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Funding Rundown: Groyyo raises $40M in Series A round, Innoviti bags $22M in on-going Series D round & DAOLens raises $5M in pre-seed round

Funding Rundown: Groyyo raises $40M in Series A round, Innoviti bags $22M in on-going Series D round & DAOLens raises $5M in pre-seed round


Funding Rundown brings you news of all the best deals struck in the startup space.

Funding Rundown: Groyyo raises $40M in Series A round, Innoviti bags $22M in on-going Series D round & DAOLens raises $5M in pre-seed round
Here’s a lowdown of the top deals from the startup space.
Groyyo raises $40M in Series A funding round led by Tiger Global
B2B manufacturing startup Groyyo has raised $40 million in a combination of equity and debt in its Series A round led by Tiger Global. The funding round also witnessed strong participation from early investor Alpha Wave Global.
Existing investors Sparrow Capital and Stride Ventures, and angel investors like Bahram Vakil (founder and Senior Partner at AZB & Partners) and Vineet Gautam (CEO - Bestseller India) were also involved in the round. Debt partners like Blacksoil & Capsave Finance also participated in the round.
The fresh capital will be utilised to exponentially scale the team across manufacturing clusters in India and Bangladesh, and key demand belts in the United States and European Union. The company will also invest aggressively in product and technology development to create a more efficient and sustainable ecosystem, Groyyo said in a statement.
The company claims to be clocking over $100 million annualised topline and working with marquee clients across the US, EU, MENA and North America.
Innoviti raises $22M in on-going Series D round, gets additional capital from Alumni Ventures
Fintech giant Innoviti Payment Solutions has raised an additional fund from Alumni Ventures taking its ongoing Series D funding round to $22 million.
The company announced a second close of Rs 75 crore from Development Finance Bank FMO N.V in May. Innoviti will be raising another Rs 140 crore over the next few weeks towards the final closing of Rs 300 crore Series D round.
The fresh capital will be deployed by Innoviti to fund working capital for its enterprise business, marketing of mid-market products, strengthening of the technology platforms for online and B2B payments and acquisitions in the areas of data sciences and marketing technologies, the company said in a statement.
Elevation, Bessemer Venture lead $8.5M round in Plobal Apps
Plobal apps, a no-code app platform for e-commerce stores has raised $8.5 million in a funding round led by Elevation Capital and Bessemer Venture Partners with participation by Better Capital.
The company intends to use the fresh capital to expand its presence in US, strengthen its technology infrastructure and launch new products. The startup has raised $14 million in funding so far.
"For many of these D2C brands, personalization and retargeting have become challenging with the increase in privacy policies, regulations and third-party data restrictions. With rising acquisition costs and more focus on retention, brands are doubling down on owned platforms like email, SMS and mobile apps to reach their customers and truly own their audience,” said Atul Poharkar, founder, Plobal Apps.
DAOLens raises $5M in pre-seed round led by Nexus Venture Partners
DAOlens, a B2B decentralised autonomous organisation (DAO) service provider, has raised $5 million in a funding round led by Nexus Venture Partners.
Better Ventures and iSeed II also participated in the round along with angel investors including Balaji Srinivasan, Sandeep Nailwal, Raj Gokal, Gokul Rajaram and Kunal Shah.
The company is looking to simplify how DAOs function by creating a suite of tools aimed at facilitating the discovery, onboarding and contribution processes between DAOs and their community members.
The company currently has three live product offerings — a discovery portal, a contributor onboarding solution and community management tools. A portion of the funds will also be used to scale up its business operations, it said.
MSME banking super-app Mewt gets $4.6M in seed round
Mewt, a banking super-app for MSMEs has raised $4.6 million in a seed funding round led by global fintech investor Quona Capital. Existing investors BEENEXT, DG Daiwa Ventures, Goodwater Capital, Allin Capital, and a clutch of fintech angels, also pitched in.
The funds will enable the startup to work towards financially empowering a million small businesses in India by the end of 2022, a statement said.
The startup aims to reach a million users by 2022-end. The company will also use the funds to expand its team and launch its super-card, a rewarding debit card for Indian MSMEs.
“With the funding, we are all set to grow our team to unlock the next level of growth, as well as elevate the banking experience for millions of small businesses in India. Mewt is on its way to redefining merchant QR payments in India the same way Square in the US has done for point-of-sale terminals. We are also working towards making our application accessible in multiple regional languages for ease of access,” said Rishabh Jain, Co-Founder and CEO, Mewt.
Innovist raises $3.5 M in Pre-Series A round from Accel and 72 Ventures
Onesto Labs, rebranded as Innovist, the parent company of D2C hair brand Bare Anatomy, Chemist at Play, and SunScoop, has raised $3.5 million in its Pre-Series A funding round led by existing investors Accel Partners and 72 Ventures.
Sauce (Manu Chandra) & Arihant Patni (Patni Family Office) and new investors Jani Ventures Inc, Nihir Parikh, Rashmi Kwatra (Sixteen Street Capital), Kunal Shah (Cred), Alok Mittal, and Shripad Nadkarni (Maverix Platforms & Fingerlix) also participated.
The firm will use the fresh capital to strengthen the startup’s R&D, marketing, hiring, and distribution channels, it said in a statement.
YourNest leads $1.3M Pre-Series A investment in VTION
VTION Digital Analytics, a consumer behaviour intelligence platform, has secured $1.3 million in its Pre-Series A funding round led by YourNest Venture Capital and two other key investors.
The startup said it will utilise the funding to accelerate its India growth by scaling up its advertising activation strategy, panel enhancement, and targeting sector-specific growth initiatives while driving global market expansion.
“With a 40,000+ strong consumer panel, statistically representing over 195 million Android smartphone users, the VTION platform generates more than 20 million unique events every day and is used by marquee brands in India for sharper segmentation and efficient message delivery,” said Manoj Dawane, Founder and CEO, VTION.
DPDzero secures Rs 3.9 Cr seed funding from Better Capital
Fintech startup DPDzero has raised Rs 3.9 crore in a pre-seed funding led by Better capital. Prominent angels such as Kunal Shah, founder, Cred; Ramanathan RV, co-founder, Hyperface; Nishchay AG, co-founder & CEO, Jar; Vijay Rajagopalan, head of sales and business development, Amazon Pay (Offline); Ahishek Kothari, co-founder,; and Untitled ventures also participated in the round.
The funds will be used to make technology accessible across all cohorts of lenders, and help them limit their focus to acquiring new borrowers and not spend expensive engineering bandwidth building non-scalable internal tools to keep operations running, the company said in a statement.
According to the firm, it has witnessed strong interest from several fintech lenders and NBFCs and has partnered with companies such as OTO capital, BharatX, OkCredit, ZeroPay, RupeeLend, Saija MicroFinance, Kanakadurga Finance and Padmasai Finance, among others.
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