🇮🇳 Roundup: Ex-Flipkart execs’ firm Protonn shutters business, more

Startups in India including M2P Fintech, SaaS Labs, StockGro, Giva, Settlrs, Jhaji Store, Zymrat, Khelgully, and Quizy raised at least US$142.19 million in total disclosed funding today from international and local investors.

Here’s a snapshot of the fundraises:

Here’s some important tech news from India today:

Ex-Flipkart execs’ firm Protonn shutters business

The digital solutions startup, which was founded by ex-Flipkart executives, reportedly wound down its business just six months after attracting seed money.

Protonn failed to find its place in the market, and its founders declined to shift its business model, sources told The Economic Times. 

The company also reportedly let go of all of its employees and returned US$9 million in seed funding to its investors.

Beauty firm Lotus Herbals buys 25% stake in D2C skincare firm

Lotus Herbals’ joint managing director Nitin Passi said the investment in skincare firm Conscious Chemist is in line with its plans to speed up growth in the D2C (direct-to-consumer), clean beauty industry.

Financial details of the deal were undisclosed.

The move is Lotus Herbals’ latest in a slew of investments into emerging beauty firms, including the acquisition of Ayurveda brand SoulTree in 2020 and an investment in Fixderma India last year.

Follow the rest of our India coverage here.