Boon, Cannarma, and Multipl Raise Funding The Indian startups listed below have disclosed investment rounds.
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Watertech Startup Boon Secures USD 5 Mn Series A Funding
Boon, a watertech startup specialising in remote water purifying, monitoring, and dispensing innovations, has raised USD 5 million in Series A funding. The round, a mix of equity and debt, was led by Spanish Roca Group Ventures, marking Roca's first investment in an Indian startup.
Boon aims to use the funds to scale its AI-enabled WaterIoT platform, which allows purifiers to monitor and adjust water quality via an app.
Advait Kumar, Founder, Boon, said, "Water has taken a back seat, and lately it has been feeling like we are passive spectators when it comes to water quality, plastic bottles, or microplastics in drinking water. We are very excited to have partnered with Roca in our efforts to challenge the status quo of drinking water."
Co-founded in 2015 by Vibha Tripathi and Advait Kumar, Boon, formerly Swajal, leverages AI for predictive filter maintenance, ensuring efficient water purification. It claims to provide sustainable hydration solutions for hotels, offices, hospitals, universities, airports, and public spaces, eliminating plastic water bottles.
Roca Group Ventures added, "We are excited about this first investment in an Indian startup with Boon. Their advanced approach to water purification, with a clear inclination towards sustainability and technological innovation, is commendable. We believe in Boon's potential to revolutionise the watertech industry, and we are eager to support their growth and expansion."
Medicinal Cannabis Startup Cannarma Set to Raise USD 3 Mn for Global Expansion
Cannarma, an Ayurvedic hemp-based products company, is in the process of raising USD 3 million in funding.
This financial boost will support marketing, global expansion, IP development, and team enhancement, helping Cannarma scale operations domestically and internationally.
Keshav Agarwal, Director of Cannarma, said, "Securing the funding will enable us to accelerate our growth and bring our high-quality hemp products to more markets. We are committed to driving innovation in the medicinal cannabis space and providing natural health solutions that are both effective and safe."
Founded by Rohit Chauhan and Keshav Agarwal in August 2022, Cannarma is a research and development organisation licensed by the Department of Ayush to manufacture and sell Ayurvedic goods such as CBD oil, hemp seed oil, and medicinal cannabis, among others.
The Delhi-based startup claims to combine modern science with ancient Ayurvedic practices to target the booming medicinal cannabis market.
Cannarma sources raw materials locally from Himachal Pradesh, formulates in-house, and processes in a GMP facility.
Multipl Secures USD 1.5 Mn Funding Led by Blume Ventures and MIXI Global
Fintech platform Multipl has raised additional funding of USD 1.5 million, led by Blume Ventures and MIXI Global Investments, Inc.
In May 2022, the startup had raised USD 3 million from Kotak Securities Limited, GrowX Ventures, IIFL, and Blume Ventures.
The capital raised will be deployed towards platform enhancements and the introduction of disruptive features, thereby helping more Indians start their spend vesting journeys.
Paddy Raghavan, Co-founder of Multipl, said, "The support from Blume and MIXI Japan will help us enhance the product experience and bring more awareness to the Spendvesting category that we are creating. This round of funding empowers us to drive forward our mission of helping Indians live an aspirational life in a financially prudent manner."
Founded in 2020 by Paddy Raghavan, Jags Raghavan, and Vikas Jain, Multipl is a new-age fintech platform that offers investments in mutual funds. The platform integrates with mutual funds and partnerships with brands, which enables consumers to invest in mutual funds for their lifestyle spends.
The Bengaluru-based startup claims to have 500,000 downloads, formed more than 100 valuable brand partnerships, and facilitated goals valued at over INR 1,000 crore.
It has recently introduced 'Open Goals', which enables users to invest in future expenses through partnerships with leading brands.
