Funding Rundown gives you a quick look at the best deals made in the startup world.
Here’s an overview of the best boot space deals.
Ratan Tata supports senior companionship startup Goodfellows
Ratan Tata has invested undisclosed capital in senior fellowship startup Goodfellows, which was founded by Shantanu Naidu, a manager in his office.
Goodfellows, designed to match seniors with recent graduates as a paid service, completed a beta phase in Pune over the past six months. The company now plans to expand its services to Mumbai, Chennai and Bengaluru.
“The bonds between the two generations created by Goodfellows are very meaningful and help solve an important social issue in India. I hope this investment will help the young team at Goodfellows grow,” said Tata.
Electric vehicle charging startup goEgoNetwork raises $8M in Series A
Electric vehicle charging infrastructure solutions startup goEgoNetwork has raised $8 million in Series A equity funding from undisclosed investors.
The company will use the funds to develop and install the Fast DC Charging Station product line. It will also enable the leading startup to become a dominant player in six major Indian metropolises, according to a statement.
goEgoNetwork previously raised $2 million in a seed funding round to expand its existing electric charging network and tap into the green consciousness that is gradually sweeping the country. The startup aims to achieve a target of 8,500 charging stations across India with 15,000 paying members on the network within a short period of time.
“The funding is a big boost for India’s electric vehicle ecosystem. This is a milestone close to goEgoNetwork’s ambitious goal of having one hundred thousand Made in India charging stations in place by 2027. Of the 9 million electric vehicles expected to be on the roads by 2027-28 , we want to see one million EV owners as goEgoNetwork members,” said Dheeman Kadam, co-founder of goEgoNetwork.
Abhi Loans raises $4.5m from DMI Sparkle Fund
Digital lending platform Abhi Loans has raised $4.5m in debt and equity led by DMI Sparkle Fund with angel investors including Niten Malhan, Ashvin Chadha, SK Jain and others.
The new fundraising will be used to bolster their tech stack, as well as grow their loan portfolio, according to a statement.
The company claims to offer its product to retail investors for smaller amounts starting from Rs 15,000. Borrowers can use the loan amount to meet immediate and contingent cash needs.
“Starting with a small loan amount as low as Rs 15,000, any retail customer with a unit balance of Rs 20,000 can take a cheap loan and also opt for low interest rate debt consolidation. reduces long-term interest burden and makes repayment much easier,” said Mandeep Chaudhary, Founder of Abhi Loans.
Malaika Arora invests in Ahikoza
Actor and entrepreneur Malaika Arora has invested in the global handcrafted accessories brand Ahikoza. With this investment, Arora has collaborated with Namrata Karad, Founder and Creative Director of Ahikoza, to bring the global handcrafted accessories brand to India.
The brand has so far won customers in the luxury markets in the United States and Europe. Ahikoza’s products are often seen on the red carpet, and their aesthetic geometry is inspired by architectural installations and sculptures.
“Over the years, Namrata’s experience as an entrepreneur and industry professional has provided her with a strong skill set in marketing, content strategy, consumer growth and strategic business development. She has been privy to numerous distribution partnerships and celebrity endorsements, which has made her the quintessential leader in her segment of exclusive and elusive handcrafted accessories. So for me to accept his partnership was a no-brainer because I’m sure together we can do magic,” Arora said.
Sunday Design Raises $1.5M in Pre-Series A Funding
Furniture and home decor startup Sunday Design has raised $1.5m in pre-Series A funding from QRG Investment & Holdings and Kama Group, KCT Family Office as well as existing investors.
The company plans to use this capital to expand its online and offline presence. The startup is planning additional retail space over the coming year in Mumbai and Bangalore.
“Sunday Design will also launch an e-commerce store to expand the reach and scale of its market share across the country and into new segments,” the company said in a statement.
WeVOIS raises $400,000 in non-dilutive capital from the Recur Club
WeVOIS Labs, an IoT-based sustainable solutions company, raised $400,000 in non-dilutive growth capital by trading their recurring revenue streams on Recur Club, a funding platform facilitating non-dilutive capital funding for startups .
According to a statement, WeVOIS Labs was able to increase revenue by 200% in the last 9 months using growth capital raised through Recur Club. The company received a flexible trading limit and withdrew capital 3 times by simply advancing its cash flow. This allowed them to expand their operations to 6 new cities and pivot their business model by licensing their software to companies, he added. ARR growth has increased 200% for the company by leveraging capital from Recur Club over the past 9 months, the company said.
“Whenever we needed capital, Recur Club was always there with a competitive offering on their platform. Their flexible funding allowed us to tap into capital at our leisure and enabled us to expand into new territories when we were ready. It also helped us raise equity at a much higher valuation compared to the offers we received last year,” said Abhishek Gupta, CEO of WeVOIS Labs.
Yostra Labs bags round seeds of Rs 4 Cr from IAN and others
Medtech startup Yostra Labs has raised Rs 4 crore in a seed funding round led by Indian Angel Network (IAN), Impact Innovators and Entrepreneurs Foundation (Villgro Innovations Foundation) and Center for Cellular and Molecular Platform .
The new capital will be used to hire more talent in sales and marketing, as well as market the product portfolio, optimize the bill of materials and increase production, the company said.
Yostra Labs builds devices to help patients with chronic diseases better manage their disease. “This investment from IAN and co-investors will help Yostra build a sustainable business while having a social impact,” said Venkataraman KNK, lead investor, IAN.
Wisedrive raises a funding round with LC Nueva AIF
Wisedrive, an extended car warranty platform, has raised undisclosed capital in a seed funding round led by LC Nueva Investment Partners, through its seed venture capital fund, LC Nueva Alternative Investment Fund (AIF).
The round also saw participation from Japanese venture capital fund Spiral Ventures, Housingman.com founder Bhavadeep Reddy, and others.
The company intends to use the funds to expand its reach by establishing more partnerships with used car dealerships across the country. While some manufacturers resell their cars with warranty, Wisedrive claims that 96% of used cars purchased in the country are completed by third-party sellers.
“The last 10 years in India have witnessed a revolution in the discovery of used cars, but the next 10 years will see a revolution in building trust in used cars,” Kalyandhar Vinukonda said. , founder and CEO of Wisedrive.
IBISA secures seed funding from Ankur Capital
Agri-insurtech company IBISA has raised undisclosed capital from Ankur as part of its seed funding round.
The Luxembourg startup that builds, distributes and operates weather insurance solutions for agricultural actors, is expanding its operations in India with operations in Odisha, Karnataka and Telangana for cover against excessive rainfall, excessive wind speed and drought , according to a press release. In February, it opened a head office in Bangalore.
“We are delighted to partner with IBISA to transform the scale of parametric insurance options available in countries like India with a large addressable market,” said Ritu Verma, Partner at Ankur Capital.