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 that invests in D2C eyewear brands, raised more than $100 million in its initial 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


Melorra, a D2C jewelry brand, has raised $16 million from Axis Growth Avenues, SRF Family Office, N+1 and existing investors in the first phase of its fourth round. 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.

ETtech

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

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BlissClub, the D2C women’s sports brand, has 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 business MasterChow has 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


Beauty and wellness brand Wow Skin Science has raised seed capital from Singapore’s 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


Warehouse robotics and automation company GreyOrange has raised $110 million from Peter Thiel’s Mithril Capital and other new and existing 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 marketplace driven by artificial intelligence (B2B), has raised $100 million in a 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 has raised $15 million, led by Tiger Global. 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 engagement platform for consumer brands, has 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 women’s fashion brands FabAlley and Indya, has raised Rs 40 crore from Stride Ventures as a mix 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 raised Rs 3.85 crore in a funding round led by angel investors Manish Sinha and Navin Gupta of IAN.

Flipkart-backed fresh fruit and vegetable supply chain startup Ninjacart has raised $9 million (Rs 69 crore) from South Korea-based STIC and UK-based Mainstream Digital worth $812 million (Rs 1,050 crore), according to regulatory filings obtained by ETtech. STIC is a current investor in Ninjacart.

■ GeoIQ, a location intelligence startup, raised $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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