[Funding roundup] MoEVing, AlmaBetter, Shivalik Small Finance Bank raise fresh capital
Here are the companies that announced early-stage funding rounds during the day.
MoEVing raises $2.5M from JSW Ventures
Electric mobility tech platformraised $2.5 million from JSW Ventures. The startup will use the capital to strengthen its platform for driver-partners across India.
It also intends to use a portion of the capital to support its expansion across multiple Indian cities.
Founded in 2021, MoEVing is building a driver-centric platform that provides tech-enabled charging services, fintech, analytics services, and EV life cycle management services for electrifying last-mile intra-city services, agnostic across OEMs, vehicle types, and charging technologies. It has an operational presence in 15 cities.
Mragank Jain, Co-founder and Chief Strategy Officer, MoEVing, said, “We are delighted to have JSW Ventures as our partners. We provide assured demand, backed by long-term contracts, to drivers and small fleet operators, charging services, affordable financing solutions customized for EV needs, and other related services all on one platform. By doing so, it is easy and profitable for drivers that use our platform to own and operate EVs.”
AlmaBetter raises $2.7M from Kalaari Capital
Upskilling platformraised $2.7 million in a seed round led by Kalaari Capital. The round also saw participation from marquee investors, including Vidit Aatrey (CEO, Meesho), Sanjeev Kumar (CTO, Meesho), Rajesh Yabaji (CEO, Blackbuck), Varun Alagh (CEO, Mamaearth), and Rahul Dalmia (Early backer in Polygon Technology), among others.
The startup will use the funds to expand its offerings to cater to college students. It also plans to introduce job-guaranteed courses in product engineering, including UI/UX and other high-growth domains.
Founded by Shivam Dutta, Vikash Srivastava, Ravi Kumar Gupta, Arshyan Ahsan, and Alok Anand in 2020, AlmaBetter offers flagship programmes to help learners launch their careers in high-growth domains such as data science, software development, and blockchain.
With over 16,000 learners already enrolled, AlmaBetter aims to upskill 60,000 learners by the end of March 2023.
Shivalik Small Finance Bank raises Rs 111 crore from Accel, Quono Capital
Noida-based Shivalik Small Finance Bank has raised Rs 111 crore in equity co-led by global venture capital firms Accel and Quona Capital. Bharti AXA Life Insurance also participated in the investment round.
The bank plans to use the funding to enhance its tech stack, strengthen its team, and deepen partnerships as it moves to become the go-to bank for Indian MSMEs.
The bank is live on all retail payment platforms, including UPI, IMPS, and NEFT/RTGS, and is a direct member of the National Financial Switch. It has over 5.63 lakh unique customers and operates through 46 branches and 21 exclusive business correspondent branches across Uttar Pradesh, Uttarakhand, Madhya Pradesh, Delhi-NCR, and Rajasthan.
Anshul Swami, Managing Director and CEO, Shivalik Small Finance Bank, said, “We are on a promising track of growth focused on tech-driven innovations and strategic partnerships in the financial services space. This investment will help us accelerate our growth as we look to leverage digital banking adoption by small business and retail customers.”
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh