Grip Invest Raises USD 10 Million in Series B Funding

Mumbai, Jan 10 (PTI) Grip Invest, an investment platform with USD 10 million funding, and two startups have collectively raised USD 16 million (around Rs 132 crore) in separate funding rounds, the companies said.

Grip Invest secured the maximum amount of USD 10 million in series B round from new investors -- Stride Ventures, LC Nueva, and Multiply Ventures -- as well as from existing investors -- Venture Highway, Anicut Capital and AdvantEdge.

The funds consisted of a USD 8.5 million via fresh equity and convertible note and the rest USD 1.5 million through venture debt, said founder and chief executive of Grip Invest Nikhil Aggarwal.

Grip is a direct to consumer (D2C), Sebi-regulated, digital platform focused on non-market linked alternative investments.

The fund will be used for product development and distribution, enhance consumer reach, help build a high-trust brand and scale up tech-capabilities, the Delhi-based startup said.

Besides, The Baker's Dozen, an artisanal bakery brand, raised Rs 33 crore or about USD 4 million, while SaaS startup Glamplus raised Rs 16.5 crore or USD 2 million.

The Baker's Dozen said it has raised Rs 33 crore in pre-series-A funding round led by industry heavyweights like Wipro Consumer Care Ventures, Fireside Ventures, Mirabilis Investment Trust, and She Capital.

The money will be channelled towards expanding presence beyond the metros, targeting growing markets in non-metros and tier-1 cities, Aditi Handa, co-founder and head chef at The Baker's Dozen, said.

Founded in 2013, The Baker's Dozen makes breads, cakes, cookies, crackers and premixes using natural ingredients and has presence across 40 cities.

Meanwhile, Bengaluru-based Glamplus, a SaaS enabled B2B beauty marketplace, said it raised Rs 16.5 crore in a pre-series-A round from Upsparks Capital, Eagle10 Ventures, ITI Growth Opportunities Fund and Inflection Point Ventures.

The funding also saw participation from Kube VC and other marquee investors, including Gopal Krishna Varshney and IR Capital Partners.

The funds will be directed towards expansion into metros, other large cities as well as in international markets, Rohan Singh, chief operating officer of Glamplus said.

Glamplus is a B2B marketplace that assists small, medium and large salons/spas/ retail beauty chains to adopt technology for running their day-to-day operations more efficiently. It is currently operational in Karnataka, Chhattisgarh and Odisha.