Deal Street: Financial Technology Startups Led The Funding Pack Last Week
Five Indian startups raised about $43.5 million or about Rs 300 crore in angel, seed or venture capital funding last week, across sectors such as financial technology, jewellery and cybersecurity, among others.
INDwealth Raises $30 Million From Steadview Capital
INDwealth, launched by Ibibo Group founder Ashish Kashyap, raised $30 million (around Rs 219 crore) from Hong Kong-based hedge fund Steadview Capital.
The financial advisory platform will commence operations from January next year, the company said in a statement. It will use artificial intelligence and machine learning to allow customers to manage their investments, liabilities, future cash flows and taxation. The company will offer services on web and on Android and iOS apps, the statement said.
INDwealth said it’s also in the process of building a team of dedicated certified finance counselors. “Managed wealth in India is under-penetrated at less than 10 percent. Intersection of artificial intelligence and machine learning with finance represents a large opportunity,” Kashyap said in a statement.
Kashyap exited Ibibo in September last year after online travel portal MakeMyTrip acquired the company in 2016.
Sukkhi.com Raises $7 Million From Carpediem
Sukkhi.com, an online fashion jewellery brand, raised $7 million (around Rs 51 crore) in a fresh funding led by homegrown private equity firm Carpediem Advisors.
Duane Park, a venture launched by India Equity Partners Co-Founder Anurag Bhargava, also invested in the startup, according to a media statement.
The Mumbai-based startup said the investment will be used to build an omnichannel network. It’s already present on 27 e-commerce marketplaces, including Amazon and Flipkart.
“We believe fashion jewellery is poised to grow in leaps and bounds, and Sukkhi will play a key role in building this category,” Ramachandran, managing director at Carpediem, said.
John Chambers’ Venture Fund Leads $5-Million Funding For Lucideus
Lucideus Technologies raised $5 million (Rs 36 crore) from former Cisco Chairman John T Chambers’ JC2 Ventures.
The cybersecurity firm will use the funds to expand into new markets such as the U.S. as well as existing markets like India. Chambers also confirmed the investment on Twitter.
Lucideus had last raised an undisclosed amount from a group of angel investors, including Amit Ranjan, chief architect of Digilocker, Anurag Goel, chief executive officer of Cactus Communication, and Govind Rajan, former CEO of Freecharge, among others.
Others
- Pet grooming brand Captain Zack and personal care brand Coccoon raised $1.5 million (around Rs 11 crore) in fresh funding led by Apar Industries’ promoters Kushal Desai and Chaitanya Desai through their family office, the companies said in their statements.
- Invenmi, the Bengaluru-based ready-to-drink teamaker, raised $150,000 in a seed funding round from Texas-based venture capital firm Austin Seed Ventures, Inc42 reported.