Source: Startup Rise EU
Funding in Indian startups dropped 84% last week to $91.5 million across 10 deals. However, there were still a number of ventures across sectors like fintech, EVs, used cars, and education loans where investors showed interest addressing real problems and serving underserved markets.
Spinny has raised $30.6 million from WestBridge Capital
Money Raised: $30.6 million
Investor: WestBridge Capital
The Gurugram-based used-car platform Spinny secured $30.6 million from WestBridge Capital, bringing its Series F round to an amount of $161 million, which includes an earlier $131 million from Accel Leaders Fund. Spinny is a platform that makes buying and selling second-hand cars an easy experience by including car details, loans, and warranties in one platform. Spinny was founded in 2015 and has raised a total of $676 million to date. It has recently bought out Autocar India and also launched its own NBFC. In FY24 the business reported a 14% revenue increase to INR 3725 crore and a 28% decrease in losses, both results indicating improved performance.
POP – A New Way to Shop and Pay
Money Raised: $30 million
Investor: Razorpay
Launched in 2023 by Bhargav Errangi, Bengaluru- headquartered POP is a consumer app that brings together UPI payments, online shopping, and a co-branded RuPay credit card into one platform. The company has launched its own rewards called POPcoins, which can be redeemed across various partners’ brands. Ryderpay acquired a majority stake for $30 million, and will enable POP to scale its loyalty-first ecosystem, drive product innovation, and grow the number of merchants.
Mahaveer Finance – Helping Small Truck Owners
Money Raised: $24 million
Investors: Elevation Capital, BanyanTree Finance, First Bridge Capital
Mahaveer Finance is a well-established NBFC in Chennai that provides loans to small truck owners and first-time buyers hoping to begin their own transport lines. It recently closed a round of ₹200 crore in funding, led by Elevation Capital and with the participation of the investors Banyan Tree Finance and First Bridge Capital. The funds will be used to improve its governance, upgrade technology, and expand its operations. Since 2016 Mahaveer’s book rose from the first ₹50 crore to a ₹1000 crore book to now being able to target ₹5000 crore within the next 2–3 years. The company operates in four states. It has 80 branches at the moment and looks to cross 100 branches by the end of this year. Mahaveer has also focused on business diversification, transitioning to a whole range of loans including loan against property and business loans.
CLR Facility Services – Managing Workplaces Better
Money Raised: $15 million
Investor: British International Investment (BII)
CLR Facility Services, a Pune company that assists businesses managing an office or factory servicing by filling skilled worker positions operational and event management, has raised $15 million from British International Investment to grow throughout India. CLR plans on increasing its number of skilled workers from 20,000 to 50,000, training its workforce, and improving its ESG efforts, while focusing on attaining as many women and economic advancement goals in underserved communities. CLR currently serves over 160 clients in the facility services industry.
Techfino – Loans for Students and Small Businesses
Money Raised: $7.5 million
Investors: Stellaris Venture Partners, Saison Capital
Techfino is a Bengaluru-based non-banking financial company (NBFC) founde3d in 2019 that offers loans against property for mostly micro, small and medium enterprises (MSMEs), as well as students and small businesses. The Techfino model simplifies the loan process for the general population and gives access to funding from various sources. Techfino is currently profitable and operating in multiple states across India. Just recently, the company raised a total of INR 65 crore led by Stellaris Venture Partners, alongside Saison Capital (Venture arm of Credit Saison). The fresh capital will be allocated to grow the branch network, improve the technology platform, and grow the organization (MSME).
Oben Electric – Making Electric Bikes in India
Money Raised: $5.76 million
Investors: Helios Holdings, Sharda family office, Kay family, and others
The startup Oben Electric, founded in Bengaluru in 2020, produces electric motorcycles and charging systems to create affordable and eco-friendly transportation in India. It has raised INR 50 crore in an extended Series A, which brings the issued equity for the round to INR 100 crore, INR 200 crore in total issued equity to date. The new funds will extend retail distribution from over 25 existing showrooms to 150+ stores, allow for production expansion, and research and develop their next motorcycle in the affordable range, the O100. Oben is planning a Series B round of USD 30 million for international expansion.Oben Electric is a startup from Bengaluru that makes electric bikes and charging systems. Their goal is to make eco-friendly travel affordable and popular in India.
Disclaimer: Certain figures, projections, or investment details mentioned are based on recent announcements, and are likely to change, depending on company performance and/or future funding rounds.
