India Dealbook: Yelo, Satya MicroCapital, Mobikwik in funding news

Photo: Reuters

New-age digital banking startup Yelo has raised its first round of institutional funding while Satya MicroCapital has raised about $4 million through non-convertible debentures (NCDs). Meanwhile, Mobikwik has appointed Indian arm of New York-based investment bank Goldman Sachs for fundraise.

Matrix Partners backs Yelo

New-age digital banking services provider Yelo has raised its first round of institutional funding led by Matrix Partners India. The round also saw participation from Omidyar Network Flourish VC and Better Capital, The Economic Times reported.

Nilesh Agarwal, the co-founder and the chief executive of 0.5Bn FinHealth, which runs Yelo, wants to expand his team to more than 100 within a year from 20 now, and also invest in product development and sales.

Satya MicroCapital raises $4m

New Delhi-based microfinance company Satya MicroCapital has raised about $4 million (Rs 28.50 crore) from a private debt fund managed by Swiss impact investor responsAbility Investments through non-convertible debentures (NCDs).

Satya MicroCapital will utilise the funding to lend to Indian micro, small & medium enterprises (MSMEs).

“This foreign debt fund will help us scale up our operational base to new territories while continuing to develop further credit offerings and ensuring complete end-to-end digitally controlled business processes being deployed,” said Vivek Tiwari, MD & CEO at Satya MicroCapital.

Mobikwik ropes in Goldman for fundraise

Digital payments company Mobikwik has appointed Indian arm of New York-based investment bank Goldman Sachs for fundraise, as it looks to expand into financial services space.

Mobikwik, which has failed to attract bigger funding rounds like its rival Paytm, is looking for a ‘long-term’ strategic investor for its next round of financing, the report said. In July, the company reportedly raised $1.3 million from New Delhi Television Ltd (NDTV) and venture debt firm Trifecta Capital.

Over the last one year, Mobikwik has added new businesses such as lending & micro-insurance.