Gold loan provider Yellow Metal, healthcare platform Gynoveda, online gaming marketplace BuyStars and influencer marketing firm One Impression have raised early-stage funding, the companies said on Wednesday.
Gold loan provider Yellow Metal has raised $3 million (around Rs 24 crore) as a part of its seed funding round led by MSA Novo, with participation from Spiral Ventures and existing investors WaterBridge Ventures and Java Capital.
The firm will use the fresh capital to expand its technology team operations and boosting proprietary loan management system.
Founded in 2020, Yellow Metal enables rural India with a simple gold loan in 30 minutes at zero processing fees and an interest rate ranging from 0.79% to 1.75% per month.
“This seed fund will help us to invest more in technology that will, in turn, help build a better customer experience and a transparent product. If the company has a strong financial position, we will also be able to negotiate favourable terms from the partnerships,” said Nikhil Boggaram and Rahul Boggaram, co-founders at Yellow Metal.
Ayurveda-based women’s healthcare startup Gynoveda has secured $10 million (around Rs 82.2 crore) in a Series A funding round led by India Alternatives Fund.
The round also saw participation from Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd and Alteria Capital, with existing investor Fireside Ventures.
The Mumbai-based startup will use the fresh funds for research and development, hiring, expanding distribution channels and marketing.
Founded in 2019 by Vishal Gupta and Rachna Gupta, Gynoveda produces Ayurveda-enabled, curative self-care solutions for gynecological and lifestyle-related disorders women face from puberty to menopause.
“Gynoveda has improved the health of 3 lakh women residing in 20,000 pin codes of India The company tripled its revenue year-on-year between FY20 and FY23 to reach Rs 100 crore annual revenue run rate,” said Gupta.
Online gaming startup BuyStars has raised $5 million (around Rs 41.2 crore) in its pre-Series A funding round led by Lumikai, with participation from existing investors Chiratae Ventures and Leo Capital.
The startup, operated by Arkimy Technologies Private Limited, will use the fresh money for launching new games on its platform and hiring.
Founded in 2021 by Aman Satija and Sriram Krishnamoorthy, BuyStars offers skill games like fantasy, player trading, trump cards and others integrated to provide utility to collectibles available on the platform.
The company claims to have 1.5 million registered users and a monthly gross merchandise value (GMV) of $1 million.
Influencer marketing platform, One Impression has secured Series A funding of $10 million (around Rs 82.2 crore) from South Korea-based gaming company Krafton.
The Gurugram-based startup will deploy the fresh proceeds for product development and geographical expansion.
Founded by Apaksh Gupta and Jivesh Gupta, One Impression is an influencer marketing platform that creates a full-stack platform helping businesses plan and drive their influencer campaigns at scale.
The company counts brands like Cetaphil, Meesho and Mamaearth as part of its client portfolio.
“The ecosystem currently lacks a structured platform and our products will enable speed, scale, science, and reliability for all stakeholders in the industry,” said Gupta.