The Week that Was: Indian Startup News Overview (5th August - 9th August)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Fintech, Foodtech, E-Sports, Chemical manufacturing, & AI-based Healthcare marking another win for the startupreneurs by raising funds and updating the growth probability and standardizing the products and services. The week went by successfully witnessing funds in every stage of funding from Fresh to Seed to Pre-series A to Series A to Series C Funding round.
Sector: Fintech
Funding Round: Fresh Funding round
Startup: FINQY
Established Year: 2019
Funding News: Fintech Startup 'FINQY' secures $2 million in Fresh Funding round
FINQY, a fast-growing fintech startup has successfully lifted $2 million in a new funding round. Previously in the month of March 2022, the company had bagged $839K in its seed round from AngelBay and Anvita Varshney.
Investors: Angel Bay India Accelerator, Family offices and many others
The freshly raised capital will be deployed to enhance the distribution of financial services in India via its strategic development initiative and technology.
Established in the year 2019 by Manish Aggarwal, FINQY permits its partners to provide their users a wide array of financial products. This product line includes credit cards, investments, loans and insurance and also an easy upsell and X-sell opportunities among their products.
The fintech startup assists streamlining the complex financial decisions across insurance loans and credit cards but also considerably enhance the user engagement and enable informed decision-making.
They are driving the business strongly with a mission to simplify the access to the financial products for all the customers across various verticals.
Being a trusted fintech platform and business partner for numerous DSA and financial agents, the startup provides proprietary training, customer support and training to hasten the business growth of the organizations in the financial services sector.
Sector: Foodtech
Funding Round: Seed round
Startup: CURRYiT
Established Year: 2021
Funding News: Cooking Paste providing Startup 'CURRYiT' nets 
4.5 crore in Seed Funding round
4.5 crore in Seed Funding round
CURRYiT, a cooking paste startup has raised 4.5 crore in a Seed Funding round. Previously, the startup had lifted $139K in a new round directed by RPSG Capital Ventures, IIMU and many others in the year 2021.
4.5 crore in a Seed Funding round. Previously, the startup had lifted $139K in a new round directed by RPSG Capital Ventures, IIMU and many others in the year 2021.
Investors: RK Family Trust, Freeflow Ventures, Tangent Advisors and registered significant participation from Ramesh Damani, Ajaya Jain.
Established by Richa Sharma and Nischal Kandula in the year 2021, CURRYIT eliminates the challenges of preservatives, chemicals, palm oil and dehydrated vegetables. It presents a wide array of cooking pastes such as curry pastes including instant tadka, Kashmiri rogan josh, butter masala, tomato purees, butter masala, ginger garlic paste and so on.
The Delhi-based startup claims that it is serving more than 25000 pin codes per day and achieved more than 50% M-o-M growth on the Q-commerce platforms. The curry brand goals to multiple its monthly turn over in the upcoming 6 months.
The newly raised funding will be allotted to scale-up the operations, enhance the efforts of brand marketing and strengthen their channels for distributions.
Expressing to this, the Founders of the startup, Richa Sharma and Nischal Kandula states, “Clean delicious food is not merely a USP for us, it is a choice we would like consumers to make for tastier and healthier home cooked food. Current range of products available in the market are loaded with chemicals, preservatives, dehydrated vegetables, palm oil, hence compromised on both taste and quality”.
Sector: E-Sports
Funding Round: Pre-Series A
Startup: 'Oneiric11 Gaming'
Established Year: 2020
Funding News: E-Sports Platform 'Oneiric11 Gaming' wins $1 million in Pre-Series A
Popular Actor and Television Entertainer Rannvijay Singha-led esports and gaming platform Oneiric11 Gaming has gotten $1 million in pre-Series A round.
Investors: NG Family Trust and TAC Holdings, alongside support from different financial backers.
The raised funding will be used to grow its game development group, upgrade technological framework, and streamline marketing endeavors to tap a more extensive crowd, Oneiric11 Gaming said in an official press release.
Established by Avneet Singh, Oneiric11 Gaming aims on making immersive and appealing gaming content customized to the inclinations of Indian gamers.
As indicated by the Chandigarh-based organization, its zero-transaction fee structure include on the platform is a consumer-driven approach and features its obligation to mindful gaming.
The company acts as the destination for fans of fantasy gaming because it offers a variety of fantasy sports and rewards to players. The other noticeable new businesses in this space are GRID Esports, Gameskraft, EVOS Esports, JetSynthesys, et al.
Expressing to this, Avneet Singh, Founder & CEO of Oneiric11 Gaming states, "This investment will help us accelerate our growth and bring innovative gaming experiences to our users”.
Sector: Specialty Chemicals
Funded Round: Series A
Startup: Scimplify
Established Year: 2023
Funding News: Chemical manufacturing Startup 'Scimplify' nets $9.5 million in Series A
Scimplify, a platform-based start-up for obtaining and manufacturing of specialty synthetics, has lifted $9.5 million up in its Series A funding round.
Investors: Omnivore, Bertelsmann India Investments and existing financial backers 3one4 Capital and Beenext
With this new funding round, the startup intends to down twofold on its Research and development capacities and add more locations where key client sections lie.
Scimplify is a business-to-business fulfillment platform that operates throughout the product life cycle, from contract research to commercial chemical manufacturing in pharmaceutical, personal care, and agrochemical sectors.
It was founded by Salil Srivastava and Sachin Santhosh. A science-first, end-to-end contract manufacturing platform for agrochemicals, pharmaceutical APIs, and flavors and fragrances can be found on the company’s website.
Speaking to this, Salil Srivastava, Co-Founder of Scimplify, in a statement says, “The backbone of Indian specialty chemical manufacturing are mid-sized factories that have built in-depth, chemistry specific expertise over decades. However, there is significant available capacity to double the national output in the next 5 years with the given infrastructure”.
Sector: AI-based Healthcare
Funding Round: Series C
Startup: SigTuple
Established Year: 2015
Funding News: AI-based Medical Startup 'SigTuple' nets $4 million in extended Series C
SigTuple, an inventive Medtech Startup has successfully raised 33 crore (approximately $4million) in its extended Series C Funding round. Earlier, the Bengaluru-based startup had lifted $4.3 million in its Series C funding round directed by Endiya Partners & Accel in the month of March 2023. To date the company has bagged more than $40 million.
33 crore (approximately $4million) in its extended Series C Funding round. Earlier, the Bengaluru-based startup had lifted $4.3 million in its Series C funding round directed by Endiya Partners & Accel in the month of March 2023. To date the company has bagged more than $40 million.
Investors: SIDBI Venture capital & Endiya Partners
According to the press release released by SigTuple, the newly raised funds will be utilized to maximize the geographical extension and extend its product portfolio and nurture regulatory clearances.
Partnering with Horiba Medical as its South Asia distribution channel, SigTuple has also expanded into Southeast Asia, the Middle East, and North Africa, and plans to enter Europe and the Americas. In September 2023, AI100 received US FDA 510(k) approval, making SigTuple the third company globally—and the first in India—to achieve this for AI-assisted digital haematology.
Tathagato Rai Dastidar, Founder & CEO of SigTuple says “While we continue to build on the success of AI100 in India and abroad, 2024 will witness two new major product launches addressing a wide segment of the diagnostic industry, which will help make SigTuple a global brand coming out of India. We are truly excited to welcome SIDBI Venture Capital on board as the lead investor in this round. Their support is going to go a long way in making our dream of going global a reality.”
