Highlights
Whizzo Secures Rs 97.36 Crore in Series A Funding Round
Whizzo, a prominent materials science manufacturing company, has initiated its Series A funding round by successfully raising Rs 97.36 crore ($11 million). This funding is spearheaded by The Fundamentum Partnership, alongside contributions from existing investors Lightspeed India and BEENEXT. This marks the company’s second fundraising event in 2025, having earlier secured $4.2 million in its seed round from Lightspeed and BEENEXT in January.
The board of Whizzo has approved a resolution to issue 60,317 Series A compulsory convertible preference shares (CCPS) at an issue price of Rs 16,140 each to achieve the aforementioned amount, as revealed in its filing to the Registrar of Companies (RoC).
The Fundamentum Partnership is set to lead this round with an investment of Rs 70 crore, while existing investors, Lightspeed and BEENEXT, will contribute Rs 19 crore and Rs 8.3 crore, respectively.
Planned Utilisation of Funds
As per the filing, the funds will be allocated towards capital expenditures, marketing strategies, working capital needs, and general corporate purposes.
Company Valuation and Ownership Structure
According to analysis by Startup Superb, Whizzo’s valuation is projected to increase nearly 3.5 times, rising to Rs 435 crore ($49.4 million) post-money from approximately Rs 125 crore during its earlier $4.2 million seed funding round.
Founded in 2024 by former Zetwerk executive Shrestha Kukreja, Whizzo specializes in developing unique textile blends, which include cellulosic and polymer-based fibres designed for various industry applications and expedited time to market.
Data from multiple startup platforms indicates that Lightspeed India will remain the largest external shareholder with a stake of 19.5% after this funding round. The Fundamentum Partnership is expected to hold 16.11%, while BEENEXT will possess 8.48%. Founder Shrestha Kukreja will retain an ownership of 48.22%, and the company has established an ESOP pool of 7.52%.
The one-year-old company has yet to disclose its financial outcomes for the fiscal year ending March 2025.