Our weekly column summarizes the tech financing highlights in India this week.
This week, Edtech platform Springboard drew major investment (USD 9.5 million), evidence of India’s rapidly expanding online education and workforce upskill market. Investment poured in for a range of other tech-related startups ranging from fintech to agritech. Microlending platform Cash Sulvidha, weather monitoring & solutions provider Skymet, merchant sales-optimizing SaaS platform Peel-Works, and digital parenting startup Baby Destination captured investors’ attention. Notably, this week saw investment in Indian tech from numerous international institutions like Unilever and German Development Bank.
Edtech & upskill platform Springboard secures USD 9.5M for platform enhancement and team onboarding
Springboard
Founded: 2013
Founders: Gautam Tambay and Parul Gupta
Financing status: USD 9.5 million in Series A
California and Bengaluru-based online edtech startup Springboard has landed USD 9.5 million in a Series-A funding round led by California-based Costanoa Ventures. The round also saw participation from existing investors Blue Fog Capital, Rocketship.vc, and Moneta Ventures as well as new investors Learn Capital and Jyoti Bansal.
Fintech lending platform Cash Suvidha lands USD 2.7M for client expansion & product development
Cash Suvidha
Founded: 2016
Founders: Rajesh Gupta and Anoop Garg
Financing status: USD 2.7M
Delhi-based microlending platform Cash Suvidha has raised USD 2.7 million from six financial institutions, all of which remain unnamed. According to Cash Suvidha, the newly raised capital will be allocated toward replenishing the company’s loan boak, underwriting loans, pursuing product development, and increasing client acquisition, particularly within the cities of Delhi, Bangalore, Pune, Hyderabad, and Mumbai.
Weather-monitoring & agricultural risk solutions provider Skymet lands funding from German Development Bank
Skymet
Founded: 2003
Founders: Jatin Singh
Financing status: Undisclosed amount in Series C
Noida-based weather-monitoring and agritech solutions provider Skymet has raised an undisclosed amount in a Series-C funding round led by InsuResilience Investment Fund.
Online parenting startup Baby Destination lands funding from GEM Partners & others
Baby Destination
Founded: 2016
Founders: Tamanna Dhamija and Tarun Dhamija
Financing status: USD 313K
Delhi-based online parenting startup Baby Destination has raised USD 313,000 from micro venture capital fund GEM Partners and Tariq Khan, a New York City-based angel investor.
Consumer-focused SaaS and big-data analytics startup Peel-Works draws funding from Unilever
Peel Works
Founded: 2010
Founders: Sachin Chhabra and Nidhi Ramachandran
Financing status: Undisclosed Series-B Funding
Delhi and Jaipur-based SaaS (software-as-service) platform Peel-Works raised an undisclosed amount in Series-B funding from Unilever Ventures, the private equity firm of Unilever and Amazon Internet Services Pvt. Ltd.
(Top photo from 699pic.com)
