NCOME, Vauld, Aqgromalin raise fresh capital

NCOME, Vauld, Aqgromalin raise fresh capital
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29 Dec, 2020

Escrow-as-a-service platform NCOME has raised $490,553 (Rs 3.6 crore as per current exchange rates) in a fresh funding round, dubbed a pre-seed round.

Venture Catalysts and Point One Capital led the round, with participation from 9Unicorns and LetsVenture, a statement said. 

Having partnered with private banks and a trusteeship company in India, NCOME provides enterprises and individual customers low-cost digital escrow services. It leverages technology to streamline conventional processes through online KYCs and digital escrow account openings. Its account management suite enables customers to manage their digital escrow accounts.

The New Delhi-based firm was founded earlier this year by Vineet K Singh and Ritesh Tiwari, both of whom have nearly two decades of experience building fintech and digital payment products.

Archana Priyadarshini, general partner, PointOne Capital, said, “We believe NCOME will democratize the escrow service, which is very much needed for (the) gig economy and rise of marketplaces. It will usher in a new era of secure transactions for both buyers and sellers.”

Escrow is a contractual arrangement, wherein a third party agency receives and disburses money to be paid to various stakeholders or the primary transacting parties.

Crypto lending platform Vauld raises $2 mn

Singapore-based crypto lending platform Vauld has raised $2 million (Rs 15 crore) from multiple investors in a fresh funding round.

Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos Capital, LuneX Ventures, Compound Finance CEO Robert Leshner, Tarun Chaitra’s Robot Ventures, CoinShares, Better Capital, New Form Capital and IntoTheBlock CEO Jesus Rodrigues infused funds into the company. 

In June, the company had raised $500,000 from Singapore’s LuneX Ventures and others. Vauld claims to have grown 10-fold since then. 

The startup plans to utilise the fresh capital to expand operations in India and abroad. It also looks to double down on engineering talent and open offices across the country.

Apart from being an India-focused crypto platform, it offers payments, credit and trading services. 

“We finally see institutional capital come into India’s fintech ecosystem with the expectation of banking integrations that complement existing crypto credit offerings.” Darshan Bathija, CEO of Vauld, said in a statement.

Angels back agritech startup Aqgromalin 

Krishangiri, Tamil Nadu-based Aqgromalin Farmtech Services has raised $272,529 (Rs 2 crore) from undisclosed Middle Eastern angel investors. 

The startup aims to utilise the capital to set up 500 micro farms in its home state, Telangana and Andhra Pradesh.

Aqgromalin supplements the income of small landholding farmers through ready-to-implement micro farms, mainly in the areas of animal husbandry and aquaculture.

The micro farms help small and marginal farmers diversify their portfolio and avail greater returns, Prasanna Manogaran and Bharani CL, co-founders of the one-year-old startup, said.

The agritech startup helps farmers utilise their existing farm assets to broaden their agricultural practices for better growth. This involves providing access to necessary inputs and materials to start operations, including training for the cultivation of crops, raising farmers' awareness about common diseases and equipping them with skills to troubleshoot and increase yield.