Funding alert: Tech startups that raked in moolah this month

The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.

Startup: Ben & Gaws Private Limited

Sector: Manufacturing tech

Amount: US$3 million

Led by: Physis Capital

Ben & Gaws Private Limited, which runs the manufacturing tech startup Fabrication Bazar, has raised $3 million in the Pre-Series A round led by Physis Capital. The round also saw participation from Japan based Venture Capital ICMG and existing investor Inflection Point Ventures.

Fabrication Bazar intends to utilize the funds raised, which includes part debt, for further enhancing the tech platform to support the growing scale of the Company, ramping up geographic presence to regions outside India especially GCC and SE Asia markets, and for leadership team hiring.

Dwaipayan Dutta, Co-Founder & CEO, says, “The Pre-Series A round is a continued validation of our business model and approach to solving the challenges faced by the steel fabrication industry in India through an asset-light strategy. Our tech-enabled, asset-light manufacturing platform empowers thousands of MSME steel fabricators across India by enhancing their capacity utilization, delivering quality products to blue-chip MNC clients, and providing them access to capital. This round helps us to further enhance our tech offerings and build the team to take us to the next level. Given the size and potential of the steel fabrication industry in India and globally, we see significant growth opportunities ahead.”

Ankur Mittal, Partner Physis Capital, says, “As India accelerates towards its $5 trillion economic vision, the steel fabrication industry emerges as a key player in this transformative journey. Fabrication Bazar stands at the forefront of this revolution, reshaping how the industry fulfils its steel fabrication needs. By seamlessly integrating advanced tech with a rigorously vetted global network of fabricators, they’re not just meeting demand—they’re redefining efficiency, cost-effectiveness, and quality standards. Their 6x growth since FY21 is proof of their innovative approach and market fit. As IPV and Physis, we’ve been more than just investors; we’ve been partners since 2022, and we remain committed to guiding Fabrication Bazar as they expand their tech and extend their reach into GCC market.”

Fabrication Bazar has grown across its operations in the last 12 months including the vendor network and client base in India. The Company has also been onboarded as a qualified vendor by some of the largest companies in GCC, and is establishing a vendor base in Vietnam to cater demand from the SEA region. With the rising interest from customers both in the domestic and international markets, the order book has grown 3X in the last 12 months. The Company has been operationally EBITDA positive since inception.

Startup: NxtQube

Sector: Drone

Amount: Undisclosed

Led by: Venture Catalysts

NxtQube, Indian drone infrastructure company, obtained a seed round funding led by Venture Catalysts, Indian integrated incubator and accelerator platform, and also witnessed participation from Pontaq VC (STPI), Ananta Bizcon LLP, Rushikesh Bhandari, and other angel investors. The Nashik-based firm will use the acquired funds to enhance its operations in the defence and enterprise sectors across markets in Asia Pacific, Europe, and the US with 2 million drones.

The seed funding round marks a notable milestone for NxtQube in its objective to develop a Universal Drone Docking Station, designed to serve diverse drone categories irrespective of applications. This essential capital inflow will assist NxtQube to make headway in accelerating its strategic expansion, research & development, increasing product line and penetrating new strategic markets to cater to new-age consumers across levels. Furthermore, the firm also envisions unlocking new dimensions of interaction with aerospace technology and enriching lives through innovative solutions. This will be driven through NxtQube’s Drone dock; a fully automated and industrial-grade universal drone docking station offering cross-compatibility with diverse drone manufacturers and technologies to ensure an efficient aerial ecosystem.

Nikhil Rajput, Co-Founder & CEO of NxtQube, shared his optimism following the seed round success, saying, “The aviation sector has been transforming rapidly through the growing emphasis on drones and this investment will further assist us to ensuring a future to seamlessly integrate technology with the skies to enhance human lives. This funding will also enable us to advance a step further to enhance the quality of our Universal Drone Docking Station to cater to diverse categories and applications. Soon after our domestic launch, we will debut this globally to ensure strategic market penetration to sustain and enhance our profitability. By leveraging innovations, NxtQube is poised to transform how drones interact with the world, making aerial solutions more accessible and effective.”

Dr. Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts, shared his insights on the investment decision, saying, “NxtQube’s innovative approach to drone infrastructure aligns perfectly with the rapidly evolving drone ecosystem. Their universal docking station has the potential to significantly reduce operational costs and increase efficiency in drone deployments. We believe NxtQube is well-positioned to become a global leader in drone infrastructure, catering to the growing demand for autonomous drone operations across various sectors. What particularly excites us is the scalability of their solution and its potential to revolutionise industries beyond just drone operations. As India pushes towards becoming a drone hub, companies like NxtQube will play a crucial role in building the necessary infrastructure.”

