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Funding roundup: AdSparx, Nykaa & Covacsis


Mumbai-based video ad tech startup AdSparx has secured Rs 3.5 crore investment from Indian Angel Network, Mumbai Angels and GrowX Ventures, reports The Economic Times. The company will use this investment to expand to Singapore and United States.

AdSparx provides an in-stream video advertising platform for streaming Internet videos. This includes linear TV programming content, on demand videos and live events. It claims the platform is device agnostic and provides video content distributors and internet video publishers with options to monetize their video inventory using pre-roll and mid-roll ads by aggregating advertisers.

AdSparx was founded by Kunal Lagwankar, Lilesh Ghadi and Ketan Barhate in 2012 and was part of Microsoft Ventures’ third startup batch in July 2013. It claims to have clients like Digivive’s nexGTv, Vodafone, Airtel and Sony LIV.


Nykaa Logo

Online beauty products store Nykaa has raised investment from undisclosed investors including a big business family, reports The Economic Times. While the investment size was not disclosed, Nykaa CEO Falguni Nayar told the publication that the new investors will together hold 20% stake in the company post the investment.

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The company will be using the funding raised to setup offline retail stores and strengthen its online business. The company will be apparently setting up its first offline store at Terminal 3 of New Delhi airport.

Nykaa was founded in 2012 by Nayar and her husband Sanjay Nayar who is the India CEO of the private equity firm KKR (Kohlberg Kravis Roberts). Together, they had invested $2 million into the company earlier and controlled around 95% stake, which has now declined to 75% following this investment.

Nykaa currently offers beauty and wellness products across various categories like makeup, skin care, hair care, bath & body products, perfumes, colognes, and herbal products among others. It claims to offer products from more than 200 brands like Ponds, Dove, Gillette, Johnson & Johnson, L’Oréal, Garnier, Maybelline, Lakme, Revlon, Esprit, Jaguar, Axe, Braun and Park Avenue among others.


Covacsis logo

Mumbai-based enterprise software maker Covacsis has raised undisclosed amount of investment from Reliance Industries’s GenNext Ventures and Cisco’s venture capital arm with participation from the existing investor Blume Ventures, reports The Economic Times. The company will be using this investment to improve its product & geographical reach and to strengthen its team.

Prior to this, Covacsis had raised Rs 2.5 crore from Blume Ventures, India Venture Partners and an undisclosed European VC fund in September 2012. It was founded by Tarun Mishra in 2009 and was later incubated in IIT Bombay.

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Covacsis currently provides a platform called Intelligent Plant Framework which claims to provide companies a 360° visibility of the manufacturing floor in real time. It counts large manufacturing companies like Cipla, Sun Pharmaceuticals, Trident Group, Godrej Industries, Raymond, Welspun, Goodyear, Tata Rallis, Ruchi Soya and Ipca Labs among its clients.

The ET report mentions that Covacsis is also now looking to become a machine-to-machine (M2M) player. Remember that Cisco had earlier setup a $100 million IoT (Internet of Things) fund to invest in early stage companies.

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