Our column summarizes the tech financing highlights in India this week.
Fintech section has been the hottest industry to attract investors home and abroad. Tech Financing highlights focused on fintech section this week where startups of lending platform, discount broker, and B2B ecommerce respectively landed a substantial amount of funding. Additionally, Indian startups have attracted Chinese investment lately with Alibaba pouring a large sum of money in ecommerce in April while ZDream, a venture firm focusing on investment in Indian startups, led an investment in a social gaming startup this week.
1.On April 30, Rubique secured an undisclosed funding led by Japan’s Recruit Group and Russian Emery Capital. Blacksoil and Kalaari Capital also participated in this funding round. The funding size is reportedly estimated to be USD 15 to 20 million. Rubique is an online lending platform which provides loans for small and medium-sized enterprises (SMEs) and individuals. The startup plans to use the funds to strengthen its technological and analytics capabilities and grow its geographic footprint.
2.On April 30, SAMCO Ventures raised USD 7.5 million in a Series B round of funding from London-based Bay Capital Investment Partners. SAMCO Ventures owns and operates online discount broker Samco Securities and mobile trading platform StockNote. The startup will use the funds to build its mutual fund distribution, lending capability, research and advisory businesses.
3.On May 2, Bizongo raised USD 22 million in a Series B round of funding from B Capital, International Finance Corporation, Accel Partners, and IDG Ventures. Bizongo is a business-to-business (B2B) ecommerce marketplace for packaging material. The startup will use the funds to develop its technological platform and design functions.
4.On May 2, CricNWin raised an undisclosed amount of seed funding led by Chinese venture fund ZDream Ventures. CircNWin is a cricket focused social and gaming platform for cricket lovers. The startup plans to use the funds to advance its product and expand the market reach.
5.On May 3, boAT raised USD 0.9M for an early-stage funding from Fireside Ventures. BoAT, owned and operated by consumer technology venture Imagine Marketing, is an audio product maker which makes products such as earphones and headphones. The company will use the funds for marketing and product development.
(Top photo from unsplash.com)