The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.
Startup: Clix Capital
Sector: NBFC
Amount: INR 220 crore
Led by: Apollo Global Management, Pramod Bhasin & Anil Chawla
Clix Capital, one of India’s fastest-growing and profitable new-age NBFCs, has reached another landmark in its fundraising journey, securing INR 220 Cr in fresh equity capital. This investment round was led by existing investors – Apollo Global Management, Pramod Bhasin and Anil Chawla.
The company plans to utilize these funds to strengthen its lending capabilities across the MSME, Education, and Healthcare Equipment sectors, enhance its credit profile & significantly invest in new age AI & ML technologies
Rakesh Kaul, CEO of Clix Capital, said, “Delighted to see the confidence that the shareholders have reposed in us through this infusion. This will further energize the teams in fulfilling our purpose of serving the underserved MSMEs across India. This comes at an opportune time, given the government’s thrust on the MSME sector and its vision for Viksit Bharat.”
“Our investment in Clix Capital has seen significant value creation and we are delighted to have participated in this equity round. We see ample headroom for growth in Clix Capital’s journey as it expands its footprint in India’s growing MSME sector,” said Utsav Baijal, Partner and Head of India Private Equity, Apollo Global Management.
Over the last few years, Clix Capital has achieved a strong AUM CAGR over 30%, having supported thousands of MSMEs in their growth ambitions and job creation efforts. The company’s current AUM stands over INR 6,000 Cr with GNPA of less than 2% and has surpassed INR 26,000 Cr in total lifetime disbursements. With a workforce of more than 1,000 employees and phygital presence, Clix Capital has expanded its operations in over 2,100 pin codes pan India.
Startup: Acculi Labs
Sector: Deep-tech
Amount: US$1.5 million
Led by: Sabi Holding India Ltd
Acculi Labs, a deep-tech life growth solution provider and multidimensional conscious AI company has recently raised $1.5 million funds led by Sabi Holding India Ltd, an investment and development company dedicated towards sustainable living. The investment came at a base valuation of $ 25 million and the raised amount will be utilised to accelerate the development of Lyra, the conscious AI insights systems and Lyfas Udyam project including a sustainable agriculture JV by the two companies.
With the allocation of 50% of funds towards the JV and the rest towards Acculi’s diverse offerings, the company is striving to enhance its manpower, operational efficiency, infrastructure development, and manufacturing and production capacity.
Sweta U., head of Lyfas Udyam and Riyasree, convenor and coordinator of PAIO commented, “We are excited about this funding as it will help drive growth and innovation to our current solutions. With a focus on solving complex problems, this capital will enable us to expand our offerings. Backed by our shared vision, we are looking forward to extending our data power for helping Sabi make informed decisions, while leveraging their financial tools to strengthen our PAIO.”
This funding round is to enable Acculi Labs to also focus on serving a fast growing customer segment of growth-oriented solopreneurs and GenZs.
Startup: Hyperbots
Sector: AI
Amount: US$2 million
Led by: Kalaari Capital
Hyperbots, the cutting-edge AI Company for Finance and Accounting has secured US$2 million in a seed funding round led by Kalaari Capital and participation from Sunicon Ventures, and Athera Venture Partners. This funding will drive the expansion of Hyperbots’ go-to-market strategy and product development including the development of proprietary generative AI models for Finance and Accounting.
In just one year, working closely with over 25 CFOs, Hyperbots has developed proprietary AI Assistants, with human-like intelligence to automate manual, analytical, and strategic tasks in finance and accounting. The company is focused on US mid-markets and is gaining traction in the US, targeting firms with revenues between US$50 million and US$1 billion. Hyperbots’ platform embeds AI in all tasks for processes such as Procure-To-Pay, Order-To-Cash, and Expense Management, minimizing human involvement by 80%.
