India Dealbook: Monsoon CreditTech & FableStreet raise funds; Elanic acqui-hires SecondCry

Photo: Mint

Fintech firm Monsoon CreditTech Technologies has raised an undisclosed amount of funding from a group of investors, FableStreet Lifestyle Solutions has received seed funding from Kanwaljit Singh and others while fashion marketplace Elanic has acqui-hired recommerce platform SecondCry.

Monsoon CrediTech raises funding from marquee investors

Fintech firm Monson CrediTech has raised an undisclosed amount of funding from marquee investors like angel investor Sunil Kalra and others, according to a statement.

Other investors like Microsoft executive Rishi Srivastava, Google India’s Rajan Anandan and Aditya Singh also participated.

“Monsoon, unlike the others is this space, is focused on doing just one thing- building world class machine learning technology that can turn around the performance of loan books. This enables them to focus on credit decisioning- their core competence, without worrying about things like lead acquisition, regulatory compliance and collections,” said Rishi Srivastava.

Monsoon CreditTech offers lenders a machine learning-powered loan underwriting and pricing platform.

Women work-wear brand FableStreet raises seed funding

Women work-wear brand FableStreet has raised an undisclosed amount of seed funding from Kanwaljit Singh, MD, Fireside Ventures and others.

Fashion designer Harmeet Bajaj, Unilever senior director Pameela P and Fusiontech Ventures and other investors in the consumer, retail and technology sectors also invested in the Delhi-based startup, according to a statement.

FableStreet was founded in 2016 by Ayushi Gudwani, an ex-McKinsey consultant and IIM Calcutta alumnus. The startup offers premium workwear for women.

“Our vision is to make lives of professional women simple and easy by taking the problem of fit out of consumers’ hands. For an entrepreneur and an investor, the business model is designed to minimize pitfalls of retail and become profitable – e.g., zero inventory, low SKU complexity and minimal returns,” said Gudwani.

Elanic acqui-hires recommerce platform SecondCry

Elanic, India’s largest pre-owned buying-selling community, has acqui-hired recommerce platform SecondCry.

Post deal, SecondCry’s co-founder and CEO Anjali Goyal will be joining Elanic as the head of its Babies & Kids category.

SecondCry is a parents-only marketplace for children’s pre-owned products. It has a community of 25,000 parents and a wide catalogue of infants’ and children’s pre-owned products. It was started as a Facebook group in 2015 by co-founders Anjali Goyal and Ankur Jain. The website was launched in 2016.

“We’ve solved some of the toughest problems which classifieds have struggled with for almost a decade. We’ve moved transactions online and have made the experience seamless for both the buyer and seller. Adding newer categories such as ‘Babies & Kids’ is the logical next step for us,” said Palkush Rai Chawla, co-founder, Elanic.

Elanic was started by Abhilash Narahari, Palkush Rai Chawla and Aditi Rohan in 2015. The startup provides a platform where users can sell their pre-owned items in India. They need to upload photos of products they want to sell to the app, and the company takes care of the pick-up, packaging, delivery and payment.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.