Startup: Finarkein

Sector: IT

Amount: US$4.75 million

Led by: Nexus Venture Partners

Finarkein raised $4.75M in a Pre-Series A round led by Nexus Venture Partners. The round also saw participation from existing investors IIFL’s Fintech Fund and Eximius Ventures, and angels like Uni’s Nitin Gupta and Ashika Group’s Chirag Jain.

Finarkein’s data and workflow orchestration platform allows enterprises to co-create data products on India’s emerging digital public infrastructure (DPI) like the account aggregator (AA) ecosystem, ONDC-Financial Services, OCEN and more. Over the last 18 months, Finarkein’s platform has emerged as the leading enabler for over 50 enterprises to publish and consume data on DPIs.   

Nikhil Kurhe, Co-founder & CEO, Finarkein says, “India’s approach to digital infrastructure has been unique wherein a lot of value is directly passed onto end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein we’re glad to be a part of this movement from day zero and scale it further. Finarkein’s trusted data products will play a significant role in unleashing the potential of DPIs in India and beyond.”

Anand Datta, Partner, Nexus Venture Partners says, “I have been following the account aggregator space fairly early and came across Nikhil and team Finarkein as winners of the AA hackathon back in 2020. They have only since doubled down on the space, and we have seen Finarkein single-handedly scale this vertical and build a new category from the ground up. At Nexus, we partner with extraordinary entrepreneurs to build category defining companies, and in Finarkein, we see just that, India’s first and leading data and DPI infra company.”

Startup: Medront

Sector: Data-as-a-Service

Amount: INR 1.06 crore

Led by: Inflection Point Ventures

User data storage startup Medront has raised INR 1.06Cr in Pre-Seed Round led by Inflection Point Ventures. The funds will be allocated to product development, growth efforts, user acquisition, onboarding DAAS clients, and miscellaneous expenses, ensuring efficient user acquisition and strong retention.

Medront Datalabs, founded in 2023, empowers users with control over their personal data through innovative data pods, offering brands an alternative to the monopolies of tech giants. The Company has been growing rapidly and has already gained over 20,000 users and partnered with 20 brands, positioning itself as a key player in the consumer data management space.

Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “With the digital world expanding rapidly, securing personal data is more crucial than ever. The Government of India has implemented ‘The India Digital Personal Data Protection Act 2023 (DPDPA)’ to regulate the processing of digital personal data. However, the act has its limitations, as it does not outline methods to protect or manage data. In this context, Medront emerges as a comprehensive platform that empowers consumers by giving them real ownership of their data, allowing them to manage their web browsing, music, finances, food choices, interests, and social media —all from one secure platform. Inflection Point Ventures (IPV) recognizes that digital privacy tools are going to be the next big thing in the tech landscape, which is why we decided to invest in Medront.”

Nitesh Singh, CEO, Medront, says, “Medront was born out of our vision of a new Data Ecosystem where data is owned and controlled by users. In the past year, we have launched Data Pods, Personal AI and we will soon launch a Data Consent Platform for Users and Brands to exchange data securely. Over the next year, our goal is to bring personal data ownership to millions of users across India. With a strong backing of IPV, we are confident of scaling Medront to be a game-changer in the Data Ecosystem and to also empower millions of consumers with Data Ownership and Privacy.”

Startup: Mytek Innovations

Sector: AI-based manufacturing

Amount: INR 6 crore

Led by: Undisclosed

Mytek Innovations, an AI-based EPC and Manufacturing marketplace, raised a Rs 6 crore debt to fuel its expansion plans. The debt funds raised is a part of the company’s overall plans to raise up to $10 million this year to cash-in on the improving macro environment and cater to its growing order pipeline.

The company clocked a 251 Cr order book at the end of FY24, and now aims to treble it with an order book of 729 Cr by FY 25. The strong inflow of orders will also help the company rake-in targeted revenues of Rs 320 crore at the end of this fiscal.

Mytek Innovations has been consistently working on increasing its order pipeline over the years. At the end of FY 22-23, the company had an order pipeline of 119 and revenues of Rs 10.48 crore.

“We are helping SMEs solve a multitude of problems.  SMEs don’t have enough working capital to complete the project in defined timelines and also often don’t have the capital to furbish performance guarantees. We help them do end-to-end execution across many issues they face,” Mytek Innovations Founder and Chief Managing Director, Shivkumar Borade, said.

