Our weekly column summarizes the tech financing highlights in India this week.
Fintech is witnessing rapid growth in India and around the world and has attracted ample investors to pour investment in the sector. SMEs lending platforms continue to lead in fundraising among startups. On April 24, Capital Float raised USD 22 million in a Series C+ funding round led by ecommerce giant Amazon. Earlier in August 2017, the startup secured USD 45 million in Series-C funding led by Ribbit Capital and others. Capital Float is a lending platform that provides working capital loans to online sellers and small and medium-sized enterprises (SMEs) in India. The startup will allocate the newly funds to bolster Capital Float’s proprietary end-to-end digital loan origination system and to design innovative credit solutions for customers.
1. On April 23, Nykaa secured USD 11 million from the family offices of Hero Group’s Sunil Munjal and Marico’s Harsh Mariwala, among others. Nykaa is a multi-brand beauty retailer that sells products ranging from skincare, hair care, fragrances, and luxury products. The startup will use the funds to beef up its retail distribution and to boost its private label.
2. On April 23, Pitstop raised USD 1.6 million in a pre-Series A round led by Blume Ventures and Singapore-based Goldbell Group. Pitstop is a car services startup that offers general repair and maintenance services through its doorstep service vehicles. The startup plans to use the funds to scale up its ‘Doorstep service’ and develop high-end technology to support the assoiative infrastructure of its car services.
3. On April 23, Doxper landed USD 1.1 million in a pre-Series A round led by Vidal Healthcare. Doxper is a healthtech startup that innovates and digitalizes the OPD (outpatient department) process by creating a digital pen and coded paper system for doctors to record patient information. The startup plans to expand the move of OPD process digitalization to the UK, Middle East, Southeast Asia, Brazil, and South Africa.
4. On April 25, Emotix landed USD 2 million in a pre-Series A round of funding led by IDG Ventures India, Your Nest, and other investors. Emotix is a consumer electronics startup that has launched Miko, a robot for children focusing on educating and entertaining. With the fresh capital, the startup will develop new products and enhance its research of robotics on emotional and artificial intelligence.
5. On April 26, Popxo raised USD 5.5 million in funding led by Neoplux Technology Fund, Oppo, and others. Popxo is a digital media startup that targets young India women. The startup plans to use the funds to strengthen its vernacular content offering beginning with Hindi.
6. On April 26, PayMe India raised USD 2 million in angel funding from Singapore investors including Pramod Singhal, chief operating officer from Nokia. PayMe is an online lending platform that offers both short-term and long-term lendings to corporate employees. The startup will use the funds to beef up its capacity and expand its market.
(Top photo from unsplash.com)