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Tech Financing in India this week – VR is hot

Our weekly column summarizes the tech financing highlights in India this week.

This week, VR (virtual reality)-oriented Smaaash and Foyr drew major investment with USD 14 million and USD 3.8 million, respectively. Smaaash is an offline sports and VR-focused gaming center while Foyr is a real estate and home design visualization platform. The single largest tech financing amount this week was that of Amazon-Patni joint venture vendor Appario Retail with USD 15.7 million in capital infusion. Additionally, ecommerce & online gifting portal secured Series-A funding while SME (small and medium-sized enterprise) fintech platform Lendingkart Finance landed USD 3.8 million.

VR and sports-oriented entertainment center Smaaash lands USD 14 M for expansion


Founded: 2012

Founders: Shripal Morakhia

Financing status: USD 14 million

Virtual reality (VR) gaming and entertainment arcade Smaaash has raised USD 14 million in funding from HNI (high networth individual) clients of Avendus Wealth Management Pvt. Ltd. This comes less than a month after the company secured USD 3.9 million in funding from consumer-focused investment firm Six Sense Ventures. The newly raised funding will go towards further expansion of its arcade and event centers.

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Mumbai-based online gifting platform IGP secures pre-Series A funding for branding & infrastructure enhancement

Founded: 1999

Founders: Manan Sharma

Financing status: Undisclosed Pre-Series A

Mumbai-based online gifting platform IGP has raised an undisclosed amount in a pre-Series-A funding round led by incubator Venture Catalysts.

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Amazon-Patni joint venture vendor Appario Retail receives USD 15.7M capital infusion

Appario Retail

Founded: 2017

Founders: Amazon & Ashok Patni Group

Financing status: USD 15.7 million in recent capital infusion

Appario Retail, the retail entity formed under the recent joint venture (JV) between Amazon and Ashok Patni Group, recently received a USD 15.7 million capital infusion.

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Virtual reality-oriented home décor & design startup Foyr lands USD 3.8 M in Series-A funding round led by JLL


Founded: 2014

Founder: Shailesh Goswami

Financing status: USD 3.8 million in Series-A Round

Hyderabad-based virtual-reality (VR) home décor and design visualization platform Foyr has landed USD 3.8 million in Series A-Funding led by property consultancy Jones Lang LaSalle (JLL) among others.

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SME lending platform Lendingkart Finance secures USD 3.8 M in cash credit from State Bank of India

Lendingkart Finance

Founded: 2014

Founders: Harshvardhan Lunia & Mukul Sachan

Financing status: USD 3.8 million in cash credit

Ahmedabad-based small and medium-size enterprise (SME) lending startup Lendingkart Finance has raised USD 3.8 million in cash credit from the State Bank of India. This funding comes just months after securing USD 10.9 million in a funding round led by Sistema Asia Fund. The newly raised capital will be allocated.

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