Funding roundup: Ola, HyperTrack in the spotlight, while fintech gets back in the gameSindhu Kashyaap
Well into the second half of June, we see that investors have finally begun loosening their purse strings. The big news this week was Ola, which received another tranche of the capital from an ongoing round. Given the management uncertainty that Uber is facing, it will be interesting to see how the new infusion benefits Ola.
Also in the limelight was HyperTrack, founded by serial entrepreneur and author of The Golden Tap, Kashyap Deorah. (There’s more on that later.) Fintech appeared to be back in the game in a big way, with MoneyTap, Lendingkart and Coverfox, all raising significant amounts. Interestingly, sectors that had been left out in the cold found favour with investors this week, including food, grocery and hyperlocal. (Funding news last week was dominated by sectors such as travel, healthcare, co-working spaces, used cars and bikes platforms, fintech and fitness.)
Lendingkart raises Rs50 cr debt funding from YES Bank
Lendingkart, the Bengaluru-based SME lending firm, raised Rs 50 crore in debt funding from YES Bank. According to a company release, the funds will be utilised to build Lendingkart’s loan book as it expands its reach to small- and mid-sized enterprises (SMEs) that are short on formal credit facilities and are based out of Tier III cities.
Coverfox raises $15 million in Series C funding, led by Transamerica Ventures
The Mumbai-based online insurance platform raised $15 million in Series C funding. Interestingly, one of the founders, Varun Dua, who recently moved out to run Acko General, also raised $30 million in one of the largest rounds of seed funding.
HyperTrack raises $7 million in funding from Nexus Venture’s Founders Fund
HyperTrack, founded by Kashyap Deorah and Tapan Pandita, raised $7 million in Series A funding, led by Nexus Venture’s Founders Fund. The startup aims help businesses track products and people in real time. The company had earlier raised $1.5 million in funding from angel investors in Silicon Valley. In February, Helion Ventures Co-founder Ashish Gupta had joined the Board of Directors at HyperTrack.
Fincash raises $100K in pre-series A funding
Personal finance management startup Fincash raised $100,000 in funding from a group of angel investors., Fincash offers solutions to help individuals channelise their funds into long-term savings.
Goodera raises $5.5 million in Series A funding, led by Nexus Venture Partners
Goodera, the Bengaluru and Menlo Park-based corporate social responsibility and sustainability management tech platform, raised $5.5 million in Series A funding from Nexus Venture Partners and Omidyar Network. The funds will be utilised to improve technology, deepen domain expertise, and support customer acquisition and experience.
Mr.Needs raises Pre-Series A funding of $500,000
Grocery delivery startup Mr.Needs raised $500,000 from a few angel investors. The Noida-based startup aims to use the funds to expand its operations across different parts of Delhi-NCR.
MoneyTap raises Series A funding of $12.3 million, led by Sequoia
MoneyTap, the app-based credit line startup platform, raised $12.3 million in Series A funding, led by Sequoia Capital. Exiting investors NEA and Prime Venture Partners also participated in the round. The company plans to utilise the current investment in three broad areas—R&D, building data sciences ability, and expansion.
GoodBox raises $1 million in Series B, led by Nexus Venture Partners
Bengaluru-based Goodbox, which provides small businesses with an online presence to help them connect with their customers through their mini and mega app concepts, raised $1 million in Series B funding from existing investors Nexus Venture Partners. Goodbox had earlier raised $2.5 million from Nexus and acquired SmartPocket in 2015.
Ola raises $50 million private equity funding
Ola got an additional infusion of $50 million in capital from New York-based hedge fund Tekne Capital Management. This funding is one tranche of an ongoing round, which also saw investment from RNT Capital Advisors and Falcon Edge. With this, Ola’s valuation goes up to $3.65 billion.