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Grip Invest, 2 Others Raise $16 Million in Separate Funding Rounds

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

Grip Invest, 2 Others Raise $16 Million in Separate Funding Rounds
POSTED ON January 11, 2024 11:23 AM

Grip Invest, an investment platform with $10 million funding, and two start-ups have collectively raised $16 million (around Rs 132 crore) in separate funding rounds, the companies said. 

Grip Invest secured the maximum amount of $10 million in a 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 $8.5 million via fresh equity and convertible note and the rest of $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 start-up said. 

Ishpreet Gandhi, founding and managing Partner, Stride Ventures, said, “Stride Ventures recognises the potential in Grip Invest's mission to democratize wealth creation in India. Their innovative approach in offering non-market linked investment opportunities, previously exclusive to a few, aligns with the macro vision of an inclusive financial future for India. Our participation in the Series B round is a strategic move, driven by Grip's promising growth trajectory and the clear demand for diversified investment options in India. We are investing in the future of financial services, and are committed to catalyzing Grip Invest's rise as a key player in the industry.”

Priya Mohan, general partner of Venture Highway said, “We believe that the wealth-tech industry, especially for “product-focused players” such as Grip, is on a strong trajectory given growing disposable income, recent favorable regulatory milestones, and increasing customers’ interest in expanding their portfolio & return profile. We look forward to continued collaboration with Grip and are excited for the future that this funding round unlocks.” 

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

The Baker's Dozen said it has raised Rs 33 crore in a 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 bread, cakes, cookies, crackers, and premixes using natural ingredients and has a 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. 

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