Mobility fintech startup Moove has secured $10 million in debt funding, while Veera has raised a seed funding round of $6 million led by Ayon Capital.
Moove looking to ramp up India presence
Moove on Wednesday announced that it has secured $10 million in debt funding for India from venture debt firm Stride Ventures.
The capital will be deployed to strengthen Moove’s presence in the country by expanding into new cities such as Delhi, Pune, and Kolkata, the startup said in a statement. With a focus on continued growth in the Indian market, the company will expand its fleet, bringing the total number of vehicles to more than 5,000, it added.
Established in 2020, Moove has been transforming global mobility by embedding alternative credit-scoring technology onto ride-hailing platforms. This enables the company to underwrite loans for customers who have traditionally faced exclusion from financial services.
In India, Moove is headquartered in Gurgaon and also has a presence in Bengaluru, Mumbai, and Hyderabad. Globally, Moove operates in nine markets across Africa, the Middle East, Europe, and Asia.
Veera to expand engineering team
Veera, a rewards-powered Internet browser, on Thursday announced that it has raised a seed funding round of $6 million led by Ayon Capital.
The round also attracted investments from several other global blue-chip investors including 6th Man Ventures, Folius Ventures, The Operating Group, iSeed Ventures, Accomplice, and Cypher Capital.
Angel investors who joined the financing include Aalap Mahadevia (Briarwood Capital), Kabir Narang (Eduardo Saverin’s B Capital), Nikhil Mohta (ICICI Ventures), and Kevin Hu (Brevan Howard and formerly at Dragonfly Capital), among others.
“This investment validates our vision to revolutionise the mobile Internet experience in India. The overwhelming response from users following the introduction of our rewards program and the launch of our super-fast browser has reinforced the need for a product like Veera in India,” said Arjun Ghose, CEO of Veera.
“With this additional funding, we will focus on expanding our engineering team to accelerate product development, enhancing our infrastructure to ensure seamless user experience, and investing in marketing initiatives to reach even more users across India.”