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Funding Rundown: SUN Mobility raises $50M, CredAble bags $30M in Series B funding & MarketWolf secures $5.5M in seed round

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Here’s a lowdown of the top deals in the startup universe.

Funding Rundown: SUN Mobility raises $50M, CredAble bags $30M in Series B funding & MarketWolf secures $5.5M in seed round

Here’s a lowdown of the top deals in the startup universe.

SUN Mobility raises $50M from Vitol

Electric vehicle energy infrastructure firm Sun Mobility has closed $50 million funding by Vitol, a global independent energy trader and investor in zero-emission and renewable energy assets.

This strategic investment by Vitol will enable significant acceleration and expansion of Sun Mobility's services across India and select global markets, the company said in a statement.

It added that it is planning to expand its footprint to all major cities by increasing the number of swap points (battery swapping stations), partnering with various OEMs, collaborating with various fleet operators and distributors to introduce newer business models and adding more vehicles to its ever-expanding mobility as a service (MaaS) offering.

"The company aims to set up 500 SWAP Points in India by the end of 2022 and plans to roll out new products to enhance the swap experience and to further strengthen and expand its leadership in battery swapping across the country," it added.

Fintech startup CredAble bags $30M in Series B funding

Fintech startup CredAble has raised $30 million in its Series B funding round, co-led by Plutus Wealth Management LLP and its associates and existing investor Oaks Asset Management.

The company will use the funds to enhance its platform to innovate and penetrate deeper into the ecosystem in order to provide working capital solutions that are tailor-made for small businesses, it said in a statement.

The firm also aims create innovative debt capital market products for corporates and financial institutions, it added. With this funding, the total funds raised by CredAble in equity financing stand at about $40 million to date.

MarketWolf secures $5.5M in seed round

MarketWolf, an intra-day options only trading app has raised $ 5.5 million in seed funding from a clutch of high profile individual investors.

Some of these investors include Anil Thadani (Symphony Asia Chairman), Ashutosh Sinha (former CEO of Morgan Stanley Investment Management Singapore), Roy van Leeuwen (Head of Benelux region at Auto1), Tomas Urbanec (former CEO of Prudential Assurance Singapore), Anuj Srivastava and Ramakant Sharma (Livspace co-founders).

MarketWolf had raised $1.7 million during its angel round, and has mopped up a total of $7.2 million to date. The latest funding will be utilised to build new products, expand the user base and attract top talent, the company said.

MarketWolf launched in India as its first market and has seen trading accounts increasing by 4X and monthly active users multiplying to 10X over the last few months.

ConveGenius raises $5M, to launch ConveGenius AI

Edtech social enterprise ConveGenius has raised $5 million as a part of its pre-seed round led by new investors BAce Capital, Heritas Capital and 3Lines Venture Capital.

Existing investors Michael and Susan Dell Foundation also participated as a part of the round.

The company will use the funds to launch its conversational artificial intelligence (AI) platform, ConveGenius.AI in India and global markets. Through ConveGenius.AI, the company looks to expand its products on Whatsapp ecosystem and other conversational AI-based channels horizontally, to service more customers across different verticals and allow developers to launch their solutions on the platform.

The learning platform aims at making quality education accessible for middle- and low-income groups across India and make quality education accessible to 100 million marginalized children in India.

Bites raises $5M in seed funding

Bites, a player in the employee communications and training industry has raised $5 million in its seed funding round.

The funding round was led by Vertex Ventures Israel, an Israeli venture capital firm. Surround Ventures, a US-Israeli VC specializing in early-stage media and eCommerce startups, Oryzn Capital, an Israeli venture focused on early-stage investments, Lyra Ventures, an ASEAN VC that invests in retail technology companies, and J-Ventures, a Silicon Valley-based fund, invested in the company as well.

“This money raised will support our R&D, sales, and marketing efforts, as we execute on our aggressive go-to-market plans by approaching retailers, consumer goods companies, healthcare providers, and other verticals,” said Eran Heffetz, CEO, Bites

ClearDekho raises $4M funding from Aroa Ventures

Eyewear brand ClearDekho has raised $4 million in pre-Series A funding led by Aroa Ventures, the family office of Oyo founder Ritesh Agarwal.

The funding round also saw participation from investors like CK Jaipuria Family Office (Pepsi Bottlers AP), NB Ventures Dubai, Anuj Sheth (AAJ Ventures, Dubai), Kitty Agarwal (Infoedge), Anand Chandrasekaran, Nandi Vardhan Mehta (MD, Kaaf Investments, Dubai), Magnus KJoller Holdings (Danish VC), Mandar Joshi (M Strategy Global, Dubai), Venture Catalysts, SOSV MOX (World’s Leading Startup Accelerator VC), Gemba Capital and others.

The company said it will use the funds to expand its stores across geographies (40%), marketing and on-ground activities to drive new customer acquisitions (30%) and back-end operations infrastructure to automate fittings and quality check, hiring and training infrastructure and enhance inventory and private label brands (20%).

“Apart from opening new franchise outlets, ClearDekho plans to add another 1000 retail stores in the next 3 years by collaborating with existing optical retailers across India,” said Saurabh Dayal, Co-Founder, and COO, ClearDekho.

Onato raises $2.2M in seed funding

B2B agritech startup Onato has raised $2.2 million in a seed financing round led by Vertex Ventures Southeast Asia & India, with participation from Omnivore.

The company, which was in stealth mode, is building a technology platform for India’s $100 billion fruits and vegetables (F&V) industry, it said in a statement.

Onato is building a technology platform for Indian fruits and vegetables. The startup plans to use this funding for talent acquisition and scaling up.

Skyber raises Rs 40 lakhs from women investors

SaaS and B2B commerce-based platform Skyber has raised Rs 40 lakhs in one round of investment through the Encubay Angel Network, a women-led and women-focused angel network.

Apart from these, they also get access to the additional services of Encubay network that include $2 billion worth of business credits and discounts across various products and services globally, the company said in a statement.

The funding round also saw participation from leading investors like Niloufer Irani, Talent Executive at J. Sagar Associates, Disha Shah, Vice President at Bobble AI, and Pratibha Wilson, Senior Project Manager at Natwest Group, all part of panel members from the Encubay Angel Network Community.

​Dholakia Ventures invests undisclosed capital in vernacular edtech platform Vidyakul

Vidyakul, a Vernacular after-school e-learning platform has raised an undisclosed amount from Dholakia Ventures, an investment arm of Dholakia Family Office.

The investment arm of Diamond King of Surat Savji Dholakia saw the potential and topped-up the bridge round raised by the platform in early September 2021. Angel investors including- Gaurav Juneja, Saurabh Agarwal and Puneet Mittal also participated in the ongoing round.

The edtech startup is currently delivering education in 4 languages and has already enabled the same for 11 lakh students from 10 States.

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