Eko, TreZix, Crest, and DawnTown get equity funding, IBS Software completes a purchase
YourStory presents daily funding roundups from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, February 22, 2023.
IBS Software acquires Accenture Freight and Logistics Software
Travel SaaS (software-as-a-service) provider IBS Software said it has bought Accenture Freight and Logistics Software, which helps airline and ocean transportation companies manage freight operations.
Thiruvananthapuram-based IBS Software said that this acquisition would help strengthen its offerings, especially given AFLS' cloud-based collaboration platform and its suite of new-generation platforms to help ocean carriers automate critical business functions and make data-led decisions for commercial operations, the company said.
This deal would help IBS Software expand its cargo and logistics management expertise in the ocean transportation sector besides being able to get access to experts in logistics and supply chain management to drive innovation. In a statement, the company said it will open a new development center (its fourth in India) in Chennai for travel, transportation and logistics.
Eko India Financial Services bags Rs 30 Cr equity investment from EXXORA
Fintech company Eko India Financial Services said it has received Rs 30 crore in equity investment from EXXORA, the family office of Sriram Natarajan–as part of its Series B funding of Rs 75 crore. Sriram Natarajan is the Founder, Director, and CEO of portable diagnostics company, Molbio Diagnostics.
Eko gives micro-entrepreneurs like influencers, resellers, and facilitators a place to sell digital financial products. The company has worked with over 300,000 merchants to provide services to more than 40 million customers and has processed $10 billion in transactions.
The company will use the funds to expand its network of micro-entrepreneurs, develop its product and improve its distribution in tier-II towns and more.
TreZix raises $1.2M in seed funding
Export-import tech startup TreZix has raised $1.2 million in seed round—a joint contribution in the form of a grant by the Gujarat government and Soha Ventures, besides other angel investors.
The startup will use the funds to develop its product as it seeks to digitise and streamline export and import processes such as logistics, financial management and compliance.
Co-founded by Haresh Calcuttawala, Shailesh Sapale, and Sunil Kharbanda in January last year, the startup launched its product in October 2022.
Crest raises $800,000 from IAN, IPV, and others
Crest, an automated inventory planning software-as-a-service (SaaS) firm, said it has raised $800,000 in pre-seed funding, led by Indian Angel Network and Inflection Point Ventures. Founders of companies like Delhivery, Shiprocket, Pickrr, Smytten, Samosa Party, and Sirona also participated in this round.
The Bengaluru-based company will use the funds to expand product offerings and scale its operations. It is also looking to implement efficient inventory practices to help optimise its customers' working capital.
The startup, founded by Rahul Vishwakarma, Akhil Kumar, and Yogesh Byahatti in 2022, helps direct-to-consumer brands (D2C) and small- and medium businesses manage inventory levels and improve revenue growth rates.
NetSurf Communications' MD and actor Sanjay Dutt invest $500,000 in DawnTown
Sujit Jain, Managing Director of NetSurf Communications Private Limited, and Indian film actor Sanjay Dutt, have invested $500,000 in DawnTown, a sneakers marketplace.
The company said it will use the funds to expand its retail presence in India as well as support its global expansion plans. In addition, these funds will be used to enhance the company's technology and its customers' shopping experience.
The sneaker resale platform, which has listings of shoes from brands such as Nike's Air Jordan, Adidas' Yeezys. and Off-White, was founded by Kushagra Patwari and Risheek Agrawal in April 2021.
Edited by Akanksha Sarma