Deal Street: MoneyTap, Lendingkart Led Funding Pack Last Week
Financial technology startups led the funding chart last week, as MoneyTap and Lendingkart mopped up bulk of the capital. Nine startups raised nearly 40 million in angel, seed and venture capital rounds.
Startups from Bengaluru led the pack…
MoneyTap Raises $9 Million From Sequoia, Others
Bengaluru-based financial technology startup MoneyTap raised $9 million in a Series A round led by Sequoia Capital, Bala Parthasarathy, co-founder and chief executive officer of MoneyTap told BloombergQuint in an interview.
Existing investors NEA and Prime Venture Partners also participated in the round. Parthasarathy said the proceeds of the round will be used for strengthening technology and expanding into 50 cities by the end of 2017. The company aims to issue credit lines worth Rs 300 crore by the end of the year ending March 2018.
Launched in September 2016, MoneyTap provides credit through an app. Professionals can avail instant loans between Rs 3,000 and Rs 5 lakh, and are only charged on the amount used. It also gives user an option to pay in equated monthly installments, ranging from two months to three years. A user also gets a MoneyTap card that can be used like a regular credit card.
Including the latest round, MoneyTap has raised $12.3 million in all.
Lendingkart Raises $7.8 Million In Debt Funding
Ahmedabad and Bengaluru-based online lending platform for small and medium enterprises, Lendingkart, raised $7.8 million in debt funding from Yes Bank Ltd., the company said in a statement.
The funds will be used to strengthen its loan book and expand operations to Tier 3 cities. The funds were raised by Lendingkart Finance Ltd., the company’s non-banking financial company (NBFC) arm.
Lendingkart borrows from banks and non-banking financial companies at a certain rate and lends the funds to small businesses at an interest rate of 16-24 percent. Lendingkart Finance has disbursed more than 11,000 loans to over 7,500 small and medium enterprises so far, the statement said.
Lendingkart, which offers services in over 650 cities across the country, said that so far over 2 lakh SMEs have reached out to it seeking credit.
Founders Fund, Nexus Venture Partners Back HyperTrack
HyperTrack, a startup that helps businesses track people and products in real time, raised fresh investment in a Series A round from Nexus Venture Partners and Founders Fund, the company said in a blogpost.
As part of the funding, Nexus co-founder and Managing Director Naren Gupta has joined the startup’s board, HyperTrack founder Kashyap Deorah said in the blogpost. Livemint reported that the firm has raised $7 million.
HyperTrack had last raised $1.5 million in February from Chamath Palihapitiya’s Social Capital and Vy Capital.
Founded in 2015, the startup offers pay-per-use software that enables businesses to track location of its users in real time on a map. Zomato, Goibibo, HouseJoy, redBus, Delhivery, and PharmEasy are some of the companies that use HyperTrack’s location-tracking service.
E-Commerce Enabler Shopmatic Raises $5.7 Million
E-commerce enabler Shopmatic raised $5.7 million (Rs 37 crore) in Series A funding from ACP Pte Ltd., a technology-focused venture capital firm, and Spring Seeds Capital Pte. Ltd, the investment subsidiary of SPRING Singapore, a unit of the government of Singapore, the company said in a statement.
Shopmatic said it will use the capital to expand into other markets such as Indonesia, the Philippines and the Middle East. As a part of the fund-raise, Sameer Narula, managing partner at ACP, will join the board of Shopmatic.
Founded in 2014, the startup enables small and medium enterprises and entrepreneurs take their business online. Its platform enables SMEs to build their online stores with integrated payment and shipping functions.
“By using the deep data-sets generated on its platform, Shopmatic has the potential to enable SMEs and partners better target their services and products and to accelerate the adoption of e-commerce in these high-growth markets,” Narula of ACP said.
Bengaluru-based Goodera, which helps companies manage their corporate social responsibility programmes through its technology platform, raised $5.5 million (Rs 35 crore) in a Series A round of funding from Omidyar Network and Nexus Venture Partners, the company said in a statement.
Noida-headquartered integrated maritime solutions company PortDesk raised $2 million (Rs 12 crore) in seed investment from Alphard Maritime Group, a Singapore-based maritime services company, VCCircle reported.
Personal finance startup Fincash.com raised $100,000 (Rs 64 lakh) in its first round of funding from a clutch of individual investors, including Mohammed Khan, founder of Rediffusion, and Sameer Narayan, former fund manager at BNP Paribas, and others. Mumbai-based Fincash will use the funds to strengthen its technology and expand its team, the startup said in a statement
Bangalore-based artificial intelligence startup Boxx.ai raised $500,000 (Rs. 3.2 crore) from Mumbai-based venture capital firm Unicorn India Ventures and a clutch of investors, the company said in a statement.
Market Pulse, with traders with real-time market data and insights, raised an undisclosed amount of investment the Noida-based startup’s seed round from Lead Angels Network, the company said.