Deal Street: BankBazaar Raises $30 Million, Xiaomi Backs Microlending Startup
Your weekly dose of startup deals
Indian startups raised $62 million in angel, seed and venture capital funding, last week. Startups in the financial services space led the pack, with majority of the amount raised via debt funding.
BankBazaar Raises $30 Million In Series D Funding
Chennai-based online financial services marketplace BankBazaar raised $30 million (Rs 195 crore) in a Series D funding round led by U.K.-based credit rating bureau Experian, a company statement said.
“The funds from this round will be used to further strengthen our position as the leader in securing paperless access to loans, cards, and mutual funds,” Adhil Shetty, chief executive of BankBazaar said.
The company had last raised $59.1 million in a Series C round in July 2015 from Amazon, Fidelity Growth Partners, Mousse Partners and existing investors Sequoia Capital and Walden International.
Founded in 2008 the financial services firm provides instant customised rate quotes on loans, credit cards, and insurance products. The company has partnered with over 75 financial institutes and offers a range of financial products including insurance and mutual funds, besides banking products.
Motor Insurance Aggregator RenewBuy Raises $9.2 Million
Delhi-based online insurance aggregator RenewBuy.com raised $9.2 million (Rs 60 crore) from mid-market growth capital fund, Amicus Capital, the company said in a statement. The company will use the funds to expand to new geographies and add new product categories such as health, accident and term life.
The deal also marks Amicus Capital’s first investment through its maiden $86 million fund, which hit its first close in December 2016.
Founded in 2015, RenewBuy works on a point-of-sale partner model and operates in the motor insurance sector . It said to have serviced over 200,000 customers so far.
In November 2015, the startup had raised $500,000 in an angel round led by Singapore-based principal investment and advisory firm Mount Nathan Advisors Pte. Ltd.
The company received an insurance booking licence from Insurance Regulatory and Development Authority and has tied-up with multiple insurers including HDFC ERGO, IFFCO Tokio, Bajaj Allianz, Bharti AXA, and Reliance General, according to information available on its website.
Microlending Startup KrazyBee Raises $8 Million
Microlending platform KrazyBee raised $8 million (around Rs 51.7 crore) in a Series A funding round led by Chinese smartphone maker Xiaomi Technologies and Shunwei Capital, the company said in a statement.
Other investors such as RK Group and Essel Group arm E-city Ventures also participated in the round. The Series A funding is a mix of equity and debt, the company added.
The need for urgent personal finance for purchase requirements is underserved in India given its large population of young urban adults that spends a lot online and offline, Shirley Mao, investment director at Xiaomi Technologies, said. “A focus on tech-based credit evaluation and compliant sourcing of funds can help capture and penetrate this market.”
Fingerlix Raises $7 Million In Series B Funding
Ready-to-cook food brand Fingerlix raised $7 million (Rs 45 crore) in a Series B round of funding from Accel Partners and existing investor Zephyr Peacock India, the company said in a statement.
The company will use the money to expand its services to new geographies of Bengaluru, Hyderabad and Chennai, besides expanding its footprint in NCR.
Fingerlix, which makes ready-to-cook products such as batters, mixes, curries, lentils and paranthas, will also expand its product offerings to include an upma mix, biryani mix and puran poli.
The company has so far raised $9.7 million across three rounds. In April, it had raised $3 million in a Series-A round from Zephyr.
Others
Online freight aggregator Blackbuck raised $7.6 million (Rs50 crore) in venture debt from InnoVen Capital, documents filed with Registrar of Companies show.
Online peer-to-peer lending platform LenDen Club raised $500,000 from an undisclosed Mumbai-based venture capital fund, according to a company statement. Existing investors Venture Catalyst and Anirudh Damani-founded Artha India Ventures also participated in the round. The company said it will use the fresh capital to enhance its product platform and improve tech automation.