New Delhi, March 25 -- Speciality restaurant chain Burma Burma, biomaterials company Canvaloop and Internet of Things-focused startup Proxgy have raised early-stage funding, the companies said Wednesday.

Burma Burma

Burma Burma, a speciality restaurant chain focused on Burmese cuisine, has raised over Rs 38 crore in a fresh round that values it about Rs 500 crore.

Existing investor Negen Capital, along with new investors Endurance Capital and Coheron Wealth, participated in the round.

The restaurant chain, founded in 2012, has positioned itself as a premium casual dining brand, with annual recurring revenue exceeding Rs 200 crore. The company operates 21 restaurants across Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, Ahmedabad, and Chandigarh.

The fresh capital will be used to expand into new cities and strengthen presence in existing markets, as the brand looks to benefit from growing consumer demand for differentiated dining experiences in India.

"We have spent the last several years building Burma Burma as a differentiated, cuisine-led dining brand with a strong focus on consistency, unit economics, and customer experience," said Chirag Chhajer and Ankit Gupta, co-founders. "The current fundraise allows us to accelerate expansion in a calibrated manner while strengthening our presence in markets where the brand has already demonstrated strong traction."

Canvaloop

Canvaloop, a biomaterials company, has secured $1.5 million from Gujarat Venture Finance Ltd and Rockstud Capital.

It will use the capital for expanding production capacity and accelerating the commercial adoption of sustainable fibres.

The Surat-based startup, founded in 2020 by Shreyans Kokra, transforms agricultural waste into textile-grade fibres using its proprietary multi-step technology. It works with a range of natural feedstocks, including hemp, flax, and other crop residues, to develop sustainable and scalable material alternatives for the textile industry.

Proxgy

Proxgy, a company specializing in IoT solutions for safety, connectivity, and productivity, has raised Rs 2 crore in funding from cricketer Riyan Parag to scale its industrial products and technologies.

Founded in 2020, Proxgy makes Internet of Things-based products and smart wearables. It previously raised $3 million in a Series A round, where another Indian cricketer Ajinkya Rahane had participated.

Published by HT Digital Content Services with permission from VC Circle.