Accel has invested $9 million in Uppercase’s Series B funding, while Volt VC has launched its debut fund. Separately, at least four companies have submitted non-binding bids for a majority stake in bakery chain Theobroma.
Uppercase raises $9m from Accel
Global venture capital firm Accel has invested $9 million in luggage brand Uppercase’s Series B round of funding. The investment is expected to drive brand development and retail expansion throughout FY 2024-25.
With the $9-million Series B round led by Accel, Uppercase’s total funding has now reached Rs 150 crore since its inception three years back.
Volt VC debuts with $5.4m fund
Volt VC, a micro VC fund, on Wednesday announced its debut with a Rs 45-crore ($5.4 million) fund to back consumer-centric startups in D2C, B2C, and B2B2C at their pre-seed stage.
Volt VC aims to invest between Rs 50 lakh and Rs 2 crore in about 20-25 startups at the pre-seed stage.
“India is witnessing a boom in consumer-centric startups, reflecting the innovative spirit and entrepreneurial drive of our country. However, there is a critical need for support and funding at the pre-seed stage to ensure these promising ideas can grow and thrive.” Param Patel, general partner, Volt VC, said.
Volt VC aims to close its first fund in the next 3-4 months.
Kedaara, Carlyle, others seek stake in Theobroma
At least four companies, including food giant Switz Group and private equity firms Kedaara Capital, Carlyle, and ChrysCapital, have submitted non-binding bids for a majority stake in bakery chain Theobroma, MoneyControl reported.
ICICI Venture, which first invested in the firm in 2017, is eyeing a complete exit and along with a partial dilution by the promoters, a combined stake of between 51% and 74% is available to potential buyers, the report said.
The patisserie chain is backed by ICICI Venture, which owns around 42% stake.
ICICI Venture and the promoters of Theobroma had appointed Arpwood Capital to explore the sale of a controlling stake at a targeted valuation around Rs 3,500 crore, MoneyControl had reported in March.
