India Digest: Fireside backs Magic Crate; SmartVizX fundraise; DOEN invests in SELCO 

Photo: Reuters

Magic Crate has raised an undisclosed amount in its third round of institutional funding led by Fireside Ventures while SmartVizX has raised Rs 10 crore ($1.4 million) in a pre-Series A funding round, and SELCO India has raised funding from Dutch impact investor DOEN Participaties.

Fireside Ventures invests in Magic Crate

Magic Crate, which offers activity-based learning kits for children, has raised an undisclosed amount in its third round of institutional funding led by Fireside Ventures, it said in an announcement on Wednesday.

The company had earlier raised funding led by Mohandas Pai-backed Aarin Capital and 3One4 Capital. The latter also participated in the current round. The funds raised will be used to develop a new range of products, marketing the brand and growing the sales channel, it said in a statement.

As part of the investment, Kannan Sitaram will also be taking a board seat in Magic Crate.

Magic Crate was started in 2015 by IIT-IIM alumnus Viswanathan Ramakrishnan and ex-McKinsey consultant Karthik Lakshman. The startup claims to have shipped more than 5 lakh crates till date and is growing 100 per cent year-on-year. The company is on track to touch more than 70,000 shipments per month by March 2019.

SmartVizX raises $1.4m funding

Virtual reality (VR) startup SmartVizX on Wednesday announced that it has raised Rs 10 crore ($1.4 million) in a pre-Series A funding round from Indian Angel Network’s IAN Fund and angel fund YourNest Venture Capital.

The funds will be used for scaling up the product team and building additional capabilities along with international expansion.

Founded in 2015 by Gautam Tewari and Tithi Tewari, SmartVizX also announced the launch of Trezi, a VR-based platform for architecture and interior design collaboration. It had previously raised $500,000 from IAN and Stanford Angels and Entrepreneurs India.

Dutch investor DOEN backs SELCO

SELCO Solar Light Pvt. Ltd, a rural social energy enterprise, on Monday announced raising an undisclosed sum in funding from Dutch impact investor DOEN Participaties.

With this, SELCO India will scale its interventions to diverse poor segments across five states in India with solutions that will ease access by creating affordable end user financing models, it said in a statement.

Founded in 1995, SELCO delivers last-mile sustainable energy services and solutions to under-served households and businesses especially in rural India. Other investors in the company include The Lemelson Foundation, Good Energies Foundation and S3IDF.