Fintech startup HighRadius raises USD 50 M
Founder: Sashi Narahari
Founded in: 2006
Financing status: USD 50 million for undisclosed round in 2017
HighRadius was founded in 2006 by Sashi Narahari, an alumnus of Indian Institute of Technology, Madras. Previously, he was the co-founder and CEO of Riversand Technologies, a B2B data management and product information management provider.
US and Hyderabad-based HighRadius is a fintech Software-as-a-Service startup (SaaS). It helps optimize client’s’ cash flow, reduce days sales outstanding, and increase operational efficiency. Its main products include Integrated Receivables, Rivana™, and the radiusOne™. Integrated Receivables optimizes cash flow through the automation of receivables and payment processes across credit, collections, cash application, deductions, electronic billing, and payment processing. Rivana™ enables users to leverage machine learning for decision-making and future outcomes. The radiusOne™ payment network allows suppliers to digitally connect with buyers, closing the loop from supplier receivable processes to buyer payable processes. The startup serves global corporations that run SAP and generate then collect on hundreds of thousands of invoices each day. Additionally, it serves mid-size enterprises that lack the IT resources to consolidate on an ERP platform but still seek to streamline receivables processes. The startup focuses on clients in industries such as consumer products, manufacturing, distribution, energy, and others. Its clients include Johnson-Johnson, EMC2, JBS, etc.
The startup will use the newly raised funds to fuel its growth and accelerate global expansion to regions like the Americas, Europe and Asia.
Online motorbike rental startup Wheelstreet attracts USD 120K from Y Combinator
Founders: Moksha Shrivastava, Pranay Shirvastava
Founded in: 2014
Financing status: USD 120,000 for seed round in 2017
Y Combinator provides seed funding for startups. In the past it has incubated unicorns like Dropbox, Airbnb, and Stripe. Wheelstreet was one of the 50 startups selected for the Y Combinator Summer 2017 program.
Wheelstreet was founded in 2014 by Moksha Shrivastava and Pranay Shrivastava. Moksha worked previously as a content writer at Digital Web Solutions, an internet marketing solutions company. Pranay previously was a volunteer English teacher.
Wheelstreet is an online motorbike rental startup. Users can search for motorbikes by city with expected rental time and can search by riding propose, like tours or long term. The rental cost for popular and featured motorbikes ranges from around INR 20 (USD 0.3) per hour to INR 40 (USD 0.6) per hour. The startup claims to be established in over 30 cities in India. With a reported 40% market share, it is the biggest player on the field. It claims to have amassed more than 100 motorbike vendors and to currently serve over 10,000 users.
The startup will use the newly raised funds to expand to more Indian cities and select South Asian countries.
Other players in this area in India include Tazzo, ONN Bikes, etc.
(Top photo from Pixabay)