InPrime Finserv has raised $3 million in a Series A round led by Matrix Partners India, while Udaan’s valuation has fallen by nearly half.
InPrime Finserv raises $3m Series A round
InPrime Finserv, a tech-led NBFC, on Tuesday said it has raised $3 million in a Series A round led by Matrix Partners India.
The round also saw participation from existing investors InfoEdge Ventures, Titan Capital, and Kettleborough VC.
The funds will be deployed to broaden the company’s geographical presence, grow the team across risk, engineering, analytics and sales, develop digital channels and credit scoring models, and expand its loan portfolio.
Established in December 2021 by Rajat Singh, Manish Raj, and Sneh Thakur, former members of the leadership team at Ujjivan SFB, a prominent Small Finance Bank in India, InPrime Finserv is a brand under STK Credit Private Limited, an NBFC headquartered in Bangalore.
Udaan’s valuation dives to $1.8b
B2B e-commerce company Udaan’s valuation has fallen by nearly half to around $1.8 billion in a down round, The Economic Times reported.
The startup was last valued at $3.2 billion following a funding round in January 2021.
Udaan closed a $340-million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation.
Udaan counts China’s Tencent and DST Global among its top investors.