Page 15 - Funding

Scrut Automation raises $7.5 mn in funding round led by MassMutual Ventures

IT startup Scrut Automation, which specialises in Governance, Risk and Compliance (GRC) automation, has raised USD 7.5 million in a funding round led by MassMutual Ventures, a top company official said on Tuesday. Scrut Automation CEO and Co-Founder Aayush Ghosh Choudhury told PTI that the fresh round of funding took place at 4 times higher valuation compared to the last funding round a year ago when the company raised USD 3 million. Existing investors Lightspeed and Endiya Partners participated in the funding round to raise their stake in the company, Choudhury said. "We still have 40 per cent of the amount in the bank that we raised in last round. The fresh round of funding is more of strategic in nature," he said. The company will utilise the fund in product development as the company aspires to increase client base by 30-40 times by end of this year. "We at present have around 50 logos. Now we are looking to increase logos to 1,500- 2,000 by end of 2023," Choudhury said. The

PhonePe raises $100 mn in additional funding at $12 bn valuation

This follows $350 million in capital from General Atlantic as a part of an ongoing fundraise with a target of raising up to $1 billion in all

Zypp Electric raises $25 million in Series B funding round led by Gogoro

Zypp plans to deploy 200,000 electric scooters and expand its footprint to 30 cities

Entropik raises $25 mn in Series B funding led by Bessemer, SIG Venture

The funding led by Bessemer Venture Partners and SIG Venture Capital would help Entropik to expand across the US, Europe and Asian Markets

Digital lending startup LoanTap raises Rs 24 crore in venture debt

Funding led by Lighthouse Canton through its Category-II AIF

Vodafone Idea plans to get back in the game but fundraising a challenge

The estimate for what it needs to tackle now is Rs 40,000 crore

Rise of India's agritech defies funding winter

The agritech sector in India is poised for accelerated growth owing to the combined effort of enterprising start-ups, private investors and government initiatives

Funding for electric vehicle sector up 117% in 2022, at $1.6 billion

The Budget exemption for Customs duty on capital goods and machinery for manufacture of EV batteries, and the duty cut on lithium batteries from 21 per cent to 13 per cent will lower prices

Union Budget 2023-24: FM Sitharaman extends tax benefits to start-ups

The allocation for start-ups in the Budget include Rs 160 crore under Startup India Seed Fund (SISF)

Will education outlay improve amidst widening learning gap? Sector hopes so

Ahead of International Education Day on Jan 24, a case for more funding, reducing digital divide in education

Indian fintech start-up funding fell 47% in 2022, says Tracxn report

Growth in the space was expected to continue in the long run, propelled by a large unbanked population

ShareChat, Dunzo to join list of startups planning mass layoffs in India

Rebel Foods, which has brands like Behrouz Biryani and Oven Story, has also reportedly cut its headcount

China saw the steepest fall in funding activity among global peers in 2022

India saw the second-highest fall in funding activity, down 33 per cent in 2022 from 2021, says Tracxn

Fintech startup SarvaGram Solutions raises $35 mn in funding round

Fintech startup SarvaGram Solutions has raised USD 35 million (about Rs 290 crore) in a funding round from a clutch of investors including Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds. SarvaGram provides a range of customised financial and capacity-enhancing products to unlock the potential of aspirational rural India. It closed its Series B round at USD 10 million in February 2021, which was led by Elevation Capital and Elevar Equity. The company announced "close of its Series C round at USD 35 million. Investors in this round include Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds, with Elevar Equity being the largest investor in the company." With this funding round, SarvaGram plans to expand its distribution network by adding 75 outlets (to reach 125) by the end of financial year FY2024. "It also plans to expand its on-ground franchisees -known as 'SarvaMitra' - to 3X of the current strength across different states in India. The funds would a

Flipkart, PhonePe complete separation as fintech firm preps for fundraise

PhonePe in talks with parent Walmart, General Atlantic, and other investors to raise about $700 mn

Jungle Ventures-backed BetterPlace raises $40 mn in series C funding

The firm is a SaaS platform for frontline workforce management, with a user base of 1,100 large enterprises

Java Capital launches Rs 75 cr seed fund, announces first close at Rs 30 cr

Firm will invest in at least 15 technology and fintech start-ups, expects final close in 6 months

UN chief Antonio Guterres calls for donations to emergency response fund

'At a time of tough tests for the humanitarian sector, CERF's focus on under-funded crises was more important than ever'

HealthKart raises $135 million in funding from Temasek, A91 Partners

Company will use money to promote brands, increase offline distribution, and expand internationally

Esports tournament platform Gamerji raises $3 mn in pre-series A funding

Funds raised will be used for the company's foray into Southeast Asian markets, starting with Indonesia and Philippines