This Diwali, Bankbazaar found more reasons to celebrate than just the festival. The week began with the fintech aggregator raising $30 million in funding. Apart from that, ready-to-eat food startup Fingerlix received another $8 million in funding from Accel Partners. On the whole, this week was one of high fundraises.
Top fund raises this week were:
RenewBuy, the online motor insurance company, raised $9.2 million in funding. This is the company’s second round of funding. It had earlier raised $2.5 million Series A funding led by Singapore-based Mount Nathan Advisors. Mahesh Parasuraman, Co-founder and Partner at Amicus Capital was quoted as saying in an Economic Times report:
“We are highly impressed with RenewBuy’s differentiated and capital efficient approach to finding a unique digital solution for insurance distribution. We are delighted to make a significant investment into RenewBuy, which is poised for exponential growth.”
Bengaluru-based micro-lending startup KrazyBee said it raised $8 million in Series A round led by Xiaomi Technologies and Chinese venture capital fund Shunwei Capital. The funds raised are a combination of equity and debt, with participation from Essel Group’s E-City Ventures and RK Group.
The funding announcement comes within a year of the firm raising $3 million in a pre-Series A round in January from Plum Ventures. In May 2016, KrazyBee had raised seed funding of $2 million. The funds will be used to capitalise the company’s NBFC to strengthen its loan book, grow data sciences and risk modelling capabilities and to expand services to six more cities.
Financial marketplace BankBazaar.com raised $30 million in a funding round led by credit reporting agency Experian. This latest round takes BankBazaar’s total funding to $110 million.
Adhil Shetty, CEO and Co-founder of BankBazaar said the funds from this round will be used in three different focus areas. First, to strengthen the company’s technology play by hiring more resources, moving closer to its vision of providing a paperless technology platform. The second area of investment will be a credit scoring product that BankBazaar has built along with Experian. The company will also invest funds from this round in strengthening its presence in Singapore and Malaysia.
Ready-to-cook fresh food solutions company Fingerlix raised $7 million in Series B funding led by Accel Partners and Zephyr Peacock. Fingerlix will utilise the capital to accelerate its growth strategy and expand into newer geographies of Bengaluru, Hyderabad and Chennai in addition to expanding its footprint within the NCR. It also plans to launch recipe-based offerings in several centre-of-plate categories.