India startups 3SC, Matel and OTPless secure funding

India startups 3SC, Matel and OTPless secure funding

Source: OTPless

Supply chain solutions firm 3SC,  homegrown mobility solutions company Matel, and OTPless, set up by the founding team of fintech BharatPe, have announced fundraising updates.

3SC snags an additional $4m

Supply chain solutions firm 3SC has raised an additional $4 million in a funding round from existing investor GEF Capital’s South Asia Growth Fund.

The funds will be used for enhancing AI/technology capabilities, scaling operations to meet growing demand and for global market expansion.

Founded in 2012 by Lalit and Sarita Das, 3SC serves a diverse array of industries such as pharmaceuticals, healthcare, industrials, FMCG, and e-commerce.

3SC raised $15 million in its Series B round earlier from GEF Capital’s South Asia Fund.

Matel raises $4m from Transition VC

Matel, a homegrown mobility and energy solutions company, has raised $4 million in a Series A funding round led by Transition VC.

The round also saw participation from Gruhas and Haresh Abichandani, founder of Millenium Semiconductor.

Founded in 2017, Matel manufactures synchronous machines and motor controllers for e-mobility and industrial applications. It offers applications in all kinds of EVs including 2-wheelers, 3-wheelers, 4-wheelers, buses, and off-road vehicles.

“We plan to allocate the raised capital for scaling up production, new product development, and expanding our R&D team and required equipment over the next 3 years,” Matel founder Mahesh Toraskar said.

OTPless raises $3.5m

OTPless, set up by the founding team of BharatPe, has raised $3.5 million in its pre-series A funding round, led by Sidbi, with participation from Venture Highway, FJ Labs, and Piper Serica.

Led by Bhavik Koladiya, Satyam Nathani and Tanmay Sagar, OTPless aims to disrupt the traditional methods of user authentication by eliminating the need for one-time passwords (OTPs).

More than 5,000 companies and 20,000 developers worldwide use OTPless to authenticate over 30 million users, the firm claims.

The proceeds bring OTPless’ total funding raised to $6.5 million. OTPless plans to use the latest proceeds to expand its presence globally and service beyond authentication and authorization.

In 2022,  Koladiya stepped down from BharatPe’s day-to-day management operations and ended his consulting contract, just months after co-founder Ashneer Grover’s exit.


Edited by: Padma Priya

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