[Funding alert] Digital payment solutions firm DIPL raises Rs 5.75 Cr from US-based IC1101
DIPL, a Mumbai-based transaction service provider, has raised Rs 5.75 crore from US-based investment group IC1101. The investment group was among the top eight investors who participated in India's funding platform, Horses Stable.
Prashant Aggarwal, Founder, Horses Stable said, this season has broken all records of previous seasons with a conversion of 50 percent turn around, where about 18 companies successfully got funded from 39 selected participants, with the whooping biggest deal bagged by DIPL.
Among the top funded companies, a robotics startup Mitra Robot got backing from ITI Growth Opportunities Fund, IC1101, Windrose Capital and angel investor Kevin Saboo. Previously, the startup had borrowed Rs 1 crore in the form of a bank loan, and had raised about Rs 1.35 crore from undisclosed angel investors.
The other startups who secured the funding are Ringtel Marketing, PawsIndia, ANP Atelier and Associates etc.
The Season 2 of Horses Stable included investor Rohit Goyal, a graduate of CASS Business School, City University London, who has made numerous investments in India and abroad. The platform also included Mohit Gulati, CIO and Managing Partner of the $20 million venture fund, ITI Growth Opportunities Fund; Vikash Sharma, Founder of IC1101 Inc; Nilesh Trivedi, a venture capital professional; and Chiranjiv Gill, a Chandigarh-based businessman.
Participating startups work in industries, as diverse as pharmaceuticals, agriculture, fintech, technology, consumer products, B2B, and B2C.
Horses Stable is the Indian equivalent of the popular American TV show Shark Tank and is a first-of-its-kind venture that provides a platform for startups and investors. Startups can pitch their business ideas and investors that find the business worth investing in, can invest money in the startup. It also grooms startups on how to pitch their ideas and helps them in their presentation.
(Edited by Suman Singh)