Niyati Chhaya, the Co-Founder, highlights the immense potential of developing human-like intelligence for Finance and Accounting. “We envision Hyperbots’ transformer-based proprietary models for processing documents like invoices, bills, purchase orders, contracts, and data-driven automated prediction techniques for financial decision making, will help achieve over 80% straight-through-processing of otherwise completely human operated processes. With the support of our partners like Kalaari, Sunicon, and Athera, we are poised to revolutionize the finance operations for US mid-markets,” remarked Niyati.
Startup: FlexiBees
Sector: Talent marketplace
Amount: Undisclosed
Led by: Inflection Point Ventures
FlexiBees, a talent marketplace, providing flexible, part-time and remote work solutions has raised its Pre-Series A Round led by Inflection Point Ventures. The round also saw participation from Shan M S, COO of Namma Yatri, Reema Mahajan, founder of International Women in Dubai, and other notable investors. The funds will be used for expanding its technological infrastructure, refining its AI algorithms, and broadening its market presence to better meet the needs of both employers and talent.
FlexiBees is a leading vetted talent platform connecting women professionals with part-time, project-based, and remote roles.
Vikram Ramasubramaniam, Partner, Inflection Point Ventures says, “Balancing household and office responsibilities often takes a significant toll on individuals, such as new parents or those caring for aging relatives, leading to compromises. FlexiBees addresses this by offering part-time, project-based, and remote jobs, enabling professionals to manage both their personal and professional lives effectively. This approach allows them to contribute their expertise while maintaining personal commitments, benefiting employers with access to skilled talent.”
Shreya Prakash, Co -Founder & CEO, FlexiBees, says, “Our objective is to scale our operations to generate employment opportunities and improve employability for millions of women professionals currently outside the full-time workforce. This initiative will provide business across the world with access to a remarkable talent pool, helping them grow competitively. We express our sincere gratitude to Inflection Point Ventures for their confidence in our vision and ambition. We could not have asked for more esteemed partners.”
Startup: Oneiric Gaming
Sector: Gaming
Amount: Undisclosed
Led by: NG Family Trust & TAC Holdings
Oneiric Gaming, an emerging player in the Indian gaming industry, has successfully raised its Pre-Series A funding round. The round was led by NG Family Trust and TAC Holdings, with participation from several other prominent investors.
Oneiric Gaming plans to utilise the funds to expand its game development team, enhance its technological infrastructure, and increase its marketing efforts to reach a broader audience. The company is focused on creating immersive and engaging gaming content tailored to the preferences of Indian gamers.
“We are thrilled to have the support of NG Family Trust, TAC Holdings, and other esteemed investors,” said Avneet Singh, Founder & CEO, Oneiric Gaming. “This investment will help us accelerate our growth and bring innovative gaming experiences to our users. With the launch of Oneiric 11, we are proud to introduce a game-changer in the industry, setting a new standard of fairness and accessibility for all. Rannvijay’s backing has been instrumental in our journey, and we are excited about the future”, added Avneet.
Started operations in 2020 by Avneet Singh, Founder & CEO, the gaming company roped in Rannvijay Singh, an actor and entrepreneur, as a key investor in 2021. Rannvijay’s involvement has brought significant attention and credibility to Oneiric Gaming.
NG Family Trust and TAC Holdings, known for their strategic investments in technology and listed entities, see great potential in Oneiric Gaming. “We believe in Oneiric Gaming’s vision and their ability to capture India’s rapidly growing gaming market,” said Nitin Patel, NG Family Trust. Similarly, TAC Holdings added, “Our investment in Oneiric Gaming aligns with our goal to support innovative ventures that push the boundaries of technology and entertainment”, further added Nitin.
Startup: EyeROV
Sector: Robotics
Amount: INR 10 Crore
Led by: Unicorn India Ventures
EyeROV, a marine robotics deep-tech startup providing products and solutions in the field of underwater domain has raised INR 10 Crore ($1.2M) in a Pre-Series A round led by Unicorn India Ventures. The funds deployed will further strengthen EyeROV’s geographical expansion into international markets and develop advanced marine robotics products and solutions to augment EyeROV’s current offerings.
