India Dealbook: Startups ZipLoan, SpotDraft, Skillenza raise funding

Online lending platform ZipLoan; SpotDraft, an online generator of contracts and invoices; and HR-tech startup Skillenza have raised funding.

Fintech startup ZipLoan raises $3m funding led by Matrix Partners

Online lending platform ZipLoan has raised $3 million in its Series A round of funding led by Matrix Partners India, with the participation of existing investors.

Ziploan, which is focussed on loans to small and medium enterprises, plans to use this latest funding geographical expansion in non-metro towns, increase its loan book size, and adding people to its team . ZipLoan on an average offers Rs 1-5 lakh loans to small businesses.

The Delhi-based had earlier raised around $1 million in seed funding from investors such as WaterBridge Ventures, Whiteboard Capital and Sarbvir Singh, former MD, Capital 18. These existing investors have participated in the latest funding round.
“We will invest in our proprietary risk assessment engine with digital data points, called ZipScore, which automates credit decisions,” said Kshitij Puri, co-founder and CEO, ZipLoan.

SpotDraft raises $550k seed funding led by Hunch Ventures

SpotDraft, an online generator of contracts and invoices, has raised a seed funding round of $550,000 led by venture capital firm Hunch Ventures.

The round also saw the participation of Japan-based Spiral Ventures, 500 Startups, Singapore Angel Network, and Citrus Payments and Cube founder Satyen Kothari.

Founded earlier this year, the Gurgaon-based firm, operated by Draftspotting Technologies Pvt Ltd,  plans to used use this latest funding to  scale the business and market the product, according to an official statement.

Started by Shashank Bijapur and Madhav Bhagat, SpotDraft offers an artificial intelligence-powered platform to draft and execute legal contracts.

“Moving forward, SpotDraft will provide users a complete end-to-end contract management solution at the press of a button. For now, the focus is on the freelance market, however, the target base will soon grow to include small and medium-sized business,” Bijapur said.

Skillenza raises $772k from IAN, Blume Ventures, others

Blume Ventures and Indian Angel Network have led a $772,000 seed round by Bengaluru-based startup Skillenza, formerly known as Venturesity, according to an Inc42 report.

According to the news report Aneesh Reddy from Capillary, Surojit Niyogi from HomeBit, Raghu from Taxi for Sure, Pallav Nadhani from Fusion Charts and Tracxn also participated in this latest round.

Founded in 2014 by Prashant Koirala, Rajesh Rai, and Subhendu Panigrahi, thecompany had raised $270K in an angel funding round in 2015 from RedBus’ co-founder Phanindra Sama, Jay Sethuram, partner at Crestlight Venture Partners, Founder and CEO of Torrent Networking Technology Hemant Kanakia, and founder of angel fund and incubator Srijan Capital Ravi Trivedi.

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