M2P Fintech, an application programming interface (API) infrastructure company, said it will acquire credit card-focused fintech startup Wizi.
The companies did not disclose the financial details of the deal.
Co-founders of Wizi will join M2P to take up product leadership roles and bolster the credit cards stack.
“We rolled out the programmable credit card stack in March this year and in the first six months we signed up over half a dozen banks,” Madhusudanan R, co-founder of M2P, said.
“With their early traction, we are excited with the prospect of taking the platform capabilities to the top 50 banks in India,” he added
Bengaluru-based 10Club, an aggregator of third-party sellers on ecommerce platforms, said it will acquire My Newborn, an ecommerce online business in the baby products category.
“We are generating 100% of our revenue from ecommerce marketplace sales. However, we had reached a stage where we needed financial, technical, and expertise infusion to take the brand to the next level. 10Club has turned out to be just the right growth partner,” Rakesh Jain of My Newborn said.
In June, 10Club raised $30 million in funding co-led by Bengaluru-based consumer-focused venture capital firm Fireside Ventures
Founded in October 2020 by former Lamudi CEO Bhavna Suresh, 22feet co-founder Deepak Nair, and Class 5 Global co-founder Joel Ayala, 10Club partners ecommerce product sellers by acquiring their businesses and working with their teams to help them grow.
Revenue-based financing platform Klub has raised Rs 20 crore (around $2.7 million) in debt financing from Trifecta Capital.
Klub said the financing will help to scale their technology, product, and assets under management, and serve as a partnership opportunity for both companies to collaborate on various ways to support digital-first companies.
Klub and Trifecta said they have operational synergies as both believe in enabling companies to raise complementary capital.
Trifecta provides venture debt to growth-stage startups typically in conjunction with equity.
Founded by Anurakt Jain and Ishita Verma, Klub provides flexible growth capital ranging from Rs 2 lakh to Rs 30 crore with zero equity dilution or personal guarantees. It provides funding for recurring marketing, inventory and capex spends to a wide variety of digital-first companies and SMEs.
Klub said that over 500 businesses have explored funding. Klub sources capital from institutional partners and super-fans of the brand, working as a hybrid marketplace.
Supertails.com, a Bengaluru-based digital pet care startup, said it has raised Rs 5 crore ($678,000) in venture debt funding from Alteria Capital.
The company will use the capital for working capital requirements to grow the business.
Supertails was founded by Vineet Khanna, Varun Sadana, and Aman Tekriwal.
“Within a month, the brand has seen tremendous growth and we have completed over 2,000 vet consultations and product orders. We’ve been pleasantly surprised by young parents who want to learn and grow with their pets. We’re looking forward to doing much more for them,” says Varun Sadana, co-founder of Supertails, said.
Previously, Supertails raised a $2.6 million pre-series A round led by Saama Capital and DSG Consumer Partners.
Mindler, a career guidance platform for students and educators, said it has raised $1.5 million (around Rs 11 crore) in a pre-Series A funding round led by Ecosystem Ventures, Inflection Point Ventures, nVentures Singapore and Chennai Angels.
Founded in July 2015, Mindler is a tech-enabled ecosystem for career planning and development for students and aims to empower all stakeholders in the student career decision-making journey. It also offers a SaaS platform for educators and edtech partners to create their own career guidance ecosystem.
"Selecting the right college and course continues to be the most complex decision in the life of any student. Parents often pay huge sums to get the right career guidance and help in admissions. With 1.2 crore students completing 12th grade every year, this is a massive problem with no organised player," Abhishek Sanghvi, co-founder of Ecosystem Ventures, said in a statement.