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Funding Rundown: Rupeek raises $34 mn From Lightbox, says report, Recykal bags $22 mn from Morgan Stanley, IppoPay gets $2.1 mn in seed round & OneDios raises $1.2 mn

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Funding Rundown: Rupeek raises $34 mn From Lightbox, says report, Recykal bags $22 mn from Morgan Stanley, IppoPay gets $2.1 mn in seed round & OneDios raises $1.2 mn

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Funding Rundown brings you a roundup of all the deals that made waves in the startup space.

Funding Rundown: Rupeek raises $34 mn From Lightbox, says report, Recykal bags $22 mn from Morgan Stanley, IppoPay gets $2.1 mn in seed round & OneDios raises $1.2 mn
Here’s the lowdown of all the top deals from the startup space.
Gold loan platform Rupeek raises $34 mn from Lightbox: Report
Gold loan platform Rupeek has gotten $34 million from Lightbox and existing investors at a valuation of $634 million.
As per Moneycontrol, the asset-backed digital lending platform has also doubled its gold loan disbursals in December 2021 as compared to 2020. The company also recorded an annual disbursement run rate of $1 billion in December 2021, the report added.
In 2022, Rupeek plans to grow its lender partner network from four to over 10, and its city footprint from 35 to over 120 cities.
Waste management-focused Recykal bags $22 mn from Morgan Stanley
Waste management-focused startup Recykal has announced a $22 million (around Rs 162.58 crore) fundraise led by Morgan Stanley India.
Existing investors Circulate Capital, Vellayan Subbiah, and Arun Venkatachalam from the Murugappa family also participated in the fund raising, which will be deployed for expansion of services pan-India, hiring talent and building hyper-local waste processing infrastructure.
The company serves the over $100 billion per year, highly fragmented and otherwise informal waste management industry with solutions including a B2B platform which connects sellers and buyers, and also helps plastic generating companies like Cola giants meet the extended producer responsibility compliance norms.
Recykal had a revenue of Rs 1.8 crore in FY19, which is likely to touch Rs 220 crore in FY22.
Fintech startup IppoPay gets $2.1 mn in seed round
Fintech startup IppoPay has raised $2.1 million in a seed-funding round led by Coinbase Ventures, Better Capital, Blume Founders Fund, and other angel investors.
This new funding round will be used to further strengthen IppoPay’s technology stack, including its payments engine, as well as power the company’s growth into new regions and market segments, it said in a statement.
The firm is also launching BNPL, a feature that will equip offline retailers to offer their customers easy access to credit at the point of sale.
Founded in November 2020, IppoPay provides payment infrastructure to small businesses enabling them to collect and distribute payments seamlessly.
The company claims to have enabled 50,000 offline merchants and daily income earners in smaller towns and rural markets to increase their revenues through the acceptance of online payments.
Predictions Market startup TradeX raises $1 mn
TradeX, a predictions market platform, has secured $1 million in a seed-funding round from TDV Partners, SoMa Capital and marquee investors like Maninder Gulati, Anupam Mittal, Rajesh Shawney, Hitesh Chawla, Cem Garih, Justin Mateen, Fethi and others.
TradeX aims to solve the problem by creating an event-based predictions market. Its users can take direct exposure to any real-life event, double-down on their investments or hedge positions. Derivatives market on information like TradeX is an attempt to capture that market where users can trade on their opinions. It's a real money gaming application which operates as a P2P trading platform.
The company has launched various events across different categories like entertainment, finance, news, sports and said it will be focusing on going deeper in these categories.
Within months of going public, TradeX said it is witnessing strong traction as over one lakh users have traded more than Rs 10 crore and earned profits.
OneDios raises $1.2M in a funding round led by IAN
OneDios, an aggregating platform for customer service requests, has raised $1.2 million in a funding round led by Indian Angel Network (IAN), LetsVenture, and HNIs such as Bhanu Chopra, Akash Bhansali, and the Haldiram Group.
The startup aims to utilise the freshly raised investment to double the size of its product portfolio. The company wants to hire the best-in-class tech talent and experts for its overall growth, it said.
OneDios intends to strengthen its presence in the consumer electronics service sector and expand to other categories like home appliances, kitchen appliances, and gadgets.
“The platform has onboarded 20+ brands and 3,00,000 customers in two years, routes 10,000+ requests in a month and the number is increasing. With this funding, we aim to expand our team to increase our offerings, thus maximising the conversion rate across the funnel,” said Nitin Chawla, founder, OneDios.
NirogStreet raises $1M as part of Pre-Series B round
Technology-led end-to-end Ayurveda doctor platform NirogStreet has raised $1 million as part of the pre-Series B round to add more strength and experience to its advisory team.
The company has received investment from Namrata Gupta, VP Technology, Thrasio; Amit Midha, Dell APAC, and Singapore based RB Investment. Ms. Namrata Ganatra has come on board as the Product and Technology Advisor, the company said in a statement.
NirogStreet is connecting more and more Ayurveda doctors, patients, and quality medicines with a technology-enabled platform. To fuel this growth, the startup recently raised a $4 million pre-Series B round led by CE-Ventures.
