Startup news and updates: daily roundup (June 14, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, June 14, 2023.
Lending SaaS startup Cloudbankin secures $400K funding
Digital lending SaaS startup Cloudbankin, formerly known as Habile, has raised $400,000 in funding from SaaS accelerator and fund, global venture capital firm , and a clutch of angel investors, including Ramanathan RV (CEO, Hyperface), Mohan Karuppiah, (CEO, IppoPay), and Mahendra Negi (Founder, Director, Advisor, Negi Solutions).
Some leading global technology companies also contributed to the funding, the company said.
Chennai-based Cloudbankin provides digital lending software solutions to financial institutions. They include low-code digital onboarding, loan origination and management system, business rule engine, and other API offerings. It competes with players such as Lentra and Nucleus.
The firm plans to use the funding to enhance its AI-based low-code platform to enable customisable workflow and pluggable integrations for different financial products such as business loans, loan against property, housing loans, gold loans, buy now pay later (BNPL) and personal loans.
The company has over 50 financial institutions from different countries as clients. India is its primary market. It claims that financial institutions using its product have achieved loan disbursements in under 10 minutes for unsecured loans, said Mani Parthasarathy, Co-founder and CEO of Cloudbankin.
Crypto taxation platform TaxNodes raises $1.6 M in seed fund
TaxNodes, a crypto tax computation and expert-assisted ITR filing platform, has secured $1.6 million in a seed funding round from notable veterans in the Web3 and wealth tech space, including Rahul Pagidipati (CEO, ZebPay), Nischal Shetty (Founder and CEO, WazirX ), Ashish Singhal (Co-founder and CEO, CoinSwitch), and Ajeet Khurana (Founder, Reflexical).
Founded in 2022 by Avinash Shekhar, a chartered accountant and former CEO of crypto exchange ZebPay, TaxNodes is a tax computation and expert-assisted ITR filing platform that aims to simplify the tax computing process. The platform says it has a team of experts dedicated to simplifying taxes, particularly in the complex world of crypto taxes.
The company is developing an AI-assisted tax advisory model for individuals and corporates to provide control and compliance using GPT-like large language model, it said.
Since its inception, TaxNodes claims to have witnessed a 5X month-on-month spike in its customer base. It has announced partnerships with crypto exchanges such as ZebPay, WazirX, and Giottus.
"This funding will enable us to provide a complete solution for crypto natives, making it easier for them to handle their tax obligations. Furthermore, this investment will propel our research and development efforts to create innovative products that cater to crypto exchanges, investors and finance professionals, including crypto auditors,” said Shekhar.
Climatetech startup Myplan8 secures pre-seed funding
, a green tech startup, has raised an undisclosed amount in pre-seed funding from a clutch of HNI investors. The funding will enable Myplan8 to accelerate the development of sustainable solutions and expand its reach in the market, it said in a statement.
With the funding, the company aims to strengthen its product and development efforts, attract top-tier talent, and scale its operations. The company's core focus areas include Green Score intelligence (a proprietary intelligence and scoring mechanism), climate change mitigation by awareness in individuals, carbon footprint reduction, resource carbon neutralisation and generating and democratising carbon credits.
“We have built a reward-based ecosystem that empowers individuals to make positive changes effortlessly. Our ultimate goal is to help millions of people embrace an eco-conscious lifestyle and improve their Green Score, leading to a sustainable future for all," said Koushik Sur, Founder of Myplan8.
Healthcare financing platform CarePal elevates Vikas Kaul as co-founder
CarePal Group, an healthcare financing platform, has elevated Vikas Kaul as its co-founder. Kaul will join CEO Piyush Jain and COO Khushboo Jain in the leadership team.
Kaul, who currently serves as the chief product and growth officer, will assume greater responsibility in shaping the brand’s strategic direction, the company said in a statement. He will work closely with the existing co-founders and the executive team to accelerate the company’s growth trajectory and expand its global footprint.
CarePal is an integrated healthcare financing ecosystem that combines a medical crowdfunding technology platform (ImpactGuru), an insurance and protection solutions brand (CarepalSecure), and a lending marketplace solutions provider (CarepalMoney).
Escrowpay partners with Eqaro Guarantees
Digital escrow platformis collaborating with , a technology-led financial guarantees company, to offer their respective solutions to clients.
The former will offer its digital escrow solutions to NBFCs and MSMEs within the Eqaro ecosystem while the latter will offer its underwriting capabilities to MSMEs and emerging businesses to offer financial guarantees, within the Escrowpay ecosystem.
“As we continue to help MSMEs efficiently manage their collections and payments, the complementary nature of financial guarantees from Eqaro will help them with access to new growth opportunities across a variety of business use cases," said Subhrangshu Neogi, Executive Director and Co-founder, Escrowpay.
"The combined, bundled and complementary nature of our offerings will help these businesses focus on their core areas of growth, optimisation of cash flows and access to new avenues of growth capital,” Neogi added.
(The story will be updated throughout the day with the latest news.)
Edited by Swetha Kannan