Fintech startup FinAGG Technologies, e-mobility startup Alt Mobility, climatetech startup Indra, e-commerce startup BuyEazzy and five other platforms raised early-stage funding, the companies said on Thursday.
FinAGG
Noida-based FinAGG Technlogies has raised $11 million (Rs 91.4 crore) in a Series A funding round co-led by global impact investment manager BlueOrchard and Tata Capital Ltd. The round, which saw only primary investments, witnessed participation from the Small Industries Development Bank of India (SIDBI) and existing investor Prime Venture Partners.
Additionally, FinAGG secured capital from Gray Matter Capital through non-convertible debentures (NCDs).
The funding will be directed towards expanding the startup’s offline and online presence, improving global outreach and product development.
Founded in 2019 by Nipun Kohli and Srinivasan Ramki, FinAGG is a fintech startup focussed on offering credit solutions to distributors, retailers and MSMEs. The startup also provides loan management and origination systems customised to the need of financial institutions in India and abroad.
In 2022, the startup raised $3 million in a pre-Series A funding round, which was led by venture capital firm BLinC Invest and saw participation from existing investor Prime Venture Partners.
Alt Mobility
Electric vehicle (EV) leasing and lifecycle management platform Alt Mobility has raised $6 million (Rs 50 crore) in a funding round co-led by Shell Ventures, Eurazeo, EV2 and Twynam. The round also saw participation from UC Inclusive, Piper Serica, Pitchright and LetsVenture in a mix of equity and venture debt.
The startup, however, did not disclose the exact split of the equity and debt infusion.
It plans to use the funding to hire talent for its engineering team along with expanding its offerings as well as its geographical presence.
It aims to achieve $100 million in assets under management (AUM) in the next two years, according to its statement.
Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal and Jayant Gupta, Alt Mobility is an electric fleet leasing platform. Its platform combines leasing with insurance, roadside service, maintenance, charging and parking hubs for complete lifecycle management of electric fleets.
Groyyo
Business-to-business (B2B) manufacturing and automation startup Groyyo has raised $5.4 million (Rs 45 crore) in a debt funding round from Lighthouse Canton and venture debt firm Trifecta Capital.
“The infusion of additional capital will allow us to partner with a broader spectrum of small and medium enterprises (SMEs) and help them take their business global,” said Subin Mitra, co-founder and chief executive officer, Groyyo said.
Founded in July 2021 by Mitra, Pratik Tiwari and Ridam Upadhyay, Groyyo works with suppliers in industries such as apparel, footwear, accessories, furnishings, ceramic and furniture to drive their sales to buyers.
Presently, the company has enlisted over 360 factories producing a range of products for more than 110 brands across 9 countries worldwide.
In terms of the client portfolio, the startup counts retailers like Inditex, Next, Mango, Ross and Burlington.
BuyEazzy
BuyEazzy has raised $4.25 million in a Series A funding round led by Info Edge Ventures along with participation from existing investors Incubate Fund Asia and M Venture Partners.
The funds will be used for product development, hiring talent and geographical expansion within India, according to the company’s statement.
Founded in 2021 by Rahul Aggarwal and Hariher B, BuyEazzy is a beauty and wellness-focused e-commerce startup based out of Mysore. The platform caters to consumers in Tier 2+ cities, where access to a large number of beauty products is limited.
In 2022, the startup had raised $1 million.
The company is currently operational in 10 Tier II and III cities in Karnataka and Tamil Nadu and plans to reach 40 cities in the short to medium term.
Indra
Water treatment systems provider Indra has raised $4 million (Rs 33.2 crore) in a Series A funding round co-led by Mela Ventures and Switzerland-based Emerald Technology Ventures. The round also saw participation from Peak Sustainability Ventures and The Climate Angels.
Founded in 2017 by Amrit Om Nayak and Krunal Patel, Indra is a climatetech startup engaged in industrial and sewage water treatment with its patented electro-chemical oxidation and coagulation process. Its technology leverages ionic reactions to remove pollutants, including a wide range of unwanted substances, heavy metals, suspended solids, phosphorus, fats, oil, grease, pathogens and dissolved organics among others from wastewater.
