Wednesday, July 9, 2025
No menu items!
Home Blog Page 38

Swara Fincare Secures ₹19.4 Crore in Series A Funding to Empower Entrepreneurs

By
Supriya Biswas
-
0

Swara Fincare, a tech-driven non-banking financial company (NBFC), has successfully raised ₹19.4 crore (approximately $2.3 million) in a Series A funding round led by UC Impower, with additional contributions from Serica Angel Fund.

This capital injection is aimed at enhancing financial inclusion for micro and small business owners. The company plans to use the funds to broaden its distribution network, innovate its product offerings, and upgrade its technological platforms, as stated in a recent press release.

Established in 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, Swara Fincare is dedicated to delivering financial services to individuals and entrepreneurs in rural and semi-urban regions across India. The company offers tailored financing solutions, as well as life, health, and general insurance products, including features like EMI payments and real-time loan tracking.

With a mission to assist underbanked populations and emerging entrepreneurs, Swara Fincare partners with various stakeholders, including government agencies and NGOs, to provide financial literacy initiatives, training programs, and mentorship opportunities for its clients.

Headquartered in Gurugram, Swara Fincare operates 45 branches in states such as Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, positively impacting over 35,000 households. The firm has also gained debt support from over 30 reputable financial institutions and banks and established three co-lending partnerships to further its growth trajectory.

In the NBFC landscape, notable competitors include Funding Societies, Lendingkart, and AYEFin, among others.

Figr Secures $2.25 Million in Seed Funding, Led by Kalaari Capital

By
Supriya Biswas
-
0

Figr, a startup based in Bengaluru, has successfully secured $2.25 million in its Seed funding round, spearheaded by Kalaari Capital. The investment also saw participation from Antler, Golden Sparrow, and various angel investors.

The funds raised will be allocated towards enhancing Figr’s core technology, specifically focusing on its proprietary AI models designed for UI/UX design. Moreover, the company aims to bolster its product and growth teams to facilitate expansion.

Co-founded by Moksh Garg and Chirag Singla, Figr is revolutionizing the design landscape with its AI-driven platform that transforms initial concepts into refined user interface designs. This innovative approach empowers product teams to operate with greater efficiency and creativity.

With over 75,000 registered users and more than 500,000 queries processed, Figr has demonstrated significant traction, notably with 80% of its user base situated outside India, reflecting its international reach.

To drive its growth, Figr is focusing on attracting a wide spectrum of designers, from independent freelancers to design studios and teams within startups.

ZenStatement Secures $1.62 Million in Seed Funding

By
Supriya Biswas
-
0

ZenStatement, a platform leveraging AI for finance automation and cash flow management, has successfully raised $1.62 million in its seed funding round. This investment was led by 3One4 Capital and Boldcap VC, alongside contributions from Dynamis Ventures and Atrium Angels.

The startup has also attracted support from notable angel investors and business leaders, including Michael Boyd (former Global Treasury Head at Apple), Chetan Venugopal (Founder of Pierien Services), Ankit Nagori (Founder of EatFit), Kulin Shah (Founder of Onsurity), Ankit Fatehpuria (Founder of Zetwerk), and Sujayath and Navaneeth (Founders of Shop-up and Voonik).

The funds will be allocated toward enhancing product offerings and developing a robust sales and marketing framework to broaden ZenStatement’s reach in both domestic and international markets.

Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, ZenStatement—previously known as SimpliFin—empowers businesses to effectively monitor, optimize, reconcile, and project their cash flows. The platform utilizes AI-driven natural language queries to deliver valuable financial insights.

In just a year of operation, ZenStatement has reportedly established a client base that includes unicorns and leading companies across sectors such as digital commerce, retail (including food and beverage), and fintech, managing around 10 million transactions (approximately 60 million) monthly.

DCGpac Reaches Profitability as FY24 Revenue Approaches Rs 100 Crore

By
Supriya Biswas
-
0

B2B packaging solutions provider DCGpac has reported a strong financial performance for the fiscal year ending March 2024, with revenue nearing Rs 100 crore. The Gurugram-based company, which raised Rs 20 crore in funding, also turned profitable during this period.

DCGpac’s operational revenue grew by 21.4%, reaching Rs 96.5 crore in FY24, up from Rs 79.5 crore in FY23, according to consolidated financial statements filed with the Registrar of Companies (RoC).

Specializing in a variety of packaging materials and services—such as corrugated boxes, courier bags, bubble films, designer packaging, and comprehensive “Design to Distribution” solutions—DCGpac generates its revenue solely through packaging sales. The company serves a wide customer base, including well-known names like Blinkit, Shiprocket, Delhivery, Myntra, DHL, and Shadowfax, according to its website.

