Funding Rundown brings you the lowdown of all the best deals in the startup space
Here’s the lowdown of the top deals from the startup space.
Pocket FM bags $65M in Series C funding round
Audio OTT platform Pocket FM has raised $65 million in a Series C funding round led by Goodwater Capital, Naver, and an existing investor - Tanglin Venture Partners.
The freshly raised capital will be invested in strengthening its leadership position, expanding into new languages, investing in AI capabilities, and building the largest audio creator community, the startup said.
The platform offers 100,000+ hours of enriching long-format content, audio series, stories, novels, podcasts, and knowledge show in 8 languages. It currently has over 50 million users and 3 billion+ monthly listening minutes.
“In addition to audio entertainment, we saw 12x growth in consumption of self-help books, audio courses. Users are looking for high quality knowledge content to up-skill themselves. With this investment, we are looking to grow our creator community further, be the biggest audio destination for entertainment and knowledge, and targeting 5Mn paying users in the next 12 months,” said Nishanth KS, Co-founder and COO, Pocket FM.
Live tutoring startup Filo gets $23M in Series A funding from Anthos Capital
Instant live tutoring startup Filo has raised $23 million in Series A round led by Anthos Capital. The round also saw participation from existing investor Better Capital along with GSV, Sapling Capital, and several angel investors.
The startup said it will use the funds primarily for product development as it goes deeper into modeling pedagogy at scale, expanding the team, tapping new categories, and scaling its tutor base across the country.
The company claims to have clocked more than 1.5 million downloads in a year and currently has over 350,000 monthly active users on its platform.
In the next 12 months, the platform plans to onboard over 200,000 tutors across India and conduct 2 million live classes every day, it said.
Document AI startup Docsumo raises $3.5M seed capital
Docsumo, a document AI startup has raised $3.5 million in seed funding round led by Common Ocean with participation from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital.
The Singapore-based startup said it would use the proceeds to expand to the North American market and grow the team.
Docsumo helps enterprises capture, validate and analyse data from unstructured documents for getting automated decisions. Incubated at the Techstars London accelerator in 2020, the firm has raised a pre-seed round from Barclays, Sequoia and Jiten Gupta of Jupiter Money.
IndiaMart invests Rs 17 Cr in SaaS startup Zimyo
B2B markets IndiaMart has invested Rs 17 crore in SaaS platform for human resource management Zimyo.
“This investment is another step towards IndiaMART’s long term vision of providing a holistic ecosystem for all business needs, and we are excited to partner with the Zimyo team for their next phase of growth,” said Dinesh Agarwal, founder, and CEO of IndiaMART.
Zimyo allows users to carry out critical HR processes including recruitment and onboarding, payroll management, performance management, and time & attendance management.
Offline to online commerce startup QPe raises undisclosed seed fund
Offline to online commerce platform QPe has raised an undisclosed amount in a seed round led by a US-based angel investor Daniel Keloha.
The company intends to utilize the amount to expand its team, onboard more merchants, and augment its tech landscape to fulfill the market demands, it said in a statement.
QPe digitizes enterprise and SMB merchants through a full-stack solution from an online store to manage orders, payments, deliveries, marketing, and business automation- all from one single platform.
The startup is looking to expand offline businesses and SMEs in Tier 3 & 4 cities, towns, and rural parts of the country online to give a new dimension to their operations.
Small-ticket equity basket Chhotastock secures investment from SC Innovations Funds
Chhotastock, a small-ticket, low-risk Equity basket of India, raised an undisclosed sum in pre-seed round of funding led by SC Innovations Funds, strategic investors from the UAE and a clutch of angel investors.
The company has built a transaction engine catering to B2B2C and D2C segments under the brand and a PaaS-based platform that's scalable for the next 5-7 years and through gamification of investment experience. Users can invest in the country’s top 40 most actively traded stocks, sector exchange traded funds, pre-IPO shares, and IPO with a minimum investment of Rs 100.
“Our aim is to create wealth for the 290 million underserved small investors in the country. We are a product-led company with a goal to help increase the penetration of equity investments by 3X in India, making it affordable for all,” said Mithun Tantri, founder and CEO of Chhotastock.
Trucknetic eyes $10M Series-A fundraise
Trucknetic, a logistics company is on an expansion drive and is looking to raise $10 million in its Series A round of funding by the end of May.
The company said it is in talks with few angel investors and are looking out for large venture capital funds.
The investment will be used for expansion into metros and Tier I cities. They will also be enhancing operating robustness through a scalable, modular technology platform, which will help augment user experience and assist in building a large trader community, the company said in a statement.
Mumbai Angels onboards Faad Network for co-investment programme
Mumbai Angels, a platform for early-stage investments, has onboarded Faad Network, an early-stage investor network as its next partner for its co-investment programme.
The programme aims to offer exceptional growth opportunities for startups in addition to financial backing.
“With the investment focus that complements our vision, Faad Network presents an ideal fit for our co-investment programme. As we continue identifying and investing in promising startups, we are positive about complimenting on our individual strengths. We look forward to lasting, synergistic growth in time to come,” Nandini Mansinghka, Co-founder and CEO of Mumbai Angels
Faad Network invests in sector-agnostic startups from $50,000 to $1 million. The platform currently has over 1,000 investors and 50+ portfolio companies.