Our weekly column summarizes tech financing highlights in India.
India’s fast-growing ecommerce sector has recently attracted various investors while the offline-to-online operating model leads in the ecommerce boom. On April 3, an O2O ecommerce marketplace, Paytm Mall secured USD 445 million in funding led by Japanese Internet conglomerate Softbank and Chinese ecommerce behemoth Alibaba. Modeled after the success of Chinese leading chain TMall, Paytm Mall combined its O2O business model with the ecosystem of Paytm, its parent company that provides the largest mobile-first financial services in India including payments, banking, lending and insurance. Paytm Mall will deploy the investment to build its logistics, beef up its technology, and enhance its business model.
1. On March 30, Myra raised USD 1.84 million in a fresh round of funding led by Tokyo-based Dream Incubator. Myra Medicines is an online pharmaceutical company that delivers medicines, baby care, dental, and hygiene products via mobile app in under an hour with 20% discounts on all medicines. Catering only to consumers in the select areas of Bengaluru and Mumbai as of now, the company will use the fresh capital to fund its expansion in other geographies.
2. On April 2, Benepik raised an undisclosed seed funding from Vishal Bali, managing director at Nielsen China, and more. Benepik is a HR tech startup that provides mobile-based solutions for employee communication, engagement, rewards and recognition. The funds raised will be used to to strengthen the platform by adding more functionalities around employee engagement, as well as learning and development.
3. On April 3, MoveInSync Technology Solutions raised USD 8 million for Series B led by Nexus Venture Partners, an Indian homegrown venture capital firm. MoveInSync is a startup aiming to help companies manage employee transportation in a cheaper and more efficient manner with the use of state of the art technology which provides its services via a platform that tracks vehicles in real time, records cab usage, and provides automated billing. The startup will use the fresh capital to further develop end-to-end transport offerings, accelerate customer acquisition, and launch into international markets.
4. On April 3, Namaste Credit landed USD 3.8 million for Series A again from Nexus Venture Partners. Namaste Credit is an online lending platform that provides loans for small-and-medium enterprises using technology to improve efficiency and effectiveness of financial services. The company will use the funds to grow its geographic footprint, its technology and data analytics platform, scale its businesses, and increase its channel partner program across India.