TMT
By
Transak, Bimaplan raise seed funding; CashRich acquires WealthApp
Photo Credit: Thinkstock

Transak, a fiat-to-crypto gateway focused on retail consumers and businesses, has raised $660,000 (around Rs 4.78 crore) in a seed round led by Consensys. 

Other participants in the round include The Lao, IOSG, Lunex, Koji Capital, and a clutch of angel investors, United States and India-based Transak said in a statement. 

Transak, operated by Transak Inc., was set up by Sami Start and Yeshu Agarwal. The company says its platform operates as a payment gateway that streamlines the process of buying and selling cryptocurrency for both mainstream users and businesses. 

It will use the capital raised in this round to recruit more engineers to build Indian operations. 

Bimaplan 

Bimaplan, an affordable insurance platform, has raised $500,000 (around Rs 3.62 crore) in seed funding. 

Participants in this round include Y Combinator, Dream Incubator, RaSa Future Fund, Finsight Ventures, 2 a.m. Ventures, GSF Accelerator’s Rajesh Sawhney, and Shaadi.com’s Anupam Mittal. 

Cred’s Kunal Shah, Jupiter’s Jitendra Gupta, Livspace’s Ramakant Sharma, Innov8’s Ritesh Malik, Roshan Abbas, Pallav Nadhani, Abhishek Rungta, Nisarg Shah, and Yash Jain of Sparrow Capital, and Nimesh Kampani and Shanti Mohan of LetsVenture also took part, Delhi-based Bimaplan said. 

The company, operated by Coverplan Technology Pvt Ltd, was set up by Vikul Goyal, who founded Carcrew, a startup that was acquired last year by TVS. 

Bimaplan says its products focus on the $5-50 premium range, relevant for low and middle-income segments. 

The startup will use the capital it has raised to build out its team as well as focus on product development. It is aiming to achieve a $1 million annual run rate in the next 12 months. 

CashRich 

CashRich, a financial-technology firm focused on the wealth segment, has acquired the mutual fund distributions business of WealthApp in an all-cash deal. 

The acquisition will help Thane-based CashRich strengthen its position as a prominent investment platform in the country, it said in a statement. It did not disclose the financial details of this transaction. 

CashRich says it also raised an undisclosed amount in equity funding from three United Kingdom-based investors to finance this acquisition. Following this, CashRich says its user base will reach two lakh, with the assets managed by WealthApp’s mutual funds segment being merged with its own.  

The CR CashRich Fintech Pvt Ltd-operated company was set up in 2018 by Sougata Basu. The firm says its platform allows users to invest in mutual funds and acquire insurance products.  

It is also exploring more acquisition opportunities. 

Leave Your Comment(s)