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Auto ancillary company Jumps Auto, tech platform Entitled Solutions secure early funding

By K Amoghavarsha

  • 27 Dec 2023
Auto ancillary company Jumps Auto, tech platform Entitled Solutions secure early funding
Anshul Khurana, co-founder, Entitled Solutions

Climatetech startup LivNSense, automotive components maker Jumps Auto Industries Ltd (JAI), fintech startup Escrowpay and financial and healthcare benefits platform Entitled Solutions raised early-stage funding, the companies said on Wednesday. 

Climatetech startup LivNSense has raised $2.75 million (Rs 22.9 crore) in a funding round led by Pavestone VC. 

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LivNSense is a climatetech venture, which is an artificial intelligence (AI)-based decarbonisation platform aiming to reduce greenhouse gas emissions.

It focusses on decarbonisation across process value chains with proprietary technology and is used by firms across cement and asphalts, metals and petrochemical manufacturing industries. 

"The team's expertise in building engineering led artificial intelligence and digital twins to impact the carbon lifecycle would help to address the industry challenges for both real-time carbon measurement to energy transition by the usage of alternate/green fuels. LivNSense’s foundational knowledge of energy and process systems, coupled with an IP-led approach would be a differentiator,” said V. Laxmikanth (VLK), managing partner, Pavestone VC.

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Pavestone VC is a venture capital firm launched in July 2021 to invest in early- and growth-stage companies.

Jumps Auto Industries Ltd

Jumps Auto Industries Ltd (JAI) has raised $1.45 million (Rs 12 crore) in a funding round from impact investor Aavishkar Capital’s ESG First Fund.

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Founded in 1990, Jumps Auto Industries Ltd. is a manufacturer of auto electrical parts. The Gurugram-based company’s products include alternators, armatures, drive assemblies, dynamo motors, field coils, miscellaneous parts, solenoid switches, starter motors, rotors and voltage regulators.

In 2015, the company acquired German company Honasco Kunststofftechnik GmbH (Honasco) and its allied company from the Joerg Schwarzbich Group, for an undisclosed amount.

On the other hand, impact investor Aavishkaar Capital in partnership with German state-owned investment and development bank KfW launched the ESG First Fund in 2022. The fund, which has a corpus of $250 million is focused on investing in Africa and Asia.

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Health and financial benefits solutions platform Entitled Solutions has raised $1.3 million (Rs 10.8 crore) in an extended seed funding round from SIS Ltd. 

The funds will primarily be used to support product development, including the creation of new credit products such as two-wheeler loans and consumption loans as well as scale platform partnerships to expand reach to over 2 million workers over the next few months. 

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Founded in 2020, Entitled Solutions, operates a benefits platform targetted at low-income workers. It enables access to financial, health and government benefits as well as rewards for workers and integrates with employers and gig service platforms to enable services to users.  

“We will continue to expand our products and create an ecosystem for the well-being of low-income workers in urban India,” said Anshul Khurana, co-founder, Entitled Solutions. 

Previously, the startup had raised funding from HDFC Capital, LetsVenture, Sotheby’s and angel investors like Nipun Sahni (Apollo Global Management) amongst others.

Escrowpay has secured $600,000 (Rs 5 crore) in an ongoing Series A funding round from its existing investors. The names of the investors, however, were not disclosed.

The startup has thus raised $6.6 million in its funding exercise as it targets to close the round at $15 million, it said in a statement.

The fresh capital injection will be used in expanding its presence across geographies, specifically the UAE and UK. It will also use the funding for product development as well.

Based out of Gurugram, Escrowpay is a fintech company that provides escrow solutions for a range of industries and transactions. It claims to work with around 3,000 clients, including small and medium enterprises (SMEs), and listed enterprises, amongst others.

It has raised funding from investors like Bennett Coleman & Co. Ltd, Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, Angel List, JB Ventures, Angel List, Inflection Point Ventures, and Chhattisgarh Investments, amongst others.

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