Our weekly column summarizes the tech financing highlights in India this week.
Fintech is a prosperous field, and has become investors’ favorite area to invest in. The economy in India welcomes staggering growth due to its popularity and the prevalence of Internet infrastructure and smartphones. The success of various industries depends on the financial support from government and financial organizations. Fintech startups are launching in India to back enterprises for businesses development.
1. On January 9th, Fintech startup, Samunnati Financial, raised USD 23 million for series C from a group of investors, including responsAbility, Elevar Equity, Accel Partners and so on. Samunnati Financial provides secured and unsecured loans to farmers, farmer producer organizations, community-based organizations and agricultural enterprises.
2. Online lending platform, EarlySalary, raised USD 15.7 million for their Series B financing round led by Eight Roads Ventures on January 8th. The capital will be used to improve its operational efficiency.
3. On January 9th, B2B e-commerce platform, WOTU, raised an undisclosed amount for a pre-Series A round of funding from Claris Capital and Mumbai Angels Network. The platform will use the money to expand its operations in a new city, Dhruv Sawhney.
4. On January 9th, fintech startup, NiYO, raised close to USD 13.2 million in its Series A funding round from Social Capital. The funding will be used for customer and geographic expansion, hiring across the technology and product teams as well as to foray into newer categories of credit and wealth management.
5. On January 11th, co-working space, We Work India, received USD 15.6 million for financing led by Embassy Group, the capital will be used to meet business and operating expenses in addition to investing in procuring and developing office spaces.
(Top photo from 699pic.com)