In this episode of India Tech - Weekly Deals Roundup: India Tech saw 19 companies including Progcap, SOLV, GetVantage, and others raised around $174 million from investors such as Creation Investments, SBI Holdings, Sparkle Fund, among others.
Welcome back to India Tech Weekly Deals Roundup, a weekly podcast by Tracxn for key startup deals in India from last week.
In this edition, we will cover funding rounds of Progcap, SOLV, GetVantage, and more. In exits, we will cover the acquisition of StayAbode by Housr among others.
Starting with our deep dive into funding rounds, tech companies in India raised around $174 million of funding across 19 funding rounds during this week.
FinTech startup, Progcap, raised $40 million in a Series C funding round led by Creation Investments, Tiger Global Management, and Google with participation from Sequoia. Progcap offers an online lending marketplace for working capital loans. Progcap provides customized financing solutions for micro and small businesses where users can apply for collateral-free loans using the mobile app or web platform for instant loan approval. Its platform offers a credit model solution that evaluates borrowers' creditworthiness based on business activities data and supply chain ecosystem parameters. Founded in 2016, Delhi-based Progcap has raised $101 million till date.
Bangalore-based, E-commerce startup, SOLV, raised $40 million in a Series A funding round led by SBI Holdings with participation from SC Ventures, and Standard Chartered. SOLV offers a chat-based platform that helps small businesses to connect with new customers and suppliers. It allows users to buy and sell products at wholesale prices across categories such as farm products, hospitality, restaurants, electronics, and more. It also provides small businesses with various financing options such as business installment loans, short-term credit for orders, financing for inventory, and receivables. Founded in 2019 by BITS Pilani alumni, SOLV has raised $40 million till date.
GetVantage, a FinTech startup, raised $36 million in a Series A funding round led by VCAPL and Sparkle Fund with participation from Haldiram Foods International, Dream Incubator, Chiratae Ventures, and others. GetVantage provides an online platform for revenue-based financing. It offers finance for digital expenditures and loans in return for a fixed percentage of ongoing gross revenues. It features machine-driven credit decisions, loan disbursement via credit cards, repayments via payment gateways, and more. Founded in 2019, Mumbai-based GetVantage has raised over $41 million till date.
Noida-based, Enterprise Applications startup, Connecto, raised $21 million from Pixspan. Connecto builds tools that help marketers and product managers to engage with their customers. It offers widgets that personalizes websites and maximizes leads capture and sales on the website. Its features include automated lead scoring, user targeting, profile matching, and more. Founded in 2013, Connecto has raised $21 million till date.
This was all from the funding updates, moving on to the exits. India Tech observed 1 exit during the week of 03 Jul 2022.
Real Estate and Construction Tech startup, StayAbode, was acquired by Housr. StayAbode provides listings of managed co-living spaces with relevant information about the property, location and contacts. It provides facilities including community spaces like gaming rooms, music, internet, housekeeping, study space, laundry room, printing, and parking. Its users can search for rental spaces based on location through the platform and owners can advertise their co-living spaces. Founded in 2016 by ex-Goldman Sachs employee, StayAbode has raised close to $2 million till date from Martin & Harris, Incubate Fund India, Veeraa Ventures, and others.
This was all for today, we will be back next Monday with more updates. You can usubscribe to our podcast on Google Podcasts, Spotify, and Apple Podcast to stay updated. If you have any feedback, please reachout to us at podcast@tracxn.com. Thank you for tuning in today, see you next week.