Startups in India continue to garner investor interest. WhiteHat Jr, founded by former Discovery Networks CEO Karan Bajaj, raised Rs 9 crore ($1.3 million) from Nexus Venture Partners and Omidyar Network India Advisors, while Bangalore-based Routematic raised $2.5 million in a pre-Series A round led by existing investors Vamm Ventures, and serial entrepreneur Naresh Malhotra.
Ed-tech startup WhiteHat Jr raises ($1.3 million) from VC
WhiteHat Jr, founded by former Discovery Networks CEO Karan Bajaj, has raised Rs 9 crore ($1.3 million) from venture capital firm Nexus Venture Partners and early-stage investment firm Omidyar Network India Advisors, according to a statement.
For the Mumbai-based ed-tech firm that was founded in 2018, the current funding marks the seed round that will be used to develop technology and build the team.
The startup, that teaches coding to children between the age group of 6 and 14, addresses a unique gap in the current education system in India. Tutorials are done online on a one-to-one basis wherein students are taught various nuances of coding such as sequence, structure, logic, commands and algorithmic thinking. The classes are hosted by IIT and IIM teachers which come in three levels of courses – beginner, intermediate and advanced.
Routematic raises $2.5 million in pre-Series A round
Bengaluru-based transport software provider and cab aggregator Routematic has raised $2.5 million in a pre-Series A round, according to an announcement.
The funding, led by existing investors Vamm Ventures, and serial entrepreneur Naresh Malhotra, will help the startup build its electric-vehicle supply-chain technology and expand its operations across the country.
For the uninitiated, Malhotra is the former chief executive of Café Coffee Day, who mentors startups and helps them scale to the next level.
Established in 2013 by Surajit Das and Sriram Kannan, Routematic is currently present in cities such as Pune, Bengaluru, Hyderabad and Chennai, besides Delhi-NCR (National Capital Region). Das is an Indian School of Business (ISB) alumnus, while Kannan is a software engineer.
“Over time we have increased revenue per asset to our fleet marketplace members and have more than doubled the revenues in the last 12 months. We are extremely capital efficient, as is evident in our data models, which allow us to execute at sub 1% variation to projections,” said Das, co-founder and CEO, Routematic.
Routematic, owned and operated by parent company Nivaata Systems Pvt. Ltd, raised its first funding from Malhotra in 2011. Subsequently, it raised separate rounds of capital from early-stage venture capital firm Blume Ventures and Vamm Ventures in 2012 and 2013, respectively. Back then, the investments were routed through Nivaata’s internal tech stack called Verayu.