InsuranceDekho ($150 million)
Insurtech startup InsuranceDekho announced that it had raised $150 million in a mix of equity and debt in Series A funding led by TVS Capital Funds and Goldman Sachs Asset Management. This is the largest Series A round to date for an Indian insurtech startup, coming at a time when the startup sector is still reeling under the impact of the prolonged funding winter. Avataar Ventures, Investcorp, and LeapFrog Investments also participated in this round. Ankit Agrawal and Ish Babbar, InsuranceDekho is the insurance arm of the car-selling unicorn CarDekho founded in 2016.
Ushur ($50million)
BENGALURU-BASED USHUR, A software company, has raised $50 million in a funding round led by Third Point Ventures. Its existing investors Iron Pillar, 8VC, Aflac Ventures and Pentland, also joined. According to the Economic Times (ET) report, the company plans to utilise the recently generated capital to diversify its software products. Additionally, the company is eying to develop new AI-driven models like Large Language Models (LLM) and Generative AI.
NxtWave ($33 million)
NxtWave, a Hyderabad-based edtech startup, has secured $33 million in a Series A funding round led by international private equity firm Greater Pacific Capital (GPC). The round also saw participation from existing investor Orios Venture Partners. This marks the second round of funding which had previously raised $2.8 million in a pre-Series A round led by Orios Venture Partners and Better Capital in December 2021. $35.8 million was the total raised by NxtWave.
Entropik ($25 million)
Entropik, an artificial Intelligence-based market research platform, has raised $25 million in a mix of equity and debt in its Series B funding round led by Bessemer Venture Partners and SIG Venture Capital. The round also saw participation from Alteria Capital, Trifecta Capital, and long-time existing investor Bharat Innovation Fund, the firm said on Wednesday. Entropik plans to use the funds raised to bring innovation in consumer research for global brands and build products out of India, enabling research, marketing, and product teams.
Zypp Electric ($25 million)
Zypp Electric said it had raised $25 million in a series B funding round led by Taiwanese battery-swapping service provider Gogoro Inc, as the Indian electric vehicle startup looks to expand to new cities and boost its fleet size. The funding round marks Gogoro’s latest effort to expand in India, where EVs are receiving a mainstream push, having partnered with Hero MotoCorp and the state of Maharashtra.
Turno ($13.8million)
Commercial electric vehicle startup Tuno had secured Series A funding of $13.8 million (around ₹112 crores) co-led by global venture capital firms B Capital and Quona Capital. The round also saw participation from existing investors Stellaris Venture Partners and Avaana Capital, with new investors Alteria Capital and InnoVen Capital. The plans are to use the fresh funds for building proprietary battery tech technology and scaling up its operations, said the company.
Freightify ($12million)
Freight rate management SaaS platform Freightify has raised $12 million in a Series A round of funding led by Sequoia Capital India with participation from TMV and Alteria Capital. The round also includes participation from previous investors Nordic Eye Venture Capital and Motion Ventures. The funding round involves a mixture of equity and debt. Freightify helps power the digital transformation of Freight forwarders through their suite of proprietary products. The company had raised $2.5 million in funding, bringing the total to $14.5 million.
Tazapay ($16.9 million)
Tazapay, a business in cross-border payments, has raised $16.9 million in a fundraising round that was co-founded by Sequoia Capital Southeast Asia, in addition to PayPal Alumni Fund, two other investors in this investment round included EscapeVelocity (escp.vc). Gokul Rajaram, a former executive at Google and Facebook and an angel investor, has also become a new investor. The most recent fundraising round also included participation from current investors Foundamental, January Capital, RTP Global, and Saison Capital.
Rezolve.ai ($11 million)
Rezolve.ai, a next-generation AI-powered employee service SaaS Platform, has closed around $11 million in Series A-led by SIG Venture Capital, along with participation from Exfinity Venture Partners. Existing investors 9Unicorns and Tri Valley Ventures also took part in the round. The fresh funds will be used to scale growth and advance the platform’s capabilities. Commenting on the fundraiser, Saurabh Kumar, CEO of Rezolve.ai said, “Rezolve.ai brings modern employee service desk experience within collaboration platforms like Microsoft Teams and Slack. The solution leverages cutting-edge conversational AI and intelligent automation skills to provide an instant service desk experience like never before.”
Garuda Aerospace ($22 million)
Drone manufacturer Garuda Aerospace said it had raised $22 million out of the targeted fundraise of $30 million in Series A funding to fuel growth. The round led by Venture Capital firm SphitiCap invested $12 million. The startup said that other global investors, angel investors, and HNIs had invested $5 million. Another $5 million in funding was raised in a bridge round from an infra-development company, a group of HNI and angel investors from India, UAE and Singapore, it added.
