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GradRight, six others raise early-stage funding

By K Amoghavarsha

  • 24 Aug 2023
GradRight, six others raise early-stage funding
Pang Sze Yunn and Nav Vij, co-founders, Neurowyzr

Fintech startup GradRight, artificial intelligence-based startup Kombai, healthtech firm Neurowyzr, HRtech startup Weekday, logistics marketplace 13Sqft, fintech platform CheqUPI and climatetech startup Ecowrap have secured early-stage funding, the companies said on Thursday. 

GradRight

Fintech startup GradRight has secured $6.05 million (Rs 50 crore) in a Series A funding round from homegrown venture capital firm IvyCap Ventures. 

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Post completion of the transaction, Tej Kapoor, managing partner of IvyCap Ventures, will be joining the board of GradRight. 

Founded in 2019 by Aman Singh and Sasidhar Sista, GradRight’s platform helps students aspiring for education overseas, secure financing. Its platform brings together prospective students, universities, and lenders. The platform claims to eliminate intermediaries and promote transparency and accountability. 

It claims to have processed loan requests of over $1.75 billion (Rs 14,300 crore) and assisted more than 55,000 students. The platform claims to have partnerships with 15 lenders and 50 international academic institutions in the US, Canada, and Europe. 

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It had secured funding previously from undisclosed angel investors in Silicon Valley and Wall Street. 

Kombai

AI startup Kombai has raised $4.5 million (Rs 37.15 crore) in a seed funding round co-led by Stellaris Venture Partners and Foundation Capital. 

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The round also saw participation from undisclosed angel investors.  

The startup plans to deploy the funding towards research and development.  

Founded by Dipanjan Dey and Abhijit Bhole, Kombai builds AI models that can understand and code user interface (UI) designs like humans. Developers can prompt Kombai with design files in Figma to get quality UI code in one click per component. 

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“As more developers try out Kombai, we look forward to learning more about its strengths and weaknesses. The tool will remain free to use throughout the research preview,” said Dey.

Neurowyzr

Healthtech startup Neurowyzr has raised $3.3 million (Rs 27.22 crore) in a seed funding round. 

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The funding was secured in two tranches. In the second tranche, venture capital firms Jungle Ventures and Peak XV’s Surge invested $2.1 million in the startup. Prior to that angel investors Khoo Boon Hui (SDAX). Ab Gaur (Verticurl) and Rob F Jablonski (Aquivia Pty Ltd.) invested $1.2 million as well. 

The Chennai-based startup will use the capital for product development, expansion across Southeast Asia and India, team as well as its distribution partners across India. 

Founded in 2019 by Nav Vij and Pang Sze Yunn, Neurowyzr has been working in the areas of brain health, specifically in enhancing brain health and developing technologies to mitigate early brain decline.  

“Neurowyzr aims to address the needs of people to protect their brain health. The investment will enable us to make brain health accessible and affordable,” said Pang Sze Yunn, co-founder and chief executive officer, Neurowyzr.  

Weekday

HRtech startup Weekday has raised $2.2 million (Rs 18.16 crore) in a seed funding round led by Venture Highway. The round also saw participation from undisclosed angel investors.  

The startup will use the funding to expand its team along with product development and expansion. It also plans to increase its partnerships with different organisations who intend to hire from its platform.

Founded in 2021 by Amit Singh, Anubav Malik, and Chetan Dalal, Weekday’s platform facilitates recruitment through its crowdsourced reference network. The platform allows software engineers to connect their social graph (LinkedIn and contacts) and gives them a shortlist to refer individuals to various companies.  

It currently claims to host 120 companies and has a registered database of over 62,000 active job seekers. It aims to onboard 250,000 active job seekers for recruiters from 1000 companies by 2025.

13Sqft 

Business-to-business (B2B) logistics startup 13Sqft has raised $1 million (Rs 8.25 crore) in a pre-Series A funding round from Inflection Point Ventures (IPV).  

The funds will be utilised to expand the commercial and technical teams, improve the platform's technology stack, and improve its brand presence. 

Founded in 2021 by Alok Bansal and Payal Chaudhary, 13Sqft is a B2B digital platform dedicated to warehousing, logistics, and cold chain sectors. It provides building materials, equipment and fittings for warehousing, aggregating demand for specialized warehousing needs. It is also building tech-driven designs for space planning and estimation of costs to set up warehouses. 

Meanwhile, angel network Inflection Point Ventures invested an undisclosed amount in fintech startup Bizpay last week. In May, IPV’s venture capital arm Physis Capital marked the first close of its maiden fund at $7 million, nearly a year after launching the $50 million vehicle.   

CheqUPI

Fintech startup CheqUPI has secured $500,000 (Rs 4.12 crore) in a pre-seed funding round from Y Combinator. Additionally, it has also joined the Y Combinator Accelerator Program. 

Founded in 2021 by Sudhanshu Shekhar and Manish Shukla, CheqUPI is India's UPI wallet for foreign nationals. The app, developed in collaboration with Transcorp International Limited, allows users to add funds using any debit or credit card, enabling a cashless trip.  

"UPI has transformed the payment landscape in India. However, foreign nationals and non resident Indians (NRIs) have been excluded from this ecosystem due to various constraints. CheqUPI aims to serve this underserved audience and simplify digital payments for those visiting India," said Shukla, co-founder and chief technical officer, CheqUPI. 

Ecowrap 

Climatetech startup Ecowrap has secured an undisclosed amount in a pre-Series A funding round from angel network JITO Incubation and Innovation Foundation (JIIF). 

The startup will use the funding to expand its presence across India. 

Founded in 2020, Ecowrap is a tech-based waste management solution entirely based on waste segregation at the source for HORECA (Hotel, Restaurant, Cafe) industry. The company aims to make waste management services viable and scalable by offering a comprehensive end-to-end solution on a single platform. This solution includes waste segregation at the source, supply chain management, and the production of upcycled products. 

"This capital infusion will be instrumental in realizing our expansion goals and allowing us to establish a presence in various cities," said Angraj Swami, co-founder, Ecowrap. 

Meanwhile, JIIF, is a subsidiary of Jain International Trade Organization (JITO) is an early-stage operator which has invested Rs. 150 crores across 80 companies and incubating 25+ Jain entrepreneurs.

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