Fintech startup Scapia, healthtech startup WatchYourHealth and electric vehicles-focused lending platform Finayo have secured early-stage funding from marquee investors such as Matrix Partners, the companies said on Wednesday.
Scapia raised $9 million (Rs 73.8 crore) in a seed funding round led by Matrix. The round also saw participation from Tanglin Venture Partners, Binny Bansal’s 3STATE Ventures and angel investor Keki Mistry of HDFC Ltd.
The Bengaluru-based company will use the funds to develop its technology stack and scale its operations.
Founded by former Flipkart executive Anil Goteti, Scapia offers financial products and travel services through its co-branded credit card in partnership with Federal Bank. The card provides rewards such as zero-forex markup, domestic lounge access, and zero joining and annual fees. It also has a travel platform on its application.
“Millennials, with their interest in travel, are looking for a card that can reward them with travel perks. Therefore, we see an opportunity for Scapia since less than 5% of the population currently have credit cards and India is projected to have 200 million credit cards in circulation by 2030,” said Goteti.
WatchYourHealth
WatchYourHealth raised $2.2 million (Rs18.50 crores) from Singapore-based VC firm Conquest Global Ventures. The startup will deploy the funding for product development, geographic expansion, sales and marketing efforts, office spaces, and inventory enhancement.
Founded in 2015 by Ratheesh Nair, the startup has a business-to-business (B2B) SaaS platform that works with clients in healthcare delivery and healthcare financing. The company, which was bootstrapped until now, claims to have achieved profitability in FY21 and remained profitable in FY22.
"As we crossed 10 million users on our SaaS platform at the beginning of FY24, we recognised the need to strengthen our product offerings and expand into similar geographies worldwide. By way of the funding, we intend to expand our operations beyond India across markets like Japan, Singapore, UAE, Indonesia and Bangladesh," said Nair.
Finayo
EV asset and lending platform Finayo has raised an undisclosed amount in a seed funding round from iAngels Network, which is backed by India Accelerator.
The startup aims to use the funding to develop its technology stack, expand its operations across India and lend close to Rs 150 crore by the end of FY24.
Founded in 2022 by Brajendra Singh Tomar and Yogesh Prakash, Finayo’s proprietary technology automates the entire loan life cycle, from origination to disbursement, collection, repossession, and resale. In addition, it enables lenders to make risk assessments, which minimizes non-performing loans.
“Finyao is planning to expand its business to 50 new locations across five different states,” said co-founder Prakash.