lenskart: ETtech Deals Digest: D2C Startups Steal the Show

Direct-to-consumer (D2C) startups shone this week, led by Lenskart subsidiary Neso Brands, which landed its first funding. GreyOrange and B2B marketplace Fashinza are the other big money startups.

Lenskart’s Neso Brands has raised over $100 million

Neso Brands, a subsidiary of Lenskart that invests in D2C eyewear brands, raised over $100 million in its funding round. Neso Brands said it will partner with and invest in consumer eyewear brands globally and grow them by leveraging synergies within the Lenskart Group. Lenskart is the latest entrant in rolling out brands in India, a space that has warmed up with companies such as Globalbees, Mensa, Goat Brands and Rebel Foods backed by Firstcry.

D2C jewelry brand Melorra has raised $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 stage of its Series D round. The funding includes $14 million in equity and $2 million in debt. Founded in 2015, Melorra delivers hallmarked gold jewelry to 718 districts in India and over 2,800 cities.


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

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D2C women’s activewear brand BlissClub 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 did not disclose its post-funding round valuation. Over 90% of BlissClub’s sales are through its own platform, while the rest comes from Amazon India e-commerce platform and Walmart-owned fashion portal Myntra.

MasterChow Raised $1.2M Led by Anicut Capital

Ready-to-cook food brand MasterChow has raised $1.2 million in a funding round led by Anicut Capital, an Indian investment firm specializing in alternative assets. The round also saw participation from Mumbai-based WEH ventures and Fluid ventures, a D2C-focused fund, among other high-profile founders and angel investors. MasterChow is a ready-to-cook Asian cuisine brand that offers a line of premium Asian staples like stir-fry sauces, ready-to-eat dips, and noodles for restaurant-style quick cooking at home.

Wow Skin Science seduced Singalore

Beauty and wellness brand Wow Skin Science has raised primary growth capital from Singapore’s sovereign wealth fund GIC. The deal gives the ChrysCapital-backed company a post-money valuation of $400-420 million.

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

Warehouse robotics and automation company GreyOrange has 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 company last raised funds in a $140 million round in September 2018.

Fashinza raked in $100m from Prosus and Westbridge

Fashinza, the AI-focused business-to-business (B2B) marketplace, has raised $100 million in a Series B funding round led by Prosus Ventures (formerly Naspers Ventures) and Westbridge. The company said it would use the funds to create a sustainable supply chain and expand into new geographies.

Coinshift raises $15 million led by Tiger Global

Cash management and infrastructure platform Coinshift has raised $15 million under the leadership of Tiger Global. The company will use the funds to develop its product and technology. The company will launch its latest beta release next week, which will be available through a waitlist.

Smytten raised Rs 100 crore led by Fireside Ventures

Smytten, a direct-to-consumer brand product sampling and engagement platform, raised Rs 100 crore (about $15 million) in a funding round led by existing investors Fireside Ventures and Roots Ventures.

Other Notable Offers

■ High Street Essentials, the parent company behind womenswear brands FabAlley and Indya, raised Rs 40 crore from Stride Ventures in a combination of equity and debt. The startup plans to enter international markets like the Middle East and the United States with the new fundraising.

■ QwikSkills cloud skills and certification platform raised Rs 3.85 crore in a funding round led by IAN angel investors Manish Sinha and Naveen Gupta.

■ Flipkart-backed fresh fruit and vegetable supply chain startup Ninjacart has raised $9m (Rs 69 crore) from South Korea-based STIC and UK-based Mainstream Digital UK, at a valuation of $812 million (Rs 1,050 crore), according to regulatory filings sourced from ETtech. STIC is an existing investor in Ninjacart.

■ GeoIQ, a location intelligence startup, secured $2.25 million in funding from Lenskart and others. He said the new capital would allow him to expand globally, grow his data stack and create various AI models by leveraging data scientist communities.

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