Startup: LiaPlus AI

Sector: AI-driven customer support

Amount: INR 2 Crore

Led by: Inflection Point Ventures

AI-driven customer support solutions provider ‘LiaPlus’ AI has raised INR 2 Crore in Seed Round led by Inflection Point Ventures. Other co-investors in the round are Chandigarh Angel Network (CAN) and Growth91. The funds will be used for driving advancements in product and technology, expanding the team, and enhancing sales & marketing strategies.

Lia is an AI Call Assistant for Sales and Customer Support that can execute tasks just like humans.

Shailesh Jaiswal, Co-Founder and CEO of LiaPlus AI, is a MA Postgraduate with a specialization in Organizational Behaviour from the University of Delhi. As an Indian entrepreneur and AI researcher, he has garnered extensive consulting experience with multinational corporations, focusing on prompt engineering and the automation of customer support and sales processes. Smridhi Seth, Co-Founder and COO, is also an MA Postgraduate from the University of Delhi, with over five years of experience in data science, R&D and behavioural analysis. She has worked with clients across healthcare, hospitality, and technology sectors to drive AI- driven growth and innovation. She is a distinguished two-time Gold Medallist, honoured by the President of India, with expertise in AI/ML research, data visualization, and client relationship management.

Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “Many businesses struggle with managing high volumes of customer inquiries, especially across multiple languages and time zones, leading to customer dissatisfaction and lost revenue. LiaPlus addresses these challenges by providing AI driven customer support in multiple languages across different time zones thus helping businesses grow. IPV is confident in LiaPlus’s growth potential and remains committed to supporting the company as it continues to expand”.

Shailesh Jaiswal, Co-Founder & CEO, LiaPlus AI, says, “LiaPlus AI is not merely a product; it signifies the evolution of customer support solutions. Supported by IPV, CAN and Growth91, we are uniquely positioned to revolutionize the industry. With our innovative approach, we are set to transform how businesses engage with their customers. Our focus on cutting- edge technology and efficiency will redefine industry standards and set new benchmarks in AI-driven customer service.

Startup: Crackle Technologies Sector: AI Amount: US$1.7 million Led by: We Founder Circle & AC Ventures

Singapore-based Crackle Technologies has raised a $1.7M pre-seed round to build AI based products to help publishers maximize their adtech earnings. Round is led by We Founder Circle & AC Ventures. Other investors that participated include founders of Impetus Technologies, Sunicon Ventures, Global DeVC and Misfits Capital. Importantly, founders of prominent publishers like Ludo King and others have bestowed their faith in the Crackle team and their product offering by joining as investors.

The funding will be deployed to build globally scalable products to transform programmatic advertising for publishers and developers across gaming, apps, news, and OTTs (by addressing key pain points including low fill rates, ad viewability and eCPMs). Crackle’s proprietary tech applies advanced data analytics and predictive modeling to optimize publisher’s ad revenue, automate workflows, and deliver exceptional user experiences.

Neeraj Tyagi, Founder & CEO, WFC stated, “Publisher business models are challenged due to factors including ad blockers, privacy regulations, and the dominance of major tech platforms. Crackle’s proprietary tech addresses these challenges head-on, helping publishers scale monetisation and build sustainable business.”

One of the other investors, Apurva Chamaria added “I’ve known the Crackle team for years and have been consistently impressed by their passion, vision, and ability to execute. Their adtech offerings have already started adding significant value to publishers and I’m thrilled to support their growth and expansion.”

Jaivir, Co-Founder, Crackle, expressed his gratitude towards the investors for their trust and support, he added, “this funding will be instrumental in advancing our mission to maximize publisher revenue and fuel a thriving ecosystem of diverse content to keep the internet relevant and useful for all.”

Startup: Wundrsight

Sector: Digital Therapeutics

Amount: US$400,000

Led by: Inflection Point Ventures

Wundrsight, a Digital Therapeutics startup has secured $400K in seed round led by Inflection Point Ventures. Social Alpha has also joined the round along with other angel investors. This investment will enable Wundrsight to expand its network of hospital and clinic partnerships across India and accelerate the development of its innovative VR-based mental health solutions.

Wundrsight is first in India to build Virtual Reality and AI based therapy platform for mental healthcare management. They have also been backed by Meta (Facebook parent), DLabs at Indian School of Business, IIT Mandi Catalyst, NASSCOM and others.

Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “The mental health crisis is more alarming than ever; solving it with just traditional methods is often limited to accessibility, personalized treatment, and engagement. Many people start therapy but frequently drop off due to ineffective retention and engagement strategies. Wundrsight is at the forefront of addressing these issues by bringing in digital therapeutic and mixed reality technology like Virtual Reality to create personalized, immersive, and effective mental health care experiences. VR augments current solutions, helping to retain and engage users more effectively, ensuring they achieve their results. At IPV, we believe in Wundrsight’s vision to make mental wellness accessible to all through technological innovation.”

“We’re at a pivotal moment in mental health care, especially now as innovative software-based medical devices are getting regulatory approvals for prescriptions,” said Raunak Swarnkar, Co-Founder & CEO of Wundrsight. “Hospitals and clinics globally face immense pressure to provide high-quality, scalable mental health services despite a shortage of clinicians. Our VR-based solutions not only reduce the need for medication but also enhance clinician efficiency, allowing for safe, standardized and effective treatments. This funding will help us expand our reach and impact in India and APAC. We look forward to entering the US market next where VR therapy has received CPT codes for reimbursement from insurance providers.”

Startup: Centricity

Sector: Fintech

Amount: US$20 million

Led by: Lightspeed

Centricity, Indian tech-first wealth management company, has successfully raised USD 20 million in a seed funding round to advance its mission of revolutionising wealth management through its technology-based platform. This investment was led by Lightspeed with returning investors Burman Family Office, Shantanu Agarwal amongst others.  The round also saw investments from Paramark VC, a distinguished Korean venture capital fund and a group of renowned Family Offices and angel investors, including MS Dhoni family office, Aakash Chaudhry (Ex Aakash Institute), NB Ventures family office, Ritesh Agarwal (OYO), Vishal Dhupar (MD Nvidia) MMG group family office and Action Tesa family office among others.

Manu Awasthy, Founder & CEO of Centricity, said, “Our tech product and business growth are testimony of an impeccable team, immaculately executing a coherent idea. End investors in wealth management are tech starved and crave for simple, sincere solutions. And Centricity is solving this problem through its tech first mind set and practical tech applications. Our scale has been bigger and faster than any wealth management company in India within 15 months of starting the operations”

“Centricity’s vision of redefining wealth management with its one-of-a-kind solution is essential for India’s rapidly evolving financial landscape. The company’s commitment to empowering independent financial advisors and former private wealth professionals with a sophisticated, yet user-friendly platform sets a new benchmark in the industry. By offering democratised accessibility to all financial products for investors and a commitment to addressing the largely underserved Indian wealth market, the platform holds a lot for promise. We have strong belief in Centricity’s innovative approach and its potential to disrupt the wealth management landscape,” said Shuvi Shrivastava, Partner & Advisor, Lightspeed.

MS Dhoni Family Office said, “Centricity’s OneDigital is on a mission to democratize wealth management for a billion Indians and boost financial product distribution, especially in tier 2/tier 3 towns and cities. Investing in Centricity will be step towards partnering in this journey.”

Startup: TraqCheck

Sector: AI-powered background check solutions

Amount: US$14 million

Led by: Alok Oberoi & Aakash Anand

TraqCheck, an enterprise software company specializing in AI-powered background check solutions, has successfully raised its Pre-Series A funding round, securing a base valuation of over $14 million. Key investors include Alok Oberoi, a seasoned finance leader and former head of Goldman Sachs’ international wealth management division; Aakash Anand, founder of Bellavita; and Caret Capital, a leading venture firm focused on sectors such as mobility, distribution, and employment.

Founded in 2020 by Jaibir Nihal Singh, Armaan Mehta, and Rishabh Jain, TraqCheck has rapidly become the trusted partner of more than 200 corporations, including renowned companies like Bajaj Capital, Reliance Retail, Cholamandalam Finance, Yatra, and Grant Thornton. Its AI-powered platform helps businesses streamline their hiring processes with fast, accurate, and reliable background checks.

“We are thrilled to have Alok Oberoi, Aakash Anand, and Caret Capital on board as we scale TraqCheck globally,” said the Founders. “This new funding allows us to expand our presence internationally, starting with the United Kingdom. Our vision is to provide companies worldwide with seamless and effective background check technology that enables confident and efficient hiring at scale.”

This Pre-Series A round follows an earlier investment secured in April 2024, which saw participation from the family office of Peyush Bansal, founder of Lenskart, alongside Caret Capital.