Material costs represented 83.17% of DCGpac’s overall expenses, increasing by 19% to Rs 80.4 crore in FY24. Employee-related expenses were reported at Rs 8 crore for the fiscal year.

Other operational expenses—ranging from advertising and warehousing to IT services and packaging—rose by 17.9%, bringing total expenditures to Rs 96.7 crore, compared to Rs 82 crore in FY23.

Despite rising costs, DCGpac’s steady growth and efficient cost management enabled the company to turn a profit, posting net earnings of Rs 19 lakh in FY24, compared to a loss of Rs 1.67 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin stood at 3.34% and 1.19%, respectively. The company’s spending efficiency remained strong, spending Re 1 to generate Re 1 in operating revenue.

To date, DCGpac has raised Rs 20 crore, including a pre-Series Seed round of $1.5 million led by Venture Catalysts, 9Unicorns, and Inflection Point Ventures in April 2022.

Leegality Achieves Profitability with 87% Surge in FY24 Revenue

By
Supriya Biswas
-
0

Leegality, a leading document infrastructure platform, continued its impressive growth in the fiscal year ending March 2024. Building on its 100% revenue increase in FY23, the IIFL Fintech Fund-backed firm experienced an 87% rise in revenue this past fiscal year.

According to the financial report filed with the Registrar of Companies, Leegality’s operating revenue surged to Rs 62 crore in FY24.

Leegality supports businesses in digitizing document workflows, removing the need for physical paperwork in the lending sector. The platform offers digital infrastructure services such as eSign and eStamping, which were its sole revenue streams in FY24. Additionally, the company earned Rs 4.2 crore in interest from bank deposits, bringing its total income to Rs 66.41 crore for the year, a significant leap from Rs 35.51 crore in FY23.

On the expenditure front, employee costs accounted for the largest portion, representing 56% of total expenses. Employee benefit costs rose by 62.5%, reaching Rs 36.4 crore in FY24, compared to Rs 22.4 crore in FY23. E-Sign charges constituted 15% of overall costs, soaring 2.3 times to Rs 9.5 crore. Tech infrastructure expenses, which made up 10%, increased by 55%, amounting to Rs 6.6 crore. Other operational expenses, including stamp processing, advertising, and legal fees, brought the company’s total expenses to Rs 65 crore, up from Rs 39 crore in FY23, reflecting a 66% rise.

Thanks to its notable revenue growth, Leegality reached profitability in FY24, posting a profit of Rs 1.11 crore, compared to a loss of Rs 3.5 crore in FY23. The company’s ROCE stood at -2.75%, while its EBITDA margin was 3.33%. On a unit basis, Leegality spent Rs 1.04 for every rupee of operating revenue earned in FY24.

Despite operating in a competitive industry, Leegality’s path to profitability suggests the firm is maintaining strong economic fundamentals. As the trend toward digitization of documents continues, the demand for Leegality’s services is poised to grow. However, the company may face potential risks from government-backed alternatives like Digilocker, should they expand their services to compete directly.

Xavier Kurian Joins Neysa as Chief Revenue Officer to Drive Growth and Market Expansion

By
Supriya Biswas
-
0

Neysa, a leader in AI Acceleration Cloud Systems, has appointed Xavier Kurian as its new Chief Revenue Officer (CRO). With over 24 years of experience in solution architecture, strategic alliances, and presales, Xavier brings a wealth of expertise from previous senior roles at companies like Dell Technologies, Trend Micro, and Sun Microsystems. At Dell, where he spent 14 years, Xavier played a pivotal role in implementing high-growth strategies and expanding the company’s presence in key market segments.

In his new role at Neysa, Xavier will lead efforts to boost revenue, expand market reach, and ensure customer success through the company’s AI-powered cloud solutions. His extensive knowledge of customer needs and strategic partnership development will be critical in accelerating Neysa’s growth.

As businesses worldwide increasingly adopt AI technologies, Xavier aims to enhance Neysa’s go-to-market strategies, helping clients leverage AI solutions to maximize their return on investment.

Adloggs Secures Investment from Auxano Capital and Others to Expand AI-Powered Hyperlocal Delivery Platform

By
Supriya Biswas
-
0

Adloggs, an innovative AI-driven delivery orchestration platform, has successfully raised new funding in a round led by Auxano Capital and Multiply Ventures, with participation from Faad Network. The funding, facilitated by investment banker Ashish Sawargi, will be used to scale Adloggs’ delivery partner network and enhance its AI-powered platform for deeper integrations. Although the exact investment amount remains undisclosed, the capital will support the platform’s mission to revolutionize last-mile logistics in India.

