India Dealbook: Bain, Infosys back TidalScale; Truebil bags $1m; RevFin raises seed round

Photo: Reuters

In latest funding news, TidalScale on Wednesday announced that it has raised $24 million from Bain, Infosys, and others, Truebil has raised close to $1 million from existing investor Kalaari Capital, and RevFin Services has raised an undisclosed amount in seed funding from angel investors.

TidalScale bags $24m in Series B

TidalScale, a California-based start-up founded by former SAP executive Ike Nassi, on Wednesday announced that it has raised $24 million in a Series B funding round from investors including, Bain Capital Ventures, Hummer Winblad, Sapphire Ventures, Infosys, SK Hynix, a leading server OEM, as well as other undisclosed investors. The company will use the funds to accelerate adoption of software-defined servers. Indian IT major Infosys had picked up a minority stake in TidalScale in November 2016.

Truebil raises $1m from Kalaari

Truebil, an online marketplace to buy and sell second-hand cars, has raised close to $1 million in a fresh round of funding from its existing investor Kalaari Capital, VCCircle reported. The three-year-old startup has raised this round at an estimated valuation of around $17-20 million. The startup had last raised $3 million in a follow-on Series A round from Chinese venture capital firm Shunwei Capital in February last year. In January 2016, the company had raised $5.5 million in the first tranche of its Series A round from Kalaari Capital, Inventus Capital, and others. It is unclear whether the latest financing is a bridge round or a part of a larger round.

RevFin raises seed funding

Digital lending startup RevFin Services Pvt. Ltd, which kick-started its operations with the launch of Android and iOS apps on Wednesday, has raised an undisclosed amount in seed funding, reported VCCircle. The angel investors in the round included Harash Jain, chief executive of Litejoy International; Anil K Goyal, founder of Anil K Goyal and Associates; Anil Lanba, executive vice-president of Pyramid Consulting; and Krishan B Singh, a New York-based investor. RevFin aims to provide loans through its non-banking financial company to the underserved segments, and is looking to build a lending book of Rs 500 crore in the next five years.