Founded in 2016 by IIT Alumnus Johns T Mathai and Kannappa Palaniappan P, EyeROV is a pioneering deep-tech company specialising in marine robotics and AI.
Anil Joshi, Managing Partner, Unicorn India Ventures, says “Marine robotics is a highly complex subject and developing a drone to inspect underwater infrastructure requires unmanned tech built with precision. Unicorn India has a strong DNA of a deep tech investor as we understand the tech both hardware and software aspect. As we have a strong track record of bringing out highly innovative companies from sectors that are still emerging or relatively new, we believe EyeROV’s products and solutions have a global application.”
EyeROV has seen consistent revenue growth over the past 24 months Year on Year and launched multiple new products and expanded to new industry verticals and geographies and is a leader in underwater ROV-based inspections in India’s hydro sector.
With strong customer interest in India, the MENA region, and Europe, particularly in the infrastructure, power, and oil & gas sectors, EyeROV is strengthening its market presence.
EyeROV is also creating specialised solutions for infrastructure inspections and collaborating with defence R&D labs and forces through the Innovations for Defence Excellence (IDEX) initiative to develop maritime intelligence, surveillance, and reconnaissance (ISR) solutions.
Johns T Mathai, CEO, EyeROV says, “With this funding, EyeROV will be able to scale up its sales, R&D, and operations much faster. We have developed unique, differentiated solutions for underwater infrastructure inspections that have been successfully validated in the Indian market and are now ready for global expansion. Unicorn India has supported similar hardware/robotics companies in the past, and we believe this partnership will be highly beneficial.”
Startup: Ziptrrip
Sector: Travel tech
Amount: INR 2 crore
Led by: Various
Ziptrrip, the innovative AI-powered corporate travel and expense management platform, has successfully closed its pre-seed funding round, raising INR 2 Crore from a clutch of prominent angel investors and industry leaders, including Anil K Jha (ex-Coal India Chairman & ex-Jindal Power Ltd. Chairman & Board of director), Prantik Dasgupta (Country Head – Coeclerici & a seasoned angel investor) and others. This inaugural funding round marks a remarkable milestone for Ziptrrip, setting the stage for accelerated growth and expansion in the rapidly evolving corporate travel sector. The newly acquired capital will be strategically allocated to fuel Ziptrrip’s ambitious plans for market expansion, enhance its team-building efforts and drive continuous product innovation.
Ziptrrip empowers businesses to efficiently manage both travel and expenses within a single, unified interface. Ziptrrip achieved early profitability through rigorous cost management and a tech-first approach, ensuring exceptional value delivery to corporate clients.
Shan Prabhakaran, Co-founder and CEO of Ziptrrip, affirmed “This pre-seed funding represents a significant vote of confidence in our vision and the tireless efforts of our dedicated team. The investment will serve as a catalyst, enabling us to accelerate our growth trajectory, further enhance our AI capabilities, and continue delivering unparalleled value to our corporate clients. Our mission is to fundamentally transform corporate travel management by providing a solution that not only generates substantial cost savings but also dramatically improves efficiency and compliance across all aspects of business travel.”
Rishabh Agarwal, Co-founder of Ziptrrip added “This investment is just the beginning. We’re looking forward to forging new partnerships, expanding our talented team, and continuing to push the envelope of what’s possible in travel tech. The future of corporate travel is here, and Ziptrrip is leading the charge.”
Startup: 4baseCare
Sector: Medtech
Amount: US$6 million
Led by: Yali Capital
4baseCare, an Illumina Accelerator Company, that offers cutting-edge precision oncology solutions using advanced genomics and digital health technology, has raised $6 million in Series A funding led by Yali Capital and other investors. The funding will be used to enhance product offerings and scaling up operations for further expansion across India, as well as other countries in Asia and the Middle East.
Mathew Cyriac, Founding General Partner, Yali Capital, said, “The genomics landscape in cancer care offers a tremendous opportunity to create impactful businesses while improving millions of lives. As a deep tech focused fund, we are particularly excited about 4baseCare’s ability to enhance genomic tests with data from underrepresented populations, leading to improved treatment recommendations. 4baseCare has demonstrated impressive growth over the last few years, and we look forward to helping the team build a sustainable and profitable business.”
