India Dealbook: Setu, Eduvanz, Zupee, Thekabadiwala raise funds

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Indian startups continue to attract investor interest. Fintech firm Setu, lending startup Eduvanz, gaming startup Zupee, and online doorstep scrap pickup service have secured funding.

Lightspeed leads funding in Setu

Setu, a fintech application programming interface (API) infrastructure startup, has raised $3.5 million in a seed funding round led by venture capital firm Lightspeed India Partners. Bharat Inclusion Seed Fund, the seed fund under Bharat Inclusion Initiative set up by IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE), also participated in the funding round. The startup will use the funds to build an engineering team and strengthen its technology infrastructure.

Eduvanz Financing raises $2m

Mumbai-based fintech lending startup Eduvanz Financing has raised $2 million from Unitus Ventures and the Michael and Susan Dell Foundation, The Economic Times reported. Founded in 2016, Eduvanz is a non-banking financing company offering affordable loans to students for skill development. The startup raised $500,000 (Rs 3.21 crore) in an angel round of funding led by venture capital firm BLinC Management Advisors Pvt. Ltd in February last year.

Smile Group invests $1m in Zupee

Smile Group, owner of various properties in the consumer and internet media space, has invested $1 million in a seed funding round of Indipepper Media Pvt. Ltd, which operates real money gaming startup Zupee, VCCircle reported. Incepted in May last year, Zupee will use the funds to grow business and expand its exiting team of 15 members, the report added. The startup claims to has over 1 million downloads and 1.5 million gameplays per month. bags equity funding

Online doorstep scrap pickup service has raised Rs 3 crore of equity funding from early stage investors, high-net-worth individuals, and senior industry professionals, The Economic Times reported. Among the investors were Naveen Reddy, a supply chain director at Unilever; Bhushan Gajaria from Beehive Capital Advisor; Bharat Mandloi of Singapore based ABCOM Investments; Suresh Parekh of Parekh Marine Transport; and Vishal Thaker, an angel investor. The startup plans to deploy the funds for technology upgradation as well as for organic and inorganic growth.

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