Enterprise-technology startups shine in muted week for dealmaking
Enterprise-technology startups were in the limelight amid muted dealmaking activity in a holiday-truncated week. In all, at least a dozen startups raised close to $24 million with money primarily going into ventures in the early stages of operations. Offbeat segments such as environment-technology and civic-technology were also in focus.
- Bengaluru-based enterprise technology firm Increff, which offers supply-chain technology solutions to fashion brands and retailers, raised around $3 million from venture capital firm 021 Capital and Flipkart co-founder Binny Bansal.
The startup offers a supply-chain management platform that includes verticals such as technology-led merchandising and pricing, design intelligence, fulfillment technology and services.
- Routematic, a transport software provider and a cab aggregator for enterprises, raised $2.5 million in a round led by existing investors Vamm Ventures and former Café Coffee Day chief executive Naresh Malhotra. The firm said it would use the fresh capital to beef up its supply-chain technology.
- Global industrial analytics firm Neewee Analytics Pvt. Ltd raised $4 million (Rs 27.6 crore) in a Series A round of funding led by IIFL India Private Equity Fund, an investment vehicle floated by IIFL Asset Management Ltd. The firm focuses on boosting efficiency in the manufacturing sector.
BookMyShow’s strategic bet
Months after raising $100 million in fresh funding, Mumbai-based entertainment ticketing portal BookMyShow invested an undisclosed sum in Pune-headquartered payments technology company AtomX Corporation Pvt. Ltd.
Founded in 2012 by Abhilash Gowdara, AtomX offers a cashless payments platform and solutions that allow users to store cash in the form of digital money in their Near Field Communication (NFC) chip on mobile devices and simply tap, pay and buy food, beverages and merchandise instantly.
AtomX's solution, which can be used both by vendors and consumers, facilitates storage of data on the card itself, thus addressing the challenge of poor internet connectivity at outdoor events.
BookMyShow said the investment would strengthen its position in the out-of-home entertainment landscape across ticketing, producing and managing on-ground operations.
Here’s a snapshot of some of the other notable funding deals of the week:
- Bengaluru-based digital investment advisory startup Kuvera kicked off the week by raising $4.5 million (Rs 31 crore) in a Series A round of funding from Eight Roads, the proprietary investment arm of Fidelity International Ltd.
Kuvera is a ‘free-to-use’ web-based direct mutual fund investment platform. Founded in 2016, the startup had previously raised a total of $500,000 across two rounds of angel funding.
- TechCircle was the first to report that bus aggregation platform Shuttl, owned by Gurugram-based Super Highway Labs Pvt. Ltd, had raised $5 million in a funding round led by US based venture capital firm New Atlantic Ventures.
- TechCircle was also the first to report that social commerce platform Wooplr, which has been in the market for a large funding round since last year, had raised $2.51 million in a round led by venture capital firm Helion Venture Partners. Japanese mobile gaming company Akatsuki Inc and venture capital fund Sistema Asia Fund also contributed.
- Environment-technology startup Swadha Energies Pvt. Ltd received an undisclosed amount from seed-stage investment platform Indian Angel Network. The startup designs intelligent heating, ventilation and cooling systems that consume less energy.
- New-Delhi based CivilCops, which builds technology for civic purposes, secured an undisclosed amount of funding from newly-launched Alfa Ventures.
US travel startup enters India
US-headquartered BlueWander, an online marketplace which offers end-to-end services for bespoke luxury travel, said that it would set up shop in India.
Founded by Nishant Aggarwal, BlueWander uses its marketplace to match luxury travel agencies with affluent travellers. Its proprietary technology enables discovery, planning, booking and on-trip support.
The company has released a beta version of its marketplace, which is based on the software-as-a-service model, and plans to partner with travel management firms in India.