Tech Financing in India this week — Education services providers lead

by Lillie Zhou

The Indian education service industry has experienced rapid growth, and more and more private players are entering the field. The education sector’s 2018 estimated value stands at USD 91.7 billion and is expected to reach USD 101.1 billion in 2019.On July 11, NSPIRAManagement Services Pvt. Ltd raisedUSD 75 Million (IND 515 Crore)from Morgan Stanley’s private equity armand BanyanTree Capital. NSPIRA provides business management services to companies in the education sector, and it will use the investment to fund its growth plans.

1.   On July 5, LoanTapraised USD 6.25 Million (INR 43 Crore)in an equity round of funding led by Chinese venture capital firm Shunwei Capital. LoanTap is a digital lending platform based in Bengaluru. The investment will be used mainly to build the startup’s loan book.
2.   On July 5, HungerBoxsecured USD 4.5 Millionin a Series A round of funding from South Korean investment firm Neopluxand Sabre Partners. HungerBox is a business-to-business technology company offering food solutions for enterprises in India. The investment will be used to support the company’s expansion into the South East Asian market.
3.   On July 9, Growwraised USD 1.6 Millionin a pre-Series A funding round fromInsignia Ventures Partners, Lightbridge Partners, Kairosand other firms. Groww is a mutual fund investment platform based in Bengaluru. It plans to strengthen its technology and build more channels in India with the new capital.
4.   On July 9, IndiaLendsraised USD 10 Millionin a Series B funding round led by ACPI Investment Managersand Ganesh Ventures. IndiaLends is a credit scoring and analysis platform that focuses on the consumer lending market. The company will use the investment to launch a new product line.
5.   On July 11,SmartVizXraised USD 1.45 Million (INR 10 Crore)in a pre-Series A round of funding led by YourNest Venture Capital. The Indian Angel Network’s IAN fundalso participated in the round. SmartVizX is a virtual reality startup based in Noida. The investment will be used to improve the company’s product capacities and team.

6.   On July 11, Shop101secured USD 5 Million in a Series A round of funding from Stellaris Venture Partners. Shop101 is a social ecommerce startup that targets established merchants, housewives, and college students. The company states that it will use the investment to scale up its supplier network and enhance its technology platform.

(Top photo from unsplash.com)