Our latest funding roundup compiles early stage investments in Indian startups engaged in invoice discounting, online lending, on-demand task management apps, and fashion commerce.
Bengaluru-based KredX, an invoice-discounting platform, has raised $750,000 (roughly Rs. 5 crores) in a seed funding round from Prime Venture Partners. Founded by IIT and Stanford alumni Manish Kumar, Anurag Jain, and Puneet Agarwal in 2015, the platform connects credit-worthy SMEs (small and medium enterprises) looking to raise working capital (against their unpaid invoices) to individual financiers looking for opportunities to earn above-average financial returns.
Peer-to-peer lending platform LenDen Club has raised an undisclosed sum of funding in a seed funding round from Venture Catalysts, a seed stage investor. Founded in 2014, LenDenClub connects salaried borrowers to individual lenders on its Web-based platform. The platform considers a combination of traditional and non-traditional data points to validate the credit-worthiness of the lender, and said that it has arranged more than 150 loans till date.
Bengaluru-based MagicX, an on-demand, chat-enabled, AI-powered app to manage day-to-day tasks, has raised $1 million (roughly Rs. 6.65 crores) from marquee investors including Kris Gopalakrishnan, Co-Founder CEO, Infosys, and others. MagicX, formerly Magic Tiger, has racked up oover 100,000 downloads since it was launched on Feb 24 2016, the startup said, and plans to use the funds for team expansion, marketing initiatives, new service categories, and technology upgradation.
Mumbai-based fashion e-commerce startup Hippily has reportedly raised $250,000 (roughly Rs. 1.6 crores) in seed round of funding from a group of angel investors in India, USA, and Singapore. Founded in 2013, the startup offers apps for Android and iOS for women to discover, shop and share fashion products, with over 30 stores tied up as partners.