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Banking tech platform GRAVITY raises $1 Mn led by Kettleborough VC

EntrackrEntrackr · 1y ago
Banking tech platform GRAVITY raises $1 Mn led by Kettleborough VC
Medial

GRAVITY, a hyper-personalised banking platform, has raised $1 million in a pre-series A funding round, led by Kettleborough VC. The round also saw participation from eminent personalities from the banking industry and a few HNIs. The Mumbai-based startup plans to deploy the capital towards tech development and execution of organic growth cycles, GRAVITY said in a press release. Launched in March 2024 by Satish Krishnaswamy and Rohit Maroo, GRAVITY enables banks to create a tailored experience for both retail and enterprise customers. The platform enables interoperability amongst all the underlying banking softwares managing core banking systems (CBS), payments, LOS, LMS, treasury, depository, among others. Using this ecosystem, banks can develop contextual and customised products on top of their existing solutions, as per the customers’ need and eligibility. As per the company, banks can achieve several efficiencies such as routing IMPS transactions through NEFT if the IMPS server is down, offering instant loans to customers facing failed transactions due to low account balance and launching new products or workflows within 2-3 days using its API symphony, among many other use cases. Kettleborough VC, an India-based early-stage venture capital led by seed investor Nisarg Shah, launched its maiden VC fund in October 2022. Since then, it has backed startups such as InPrime Finserv, Finhaat, Giga Fun Studios , Zocket and ONWO, among others.

Renewbuy raises $10 Mn from Apis Partners and 360 One: Report

EntrackrEntrackr · 28d ago
Renewbuy raises $10 Mn from Apis Partners and 360 One: Report
Medial

Renewbuy raises $10 Mn from Apis Partners and 360 One: Report Insurtech firm Renewbuy has reportedly raised $10 million (approximately Rs 86 crore) in fresh funding from its existing investors, London-based Apis Partners and 360 One (formerly IIFL Wealth). The proceeds will be used to support Renewbuy’s business operations and expansion until the merger is finalized. The round comes as the company continues to progress toward its planned merger with rival InsuranceDekho, which could value Renewbuy between $300–350 million and is expected to create a billion-dollar entity in India’s insurance broking space. The merger is currently pending approval from the Insurance Regulatory and Development Authority of India (IRDAI). According to information from RenewBuy’s regulatory filings with the Registrar of Companies, the company has raised Rs 45 crore ($5 million) in fresh funding from Apis and individual investors, including Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza. Founded in 2014, Renewbuy enables the sale of motor, health, and life insurance policies through a network of point-of-sale agents. In July 2023, the Gurugram-based company had secured $40 million in its Series D funding round from Japanese insurance major, Dai-ichi Life Holdings Inc. For FY24, Renewbuy reported revenue of Rs 410 crore against Rs 287 crore in FY23. During the period, the firm managed to control its losses to Rs 114 crore from Rs 197 crore.

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