8 rising startups in India – Oct 26, 2016

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Our list of funded startups today includes a tea startup, a fintech startup for two-wheeler riders, and a company that helps businesses out with their unpaid invoices. An IP startup also got acquired by a global IT provider.

AugmentIQ

Global IT services and solutions provider Larsen & Toubro Infotech (LTI) has announced it will acquire Pune-based AugmentIQ.

Founded in December 2012 by Sachin Vyas, AugmentIQ offers enterprises IP-based big data and analytics services. As part of the deal, LTI will gain access to AugmentIQ’s big data platform MAXIQ, which brings automation and a DIY approach to big data.

LTI will integrate MAXIQ into LTI’s MOSAIC Decision Science platform. MOSAIC, powered by Microsoft Azure, is designed to help with data ingestion, data discovery, and industry-specific use cases.

Satvacart

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Gurgaon-based e-grocery retailer Satvacart has closed its third angel round, with serial entrepreneur and angel investor Nimit Panigrahi joining the current round. Ad guru Abhijit Awasthi, Tarento Technologies’ SP Vijay, and Karan Chellani were announced as participants at the beginning of the same angel round.

Founded in 2014, Satvacart is backed by Palaash Ventures and other angel investors. It sells 4,000 products through subscriptions, offering delivery to businesses as well as on-demand delivery to customers. It claims to have optimized its model to have products at your door within two hours.

KredX

KredX, a marketplace that connects businesses to those who can finance them, has bagged US$6.25 million in series A funding led by Sequoia India. Prime Venture Partners, an existing investor, also participated.

Founded last year by IIT and Stanford alumni Manish Kumar, Anurag Jain, and Puneet Agarwal, the startup gives companies a boost by discounting their unpaid invoices. It gives financiers a portion of the amount owed as an advance for a service fee. This works as a shorter-term loan for businesses and a short-term investment for those they owe. Meanwhile, KredX’s clients’ credit remains intact.

KredX uses its own risk assessment model for its borrowers and back-end technology for transactions. For financiers, it offers trade services like sourcing curated invoices.

It landed seed funding in April.

Idea Bubbles

Bangalore-based healthtech startup Idea Bubbles Consulting Services has received a US$700,000 investment from early-stage funding platform 1Crowd, health and hygiene firm Eureka Forbes, and its parent Shapoorji Pallonji & Co.

Founded in 2014 by IIT-Delhi and IIM-Calcutta grad Gururaj Potnis, the startup has developed the Eureka Forbes Good Health (EFGH) portal, which helps doctors offer patients tele-consults as well as digital medical record services. HappiDoc, its twin platform, provides doctors with curated medical research and case articles, and facilitates market research for pharma companies as well as sponsored continuous medical education programs.

Gururaj has previously started and exited two ventures.

The Kettlery

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Ahmedabad-based online and offline specialty tea startup The Kettlery has bagged US$1 million from Abhinav Bindra’s Shooting Star Sports & Franchise India Brands.

Founded last year, the startup will use the funding to set up 100 tea boutique outlets in the next five years. It sells over 75 tea blends, over 50 designer tea accessories and tea sets, as well as health tisanes.

Co-founder Sandeep Kotecha previously worked for Teavana, Starbucks’ tea subsidiary, as a senior planning analyst.

Pikkol

Bangalore-based relocation service provider Pikkol has secured seed funding from a group of angel investors including former 3M India chairman Ajay Nanavati and Delyver co-founder Afsal Salu. The details of the transaction remained undisclosed.

Jayem Logistics founder and managing director R Jayakumar, as well as Mumbai-based lawyer Tomu Francis, also participated.

The funding was part of the angel round the firm raised in August.

Wooplr

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Fashion discovery app Wooplr has raised an undisclosed amount of funding from Astarc Ventures, the investment arm of Mumbai-based Astarc Group.

Founded in 2013 by Arjun Zacharia, Praveen Rajaretnam, Soumen Sarkar and Ankit Sabharwal – all former McAfee employees – Wooplr raised an undisclosed amount of money in March.

CreditMate

CreditMate, an online lender with a focus on India’s two-wheeler market, has secured US$500,000 in seed funding from India Quotient, an early stage investment firm.

Founded by Ashish Doshi, Johnathan Bill, and Aditya Singh, CreditMate launched three months ago in Mumbai and expanded to Pune. It uses data-driven algorithms. Users can enter the bike they’d like and their monthly income. In return, the site tells them their monthly payment as their loan repayment periods. To secure a bike, a customer can choose the two-wheeler and then pay a starting amount to the dealer.

Owned and operated by Urja Money, CreditMate has partnered with over 25 dealers in Mumbai.

We’ve been bringing you cool Indian startups lately. Check them out here.

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