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Harsha Bhogle invests in FinTech Startup ChqBook.com

30Apr By PriyankaNo Comments

FUNDING

Harsha Bhogle invests in FinTech Startup ChqBook.com

Delhi, 29th April 2019: One of the most renowned names from the cricketing world, Harsha Bhogle, comes on board as an investor at ChqBook.com, India's largest curated market place for personalized financial services. Harsha has invested an undisclosed amount in the Gurgaon based startup that allows customers to explore, compare and buy personal finance products such as personal loans, home loans and credit cards. Over his career of 30 years, Harsha has delivered an unbiased and honest view of the sport. An IIM Ahmedabad alumnus, his management background has helped him integrate his learning from the field and life in a winning combination. Speaking about his association with ChqBook, Bhogle says, “ChqBook is on a mission to make India financially fitter. With 40% of the populat...

23Apr By AdityaNo Comments

FUNDING

Lending Startup ZestMoney raises $20 million funding

Bengaluru-based lending startup ZestMoney has raised $20 million in fresh funding led by Washington based fintech investment firm Quona Capital. Australia based fintech investor group Reinventure, existing investors Ribbit Capital, Omidyar Network and PayU are also participate in this round. The company will use this fund to invest in tech space and hiring. As per the press release, ZestMoney will hire 60 engineers and 20 data scientists in one year and improve integration with partner NBFCs and online retailers with whom it offers EMI options to customers. “Quona and Reinventure are both specialist fintech venture funds. There’s definitely a lot of momentum in our space right now, with everyone in e-commerce talking about affordability through EMI and we’re just riding off t...

12Sep By Gauri SinghNo Comments

FUNDING

Pune-based Fintech Startup Secures $1.1 million in Seed Funding

Pune-based fintech startup Bon has reportedly raised funds amounting to $1.1 million (Rs 7.8 crore) in seed funding. The particular round was led by Omidyar Network, Axilor Ventures and Better Capital’s AngelList India Syndicate. The funds raised by the company will be utilized towards helping the company’s further partnerships with banks, non-banking financial companies (NBFC). Also, it plans to expand its existence to 25 cities across India over the next 18 months and launch its operations in other markets in Asia as well. “Access to working capital is a real pain point for the growing gig workforce—one that can literally make or break a business of one. In India, where credit cards are not pervasive, this issue is even more prominent, as people don't really have a safety net to rely...

CapitalFloat Acquires Pune Based Fintech Firm in $30 Million

22Aug By NitishNo Comments

ACQUISITION

CapitalFloat Acquires Pune Based Fintech Firm in $30 Million

Digital lending firm Capital Float has acquired Pune-based fintech firm Walnut (Thumbworks Technologies) in a deal amounting to USD 30 million (about Rs 208.6 crore). Walnut offers a personal finance management mobile app that helps users to automatically track spends, bank and card balances, bill payments, and split expenses within a group. It has over seven million downloads on Google Play Store. In July 2017, Walnut had launched 'Walnut Prime', a small-ticket, app-based credit line for its users. It recently crossed Rs 100 crore in loans to users. "Their approach towards leveraging technology to solve financial concerns of the common individual was particularly impressive... Walnut Prime is a product of deep interest to us, and it will essentially become a new addition to our sta...

9Jul By Gauri SinghNo Comments

FUNDING

One More Indian Lending Startup Raises $10 Million Funding

IndiaLends, a New-Delhi based digital lending and borrowing marketplace has raised $10 million (about Rs 69 crore) in a Series B funding round. The funding round was led by ACPI Investment Managers (London-based asset management firm) and Ganesh Ventures (India-focused venture capital firm). The latest funding round also saw the participation of existing investors such as AmEx ventures, Deepak Shahdadpuri-led consumer-focused venture capital firm DSG Consumer Partners and AdvantEdge Partners. This funding news has come around 18 months after the firm had secured $4 million in a funding round which was led by American Express Ventures, the corporate venture investment arm of American Express Company. As of now, the total amount that the company has raised in funding is around $16 mill...

Online Lending Platform LoanTap Raises $6.25 Million Funds

5Jul By Gauri SinghNo Comments

FUNDING

Online Lending Platform LoanTap Raises $6.25 Million Funds

Online lending platform ‘LoanTap’ has successfully secured an amount of $6.25 million (Rs 42.83 crore) in an equity funding round. The round was led by Shunwei Capital, which is a Beijing-based venture capital firm. Apart from Shunwei Capital, the funding round also witnessed the participation of Tuscan Ventures (Mumbai-based private investment company) and Ashish Goenka (owner of Suashish Diamonds) along with existing investors such as India Quotient and Kae Capital. “Our plan is to leverage the Rs 40 crore that we have raised by four to five times to source around Rs 200 crore from lending institutions, which will be used to lend out to more consumers,” said Satyam Kumar, co-founder of LoanTap. Founded in 2016 by Satyam Kumar and Vikas Kumar, the fintech firm LoanTap offers several ...