Mumbai Angels Network participates in $750K round for Eduncle
Eduncle.com, an online learning platform for IIT JAM, UGC NET and CSIR NET, has raised $750,000 in a funding round led by early-stage investment platform Mumbai Angels along with Ah! Ventures, KareKaBa Ventures and others.
Eduncle will be utilising the freshly infused capital to achieve its expansion objectives and to develop new products for additional exams, commence live classes, and bolster its tech infrastructure, it said in a statement.
The platform also plans on augmenting its doubt-solving features with the integration of AI and ML.
“Our platform provides learners with end-to-end test preparation and guidance for higher education with multiple features such as live classes, video lectures, printed material, automated doubt solutions, and test series combined with personalized one-on-one mentorship sessions. The capital will allow us to enhance our offerings and scale further,” said Arpit Pareek, co-founder, and COO of Eduncle.
Glamplus gets $700K in pre-Series A round from BlumeVentures, others
SaaS-enabled marketplace startup Glamplus has bagged $700,000 in a pre-Series A round from Blume Ventures, Ramakant Sharma (COO- Livspace) and participation from existing investors IPV.
The funds raised will be utilised in vertical tech SaaS capabilities along with expansion of B2B marketplace business to scale to 10,000 partners and monthly revenues of Rs 5 crore/month by March 2022, the company said in a statement.
Glamplus has created an end-to-end B2B2C solution for salons, spas and gyms which will help them to run their operations smoothly. Since January 2021, the company claims to have tied up with 4,000 partners and plans to grow faster in the coming year.
Easy to Pitch raises Rs 1 crore from Venture Catalyst and others
Easy to Pitch, a pitching startup to make founders pitch and investor-ready, has raised Rs 1 crore in its pre-seed round led by Venture Catalysts.
JPIN Venture Catalysts UK also joined the funding round. The startup plans to utilise the funds in its new SaaS-based product, it said in a statement.
“This association would majorly help us expand our domain and serve entrepreneurs globally with our SaaS platform. Our ideal goal is to be the one-stop solution for entrepreneurs throughout their investment journey and make them pitch ready,” said Priyanka Madnani, Easy to Pitch.
As part of the funding round, Easy to Pitch will also be an integrated part of the Venture Catalyst Group for their global expansion plans to meet the needs of the startups to become fundable with technology.
The startup is expected to reach a turnover of Rs 2 crore in FY 2021-22 with a 100% growth YoY. It claims to have served 5,000+ startups and reviewed 7000+ business and investment decks.
PulsOps raises pre-seed funding from Antler India
PulsOps, a no-code observability and analytics platform for high-velocity operations teams, has raised an undisclosed sum in pre-seed funding round led by Antler India.
The full stack observability and analytics platform provides automated metrics monitoring and root cause analysis at the most granular level of operations data. The platform includes advanced analytics solutions that provide actionable recommendations for context-specific use cases like fleet, inventory and incentive optimization. It is designed to close the loop from data to action in one place.
PulsOps plans to use the funds raised to strengthen its team with engineers and data scientists to accelerate product development, it said in a statement
“PulsOps solves a global problem which is only going to get aggravated as companies generate more data. While we are initially focused on delivery and logistics businesses primarily in the US, Middle East, and India, every business that is looking at metrics and other data points at high frequency to make data driven decisions will benefit tremendously from using PulsOps,” said Morahari Reddy, co-founder of PulsOps said.
Algorithmic Biologics secures seed funding from investors
Deep-tech startup Algorithmic Biologics has received an undisclosed amount of seed funding from Axilor Lab.
The firm plans to deploy the fresh capital to scale its applications and strengthen IP portfolio to develop more building blocks of molecular technologies to realise its computing platform vision, it said in a statement.
Axilor Labs is a venture curation initiative by Axilor to accelerate the commercial success of transformative ideas around global challenges facing human health and wellness. They aim to support ideas at the impactful proof-of-science stage and build start-ups together with innovators where the impact of transformative tech is realised commercially.
They are seeking to enhance molecular technologies and enable innovation for healthcare, agriculture, animal husbandry, pharma, food safety, and other verticals where molecular information is significant.
Accel invests undisclosed sum in AI visual inspection startup Lincode
AI-based visual inspection startup Lincode has raised an undisclosed amount in new funding round from investors including venture capital firm Accel.
Arka Venture Labs, Disruptors Capital, Nurture Ventures and Tech Coast Angels also invested as part of this round.
Lincode enables manufacturers to identify surface defects, measure individual components and generate real-time data about products on the production line through Lincode Visual Inspection System (LIVIS).
Shekhar Kirani, Partner, Accel, noted that Lincode is taking industry 4.0 to the next level, leveraging Artificial Intelligence/Machine Learning to revolutionise precision manufacturing.
Prior to this funding round, Lincode had raised funds from US-based early-stage investment firms Come Back Capital and RSCM LLC in June last year.
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