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Startup Funding Alert: 20th September 2019

startup-funding (1)
MEngage raises $100,000 funding from Bollywood singer Sukhbir and other angels; Digital lending platform LoanTap raises $12 million.

MatchMove acquires a stake in MoolahSense

Shailesh Naik- founder and Group CEO at MatchMove
Shailesh Naik- founder and Group CEO at MatchMove

Singapore-based money lending platform MatchMove, with offices in India, Indonesia, Vietnam, and the Philippines, has gained a strategic stake in P2P lender MoolahSense with immediate effect. With this Shailesh Naik, founder and Group CEO at MatchMove would be joining the board of directors of MoolahSense, a data-driven peer to peer lending platform focussed on SME lending.

MoolahSense, founded in 2013, claims to be the first digital lending platform to receive full CMS (Capital Markets Services) license from the Monetary Authority of Singapore. The acquisition would enable MatchMove to strengthen its Spend.Send.Lend capability and provide access to providing funds to short to medium enterprises within its ecosystem. Similarly, MoolahSense would be able to benefit from MatchMove’s integrated regional partner network to tap new sections and further expand its ability to fund creditworthy short to medium enterprises in Asia.

Ex-Myntra & Flipkart executives’ Spacejoy raises $1 million from Accel Partners

E-design startup Spacejoy, based in US & Bengaluru, has raised an investment of $1 million in seeding fund from Accel Partners. The startup offers interior design as a service and plans to utilize its funds to expand its sales and marketing efforts rapidly along with increasing its employee base in the US. It also aims at extended and accelerating its product development.

The company was founded in April 2019 by Arnab Saharoy and Vinay Indresh, the former Myntra and Flipkart employees. Spacejoy offers its users a one-stop digital design platform powered by interactive 3D technology that allows its users to design, visualize, and purchase. The company presently caters to the US audience.

Vinay Indresh, Spacejoy’s President, said that about 40% of the consumers prevent from committing to redecorate their homes as a result of the difficulty in visualizing furniture from an online/offline catalog in reference of the rooms.

Additionally, Accel participated in a Rs 33 crore funding round of HomeLane, another interior design startup, along with JSW Ventures and Sequoia Capital.

Upstox raises funding of $25 million from Tiger Global

Ravi Kumar- Upstox founder
Ravi Kumar- Upstox founder

Mumbai-based digital stockbroking platform, Upstox, has built financing of $25 million in its second round of investment from NewYork-based, Tiger Global. Ravi Kumar, the cofounder at Upstox, has claimed the firm has been profitable for two-years and it will be utilizing its fresh round of funding to expand its business by making product improvements, adding new features and hiring as well.

Economic Times reported that the firm plans to multiply its workforce from 180 to 300 employees. The company claimed to cater to 3 lakh consumers and said that it contributes to over 3% of the trades across exchanges in India. The company’s websites claim to have over 2.5 lakh downloads by far. Additionally, the startup claims to have a daily exchange turnover of over Rs 15,000 crore with over 1 lakh traders.

SlicePay Raises $2.8 Mn Debt Funding from Gunosy Capital

Fintech startup SlicePay raises a debt funding of $2.8 million ( Rs 20.5 crore) from Japanese company Gunosy Capital and investment arms of Pegasus Wings Group, Das Capital. Rajan Bajaj, the founder at SlicePay, said that the company was close to 15,000 transactions per day and a waiting list of over 300,000 customers. He added that the investment was a beginning of structured long term capital access from Japan’s capital markets which holds a $4 trillion exposure globally.

SlicePay, founded in 2016 by Rajan Bajaj, is a fintech startup offers credit solutions exclusively for youngsters from the 18 to 29 age group. The firm also launched a payment card in collaboration with Rupay known as the SlicePay card that comes with a pre-approved credit line.

The card was specially designed to mainly serve the graduate students and young professionals like startup employees, gig workers, small business owners, and freelancers who are typically underserved by banks. The card can be used to make payments to over 5 million merchants online & offline.