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Funding Rundown: Ratan Tata backs Goodfellows, Malaika Arora invests in Ahikoza & IBISA secures seed funding from Ankur Capital

Funding Rundown: Ratan Tata backs Goodfellows, Malaika Arora invests in Ahikoza & IBISA secures seed funding from Ankur Capital

Funding Rundown: Ratan Tata backs Goodfellows, Malaika Arora invests in Ahikoza & IBISA secures seed funding from Ankur Capital
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By Aishwarya Anand  Aug 16, 2022 8:56:58 PM IST (Published)

Funding Rundown brings you a quick wrap of the best deals struck in the startupverse.

Here’s a lowdown of the top deals from the startup space.

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Ratan Tata backs senior companionship startup Goodfellows
Ratan Tata has invested an undisclosed capital in senior companionship startup Goodfellows, which has been founded by Shantanu Naidu, a manager in his office.
Goodfellows, designed to pair senior citizens with young graduates in the form of a paid service, has completed a beta phase in Pune over the past six months. The company now plans to extend its services in Mumbai, Chennai and Bengaluru.
"The bonds between the two generations created by Goodfellows are very meaningful and are helping to address an important social issue in India. I hope the investment helps the young team at Goodfellows grow," Tata said.
EV charging startup goEgoNetwork raises $8M in Series A round
EV charging infrastructure solutions startup goEgoNetwork has raised Series A equity funding of $8 million from undisclosed investors.
The firm will use the funds in developing and installing the Fast DC Charging Station product line. It will also enable the leading startup to become a dominant player in six major Indian metropolitans, a statement said.
goEgoNetwork had previously raised $2 million in a seed funding round to expand its existing electric charging network and leverage the green consciousness gradually sweeping across the country. The startup aims to reach a target of 8,500 charging stations across India with 15,000 paying members on the network in a short span of time.
“The funding is a big boost to India’s EV ecosystem. It is a step close to goEgoNetwork’s ambitious goal of having set up a hundred thousand Made in India charging stations by 2027. Out of the 9 million electric vehicles supposed to be on roads by 2027-28, we want to see a million EV owners as members of the goEgoNetwork,” said Dheeman Kadam, Co-Founder of goEgoNetwork.
Abhi Loans raises $4.5M from DMI Sparkle Fund
Digital lending platform Abhi Loans has raised $4.5 million in debt and equity round led by DMI Sparkle Fund along with angel investors including Niten Malhan, Ashvin Chadha, S K Jain, and others.
The new fundraise will be used to build upon their tech stack, as well as grow their loan book, a statement said.
The company claims to be offering its product to retail investors for smaller amounts starting from Rs 15,000. Borrowers can use the loan amount to fulfil needs for immediate and contingent liquidity.
“Starting with a small loan amount of as low as Rs.15,000, any retail customers with a unit balance of Rs 20,000 can take a cheap loan and also opt for low-interest debt consolidation. It reduces the interest burden in the long run and makes repayment much easier.” said Mandeep Chaudhary, Founder, Abhi Loans.
Malaika Arora invests in Ahikoza
Actor and entrepreneur Malaika Arora has invested in global artisanal accessories brand Ahikoza. With this investment, Arora has collaborated with Namrata Karad, founder, creative director, Ahikoza, to bring the global artisanal accessories brand to India.
The brand has so far captured customers in the luxury markets of USA and Europe. Ahikoza's products are often seen on the red carpet, and their aesthetic geometry is inspired by architectural installations and sculptures.
“Over the years, Namrata’s experience of being an entrepreneur and industry professional has provided her with a robust skill set in marketing, content strategy, consumer growth and strategic business development. She has been privy to numerous distribution partnerships and celebrity endorsements, which has made her leader par excellence in her segment of exclusive and elusive artisanal accessories. So for me to accept her partnership was a no brainer because I am sure together we can make magic," said Arora.
Sunday Design raises $1.5M in pre-series A funding
Furniture and home decor startup Sunday Design has raised Pre-Series A funding of $1.5 million from QRG Investment & Holdings and Kama Group, KCT Family Office as well as existing investors.
The company plans to utilize this capital to expand both its online and offline presence. The startup is planning additional retail spaces within the coming year across Mumbai and Bangalore.
“Sunday Design will also be launching an e-Commerce store to expand the reach and scale of their market share across the country and in new segments,'' the company said in a statement.
WeVOIS raises $400,000 non-dilutive capital from Recur Club
WeVOIS Labs, an IoT-based sustainable solution company, has raised $400,000 of non-dilutive growth capital by trading their recurring revenue streams on Recur Club, a funding platform facilitating non-dilutive capital financing for startups.
As per a statement, WeVOIS Labs was able to grow their revenues by 200 percent in the last 9 months by using growth capital raised through Recur Club. The firm received a flexible trading limit and drew down capital 3 times by simply advancing their cash flows. This allowed them to expand operations into 6 new cities and pivot their business model by licensing their software to businesses, it added. ARR growth increased for the company by 200 percent by leveraging Recur Club’s capital in the last 9 months, the firm stated.
“Whenever we needed capital, Recur Club was always there with a competitive bid on their platform. Their flexible financing allowed us to draw down capital at our will and enabled us to expand into new territories when we were ready for it. This has also helped us in raising equity capital at a much higher valuation as compared to the offers we received last year,” said Abhishek Gupta, CEO, WeVOIS Labs.
Yostra Labs bags Rs 4 Cr seed round from IAN and others
Medtech startup Yostra Labs has raised Rs 4 crore in a seed funding round led by the Indian Angel Network (IAN), Impact Innovators and Entrepreneurs Foundation (Villgro Innovations Foundation), and the Centre for Cellular and Molecular Platform.
The fresh capital will be used to hire more sales and marketing talent, as well as commercialising the product portfolio, optimising the bill of material, and scaling up production, the firm said.
Yostra Labs builds devices to help patients of chronic diseases manage their illness better. “This investment from IAN and co-investors will help Yostra build a business that is sustainable while providing social impact,” said Venkataraman KNK, Lead Investor, IAN.
Wisedrive raises seed round from LC Nueva AIF
Wisedrive, a car extended warranty platform, has raised undisclosed capital in seed funding round led by LC Nueva Investment Partners, through its early-stage venture capital fund, LC Nueva Alternative Investment Fund (AIF).
The round also saw participation from Japanese VC fund Spiral Ventures, housingman.com founder Bhavadeep Reddy, and others.
The firm intends to use the funds to expand their reach by building more partnerships with used car dealerships across the country. While some manufacturers re-sell their cars with warranty, Wisedrive claims that 96 percent of used cars purchased in the country are completed through third party sellers.
“The last 10 years in India have witnessed a revolution in the discovery of used cars, but the next 10 years will see a revolution in the building of trust in used cars,” said Kalyandhar Vinukonda, Founder and CEO, Wisedrive.
IBISA secures seed funding from Ankur Capital
Agri insurtech company IBISA has raised an undisclosed capital from Ankur in its seed funding round.
The Luxembourg-based startup which builds, distributes, and operates climate insurance solutions for agriculture stakeholders, is scaling its operations in India with operations in Odisha, Karnataka and Telangana for coverage against excess rainfall, excess wind speed and drought, a statement said. In February, it opened a registered office in Bengaluru.
“We are excited to partner with IBISA to transform the scale of available parametric insurance options in countries like India with a vast addressable market,” said Ritu Verma, Partner at Ankur Capital.
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