In the latest startup funding news, fintech firm Sqrrl has raised $1 million in a pre-Series A round from Equanimity Venture Fund, while Diageo India has invested Rs 27 crore for a 26 per cent equity stake in alcohol payment and delivery startup HipBar.
Equanimity invests $1m in Sqrrl
Equanimity Venture Fund has invested $1 million in the pre-Series A funding round of fintech startup Sqrrl, according to an announcement on Monday. The fresh infusion of funds will help Sqrrl pursue aggressive growth and add to its product and technology prowess.
Sqrrl aims to invest in new-age technologies, particularly machine learning and artificial intelligence, to sharpen its product recommendation and further smoothen its on-boarding process. After this funding round, Rajesh Sehgal, the Managing Partner of Equanimity, will join the board of Sqrrl Fintech.
Sqrrl is an investment platform, with its mobile app available on Android and Apple stores. It allows users to invest in top-performing mutual funds based on their investment needs, risk horizons and goals.
Diageo picks 26% stake in HipBar
Diageo India, an alcoholic beverages company, on Monday announced that it has acquired a 26 per cent equity stake in Chennai-based alcohol payment and delivery startup HipBar for Rs 27 crore. Diageo routed the investment through its legal entity United Spirits Limited, it said in a statement.
The investment will help HipBar expand its footprint across more markets. With the HipBar app, age-verified consumers can browse a range of alcoholic beverages, select a brand of their choice and make online payments to have the product delivered at their doorstep (where permitted) or pick it up from a retail store at their convenience. Founded in 2015, HipBar currently operates in Bengaluru and Chennai.