, Zivov, and Cardiac Design Labs in the Indian health-tech space.

The startup last raised $6 million in a Series A2 round in 2023 from 3one4 Capital, Prime Venture Partners, YourNest VC, and the State Bank of India, among others. With this latest round, Dozee’s total funding now nears $20 million.

Facing growth challenges in India, Dozee has expanded to the US, UAE, and Africa and is actively exploring new international markets while broadening its product portfolio.

The company is also hiring across multiple departments, including data science, product, and marketing, as it aims to achieve profitability in India. However, last year, Dozee laid off around 40 employees to reduce losses.

STARTUPS

India’s Tech Startups Secure $2.5 Billion in Q1 2025, Up 8.7% YoY

Ali Waghbakriwala

India’s tech startups raised $2.5 billion in the first quarter of FY25, reflecting a 13.64% increase from the previous quarter and an 8.7% growth compared to Q1 FY24, according to a report released on Monday. With this funding, India remains the third-largest startup investment hub globally, following the United States and the United Kingdom.

Major Funding Highlights

According to the Tracxn Geo Quarterly India Tech Report, out of the total $2.5 billion raised, three startups, including Erisha E Mobility, Darwinbox, and Infra Market, secured over $100 million each, matching the number from the previous quarter.

  • Late-stage startups led funding rounds, attracting $1.8 billion, a jump from $1.3 billion in Q4 FY24.
  • Early-stage startups secured $528 million, while seed-stage startups raised $157 million.

Delhi-based tech firms led the funding landscape, accounting for 40% of the total investments, followed by Bengaluru with 21.64%.

Top Investors

  1. Accel, Blume Ventures, and Peak XV Partners were the most active investors in Q1 FY25.
  2. Venture Catalysts, Unicorn India Ventures, and YourNest dominated seed-stage investments.
  3. Avataar Ventures and Sofina were top late-stage investors, while Accel, Peak XV Partners, and Vertex Ventures led early-stage funding.

Top-Performing Sectors

The report identified auto tech, enterprise applications, and retail as the fastest-growing sectors:

  • Auto tech witnessed a funding surge to $1.1 billion, up from $214.6 million in Q4 FY24.
  • Enterprise applications secured $650.7 million, reflecting a 21.94% rise from the previous quarter.
  • Retail investments increased 21.67% to $481.5 million from $395.8 million in Q4 FY24.

IPOs & Unicorns

Six companies, including Nukleus, Maxvolt Energy, Volercars, and Harshil Agrotech, went public in Q1 FY25. However, no new unicorns emerged this quarter, in contrast to two unicorns formed in Q1 FY24.

Acquisitions

The quarter saw 38 acquisitions, marking a 15.15% increase from the previous quarter and a 40.74% rise compared to Q1 FY24. The largest deal was Magma General’s $516 million acquisition by DS Group and Patanjali Ayurved, surpassing Minimalist’s $350 million acquisition by Hindustan Unilever.

India’s startup ecosystem continues to gain momentum, with increasing investments, sectoral growth, and rising M&A activity reaffirming its position as a key player in the global tech landscape.

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