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MFast get backing from Wavemaker Partners to increase financial services access in Vietnam

TechCrunchTechCrunch · 2y ago
MFast get backing from Wavemaker Partners to increase financial services access in Vietnam
Medial

Vietnam-based MFast has raised $6 million in a Series A funding round led by Wavemaker Partners, with participation from new investors Finnoventure Fund I and Headline Asia, along with returning backers. MFast operates a financial services distribution network in rural Vietnam, connecting customers with financial products like loans, insurance, and appliances. The company currently has 160,000 active agents and has served over a million users in Vietnam. The funding will be used to expand operations in Vietnam and into other markets, starting with the Philippines. MFast also plans to enhance its technology with features like a credit scoring engine and AI fraud detector.

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Exclusive: Vama set to raise fresh funds in pre-Series A round

EntrackrEntrackr · 1m ago
Exclusive: Vama set to raise fresh funds in pre-Series A round
Medial

Exclusive: Vama set to raise fresh funds in pre-Series A round Virtual spiritual app Vama is set to raise Rs 23.87 crore (around $2.7 million) in its pre-Series A round led by existing investor Wavemaker Partners with the participation of 500 Global, Venture Catalyst, 9Unicorns, Silver Needle Ventures, and other angel investors. The Vama’s board passed a resolution to issue 4,433 pre-Series A1 compulsory convertible preference shares at an issue price of Rs 53,466.8 per share to raise the mentioned sum, according to its filing with the Registrar of Companies (RoC). Wavemaker Partners will lead the round with an investment of Rs 11.37 crore, followed by 500 Global and Silver Needle Ventures with Rs 4.37 crore and Rs 3.2 crore, respectively. 9Unicorns will also participate with Rs 1.59 crore, while the remaining amount will be contributed by Venture Catalyst, Sadev Capital, and angel investors including Alok Nanavaty, Harit Nagpal, Swati Parikh, and Mahesh Kamdar. The company already received Rs 2.57 crore from Wavemaker partners in June 2025. According to the filing, the proceeds will be used to support business expansion and development needs. Vama is estimated to be valued at Rs 149 crore (around $17 million) post-money, according to Entrackr’s estimates. Founded in 2020 by Manu Jain and Acharya Dev, the Delhi-based startup offers virtual access to religious services such as e-pujas, e-darshans, and astrology consultations. Through its Android and iOS apps, it claims to have facilitated more than 1.5 lakh astrology and puja services worldwide. According to startup data intelligence platform TheKredible, Vama has raised around $5 million prior to this round. Following the latest allotment, Wavemaker will hold the largest external stake at 18.18%, while new investors 500 Global and Silver Needle Ventures will own 2.84% and 2.08%, respectively. The company’s promoters aka co-founders will collectively retain a 33.71% stake. For the fiscal year ending March 2025, Vama’s revenue doubled to Rs 19.5 crore, while its losses widened 33% to Rs 12 crore. It directly competes with AppsForBharat, which recently raised $20 million in a Series C round. Its other competitors include DevDham, Utsav App, Sutradhar, Ghar Mandir, and 27 Mantra.

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