India Dealbook: Axilor Ventures, RentOnGo & Satin Creditcare raise funds

Photo: Reuters

Axilor Ventures has raised funding for its fifth batch of startups, TVS Motor has picked up a 24 per cent stake in RentOnGo while Satin Creditcare Network is raising around Rs 35 crore ($5.5 million) from Capital First.

Axilor Ventures raises $5m for fifth batch

Early-stage venture investor Axilor Ventures, which was launched by technology industry veterans led by Infosys co-founders Kris Gopalakrishnan and SD Shibulal, has raised funding for its fifth batch of startups.

According to a statement, It has raised a total of Rs 32 crore ($5 million), with half the startups having already received funding.

The startups which graduated in the batch include Detect, Niramai, Orbuculum,, Adya Inc, CoPro, Extraaedge, Gig Production, Maroon and Rucept, Legal Docs and TaxGenie, .

The VC firm has also initiated the process for its sixth accelerator batch.

RentOnGo raises $234k from TVS Motor

Bangalore-based RentOnGo, a product rental services platform, has raised Rs 1.5 crore (around $234,000) in funding from two-wheeler manufacturer TVS Motor Company Ltd.

TVS Motor picked up a 24 per cent stake in RentOnGo, according to a stock market disclosure.

The startup, operated by Condivision Solutions Pvt Ltd, operates in Bangalore, Hyderabad, Pune, Delhi-NCR and Mumbai.

RentOnGo had earlier raised an undisclosed amount of funding from Snapdeal’s ex-chief product officer Anand Chandrasekaran, Shivanandan Pare, head of Madura’s, and other investors like GSF India founder Rajesh Sawhney and Kalpana Tatarvati, partner at Interweave Consulting in 2015.

Satin Creditcare to get $5.5m from Capital First

Delhi-based microfinance firm Satin Creditcare Network is raising around Rs 35 crore ($5.5 million) from non-banking financial company Capital First Ltd.

According to a stock market disclosure, it will allot 1.23 million optionally convertible redeemable preference shares at Rs 284.53 apiece to Capital First.

New-Delhi-based microfinance institution Satin Creditcare is the fourth largest MFI in the country after Janalakshmi Financial Services, SKS Microfinance and Ujjivan Financial Services.

In March this year, the company raised $10 million (around Rs 65.8 crore) from Asian Development Bank (ADB) through a preferential allotment. Last October, the MFI raised Rs 250 crore by way of a qualified institutional placement (QIP). Prior to that, in June, the company had secured Rs 25 crore ($3.7 million) for working capital requirements.

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