Micro-savings platform Siply has raised $19 million in its pre-Series A round of funding led by QI Ventures. Separately, Tiger Global has led funding in B2B manufacturing and automation startup Groyyo and EV battery swapping network Battery Smart.
Siply raises $19m pre-Series A
Micro-savings platform Siply has raised $19 million in its pre-Series A round of funding led by QI Ventures. The financing also saw participation of returning investors LetsVenture and JITO, as well as angel investors including Vivek Sunder, CEO of Cuemath.
Siply will use the corpus raised to achieve a triple-digit average revenue per user (ARPU) and to turn operational cash flow positive by the coming year. It is also targeting acquisitions in the space, the company said in a statement.
Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, Siply offers savings products on its app, including smallcase investing for as low as Rs 100 per unit, savings in gold, digital chit fund and free-to-open National Pension Scheme. The company claims to have disbursed loans worth Rs 149 crore across 150,000 disbursements over the last 12 months.
Tiger Global leads $27m funding in Groyyo
New York-based investment firm Tiger Global has led a $27-million funding round in B2B manufacturing and automation startup Groyyo, Entrackr reported.
As part of the Series A round, Groyyo has passed a special resolution to allot 3,916 CCPS at an issue price of Rs 5,36,915 per share to raise the aforesaid amount, the report said, citing the company’s latest regulatory filings.
Other investors that participated in the round include Alpha Wave, Sparrow Fund, Stride Opportunities and three individual investors Aditi Bhandari, Vineet Gautam and Bahram Vakil. Groyyo had raised $4.6 million in a seed funding round led by Alpha Wave in January this year.
Battery Smart snags $25m
EV battery swapping network Battery Smart has raised $25 million in its Series A funding round led by Tiger Global. The funding comes in a little over eight months after the startup raised $7 million in its pre-Series A round of funding in November last year.
Tiger Global has led the Series A round with a contribution of Rs 154.6 crore while Catalyst Trusteeship Limited and Orios Fund have infused Rs 18.5 crore and Rs 20 crore, respectively, Entrackr reported, citing the company’s filings.
Battery Smart will use the newly-raised funds to meet capital and R&D expenditure along with brand promotion and other general corporate purposes.