India Dealbook: Intelligence Node, PaisaDukan, UrbanClap, boAt, Cred raise funds

Photo: Reuters

Retail analytics company Intelligence Node, peer-to-peer lending marketplace PaisaDukan, home services platform UrbanClap, consumer electronics startup boAt, and fintech firm Cred are among the latest startups to have secured funding.

Cred bags funding from Sequoia

Cred, which incentivises credit card payments with reward points, has raised $4 million from Sequoia Capital India. Sequoia subscribed to 20,179 Series B CCCPS shares of Cred at a price of Rs 13,653.31 each. The startup is also reportedly in talks with Chinese investment conglomerate Hillhouse Capital, and existing investors including Sequoia Capital, Ribbit Capital and Yuri Milner’s Apoletto Asia for a $120-million funding round.

Intelligence Node secures $5.5m

AI-powered retail analytics company Intelligence Node has raised $5.5 million in its Series B funding round with participation from new investors Cornerstone Fund (CSVP Fund) and Calibre Ventures. Existing investors MegaDelta Capital Advisors (erstwhile NEA India funds) and Orios Venture Partners also participated in the round, bringing the startup’s total funding to $10.6 million. In addition to its growth in the US, Intelligence Node also plans to use this funding to make new senior leadership hires in sales and marketing to jumpstart its next phase of growth. The company is also looking to raise Series C funding shortly, it said in a statement.

JIIF invests in PaisaDukan

Peer-to-peer lending marketplace PaisaDukan has raised an undisclosed amount in funding from JITO Incubation and Innovation Foundation (JIIF). This takes the company’s total funding to $1.3 million since inception in November 2017. The round was led by Manoj Mehta, a marquee angel investor of JITO Angel Network and CEO of MTC Group, and Sunil Singhvi, a textile business magnate. The startup will use the funding to support financing in rural India through P2P lending and in hiring experienced key resources to support its rural expansion.

Former Flipkart exec backs UrbanClap

On-demand home services platform UrbanClap has raised about Rs 1.5 crore from former Flipkart CPO Mekin Maheshwari and Avaana Capital Founder Anjali Bansal. Mekin has invested Rs 50 lakh in UrbanClap, while Bansal has infused Rs 99 lakh through her personal investment fund SAB Holdings. Founded in 2014, the startup raised $50 million led by Steadview and existing investor Vy Capital in November last year. Other investors in the startup include Steadview Capital, Vy Capital, SAIF Partners, Accel, and Bessemer Venture Partners.

InnoVen extends debt to boAT

Delhi-based consumer electronics startup boAt on Friday said it had raised debt funding of Rs 16 crore from InnoVen Capital. Last week, the startup had secured Rs 20 crore in venture debt from Flipkart co-founder Sachin Bansal-owned BAC Acquisitions Pvt Ltd. boAt co-founder Sameer Mehta said the investment by InnoVen enables the company to raise funds without diluting any equity. The company will continue to focus on profitability and sustainable growth while minimising cash burn, he added.