India Digest: 19thMile, Spanugo get funds; Mobycy to raise $3m; Tata’s lending platform

Photo: Reuters

In the startup space, sales acceleration platform 19th Mile has raised around Rs 1.2 crore ($180,000) in an angel round of funding, Spanugo has secured investment from Ideaspring Capital and The Fabric, while Gurugram-based bike sharing platform Mobycy is in advanced talks to raise $3 million from Venture Catalysts, IDG Ventures and Orios Venture Partners. In another development, Tata Capital has launched an online working lending platform for its customers.

19thMile raises $180K from HNIs

Gurugram-based sales acceleration platform 19th Mile has raised around Rs 1.2 crore ($180,000) in an angel round from high net-worth individuals, it said in a statement on Thursday. Some of the key investors in the round include Rishi Vasudev, VP Fashion Flipkart; Excelsior Investments, Ritesh Vohra, Partner, IDFC Real Estate Fund; Praveer Kumar, CTO, Finxera; Prashant Gupta, Head of Egg, Finxera, among others. “The startup will use the funds to strengthen its product, bolster technology team, and launch brand awareness initiatives in Indian along with other international markets,” said the founder Vijay Gogoi.

Ideaspring, Fabric back Spanugo

SaaS security compliance firm Spanugo has raised an undisclosed round of funding from early-stage investor Ideaspring Capital and The Fabric, a Silicon Valley based startup foundry and accelerator. A group of undisclosed investors also participated in the round. The funding proceeds will be used for product development and to expand tech team in India. Founded in April 2017, Spanugo offers solutions and claims to provide visibility and help improve the overall security posture of IT infrastructure, whether on the cloud or in data center.

Mobycy to raise $3m funding

Gurugram-based bike sharing platform Mobycy is in advanced talks to raise $3 million from Venture Catalysts, IDG Ventures and Orios Venture Partners, reported The Economic Times.  The funding proceeds will be used to foray into e-bikes and e-scooters segment on its platform, said the report quoting Akash Gupta, co-founder and CEO of Mobycy. Founded in 2017 by Gupta and Rashi Agarwal, the startup enables dockless bicycle sharing. It competes with the likes of Ola’s bike-sharing service Ola Pedal and Zoom Car’s similar service PEDL, among others. The company does 7,000 rides per day and expects to double it in the next 1-2 months.

Tata Capital launches lending platform

Tata Capital, a financial services arm of The Tata Group, has launched an online working capital platform for its customers. The platform aims to provide an easy, seamless and paperless experience for loans sanction up to Rs 2 crore. The online lending platform will allow customers to access their loan account details and utilise the loan limits anywhere anytime. “Our new online working capital platform is designed to make commercial borrowing easier, convenient and super-fast,” said Kusal Roy, MD, Tata Capital, said.

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.