Top tech startups' fundings and investments in June 2021
The exponential economic growth of Indian startups has been nothing less than an inspirational story for the aspiring business leaders in the country.
Here is an overview of the top Indian tech startups and their fundings in June 2021.
Classplus raises $65M
Edtech startup Classplus raised $65M in Series C round led by Tiger Global. GSV Ventures, Alpha Wave Incubation (AWI), Blume Ventures and RTP Global also contributed to the round.
Founded in 2018 by Bhaswat Agarwal and Mukul Rustagi, Classplus is a SaaS platform that helps private coaching institutes and their instructors to streamline their content distribution, payments, communication, and online assignments through an application, as well as building and marketing their online courses.
Through the funding, the startup’s motive is to build the best-in-class products for tutors, build great engineering teams, and grow geographically. The startup is also hiring across engineering, product, and business profiles.
FamPay raises $38 million
The Bangalore-based fintech startup- FamPay raised $38 million in its Series A round. The funding round was led by big names like Elevation Capital, General Catalyst, Rocketship VC, Greenoaks Capital, Sequoia Capital India, Y Combinator, Global Founders Capital and Venture Highway.
Founded in 2020 by Sambhav Jain and Kush Taneja, FamPay provides financial literacy to teenagers, who additionally have limited options to open a bank account in India at a young age. By making use of gamified savings experiences and an in-app exclusive community, FamPay tries to make lessons about money, fun for young minds.
The startup plans to install the fresh capital to expand its user base and product offerings, and hire engineers. Furthermore, It is looking for people to join its leadership team.
Skillmatics raises $6M
Direct-to-consumer (D2C) brand Skillmatics raised $6 million in Series A funding led by Sequoia Capital Indiawith the round also witnessing participation from Jalaj Dani Family Office and existing angel investors.
Started in 2017 by Dhvanil Sheth, Skillmatics serves new-age parents who want to give their children meaningful playing experiences that fabricate formative skills. The company’s differentiated products are built to incorporate core skills, and shape key learning outcomes in the form of systematic play.
According to an official statement, the funds raised will be utilized to toughen its presence in the United States across online and offline retail, data analytics, technology, and marketing profiles, alongwith expanding product offerings to target newer age groups and enter new product classes.
Upside AI raises $1.2 million
SEBI-registered investment management startup Upside AI raised $1.2 million in a seed funding round led by Endiya Partners. Vijay Kedia (Veteran stock market investor) , chairman of Quantum Advisors- Ajay Nanavati and CEO of Myelin Foundry- Gopichand Katragadda also participated in the funding round.
Nikhil Hooda, Kanika Agarrwal and Atanuu Agarrwal founded Upside AI in December 2017. It works as a Portfolio Management Service and is presently focussing on forming products that follow a rule based, systematic approach to investing. It uses machine learning and fundamental analysis to invest in the Indian stock market as it is an investment company.
The funds raised are planned to be used to scale up the startup’s distribution, product, and tech teams that will focus on growth of assets under management (AUM) from high net-worth individuals, family offices, and institutional investors.
BimaPe raises $545,000
Insurtech startup BimaPe raised $545,000 pre-seed capital led by Lightspeed India Partners, one of India’s top VC firms. The round also saw participation from Titan Capital, iSeed, and Gemba Capital.
Founded in 2020 by Rahul Mathur, this Mumbai-based insurtech startup backed by Y Combinator simplifies insurance for working professionals by leveraging the India stack.
It assists users to manage their family’s insurance effortlessly without any hurdles using a digital interface. Users can get a detailed summary of all their insurance policies, make easy one-click claims, and discover hidden insurance benefits from their cards and provident fund.
According to the official statement, the investment will be utilised to develop its product further, strengthen the team and invest in paid user acquisition for their product.