EarnWealth, a social commerce fintech startup, said it has raised a Rs 3.5 crore financing round at a Rs 50 crore valuation led by undisclosed angel investors.
"With the fresh funding, we plan to expand our Mahalakshmi micro-entrepreneurs' network, introduce more products, and partner with more financial institutions,” Rajesh P Nair, founder and CEO of EarnWealth, said.
“Personal finance is a big opportunity in India and customers always prefer to buy from trusted sources. That is where our Mahalakshmi network will play a vital role and redefine the way financial products are sold in India," he added.
EarnWealth was started as a traditional B2B distributor for financial products. In 2020, it introduces the social commerce model for distribution of personal loans.
The platform currently exists in India and Japan, and plans to expand to other international markets.
The company said it has a roster consisting of 1,200 artists globally, including famous names such as Anisha Dixit, Elnaaz Norouzi, Kaneez Surka, Evelyn Sharma, Sharman Joshi, Sarfaraz Khan, K Gowtham, alongside regional stars like Angel Thomas, Monal Gajar, Deeksha Joshi, Ojas Rawal and more.
Through their international alliances, they also have access to leading Hollywood celebrities such as Johnny Depp, Keira Knightley, Michael Fassbender, Mariah Carey, and more.
The company said it has seen significant transactions from Tier-II cities such as Patna, Indore, and Lucknow, apart from Tier-I cities like Mumbai and Pune.
Xebia, an IT consulting firm, said it has acquired Polish software firm PGS Software.
With its fifth acquisition this year, Xebia said it continues to expand in line with its buy and build strategy.
PGS Software's CEO Wojtek Gurgul will become a member of Xebia's global leadership.
Xebia said it has successfully launched labels like GoDataDriven, Binx, Xpirit, Qxperts, Stackstate, Instruqt, and Xebia Academy, and joined forces with brands like Appcino, coMakeIt, g-company, and Oblivion.