Startups Attracting Investment This Week

The funding spree has continued as a cohort of startups have received funding
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

  • |
  • Oct 15,2021
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  • 9 Mins Read

The outset of the fourth quarter is positive. A large chunk of unicorns have birthed during the period shoring up the Indian startup ecosystem. Technology has been a common factor amongst startups that caught investors’ attention this year. Until last week, there were 31 unicorns in the country. 

The funding spree has continued as a cohort of startups have received funding. 

Arrivae

Arrivae, which is a furniture startup, has garnered its foremost external funding of INR 50 crore. Indian veteran, Rakesh Jhunjhunwala led its funding round. Other investors that participated in the round are Siddharth Yog from Xander Group, Ramesh S. Damani from DMart, Enam Family, Anand Jain from Jai Corp, Harsh Jain from Dream11. 

Wiingy

Wiingy, which is an edtech company, has snagged $400,000 in angel financing round. Various investors participated in the round Maninder Gulati, Rohit Kapoor, Abhinav Sinha, Kavikrut from OYO, Manish Chopra from Genpact, Aroa Ventures, Ashish Goel from Urban Ladder. 

The company offers co-curricular  education to students in robotics and other STEM courses. Its forte is in an innovative curriculum, which helps students grasp science and hardware-related concepts while creating robotics projects at online instructors’ direction. 

Open 

Open, which is a neobanking startup, has received $100 million in a financing round. Temasek led its round along with other investors such as Visa, SBI Investment (from Japan), and Google. The funding round will be reportedly wrapped in the next few weeks. 

Earlier, it was reported that Google and Visa were in discussions with the startup relating to investment. After this funding round, the neobanking startup will be calibrated at $500 million in contrast with $150 million in its previous financing round. Existing investors, 3one4 Capital and Tiger Global took part in the financing round whilst Avendus Capital acted as an exclusive financial advisor to the firm. Fresh capital will be employed to strengthen and enhance its product offerings, Zwitch. 

Tala 

Tala, which facilitates in making financial services accessible, has bagged INR 1,088 crore in Series E funding round. Upstart led its funding round. Other investors that participated in the round are Stellar Development Foundation, J Safra Group, Kindred Ventures. Existing investors that infused in the round are Revolution Growth, IVP, Lowercase Capital, and PayPal Ventures. 

The infusion will shore up the company’s launch of crypto solutions and mobile-first account offerings. It will be further utilised for team expansion in India, Mexico, the US, Kenya and Philippines. 

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