The startup’s current focus is on industrial effluents from textiles, steel manufacturing, pharmaceuticals, chemicals and sewage from hotels and commercial properties.
Jeh Aerospace has raised $2.75 million (Rs 22.8 crore) in a seed funding round led by San Francisco-based venture capital firm General Catalyst. The round also saw participation from angel investors Pratyush Kumar (ex-Boeing India) and Dwarakanath Srinivasan (ex-Airbus India).
The company will utilise the funds for building infrastructure and hiring talent, according to the company’s statement.
Founded by Vishal Sanghavi and Venkatesh Mudragalla, Jeh Aerospace offers manufacturing, engineering, and supply chain management solutions to the global aerospace and defense industry. It specialises in aerostructure and aero-engine components and assemblies, meeting rigorous quality standards.
The company provides ready manufacturing solutions to the aerospace and defense industry through its scalable manufacturing facilities and vetted supplier networks that meet or exceed global quality standards.
Bharatsure has raised $1 million (Rs 8.3 crore) in a funding round led by early-stage venture capital firm Capital A. The round also saw participation from Grip Invest and existing backers Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle.
Founded in 2021 by Anuj Parekh and Sanil Basutkar, Bharatsure provides cutting-edge infrastructure-as-a-service (IaaS) solutions to insurance distributors like licensed brokers, agents, banks and institutions allowing them to distribute group insurance and healthcare.
Their offerings also include support for identifying insurance partners, product pricing, payments, operations, and claims. The infrastructure also supports embedded insurance and healthcare use cases for customers with an active focus on group health insurance.
Prior to the current funding round, the startup had raised $1.2 million in 2022. The startup claims to have partnered with over 500 organisations, impacting around 150,000 lives through its group benefits platform.
BonV Aero
BonV Aero has raised $721,747 (Rs 6 crore) in a funding round from Inflection Point Ventures. The Bhubaneswar-based startup will use the funding for research and development (R&D), team expansion and client demonstrations.
BonV Aero is a drone maker which produces both aerial vehicles tailored for challenging terrains like the Himalayas. Its focus extends to critical needs such as Indian defence logistics, disaster relief, emergency medical services, supply chain logistics and rapid commerce deliveries.
Founded by Satyabrata Satapathy, Gaurav Achha, Abinash Sahoo, Rahul Kumar and Sultan Khan, BonV Aero was incubated at AIC CV Raman Global University, Odisha and has secured the HDFC CSR Social Impact Grant.
“Funds will be deployed to mature our current aerial platform and conduct demonstrations to scale orders in this segment,” said Satapathy, co-founder and chief executive officer, BonV Aero
Healspan
Bengaluru-based Healspan has raised $144,305 (Rs 1.2 crore) in a pre-seed funding round led by startup accelerator PedalStart.
The startup has raised Rs 1.7 crore in funding, to date, according to its statement.
It will utilise the funds towards technology development, talent acquisition, overall business operations and expanding its client portfolio.
Founded in 2022, Healspan is an insurtech startup that provides a platform for streamlining cashless insurance claims. The platform provides a single point of contact for all claims, reducing manual effort and ensuring end-to-end claims management.
It claims to reduce the insurance payment turnaround time by over 30%, and long-overdue claims can be cleared in under 90 days.
It claims to have worked with around 60 hospitals to date.
Sahaj Gaming
Sahaj Gaming, a gaming studio by former Games24x7 executives has raised an undisclosed amount in a pre-seed funding round from early-stage investor Antler.
Founded by the former vice president and head of product at Games24x7, Deepak Saini, and his former associate director of revenue growth, Rahul Bantiya, Sahaj Gaming is a gaming studio that aims to build a suite of India-based games such as Ludo, Snakes & Ladders, Tambola and Checkers.
The recently launched beta of Sahaj Gaming’s 1ludo claims to have seen 25,000 pre-registrations.
“We see potential in this space with an Rs 25,000 crore market currently, which is set to triple by 2030. There are over 50 crore gamers in India, and our objective is to build a gaming venture for gamers not only in India but across the globe," said Bantiya, co-founder, Sahaj Gaming.
