The Week that Was: Indian Startup News Overview (1st May - 5th May)
The start-up ecosystem in India has witnessed a remarkable transformation in the last few years, marked by a surge in the number of entrepreneurs, investors, and stakeholders. The Indian government has played a crucial role in creating a conducive environment for start-ups through initiatives like Start-up India, which provides various benefits and tax breaks to entrepreneurs. The emergence of incubators and accelerators across the country has further strengthened the ecosystem, providing essential support to young companies. India's start-up ecosystem has gained global recognition, with numerous successful start-ups in various sectors like e-commerce, fintech, health tech, edtech, and more.
This week has also been a fruitful one for startups in India as several companies have successfully raised millions of dollars in funding. Geospatial, a technology startup, has raised a total of Rs 7 crore in a pre-Series A round co-led by JITO Angel Network and supported by TIE, Amit Engineers, and JITO Incubation & Innovation Foundation. Meanwhile, Niro Fintech has raised USD 11 million (about Rs 90 crore) in a funding round through a mix of equity and debt from a clutch of investors. While the equity capital, raised in series A round, came in from Elevar Equity, GMO Venture Partners, Rebright Partners and Mitsui Sumitomo Insurance VC, among others, the debt capital was funded by Innoven Capital. These are just two examples of the top 5 startups that raised million-dollar funds this week.
Heliware, a geospatial technology startup, has raised a total of Rs 7 crore in a pre-Series A round co-led by JITO Angel Network and supported by TIE, Amit Engineers, and JITO Incubation & Innovation Foundation. Heliware, the company intends to use the money to grow its tech staff and business division.
Heliware is a cutting-edge technology used for mapping and analytics, and it was founded by Rajan Srivastav. Any business can use its patented technology stack to develop customised analytics software and dashboards using its data through a heliware engine for real-time data analysis.
The popular Silicon Valley investors Iron Pillar and Uncorrelated Ventures, along with current investors Nexus Venture Partners, Chiratae Ventures, and Next47, led a $30 million Series B fundraising round for the supply chain software platform Pando.
David Dorman, Chairman of CVS Health and Director on the Boards of Dell and Paypal; Tom Noonan, Director on the Boards of the New York Stock Exchange and SalesLoft; Scott Kirk of Bain Capital; Paul Brown of Dunkin', Baskin-Robbins, and Neiman Marcus; Nick Mehta of Gainsight; and Amar Goel of Pubmatic were among the notable American CEOs and angel investors who participated in the round.
Axilor Ventures, Titan Capital, DeVC, Stride Ventures, and angel investors provided Rs 11 crore in seed funding to Solar Ladder, a solar supply chain startup based in Mumbai. The business, which was established in 2021, is a full-stack supply chain platform that aids solar installation companies in hastening the deployment of rooftop solar.
The money will be used to deploy software that automates procedures for solar installers, enabling them to increase their businesses tenfold, and aiming to become the go-to ecosystem for solar installation businesses, according to the official press release. Atha Group, NIPHA Group, Varun Alagh, the founder of Mamaearth, Subin Mitra, and Aditya Bandi of Groyyo, as well as Deepak Jain, a partner at Bain and Company, were among the angel investors in the investment round.
Ace Turtle, a locally based retail company with a digital foundation, said that it has secured $34 million (about Rs 293 crore) as part of its Series B funding. The company stated that the cash will be used to grow the company's proprietary technological stack and purchase long-term licences from international fashion and lifestyle brands.
New investors Vertex Growth, SBI Investment Co Ltd, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital took the lead in the investment round. Vertex Southeast Asia & India and InnoVen Capital, two previous investors, also took part in this round.
Fintech Niro has raised USD 11 million (about Rs 90 crore) in a funding round through a mix of equity and debt from a clutch of investors. While the equity capital, raised in series A round, came in from Elevar Equity, GMO Venture Partners, Rebright Partners and Mitsui Sumitomo Insurance VC, among others, the debt capital was funded by Innoven Capital.
Previously, the Bengaluru-based firm had raised USD 3.5 million in October 2021 from investors led by Elevar Equity in the seed funding round. Niro, founded in 2021 by Aditya Kumar and Sankalp Mathur, enables e-commerce platforms to give credit to their consumers. Its partners include Snapdeal, Quikr and Housing.com.
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The Week that Was: Indian Startup News Overview (24th April - 28th April)
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