In the startup space, sales acceleration platform 19th Mile has raised around Rs 1.2 crore ($180,000) in an angel round of funding, Spanugo has secured investment from Ideaspring Capital and The Fabric, while Gurugram-based bike sharing platform Mobycy is in advanced talks to raise $3 million from Venture Catalysts, IDG Ventures and Orios Venture Partners. In another development, Tata Capital has launched an online working lending platform for its customers.
19thMile raises $180K from HNIs
Gurugram-based sales acceleration platform 19th Mile has raised around Rs 1.2 crore ($180,000) in an angel round from high net-worth individuals, it said in a statement on Thursday. Some of the key investors in the round include Rishi Vasudev, VP Fashion Flipkart; Excelsior Investments, Ritesh Vohra, Partner, IDFC Real Estate Fund; Praveer Kumar, CTO, Finxera; Prashant Gupta, Head of Egg, Finxera, among others. “The startup will use the funds to strengthen its product, bolster technology team, and launch brand awareness initiatives in Indian along with other international markets,” said the founder Vijay Gogoi.
Ideaspring, Fabric back Spanugo
SaaS security compliance firm Spanugo has raised an undisclosed round of funding from early-stage investor Ideaspring Capital and The Fabric, a Silicon Valley based startup foundry and accelerator. A group of undisclosed investors also participated in the round. The funding proceeds will be used for product development and to expand tech team in India. Founded in April 2017, Spanugo offers solutions and claims to provide visibility and help improve the overall security posture of IT infrastructure, whether on the cloud or in data center.
Mobycy to raise $3m funding
Gurugram-based bike sharing platform Mobycy is in advanced talks to raise $3 million from Venture Catalysts, IDG Ventures and Orios Venture Partners, reported The Economic Times. The funding proceeds will be used to foray into e-bikes and e-scooters segment on its platform, said the report quoting Akash Gupta, co-founder and CEO of Mobycy. Founded in 2017 by Gupta and Rashi Agarwal, the startup enables dockless bicycle sharing. It competes with the likes of Ola’s bike-sharing service Ola Pedal and Zoom Car’s similar service PEDL, among others. The company does 7,000 rides per day and expects to double it in the next 1-2 months.
Tata Capital launches lending platform
Tata Capital, a financial services arm of The Tata Group, has launched an online working capital platform for its customers. The platform aims to provide an easy, seamless and paperless experience for loans sanction up to Rs 2 crore. The online lending platform will allow customers to access their loan account details and utilise the loan limits anywhere anytime. “Our new online working capital platform is designed to make commercial borrowing easier, convenient and super-fast,” said Kusal Roy, MD, Tata Capital, said.