Hitesh Goswami, CEO and Co-Founder, 4baseCare, said, “4baseCare was founded with an aim to address the critical genomic data gap in cancer care. Our journey from developing TARGT Indiegene to impacting the lives of over 10,000 patients has been a very fulfilling experience. The success of our test and our growth over the years is a result of the exceptional support from our investors and the invaluable insights from our advisory board. This funding will further enable us to enhance our product offerings and advance our mission of making personalized cancer care accessible to millions”
4baseCare’s genomic tests have made a substantial impact across SouthEast Asia, impacting over 10,000 cancer patients. Over the next few months, 4baseCare will set up genomics laboratories in the Philippines, Nepal, and Dubai.
Startup: LLUMO AI
Sector: AI
Amount: US$1 million
Led by: SenseAI Ventures
LLUMO AI, an AI optimisation company tackling the high costs and performance challenges of Generative AI, today announced that it has raised US$1 million (INR 8 crore) in seed funding. The investment round was led by SenseAI Ventures, an AI-focused venture capital fund, with participation from India Quotient, AumVC, Venture Catalyst, IIM Indore Alumni Angel fund, and US-based angel investors. The funds will enable LLUMO AI to address the pressing challenges businesses face when integrating Generative AI and Large Language Models (LLMs) into their products and services.
LLUMO AI team developed a platform that empowers businesses to reduce Generative AI costs by up to 80% and gain unparalleled visibility into LLM performance.
The seed funding will support LLUMO AI’s expansion into the US market as well as the development of an enterprise-grade platform that seamlessly integrates with existing AI workflows.
Shivam Gupta, Founder of LLUMO AI, shared his vision for the company, stating, “We founded LLUMO AI with a clear mission: to democratise access to Generative AI and help businesses unlock its true potential. Our platform not only addresses the critical challenges of cost and performance but also empowers our customers to make data-driven decisions that accelerate growth and transform customer experiences. With this funding, we are one step closer to realising our vision of making Generative AI accessible, affordable, and impactful for businesses worldwide.”
Rahul Agarwalla, General Partner at SenseAI Ventures, emphasised the alignment between LLUMO AI’s solutions and SenseAI’s investment thesis: “At SenseAI, our research shows that cost and quality are the two biggest hurdles in making LLMs practical. LLUMO AI’s innovations directly address both these issues head-on. We back founders like the LLUMO AI team who build game-changing technology and tools to solve critical AI challenges, which aligns perfectly with our focus on investing in AI applications and tools.”
Startup: Opkey
Sector: AI
Amount: US$47 million
Led by: PeakSpan Capital
Opkey, the leading AI continuous test automation platform for enterprise systems, announced that it has raised US$47 million in Series B funding led by PeakSpan Capital, with continued support from existing investors. The strategic investment will fuel Opkey’s mission to deliver continuous assurance and streamline cloud ERP transformation programs, accelerate technological advancements, and product development, and foster a culture of innovation. The funding will also help the company grow its sales and marketing teams to expand its market presence globally and invest in research and development to pioneer the emerging “ERP Ops” category. Opkey is also expanding Engineering and AI research teams at its Noida and Bangalore R&D centers to develop a category-defining product.
“Opkey’s AI-driven platform empowers CIOs to ensure successful ERP transformation and modernization programs, by revolutionizing the way enterprises approach Cloud ERP migration,” said Pankaj Goel, CEO and Co-founder of Opkey. “This funding will allow us to further enhance our technology and expand our reach, helping more organizations seamlessly migrate their legacy ERP systems to the cloud while ensuring continuous quality and performance, given its criticality to business outcomes.”
Opkey currently has more than 200 enterprise customers, 72% of which are ranked in the Fortune 1000. The company also partners with large systems integrators like KPMG, Huron, and PwC to bring the power of AI to their implementation and managed services projects.
