Startup Funding Alert: 17th September 2019

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Gurugram-based Aye Finance raises Rs 80 crore (around $11 million) in debt funding

The Gurugram based fintech startup Aye finance has accumulated a debt funding of Rs 80 crore from an undisclosed investor. The fintech lender platform plans to utilize its capital for further growing its lending portfolio. Earlier in July, Aye Finance secured a debt funding of Rs 55 crore from Development Credit Bank to expand its credit solutions and loan book.

Aye Finance, founded in 2014 by Sanjay Sharma & Vikram Jetley, has shelled out over Rs 2,200 crore to 150k micro-enterprises since its launch. The firm has raised over Rs 480 crore in equity and around Rs 1,200 crore through diverse debt instruments so far.

The company is committed to ensuring overall growth of the micro-enterprises and has also launched its wholly-owned ‘not-for-profit’ firm FAME to go beyond financing support. Within a time period of 5 years, the company has transitioned from a startup to a mid-sized firm with a team of 2,500 employees.

 

Hyundai and Kia invest in Ola Electric mobility

The industry giants Hyundai and Kia Motors has invested for an undisclosed amount in Ola Electric Mobility, according to the CCI (Competition Commission of India). The valuation of Ola Electric Mobility now stands at $1 billion, making it a unicorn. The development follows the $300 million investment made by Hyundai in ANI Technologies, the parent firm of Ola cabs. Ola has already started piloting its electric mobility services in Nagpur city and has been trying out the battery swap as a feasible option to extend battery life and reduce the total cost of ownership.

Currently, India has over 1.5 million electric vehicles. During the previous fiscal year, more than &%),000 EVs were sold, and the majority of them were electric autos, around 630k units. However, the electric mobility industry would have to replace the three million passenger vehicles sold in the country to be commercially active. Ola Electric has been in talks with its current competitor, Sun Mobility. Uber has already been in talks to use the swap battery technology, which they plan to launch soon.

 

Syntizen raises undisclosed Pre-Series A funding from Mastercard, ACPL

Syntizen founders
Syntizen founders

Syntizen Technologies, a digital identity provider, raised funding from Mastercard and ACPL for an undisclosed amount as a part of a Pre-series A funding round. The latest round would enable the company to strengthen its product offerings and drive aggresive expansion in the country and abroad. It would also help catalyze the adoption of its business solutions. Additionally, the startup has said that it aims at making this possible by reinforcing its core product offerings for a digital identity check, enhancement of electronic customer on-boarding platform, and talent acquisition. The 2014 founded startup was started by three young businessmen, Siddharth Kukatlapalli, Vamsi Kotte, and Dinesh Desu. The platform offers digital identity solutions to regulated organizations and state governments in the country by leveraging its proprietary Aadhaar card-based solution.

 

NestAway raises $5 million from Goldman Sachs

The Bengaluru based home rental startup Nestaway raised a funding of Rs 34.92 crore from existing investor Goldman Sachs. According to the Ministry of Corporate Affairs, recently the company had allotted 18,882 series D1 CCPS at a nominal value of Rs 10 and a premium of Rs 25,151.87 per share to Goldman Sachs.

Before this, the company has raised total funding of Rs 104.2 million from its investors such as Chiratae ventures, Tiger global, and UC RNT Fund.

The 2015 startup presently has 39,600 tenants across ten different Indian cities including Delhi, Faridabad, Ghaziabad, Greater Noida, Gurugram, Bengaluru, Hyderabad, Noida, Mumbai, and Pune. The firm claims to be raising revenue of $2 million each month. The firm also plans to join the women’s housing and senior citizens living management over the coming 12 months. In July, co-founder Deepak Dhar, left the firm to set up a new fintech venture.

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A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

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