This week, there have been 18 deals, of which three were angel rounds, three seed funding rounds, and four debt funding rounds. In the past two weeks, there have been close to seven debt rounds. Apart from debt funding rounds, fintech startups like Niyo Solutions, LendingKart, IndianMoney, and a few others raised funding this week.
The top fund raises of the week are:
IndianMoney has raised $3 million led by SRI Capital, a US-based early-stage venture fund. A Bengaluru-based platform, IndianMoney provides free consultation on personal finance. The platform also connects financial intermediaries with consumers interested in financial products, through its mobile app.
LendingKart Finance Limited on Tuesday announced it has raised Rs 30 crore in non-convertible debentures from Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), which invests in growth and frontier markets.
According to the company, the debt funds will be used towards growing its loan book and expanding the reach of Lendingkart Finance across SME industries in different parts of the country.
ReNew Power, the renewable energy company has raised $325 million debt capital. The capital will be used to primarily for the prepayment of its existing loans. The company has Goldman Sachs, ADB Global, and Kotak Bank as its investors.
Bengaluru-based fintech startup NiYO announced that it has raised close to $13.2 million in Series A funding from Silicon Valley-based Social Capital, the family office of Jonathan Soros, JS Capital LLC, and Horizon Ventures. Existing investor, Prime Venture Partners also participated in this round. The company had earlier raised a seed round of $1 million from Prime Venture Partners in July last year.
NiYO stated that this round will be used for customer and geographic expansion; hiring across the technology and product teams as well as to foray into newer categories of credit and wealth management.
Bengaluru-based solar energy systems company Orb Energy has raised over $15 million in debt and equity funding. According to a press release from the company, the funding will be used to grow the company’s in-house finance facility of rooftop solar for small-and medium-sized enterprises (SMEs) in India and to also expand its Kenya operations, which it started in 2014.
The funds will also be used for the growth of Orb’s unique in-house platform in India that provides finance to SMEs looking to reduce electricity costs through ownership of a rooftop solar system.