Fixed income platform Jiraaf has raised $8.7 million in equity as part of a Series B funding round co-led by Accel and Harmony Partners. The round also saw participation from Capital A and other angel investors. Jiraaf offers a range of diverse products, including treasury bills, corporate bonds, asset leasing, and venture debt, allowing investors to build a portfolio with yields between 7% and 18% and tenure ranging from 30 days to 3 years.
Jiraaf boasts over 125,000 registered users and claims to have originated investments worth over Rs 2,300 crores to date. The platform has successfully repaid Rs 1,500 crores of capital back to customers with zero defaults. The funding will likely enable Jiraaf to further expand its offerings and continue its mission to provide secure and profitable investment opportunities for its users.
Proxgy Raises Rs 16 Crore in Pre-Series A Funding Round
Deeptech startup Proxgy has secured Rs 16 crore in a Pre-Series A funding round led by LetsVenture, Planify Angel Fund, Mach Tech Fund, Cogniphy Angel Fund, Madhuram Papers Family Office, and AKGVG & Associates. The company’s existing investors also participated in the funding round.
Proxgy plans to use the funds to bolster its Industrial IoT infrastructure, invest in new product development, advance research and development efforts, enhance its operational capacities, and scale its SaaS offerings. With this funding, Proxgy aims to drive innovation and sustain its operations for the next two years. The startup provides innovative solutions and seeks to forge new partnerships to continue to deliver value to its clients.
KiVi Raises Rs 15 Crore in Seed Funding Round
Agri-fintech startup KiVi has raised Rs 15 crore in a seed funding round led by Caspian Leap for Agriculture Fund, Piper Serica Angel Fund, YAN Angel Fund, Impact Innovators and Entrepreneurs Foundation, among others. KiVi enables timely and affordable credit and commerce solutions from farmgate to processor using its technology platform and last mile transaction capability. The startup aims to provide a seamless experience to stakeholders and has enabled farmers to access credit, launched MSME loan offerings, and facilitated trade finance in commodities.
With this funding, KiVi plans to expand its operations and increase its reach to more rural and agricultural customers. The startup aims to further leverage technology to empower farmers and agripreneurs, driving financial inclusion and economic growth in the agricultural sector.
OORJAA Raises Rs 5.35 Crore in Pre-Series A2 Round
Logistics solutions company OORJAA has raised Rs 5.35 crore in its Pre-Series A2 funding round led by Inflection Point Ventures (IPV), Vinners Platform, Soonicorn Ventures, and HEM Angels. The funding will be utilized to scale OORJAA’s PiE KART platform, advance its technology, and expand its team.
OORJAA aims to revolutionize last-mile and mid-mile logistics through advanced technology. The company’s recent launch of PiE KART marks the beginning of its next phase of expansion. With this funding, OORJAA is well-equipped to drive innovation and enhance its logistic capabilities, catering to the evolving needs of its customers.
Docker Vision Secures Pre-Seed Funding from SanchiConnect Preseed Accelerator Program
AI-based port automation pioneer Docker Vision has secured an undisclosed sum in pre-seed funding from Thinkuvate and SeaFund through SanchiConnect’s PreSeed Accelerator program. The funding will be used to refine Docker Vision’s products, expand its brand, conduct additional proof of concepts (POCs), and consolidate its operations.
Docker Vision’s flagship AI-powered Gate OCR, or dOCR, leverages panoramic imaging for efficient damage detection in cargo handling. With this funding, Docker Vision aims to further enhance and refine its products, solidify its position in the market, and continue its mission to optimize port automation processes.
Groww Surpasses Zerodha in Active Investor Count
Fintech startup Groww has surpassed leading discount brokerage company Zerodha in terms of active investors. According to figures compiled by NSE, Groww has 6.63 million active investors compared to Zerodha’s 6.48 million at the end of September this year. Groww’s customer base has been growing rapidly, and this achievement reflects the trust and popularity it has garnered among investors.
Aye Finance Aims for 70% Jump in Borrowing in FY24
Aye Finance, a non-bank lender focusing on micro enterprises, aims for a 70% increase in borrowing in FY24, amounting to Rs 3,400 crore. The company has already raised Rs 2,100 crore of debt and is confident of achieving its overall target for the ongoing fiscal year. Lenders have expressed confidence in Aye Finance due to its repayment record and have extended multiple lines of credit.
Aye Finance’s strong borrowing plans indicate its commitment to supporting micro enterprises and promoting financial inclusion. The company aims to continue providing much-needed credit to small businesses in India, contributing to their growth and economic development.
LoanTap Introduces Co-Lending Options for the AfterPay Segment
Fintech firm LoanTap has launched a co-lending initiative for the AfterPay segment in partnership with financial institutions Muthoot Finance and Mirae Asset. This collaboration allows LoanTap and its co-lending partners to share the risk involved in extending credit to a broader spectrum of retailers.
The introduction of co-lending options empowers LoanTap to provide credit access to those who were previously underserved. By diversifying its lending partnerships, LoanTap can expand its reach and offer flexible credit solutions to meet the diverse needs of customers in the AfterPay segment.
Indians Expected to Spend Over Rs 10,000 on Festive Purchases
A report by ShareChat and Moj, homegrown social media and short video platforms, reveals that 47% of Indians are expected to spend over Rs 10,000 on festive purchases this year. This represents a significant increase compared to last year, with consumers likely to spend 2.5 times more.
The report also highlights that 48% of consumers spending a minimum of Rs 10,000 will spend Rs 20,000 or more. Home improvement products have gained popularity as one of the top three categories for spending, alongside clothing and mobile phones. Within home appliances, televisions and washing machines are among the most sought-after products. The increased festive spending indicates a positive sentiment among consumers and showcases the potential for growth in various sectors of the Indian economy.
Sources:
– [Jiraaf secures $8.7 million in Series B funding from Accel and Harmony Partners]
– [Proxgy bags Rs 16 crore from LetsVenture and others in Pre-Series A round]
– [KiVi raises Rs 15 crore in seed funding round]
– [OORJAA gets Rs 5.35 Crore in Pre-Series A2 round]
– [Docker Vision raises Pre Seed round from SanchiConnect Preseed Accelerator Program]
– [Groww surpasses Zerodha in active investor count]
– [Aye Finance eyes 70% jump in FY24 borrowing at Rs 3,400 crore]
– [LoanTap introduces co-lending options for AfterPay segment]
– [47% of Indians to surpass Rs 10,000 in festive spending: Report]
Note: URLs have been removed from the sources.
