Tech Financing in India this week — Automobile marketplaces lead

The automobile industry is one of largest in India. The integration of the automobile and ecommerce businesses are this week’s tech financing highlight. On May 17, Droom, an automobile ecommerce platform for buying and selling new and used cars, raised USD 30 million in a Series D round of funding led by Toyota Tsusho Corporation, and Digital Garage, among other investors. The company will use the funds to develop its technology and expand overseas.

1. On May 14, SpringRole raised USD 1.3 million in funding from AlphaBlock Investments, Brock Pierce, DNA, BlockWater, and Wavemaker Genesis. SpringRole is a job recruitment website that makes use of blockchain and AI technology. The startup will use the funds to expand its team of software experts.

2. On May 14, Nykaa secured USD 24 million in a Series D funding round from Hero Group’s Sunil Munjal and Marico’s Harsh Mariwala, among others. Nykaa is a multi-brand beauty ecommerce platform that sells products ranging from fragrances, skin care, hair care, and luxury products. The startup will use the funds to boost its growth and increase its geographical footprint.

3. On May 15, the Indian subsidiary of Sotheby’s International Realty raised USD 5.5 million in a Series A financing round from an undisclosed investor. The Sotheby’s International Realty subsidiary operates as a franchise and focuses on brokering and marketing residential luxury real estate. The company plans to use the funds to expand into Gurugram, Bengaluru, and other cities.

4. On May 15, Knudge.me raised an undisclosed amount of funding from Indian Angel Network. Knudge.me is a mobile English learning platform that uses AI technology and gamification. The startup will use the funds to build products and develop its technology.

5. On May 17, Mfine secured USD 4.2 million in a Series A round of funding from Prime Venture Partners. Mfine is a healthcare service app that provides access to online consultations and care programs from the country’s top hospitals. The company plans to use the funds to build its hospital network, beef up its technology team, and expand its operations in other cities.

(Top photo from unsplash.com)

Simin Li
Simin Li

Simin writes for us, by focusing on tech and financing news in Asia. She’s also interested in politics, cyber culture, and new media. She is studying English Language and Literature at Renmin University of China.

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