Startup Funding Alert: 4th October 2019

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Fyle raises an additional $4.5 million from Steadview Capital

Expense management platform, Fyle has raised an additional $4.5 million in venture capital investment from Steadview Capital, a US-based hedge fund, following its Series A round in April 2019 with existing investors including Tiger Global, Freshworks, and Pravega Ventures. The total funding raised by startup stands at $10.5 million. The firm plans to utilize its fundraise to invest in product innovation and expand its global market footprint with additional marketing and sales investments. 

The company, founded by Yashwanth Madhusudan and Sivaramakrishnan Narayanan in 2016, offers expense management solutions for organizations and individuals. In March, the company had raised $4.2 million as a part of its Series a round led by Tiger Global. Currently, over 300 companies in India, the US, Singapore, the European Union, and the UK use Fyle. 

 

Hyperlocal delivery startup Dunzo raises $45M from Lightbox, Google, 3L Capital, others

Kabeer Biswas- Dunzo Founder
Kabeer Biswas- Dunzo Founder

Dunzo, a hyperlocal delivery startup, has raised $45 million from Lightbox Ventures, Google, 3L Capital, and STIC Investment & STIC Ventures. The firm stated that it plans to use the funding to further its vision to be the largest commerce platform in India. The round of investment comes from Dunzo’s 40 times growth in the last 18 months and a business model with a focus on unit profitability. 

The firm, founded in 2015 by Kabeer Biswas, Mukund Jha, Dalvir Suri, and Ankur Aggarwal, plans to use the funding to establish itself as a logistics player in the country, assisting a customer in picking up and dropping almost anything he would want to ship or buy while collaborating with merchants and delivery partners on the platform. The company is clocking over 2 million deliveries MoM, with an average delivery time of 28 minutes across its nine cities, including, Bengaluru, Mumbai, Delhi NCR, Chennai, Hyderabad, and Pune. 

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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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