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8i Ventures leads $4 Mn Series A round in TransBnk

EntrackrEntrackr · 1y ago
8i Ventures leads $4 Mn Series A round in TransBnk
Medial

Mumbai-based fintech startup TransBnk has raised $4 million in Series A funding round led by 8i Ventures. The round also saw participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, and Force Ventures along with a group of family offices, institutions, and angel investors. The Mumbai-based fintech startup had previously raised $1 million in seed funding led by 8i Ventures back in June 2023. The proceeds will be allocated towards expanding the network of banking partners, making foray into the Middle East and SouthEast Asia markets, bolstering its tech infrastructure, and enhancing product stack, TransBnk stated in a press release. Co-founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain, TransBnk is a transaction banking platform enabling corporate, commercial and institutional clients to make agile, secure and robust transactions with embedded finance and SaaS. It aims to provide deep domain expertise to ensure seamless business transactions for domestic cash management and payments, escrows, trade finance, supply chain finance and custodial services in close collaboration with banks. According to market research, transaction banking is holding $1 trillion global market potential and is projected to be a $2 trillion industry by 2030. TransBnk claims to have witnessed 10X revenue growth, forged partnerships with over 25 Banks, extending more than 200 APIs, while working with 100 BFSI clients. The platform also claims that it has supported over 5,000 accounts including escrows and processed more than 50 million transactions. TransBnk may directly or indirectly compete with other companies like Razorpay, Cashfree Payments, Decentro, Knight Fintech, Digio and others.

Haircare startup Moxie Beauty raises $15 Mn in Series A led by Bessemer

EntrackrEntrackr · 1m ago
Haircare startup Moxie Beauty raises $15 Mn in Series A led by Bessemer
Medial

Haircare brand Moxie Beauty has raised $15 million in a Series A funding round led by Bessemer Venture Partners. Existing backer Fireside Ventures also participated in the round, along with angel investors including Navin Parwal, Sangeet Agarwal, and Arjun Purkayastha. The firm did not disclose its valuation. Earlier in July last year, the Gurugram-based brand had raised Rs 17.3 crore ($2.1 million) in a new round led by Fireside Ventures. Back in April 2023, Moxie had raised $669K in its seed round from Amplify Partners, OTP Venture Partners, and others. The new proceeds will be used to expand its product development and research efforts, hire across key functions, and scale distribution channels. Moxie Beauty said it is working on new product formats and formulations, with a focus on styling and scalp health categories. Founded in 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty focuses on haircare products designed for Indian hair textures and climate conditions. The firm currently has a portfolio of 19 products spanning shampoos, conditioners, styling formats, and scalp care. Its products are sold across online platforms such as Nykaa and Amazon. According to Moxie, it has crossed Rs 100 crore in annual recurring revenue within two years of launch and reported a four-fold increase in monthly revenue over the past year. It also claims that several of its products rank among top-selling items in their respective categories on major marketplaces, with an overall customer retention rate of over 40%. Moxie sources a portion of its raw materials globally and develops formulations in-house. Some products are positioned as category-first offerings in the Indian market. The lead investor Bessemer Venture Partners had closed a $350 million in capital for its second dedicated India fund in March this year. Its recent investments include Graph AI, Seekho, and TransBnk.

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