[Indian Startup Funding Weekly Roundup Dec 26 to Dec 29] ProjectX.Cloud, Cashvisory, Escrowpay, TestnTrack, Others Raise Funding
This week, from December 26 to December 29, several Indian startups across various categories have raised funds. We will share some of these funding updates, including details on how the startups plan to utilize the funds.
ProjectX.Cloud | Cloud-based Operating System
ProjectX.Cloud, a cloud-based operating system, has secured around $200,000 (Rs 1.7 crore) in funding from Google Cloud.
As per the startup, the freshly raised funds will be used for infrastructure support, product development, and scalability.
Founded by Rounak Adhikary, ProjectX.Cloud, with its cloud-based hybrid operating system Infinity OS, provides a seamless, integrated experience for users and saves IT costs for businesses.
The cloud-based operating system has been designed to manage the operation, execution, and processing of virtual machines, servers, and infrastructures running remotely.
Previously, ProjectX.Cloud has received grants of Rs 10 lakh from the Ministry of Commerce & Industry and the Ministry of Electronics and IT. Further, it has also received funding from the Microsoft Founder’s Program and AWS Activate Founder’s Program.
Cashvisory | Gamified Financial Advisory Platform
Cashvisory, a Kolkata-based financial advisory platform, has bagged $144,264 (Rs 1.2 crore) in a pre-seed funding round from early-stage accelerator EvolveX and an angel fund floated by SucSEEDIndovation.
Several angel investors, including Ashok Agrawal (RPI eSolutions Pte Ltd), Upasana Koul, and Deepika Asthana (Eleveight), also participated in the funding round.
As per the startup, the freshly raised funds will be used to roll out its go-to-market strategy and launch its artificial intelligence (AI)-based mobile application.
Founded by Arpita Sinha and Utkarsh Chaudhary, Cashvisory is a Kolkata-based gamified roboadvisory platform leveraging smart technology to bring wealth planning to every household.
The Kolkata-based financial advisory platform provides a guided journey for users, simplifying complex financial concepts with a gamified approach and real-time analysis.
By mid-2024, the startup aims to launch its mobile application and is looking to take its customer base to 10,000 initially.
Battery Smart | EV Battery-swapping Network
Battery Smart, a battery-swapping network platform for electric two and three-wheelers, secured an undisclosed amount in a debt round from New Delhi-based Trifecta Capital.
Founded by Pulkit Khurana and Siddharth Sikka in 2019, Battery Smart offers battery-as-a-service and provides Li-ion batteries on a pay-per-use basis. The startup enables interoperable battery swapping for two and three-wheeler EVs in under two minutes and reduces the up-front investment borne by a consumer.
Earlier in July, Battery Smart raised $33 million (Rs 272 crore) in a pre-Series B funding round from existing investors Tiger Global and Blume Ventures, as well as new investors.
By April 2023, the battery-swapping network platform claims to have undertaken 10 million battery swaps.
Escrowpay | Digital Escrow and Settlements Platform
Escrowpay, a digital escrow and settlements platform, made headlines by securing $600,000 (Rs 5 crore) in an ongoing Series A funding round from its existing investors.
As per the startup, the freshly raised funds will be used to expand its presence across geographies, specifically the UAE and UK. Further, the freshly raised funds will be used for product development.
Founded by Ashwin Chawwla and Subhrangshu Neogi in 2015, Escrowpay provides escrow solutions for a range of industries and transactions. The digital escrow and settlements platform claims to work with around 3,000 clients, which includes small and medium enterprises (SMEs), and listed enterprises, amongst others.
Earlier in October, Escrowpay signed a definitive agreement to raise an additional $4 Mn in funding via the issuance of warrants. Further, Escrowpay claimed to have received the maiden digital ‘escrow regulatory fintech authorisation’ from the International Financial Services Centres Authority (IFSCA).
Including this round, the digital escrow and settlements platform has thus raised $6.6 million in its funding exercise as it targets to close the round at $15 million.
RevFin | Electric Vehicle Loans
RevFin Services Pvt. Ltd, a fintech startup focussed on e-mobility, made headlines by raising $14 million (Rs 115 crore) in a Series B funding round led by Omidyar Network, which invested $5 million in the startup.
Notable institutional investors like the Asian Development Bank, Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva also participated in the funding round.
Founded by Sameer Aggarwal in 2018, Revfin is a digital lending platform that uses non-traditional data such as biometrics, psychometrics, and gamification for financing. The EV financing startup claims to have financed over 34,921 electric vehicles. It aims to finance 2 million electric vehicles in the next five years.
Earlier in June, RevFin raised $5 million in debt from the US International Development Finance Corp to expand its two- and three-wheeler financing, as well as explore new markets.
TestnTrack | Mobile-based Assessment Platform
TestnTrack, a Jaipur-based software-as-a-service (SaaS) startup, raised an undisclosed amount in a pre-seed funding round from startup accelerator EvolveX.
As per the startup, the freshly raised funds will be used to develop its platform’s technology stack. The funding will also be used to expand its geographical presence across 25 cities in India, such as Kota, Pune, Lucknow, Ahmedabad, Delhi, Mumbai, and Indore, amongst others.
Founded by Vinay Kamal Sharma, Priya Soni, and Ritwik Joshi in 2022, TestnTrack is an artificial intelligence (AI)-based copy-checking platform that helps teachers examine and evaluate their students to discover their learning flaws.
The mobile-based assessment platform allows teachers to conduct exams for the practice of students by removing all the hassles they encounter, such as creating papers, scheduling exams, checking copies, and evaluating the answers of students to assess their strong and weak concepts based on subjects and chapters. It also provides them with personalized remarks to help them improve their mistakes and prevent them from repeating them in future tests.
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