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Electronics manufacturing startup Indigrid Technology raises Rs 40 Cr in Series A

EntrackrEntrackr · 15d ago
Electronics manufacturing startup Indigrid Technology raises Rs 40 Cr in Series A
Medial

Electronics manufacturing startup Indigrid Technology raises Rs 40 Cr in Series A Electronics manufacturing startup Indigrid Technology has raised Rs 40 crore ($4.4 million) in a Series A funding round led by Valour Capital, with participation from ITI Growth Opportunities Fund, Vimson Group, and Global South Capital. Earlier in September last year, Indigrid had raised $4 million (about Rs 35.2 crore) as part of a strategic funding round from existing investor Cactus Partners. The fresh capital will be used to expand manufacturing capacity, strengthen research and development capabilities, support working capital requirements, and explore integration opportunities across the value chain. Founded in 2015 by Sameer Narang and Rishab Purias, Indigrid develops and manufactures embedded electronic systems for automotive and consumer appliance sectors. Indigrid manufactures products such as motor controllers, DC-DC converters, and regulator rectifiers for automotive OEMs, along with control systems for consumer appliances and battery pack assemblies for EVs and drones. Indigrid operates a manufacturing facility in Gurugram and has recently set up an additional unit in Goa. It has also secured land in Goa to establish a larger production facility. The startup claims to have reported revenue of Rs 108.5 crore in FY25 and expects revenue between Rs 200 crore and Rs 250 crore in FY26. It also has an order book of around Rs 600 crore for FY27.

Frendy raises Rs 2 Cr in debt from UC Inclusive Credit

EntrackrEntrackr · 1y ago
Frendy raises Rs 2 Cr in debt from UC Inclusive Credit
Medial

Retail tech small format grocery chain Frendy has raised Rs 2 crore or about $239K in a debt round led by UC Inclusive Credit. The startup has collectively raised a total of Rs 42 crore to date including the debt. Frendy’s existing investors include Auxano Capital, AT Capital (Singapore), Desai Ventures, Let’s Venture, MARV Capital (New York), and Metara Ventures (Singapore) The proceeds will be used to fund its central inventory needs to feed its network of Frendy Marts & Micro Kiranas in tier III towns of Gujarat The firm claims to have a revenue of Rs 82 Cr for FY23 and aims to double its sales in the next 12 months as the brand expands its geographical footprint. Founded in 2019 by Sameer Gandotra, Frendy is building a network of modern neighbourhood grocery mini marts for consumers in small towns and villages of India. Ahmedabad-based Frendy currently operates 25 marts and 2,000 micro kiranas across rural Gujarat. It aims to scale it’s business to 100 marts and 3,000 micro kiranas in the next 12 months. Frendy’s marts are also digitally connected to a cluster of micro-kiranas (mom-and-pop stores) and their end customers, allowing Frendy to build a last mile digital commerce bridge to serve a wider range of rural consumers.

SaaS unicorn Icertis to raise $50 Mn

EntrackrEntrackr · 11m ago
SaaS unicorn Icertis to raise $50 Mn
Medial

US-based contract management SaaS firm Icertis is set to raise $50 million in a new funding round, according to a Form D filed with the US Securities and Exchange Commission (SEC). The filing did not disclose the names of the investors. Last year, an ET report indicated that SoftBank was likely to invest in Icertis' new funding round, which might conclude at $150 million. This round follows Icertis' previous $150 million funding in October 2022 consisting of a revolving credit facility and convertible financing from Silicon Valley Bank. Icertis is an enterprise contract management software provider offering AI-powered solutions to enhance risk management, compliance, and efficiency across departments like finance, legal, procurement, and sales. According to startup data intelligence platform TheKredible, Icertis has raised $522 million prior to this round, including both debt and equity, from investors such as Silicon Valley Bank, B Capital, Premji Invest, and others. Icertis became a unicorn in July 2019 after raising $119 million in its Series E round led by Premji Invest. It was last valued at around $5 billion. In India, the company is headquartered in Pune. Icertis Indian entity reported 33% growth in its operating revenue to Rs 863 crore in FY24 from Rs 649 crore in FY23. The company registered Rs 97 crore profit in FY24 compared to Rs 71 crore in the previous fiscal year.

Neobanking platform Kaleidofin raises $5.3 Mn led by IDH Farmfit Fund

EntrackrEntrackr · 10m ago
Neobanking platform Kaleidofin raises $5.3 Mn led by IDH Farmfit Fund
Medial

Neobanking platform Kaleidofin raises $5.3 Mn led by IDH Farmfit Fund The Chennai-based startup had previously raised $13.8 million in September 2024. It is backed by Rabo Partnerships, the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish Ventures. The company has raised $42 million to date. Fintech neobanking platform Kaleidofin has raised $5.3 million (about Rs 44.5 crore) in a new funding round led by the IDH Farmfit Fund. The fresh funds will be used to scale up its lending portfolio as well as expand credit scoring, middleware, and risk services through new partnerships, Kaleidofin said in a press release. Co-founded in 2017 by Sucharita Mukherjee and Puneet Gupta, Kaleidofin is a fintech company that focuses on democratizing finance and providing inclusive financial solutions to underbanked individuals and businesses. It offers a technology platform that combines investments, credit, and insurance, customized to the needs of its customers, and utilizes a "click and brick" approach, integrating both online and offline channels. The company aims to empower everyone with financial services through technology and a network of partners. Kaleidofin aims to reach 600 million underbanked Indians with tailor-made financial solutions. It has developed a tech platform that reduces the cost of providing financial services, making them accessible to customers with very small savings. The platform combines online solutions with a network of partners—such as banks, MFIs, and NGOs—to provide trusted, last-mile connectivity. Kaleidofin states that it works with various partners, including banks, MFIs, NBFCs, and corporations, to expand its reach and offer a wider range of financial services. It utilizes advanced machine learning and suitability engines to offer goal-based financial solutions, catering to different life stages.

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