[Funding roundup] Fabrication Bazar raises Rs 7 Cr, Northern Arc Capital secures $25M via ECBs
YourStory presents daily funding roundups from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, August 4, 2022.
Fabrication Bazar raises over Rs 7 Cr in a seed round led by Inflection Point Ventures
Manufacturing and engineering startup Fabrication Bazar has raised over Rs 7 crore in a seed round led by Inflection Point Ventures. The funds raised will be used towards expanding the team, technology enhancement, and scaling the operations to the export market.
Founded in 2016, Dwaipayan Dutta (Co-founder and CEO) and Mohit Garg (Co-founder and CSO), the company has developed and incorporated a cloud fabrication concept and an end-to-end tracking platform using its own unique technological platform. The company follows an asset-lite model and plans on expanding to the global market with a similar supply chain.
Northern Arc Capital raises $25M through ECBs from Proparco
Northern Arc Capital, a diversified financial services platform, announced that it has concluded a $25 Million External Commercial Borrowing transaction with Proparco.
Proparco is the private sector financing subsidiary of Agence Française de Développement Group (AFD Group), which is a public financial institution owned by the French Government.
Northern Arc will use the capital to serve MSMEs and women entrepreneurs. The long tenure of the facility will provide Northern Arc with the flexibility of serving these customers through a diverse set of solutions. The funding from Proparco will improve access to financing for around 21,000 micro-borrowers and MSMEs in India. It is estimated that the project will help the retention of 34,000 jobs.
Over the last three years, Northern Arc has raised funds from a spectrum of reputed international investors including USDFC, ADB, FMO, Calvert Impact Capital and JICA.
Arista Vault raises an undisclosed sum
Tech startuphas raised an undisclosed amount of funding from Germany-based Mainstage Angel Network and UK-based VC firm Pontaq, to create a smart ecosystem with lifestyle products in India.
“Arista Vault feels that association with Pontaq will scale us to the next level with cross border business opportunities,” said Purvi RoY, CEO of Arista Vault.
Arista Vault was founded by Purvi Roy, Retd Army Colonel K K Singh, and CA Atul Gupta. The company has been operational since 2018 and has developed home-grown products completely made in India. It has already been incubated by the Ministry of Electronics and IT, Government of India.
The Delhi-based tech startup is creating Smart Luggage Smart Wallets and Bagtags Smart keychains to establish a safe secure and smart ecosystem to solve the problem of loss theft and misplacement of luggage, with some smart features like pickpocket alarm, lost alarm, location tracking, two-way alarm.
The firm has sold 12,000 products and the smart wallets are available on the Arista Vault website and, , , , Amazon USA, UAE, and UK it has also exported the products in bulk.
Edited by Affirunisa Kankudti