#Fundingwire is your dose of notable investment announcements in the Indian technology ecosystem. Firms which have recently raised investment include InCred, ConveGenius, Witworks, Beyond Evolution and UberDreams
New Fintech Entrant InCred Raises Rs 500Cr
Mumbai-based InCred, a recently found Financial services firm which is yet to launch its operations, has raised Rs 500 crore in investment. The company was founded by former Deutsche Bank executive Bhupinder Singh, and has got backing from 2 PE firms and several high profile individuals including Deutsche Bank co-CEO Anshu Jain who will join the board as the chairperson.
Jain & Gaurav Dalmia, founder and chairman of Landmark Holdings, have invested about Rs 50 crore each, Singh and Manipal Group’s managing director and CEO Ranjan R Pai have invested about Rs 150 crore each. Other investors include IDFC PE, Alpha Capital and a few other individuals.
InCred will use the funds to launch its operations this year. The NBFC will operate as a ‘technology led financial services company focussing on SME Loans, Consumer/Personal Loans, Home Loans and Education Loans’ as per company’s LinkedIn profile. Read More
EdTech Startup ConveGenius Raises Rs 6Cr from Michael & Susan Dell Foundation
Noida and Singapore based EdTech startup, ConveGenius, has raised Rs 6 crore from Michael & Susan Dell Foundation. The company has operates a gamification driven mobile learning platform. It will use the raised funds to reach to more users in India and other emerging markets.
ConveGenius was founded in 2013 by Jairaj Bhattacharya and Shashank Pandey. It had last raised Rs 2 crore in November 2015. Read More
Hardware Startup Witworks Raises Seed Investment
Bangalore-based hardware startup Witworks has raised an undisclosed amount of investment in seed round, led by Fireside Ventures and Investopad. The round saw participation from P39 Capital, along with a group of angels, including People Group’s Anupam Mittal; Pranay Jivrajka, COO, Ola; Maninder Gulati; Abhinav Sinha, COO, OYO Rooms and a few others.
The IoT firm will deploy the raised funding to build a wearable device called Blink, a smartwatch built on Android-based Marvin OS. Witworks was founded in 2014 by Somnath Meher, Ankit DP and Chandrashekhar Iyer. Read More
Beyond Evolution Secures Seed Investment to Launch Smart Home Platform
Gurgaon-based IoT solutions firm Beyond Evolution has secured an undisclosed amount of investment from former Micromax CEO Vineet Taneja and Kamal Puri, Chairman, Skyline Group. The funds would be used to build a smart home platform BeConnected.
The firm was founded in 2013 by Saurabh Sharma. It’s in process of launching a smart plug called Betty, that enables control of home appliances using a mobile app. Read More
Experience Curation Platform UberDreams Raises $500K
Mumbai-based experience curation platform UberDreams has raised $500,000 in seed investment from Mohit Lalvani, CEO, Mascot Group. The company offers a marketplace for different experiences, and also provides an auction platform for the listed experiences.
UberDreams was founded by Savan Manoj Daru in June 2016. Read More
Image Source: Japan Times