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FabAlley, ClassMonitor, others raise funding; Ness Digital acquires Risk Focus

FabAlley, ClassMonitor, others raise funding; Ness Digital acquires Risk Focus
Photo Credit: 123RF.com
19 May, 2021

High Street Essentials, the Delhi-based fashion house behind women brands FabAlley and Indya, said it has raised Rs 25.50 crore (nearly $3.48 million at current exchange rates) in a late stage round of funding. 

The investment comes from returning investors Elevation Capital, India Quotient, Dominor Holding and family offices. According to a statement, the capital will be utilized for expanding the brands’ D2C footprint by adding more personalized solutions to their web and app products and growing international presence. 

The company, founded in 2012 by Shivani Poddar and Tanvi Malik, also plans to make its supply chain more agile by in-housing key production processes such as printing and embroidering.  

“We value the continued support of our investors and customers, who have been crucial to our continued success, both in economically robust times and during this pandemic-stricken year,” the founders said in a joint statement.   

“Over the course of the past year, we have worked extremely hard as a team by adopting strict cost-cutting measures, further leveraging our nimble supply chain, improving D2C Customer Experience, expanding into low capital-intensive channels, and foraying into recession-proof categories in fashion and beauty so that HSE further solidifies its position as a leading women's lifestyle and fashion retail company in the industry,” they added. 

This investment follows a $2.75 million round last year and takes the total amount raised by the company to a little over $20 million, as per VCCEdge data. 

Inflection Point Ventures backs Fabheads Automation 

Deep-tech startup Fabheads Automation said it has secured Rs 8 crore (about $1 million) in a fresh round, dubbed pre-Series A. 

The investment comes from Inflection Point Ventures with participation from existing investors Keiretsu (Chennai Chapter) and investor Vijay Kedia, a statement said. It will be deployed towards strengthening the Chennai-based company’s R&D team, build global sales and distribution, and setting up the infrastructure to support growth, it added. 

Founded in 2015 by Dhinesh Kanagaraj, Fabheads has a focus on automated manufacturing in carbon fiber and other composites. It offers design and manufacturing services to drones, robotics, and shipping companies with an option to provide its own certified materials. 

The company's customer-base includes The E-plane Company, Synergy Marine, Planys, ADA (Aeronautical Development Agency), and a couple of clients from Singapore. Globally, the carbon fiber parts market is estimated to be valued at $60 billion. Meanwhile, in India, it is valued at $5 billion. 

ClassMonitor raises $480,000 in pre-Series A round  

Indore-based Riseom Solutions, the start-up behind ed-tech platform ClassMonitor, said it has raised Rs 3.5 crore (about $480,000) as part of its pre-Series A round of funding from PATH India, UAE-based Calega family office, and Oman-based Sarvann investor group. 

The investment will be utilized to strengthen the platform’s content and technology as well as establish its presence in international markets, a statement said. It takes the total capital secured by the startup to Rs 6 crore. 

ClassMonitor was founded in 2016 by Vijeet Pandey and Vikas Rishishwar. The company originally offered a messaging product for teachers and parents but later it pivoted to create a holistic learning experience for preschoolers with DIY kits and skill boosters.  

Each kit -- bundled with a subscription to ClassMonitor app -- contains flashcards, worksheets, rhymes, stories, art supplies, and games, allowing kids to play and learn at the same time. The startup currently offers kits for kids aged between 1 and 8 but has plans to expand till 12.  

The startup claims to have 75,000 registered users, with 50,000 paying subscribers, and aims to touch Rs 20 crore in ARR by the end of this financial year. 

Ness Digital Engineering acquires Risk Focus 

The Rohatyn Group’s (TRG) digital transformation firm Ness Digital Engineering on Tuesday announced the acquisition of Risk Focus, a New York-headquartered consulting and advisory firm specializing in digital transformation for financial services. 

The deal strengthens the company’s cloud strategy as well as industry expertise for financial services. Its value, however, has not been disclosed. 

“Adding Risk Focus’s core competence in Digital Transformation services to Ness’s core DNA in product engineering strengthens Ness’ position as a full lifecycle digital engineering firm offering digital advisory through scaled engineering services,” Ranjit Tinaikar, CEO at Ness, said in a statement.  

Headquartered in New York, Risk Focus has been creating measurable business impact with technology expertise, business insight, and a nimble delivery process for over a decade.  

The company is an Advanced AWS Partner with the Financial Services, Migration and DevOps competencies, as well as Premier Confluent Systems Integrator, making it one of the top 5 AWS partners in the industry. The transaction is expected to close in the second quarter of 2021, the statement added.