Fintech startups DPDzero and Altitude, as well as artificial intelligence platform ClearFeedand supply chain firm FreightFox have raised early-stage funding, the companies said on Wednesday.
DPDzero, floated by former Setu executives, has raised $3.25 million (Rs 27.05 crore) in a seed funding round co-led by Blume Ventures and IndiaQuotient.
The round also saw participation from angel investors Sunil Gulati and Nikhil Kumar.
The capital will be deployed for product development, distribution and hiring talent.
Founded in 2022 by Ananth Shroff and Ranjith Ramachandra, DPDzero offers automation modules that enable lenders to analyze borrowers' repayment behavior, segment borrowers based on risk profile and engage with them across multiple channels to drive collections.
Both Shroff and Ranjith were from the founding team of the fintech API infrastructure platform, Setu.
In 2022, the startup had raised Rs 3.9 crore as a part of its pre-seed funding round which was led by Better Capital.
The Bengaluru-based company also saw angel investors including Kunal Shah (Cred), Ramanathan RV (Hyperface), Nishchay AG (Jar) among others participate in the funding round.
ClearFeed
ClearFeed has raised $2.7 million (Rs 22.4 crore) in a seed funding round led by Peak XV’s Surge. The round also saw participation from 8VC and undisclosed angel investors,
The fresh capital will be deployed into product and go-to-market teams in India.
Founded in 2021 in Bangalore by Ankit Jain, Joydeep Sen Sarma, and Lalit Indoria, ClearFeed is a conversational support platform that leverages artificial intelligence and integration with enterprise tools like Slack and Microsoft Teams to streamline customer and employee requests.
The startup claims to have seen a 10x growth in is revenue and has doubled its team strength in 2023. It counts companies like Atlan Data, Last9, Sprinto, and Plum Insurance as part of its client portfolio.
“By using the funding, we look to introduce more product features,” said Joydeep Sen Sarma, co-founder ClearFeed.
FreightFox
FreightFox has secured $600,000 (Rs 4.9 crore) in a seed funding round led by Aeravti Ventures. The round also saw participation from undisclosed angel investors.
The Pune-based startup will use the funding for product development and expansion into newer markets.
Founded in 2020, FreightFox provides a data-driven multi-modal transportation management system (TMS) for manufacturers. Their insights aid in decision-making and optimise freight management.
"With the funding, we aim to boost our data and AI capabilities, streamlining logistics for the manufacturing sector," said Nitish Rai, co-founder and chief executive officer, FreightFox.
Altitude has secured $500,000 (Rs 4.16 crore) in a pre-seed funding round from a host of angel investors.
The round also saw participation from around 40 investors including founders, operators, and leaders from Swiggy/DineOut, Yes Bank, Good Glamm Group, Robinhood, and Wipro amongst others.
The funds will be used to accelerate the launch of Altitude’s flagship product Altitude Prism, which is a structured fixed-income instrument that the startup aims to list on the National Stock Exchange (NSE).
Founded by Krishna Maggo, Altitude is a platform wherein investors will find a new class of alternatives that are beyond the usual corporate and NBFC bonds. The platform claims to deliver annual yields of 16 -18%, substantially more than conventional fixed-income products.
It will also use the funding to hire talent for its fund and risk management teams.