Adloggs plans to meet the rising demand for hyperlocal deliveries by aggregating small and local delivery fleets, ranging from 5 to over 500 riders, giving them access to a steady stream of business. This approach aims to streamline hyperlocal logistics and create a more efficient delivery ecosystem across the country.

“This investment will fuel our growth as we work to meet the increasing need for hyperlocal delivery solutions across India. Our goal is to create an inclusive, efficient delivery ecosystem that benefits businesses and local partners alike,” said Darshan Krishnaswamy, Founder of Adloggs.

Shreyanka Patil Joins Forces with BOBCARD as New Brand Ambassador

By
Supriya Biswas
-
0

BOBCARD, a subsidiary of Bank of Baroda, has announced Indian cricketer Shreyanka Patil as their latest Brand Ambassador. Patil will spearhead a variety of campaigns and initiatives, spanning both digital and traditional media platforms. Her role will involve representing the company’s product launches, promotional offers, and customer engagement efforts. As a passionate athlete with a success story that aligns with BOBCARD’s mission, Shreyanka’s partnership symbolizes the brand’s commitment to helping customers achieve financial freedom through innovative credit solutions.

Ravindra Rai, Managing Director and CEO of BOBCARD, expressed enthusiasm about this collaboration, stating, “We are excited to have Shreyanka Patil join the BOBCARD family. Her inspiring journey from a talented cricketer to a youth icon embodies the resilience and progress that we value. Shreyanka’s story resonates with millions of young Indians, making her an ideal fit to represent our vision of ‘Re-imagining Credit’. We are eager to roll out new products, campaigns, and initiatives with her at the forefront, showcasing the spirit of determination and innovation.”

This collaboration aims to promote responsible credit usage and empower younger generations to make informed financial choices. By leveraging Patil’s influence, BOBCARD seeks to encourage customers to take control of their financial journeys.

Expressing her excitement, Shreyanka Patil shared, “I am delighted to partner with BOBCARD, a brand that has been a trailblazer in the credit card industry. Just as cricket has allowed me to push my boundaries and fulfill my dreams, BOBCARD empowers individuals to shape their financial futures. I’m thrilled to join this mission and contribute to the brand’s goal of enabling people through cutting-edge credit solutions.”

Patil’s leadership in various campaigns will continue to strengthen BOBCARD’s mission of transforming the credit card experience for its customers.

Zouk Secures $10 Million in Funding from Aavishkaar Capital

By
Supriya Biswas
-
0

Zouk, an innovative direct-to-consumer (D2C) fashion brand, is on the verge of finalizing a significant funding round to propel its growth. The Mumbai-based startup, known for its commitment to cruelty-free practices, has announced the launch of this new funding initiative after a strategic period of over 18 months.

Aavishkaar Capital, recognized for its diverse portfolio including investments in AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace, is backing Zouk in this venture.

Zouk is renowned for its unique range of products, including laptops, tote bags, sling purses, and chain wallets, all crafted from 100% vegan leather. The materials are sourced and produced in India, and each item is meticulously handcrafted by skilled artisans from within the company.

In March 2023, Zouk successfully raised $3 million in a funding round led by Stellaris Venture, with participation from notable angel investors such as Manoj Meena, founder of Atomberg, and Sugar Cosmetics co-founders Vineeta Singh and Kaushik Mukherjee. To date, the brand has garnered over $4.5 million in funding, including a $1.5 million pre-Series A round led by Stellaris and undisclosed seed funding led by Titan Capital in July and January 2021, respectively.

With this upcoming round, Zouk is projected to reach a valuation of around $50 million (approximately Rs 400 crore). During its last financing round, the company was valued at about $7 million, according to data insights from TheKredible, a startup intelligence platform.

Attempts to reach Zouk and Aavishkaar Capital for further comments went unanswered.

BioPrime Secures $6 Million in Series A Funding to Advance Agricultural Biotechnology

By
Supriya Biswas
-
0

BioPrime Agrisolutions, a rising player in the agribiotech sector, has successfully raised $6 million in its Series A funding round, spearheaded by Edaphon. This funding round also saw contributions from notable investors Omnivore and Inflexor.

The capital raised will be directed towards enhancing BioPrime’s research in agricultural protection, focusing on the joint development of cutting-edge bio fungicides and bioinsecticides. The Pune-based firm previously raised Rs 9 million in its pre-Series A round in October 2022, backed by Inflexor Ventures and Omnivore.

Founded by innovators Renuka Diwan, Amit Shinde, and Shekhar Bhosle, BioPrime specializes in creating cost-effective agribiological solutions that utilize micro biomolecules to alter the key physiological processes in crops.

1...373839...129Page 38 of 129