India Digest: Digifin, Hevo Data to raise capital; WeWork India to launch in Noida

Former PayU co-founder Jitendra Gupta is close to raising $25 million in a seed round for his digital bank startup Digifin, while Sequoia Capital’s accelerator Surge and Chiratae Ventures led a $4 million seed round in Hevo Data. In a separate development, realty firm Embassy Group-owned WeWork India is set to enter the Noida market.

Matrix, Sequoia said to lead $25m funding in Digifin

Former PayU co-founder Jitendra Gupta is close to raising $25 million in a seed round for his digital bank startup Digifin that is slated to launch shortly, according to a report by Entrackr.

Marquee venture capitalists Sequoia Capital and Matrix Venture Partners are expected to lead the funding round, with participation from a slew of individual investors including SoftBank managing partner Munish Varma, the report further added quoting sources.

What’s interesting is that the amount is considerably large for a seed round.

Digifin, that will offer features such as fund transfer, insurance amongst other products and services, will compete with Tencent-backed NiYO that offers digital banking solutions.

WeWork India set to launch in Noida

Realty firm Embassy Group-owned WeWork India is entering the Noida market, according to a report by Yourstory. It is looking to open three coworking centres in an area spanning over three lakh sq ft that can accommodate 3,900 seats.

Currently, the company is present in Bengaluru, Mumbai, Gurugram, and Pune, with a total seating capacity of 46,000. Seats available are said to range from anywhere between Rs 5,000 and Rs 40,000 per desk per month.

Embassy Group, headquartered in Bangaluru, tied-up with US-based WeWork in 2016 to foray into the coworking business.

The recent news on expansion comes in after the US-based WeWork parent The We Company made headlines for shelving its IPO plan. However, it may be pertinent to note that WeWork India operates as an independent entity and pays a management fee to the American firm.

Hevo Data raises $4m in seed round

Sequoia Capital’s accelerator Surge and Chiratae Ventures led a $4 million seed round in Hevo Data, a unified data platform for mid-size enterprises, in a bid to help the company grow its customer base in the US and other Western markets, according to a report by The Economic Times.

Hevo Data, headquartered in San Francisco and Bengaluru, enables companies to derive insights from several sources including CRM, advertising channels, marketing tech, and financial system software, to help them understand customers better.

The funds raised will help the company expand its operations.