11Jun By Lavina TolaniNo Comments

FUNDING

Google’s Investment Firm leads $22 Mn Funding in Aye Finance

Capital G, the growing arm of Google's parent company Alphabet has led a $22 million (Rs 147 crore) funding round in a microlending platform Aye Finance, a move that marks company first bet in the Indian financial sector. The Series C funding round witnessed participation from investors such as LGT and SAIF partners. The is the first equity funding for the Gurugram based Aye Finance which has so far raised Rs 200 crore from venture capital firms, while an additional Rs. 500 crore from debt and equity firms. Aye Finance that claims to be the first fintech company to raise capital from CapitalG competes with Lendingkart, InCred, Capital Float, Indifi Technologies, and many others. Aye Finance will be utilising the funds to strengthen its business operations and technology. It is als...

Paytm to Invest Rs 67 Cr in Digital Lending Startup

5Jun By Lavina TolaniNo Comments

FUNDING

Paytm to Invest Rs 67 Cr in Digital Lending Startup

Digital Payment Firm Paytm is all set to invest $5-10 million (roughly Rs.33.5-67 crore) in a Mumbai headquartered digital lending startup CreditMate, for the second time in a round of funding after it infused an undisclosed sum in late 2017. Though CreditMate chief executive officer Jonathan Bill has refused to give any confirmation on the proposed funding but said that the company has witnessed a 40% month-on-month growth in terms of the number of loans disbursed. He further said, The first 12 to 18 months have been very well in terms of business and we have managed to restrict repayment failures to less than 1%. More than 60% of our customers are new to credit and more than 50% are self-employed. Hence we use technology to assess the borrower. The startup is a fintech focussed s...

1Jun By AdityaNo Comments

FUNDING

CoinTribe Raises $10 Million Series B Funding

Another Lending Platform CoinTribe raises over $10 million equity capital in Series-B round led by Sabre Partners along with participation from existing investor, Puneet Dalmia. In last one month, twelve fintech companies raise funding, the average range of funding is from $250000 to $15 million. Gurugram based CoinTribe offers unsecured term as well as working capital financing to small businesses, which are risk assessed using an online lending algorithm. With this round of funding, total equity capital raised by CoinTribe has increased to over USD 15 million. CoinTribe plans to use this additional capital to further enhance capabilities of its proprietary online credit algorithm, expand to new markets and further develop technology to enable faster and nimble product and credit...

31May By AdityaNo Comments

FUNDING

CredRight Raises Rs 9 Crore Pre-Series A Funding

Hyderabad-based fintech startup CredRight raises 9 Crore from Accion Venture Lab, YourNest, an early stage venture capital fund along with other individual investors. Lending platform CredRight provides a loan to unserved and underserved micro, small, and medium enterprises (MSMEs). The company partners with chit funds, which are similar to Rotating Savings and Credit Association (ROSCAs) in the United States but use a reverse auction to distribute pooled funds across India to acquire customers and use previously untapped chit data, along with other data points, to underwrite a loan for a customer. "CredRight plans to further invest in technology, grow its team, and continue its expansion plans to reach even more unserved and underserved customers," said Neeraj Bansal, co-founder an...

29May By NitishNo Comments

FUNDING

Mutual Funds Investment Platform Raises $1.6Mn Series A Funding

Mumbai, May 29, 2018: Orowealth, India’s first zero commission Direct Mutual Fund Platform has raised $1.6 mn in Series A funding. The funding round was led by Powerhouse Ventures with participation by Money Forward Inc., one of the largest publicly listed fin-tech companies in Japan; a prominent US VC Social Capital, under their Capital as a Service program; B Dash Ventures, one of the largest VCs in Japan; and other prominent angel investors including Anand Chandrasekaran, ex CPO Airtel and Dinesh Agarwal, Founder Indiamart. Existing investors M&S Partners and GSF also participated in this round. Post funding, Sri Peddu from Powerhouse Ventures will join the Board and Money Forward will take a Board observer role at Orowealth. This is the second round of funding for the ...

German Bank Acquires Mumbai-based Fintech Startup

16May By Sheldan RungasamyNo Comments

ACQUISITION

German Bank Acquires Mumbai-based Fintech Startup

Deutsche Bank, the German investment bank and financial services recently announced the acquisition of its first Indian fintech startup, Quantiguous Solutions for an undisclosed amount. The acquisition was made as the bank looks to strengthen several divisions and applications. Post the acquisition deal, all employees of Quantiguous will move to Deutsche Bank offices and will integrate the core team posted to develop and roll-out the bank’s global application programming interface (API). Quantiguous solutions will be assigned to help develop Deutsche Bank’s global transaction banking franchise business. “The future of banking depends on connectivity which is key to drive growth for our global franchise,” said head of global transaction banking, John Gibbons. “The need to provide a...