India Digest: Fitso raises $1.5m; IIT-Madras, CII to promote green startups; MoneyTap bags NBFC license

In the funding space, fitness startup Fitso has raised $1.5 million funding from a group of investors. In separate developments, IIT-Madras and Confederation of Indian Industry (CII) are collaborating to promote innovative green startups while MoneyTap has bagged an NBFC licence.

Fitso gets $1.5 funding

Fitso, a full-stack sports facilities provider, has raised $1.5 million funding from a group of investors including SRI Capital, Sprout Capital, IPV Capital, Zomato co-founder Pankaj Chaddah and Helion Venture Partners co-founder Ashish Gupta.

Founded in 2015 by Saurabh Aggarwal, Naman Sharma, and Rahool Sureka, Fitso will use the proceeds to expand its operations, acquire talent, and boost its technology. It is also planning to launch an all-in-one pass to provide its subscribers access to all of its facilities across sports.

IIT-Madras, CII collaborate to promote green startups

IIT-Madras and Confederation of Indian Industry (CII) are collaborating to nurture and promote innovative green startups across the country, per an announcement.

An MoU has been signed between Gopalakrishnan-Deshpande Centre for Innovation and Entrepreneurship (GDC) of IIT Madras and CII – Sohrabji Green Business Centre (CII-Godrej GBC) in this regard.

“This collaboration with CII will enable the young researchers and entrepreneurs to validate their ideas and assumptions with experienced industry veterans, thereby helping in creating more robust start-ups,” GDC CEO R Raghuttama Rao said.

MoneyTap bags NBFC licence

MoneyTap, an app-based credit line, has secured the licence to operate as a non-banking finance company (NBFC) from the Reserve Bank of India (RBI), The Economic Times reported.

With the new licence, MoneyTap aims to further scale its business and deepen its existing bank/NBFC partnerships with a focus on tech innovation, inclusive growth, and hybrid lending strategies.

Founded in 2016, MoneyTap provides small-medium cash loans, quick credit on mobile and flexible EMIs. It claims to have created a total loan book of Rs 1,000 crore and has achieved a disbursal run rate of Rs 2,500 crore a year.