[Indian Startup Funding Weekly Roundup April 1 to April 5] Nivara Home Finance, Curelo, Hudle, Ola Electric, Two Others Raise Funding
Several Indian startups have raised funds across various categories from April 1 to April 5, including housing finance, sports tech, EV, etc. We will highlight six such transactions, including how these startups plan to use the raised capital.
Nivara Home Finance | Affordable Housing Finance
Nivara Home Finance, a firm that provides home loans, has made headlines by securing $10 million from Baring Private Equity India in an entirely primary round.
As per the startup, the freshly raised funds will be used for growth and expansion.
Founded by CV Rao, Sunil Rohokale, and Monik Koticha in 2015, Nivara Home Finance is a Bengaluru-headquartered firm that provides affordable housing finance to micro-entrepreneurs and salaried customers.
With its network of 63 branches, the startup serves customers across Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Maharashtra. As of February 2024, the firm claims to have assets under management of Rs 500 crore and gross non-performing assets at 0.58%.
Curelo | Digital Marketplace for Diagnostic Labs
Curelo, an aggregator platform that connects patients with diagnostic labs, bagged $1.2 million (Rs 10 crore) in funding from several investors. These investors include IIMA Ventures, Indian cricketer Shreyas Iyer, Tarun Katiyal (Zee5’s founder), and undisclosed family offices in the US.
As per the startup, the freshly raised funds will be used to expand its geographical footprint. Further, the raised capital will enable the startup to standardize unorganized labs and acquire patients in the coming year.
Founded by Arpit Jayswal in 2022, Curelo is an aggregator platform that connects patients with diagnostic labs. The startup offers at-home blood sample collection and timely reports.
With its fleet of phlebotomists, the startup ensures that samples are collected within 60 minutes of booking. Further, the startup claims to have increased its revenue by 25 times over the last year.
Hudle | Sports Tech Firm
Hudle, a sports tech firm that allows sports and fitness enthusiasts to discover venues in their hyper-local markets, raised $838,980 (Rs 7 crore) in a pre-Series A funding round. The funding round was co-led by Inflection Point Ventures & Sky Impact Capital, with participation from Survam Partners and Anay Ventures.
As per the startup, the freshly raised funds will be used for footprint expansion, product development, and marketing.
Founded by Suhail Narain in 2018, Hudle is a sports tech startup on a mission to enable 100 million Indians to play active sports by leveraging cutting-edge technology and on-ground expertise.
The sports tech startup allows sports and fitness enthusiasts to discover venues in their hyper-local markets, book sports activities, and connect with like-minded individuals to form communities. Further, the startup also offers a SaaS platform to sports facilities for end-to-end operations management.
Vodex | GenAI Powered Sales Agent
Vodex, a generative AI-based SaaS startup, bagged $2 million (Rs 16.7 crore) in a seed funding round from Unicorn India Ventures and Pentathlon Ventures.
As per the startup, the raised capital will be used to expand its presence across geographies. Additionally, the startup will use the funds to grow its team.
Founded by Anshul Shrivastava and Kumar Saurav, Vodex is a generative AI-powered sales assistant that automates lead generation, qualifies leads, and personalizes conversations, enabling businesses to focus on closing deals.
In July 2023, Vodex secured $320,000 in a pre-seed funding round for product development and business expansion.
Scrut Automation | GRC Management Platform
Scrut Automation, a governance, regulation, and compliance management platform, raised $10 million (Rs 83 crore) in a strategic funding round led by multi-stage venture capital firm Lightspeed. The funding round also saw participation from MassMutual Ventures and Endiya Partners.
As per the startup, the freshly raised funds will be used to improve its platform capabilities and incorporate generative AI use cases to reduce the manual effort for risk and compliance teams. Further, the startup also plans to expand to North American and European markets.
Founded by Aayush Ghosh Choudhury, Kush Kaushik, and Jayesh Gadewar in 2021, Scrut Automation, operated by Riversys Technologies Pvt Ltd, offers an information security monitoring platform that helps small and medium enterprises (SMEs) comply with various information security standards.
Leveraging its knowledge base and expertise, the startup plans to develop AI tools to help small- and mid-market companies commit to good governance, regulation, and compliance (GRC) practices.
Ola Electric | EV Two-wheeler Maker
Ola Electric, an EV two-wheeler maker, secured $50 Mn in debt funding from EvolutionX Debt Capital.
As per the firm, the freshly raised capital will be used the proceeds to set up its lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
Founded by Bhavish Aggarwal, Ola Electric is an EV two-wheeler maker with the largest integrated and automated E2W manufacturing plant in India. The startup also operates R&D facilities across India, the UK, and the US, including the Battery Innovation Centre, where they are developing industry-leading cell and battery technology.
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