India Dealbook: Matrix, Sequoia back First Principles; Rockstud invests in Everest Fleet

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Fintech startup First Principles Labs Technologies has raised $4.5 million in funding from Matrix Partners India and Sequoia India, while Rockstud Capital Investment Fund (RCIF) has made its debut investment in Everest Fleet.

Matrix, Sequoia back First Principles Labs

First Principles Labs Technologies has raised $4.5 million in funding from Matrix Partners India, Sequoia India, and a couple of angel investors.

The startup will use the funds to strengthen its product offering, expand the existing 20-member team, and in acquiring customers, according to a report in The Economic Times. It is also expected to launch credit cards in partnership with banks soon.

Rockstud Capital invests in Everest Fleet

Rockstud Capital Investment Fund (RCIF) has made its debut investment in Everest Fleet Pvt Ltd, a B2B fleet management service provider. The fund, along with Artha Venture Fund-I and a few angel investors, has invested $1.1 million in Everest Fleet.

The funding proceeds will be used for increasing the fleet size and hiring drivers as well as for working capital, YourStory reported.

Launched with an initial corpus of $10 million last year, RCIF is a sector-agnostic fund focused mainly on pre-Series A and other bridge funding rounds.