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Magicpin co-founder Brij Bhushan returns as VC; joins Prime VP as partner

EntrackrEntrackr · 1y ago
Magicpin co-founder Brij Bhushan returns as VC; joins Prime VP as partner
Medial

Brij Bhushan, co-founder and former chief operating officer of Magicpin, has joined early-stage venture capital firm Prime Venture Partners (PrimeVP)as a full-time venture partner. In this role, Bhushan will be a key member of the investment team and will contribute to all aspects of the firm’s investment, portfolio management and fundraising, Prime VP said in a press release. Bhushan had previously worked in venture capital as vice president at Nexus Venture Partners before co-founding magicpin. He has also worked with Bain & Co. During his tenure at Magicpin, Bhushan was instrumental in its growth, raising over $100 million from investors including Lightspeed, Zomato and Waterbridge. “.. I’m excited to return to VC, where I can help founders navigate their journeys, leveraging my experiences alongside a team that truly understands what it takes to get a company off the ground,” said Bhushan. With plans to strengthen the company’s investment and portfolio management capabilities, Prime VP has also promoted Gaurav Ranjan to principal of investments. Ranjan served PrimeVP for six years as an associate, and most recently as vice president. Led by Sanjay Swamy, Shripati Acharya, and Amit Somani, Prime VP has invested in more than 50 startups, including WheelsEye, MyGate, Quizizz, PlanetSpark, Dozee, Zuper, Niyo, OTO, Knight Fintech, Finagg, and Navadhan, among others in the past 12 years. The firm has also achieved several significant exits, such as Happay to Cred, Recko to Stripe, Ezetap to Razorpay, and the IPO of Tracxn.

RUGR Fintech raises $5 Mn in pre-Series A round led by Vikasa India EIF I Fund

EntrackrEntrackr · 3m ago
RUGR Fintech raises $5 Mn in pre-Series A round led by Vikasa India EIF I Fund
Medial

RUGR Fintech raises $5 Mn in pre-Series A round led by Vikasa India EIF I Fund RUGR Fintech Private Limited, a rural-focused fintech platform transforming digital payments and banking access across India, has raised $5 million in pre-Series A funding from Vikasa India EIF I Fund, a Mauritius-based collective investment scheme. The investment, made through Compulsorily Convertible Preference Shares (CCPS), values the company at a post-money equity valuation of $25 million. The proceeds will be used to expand technology infrastructure, make new strategic investments, and strengthen working capital to support RUGR’s rapid growth. Founded with a mission to empower banks, businesses, and underserved communities, RUGR Fintech offers a one-stop platform for rural banking and digital payments. Its services include merchant acquisition, real-time payments, pay-in/pay-out with escrow, and managed services. By equipping scheduled commercial banks, cooperative banks, and societies with modern tools, RUGR is enabling easy digital access for the underbanked and unbanked. Headquartered in Bengaluru, RUGR Fintech is a next-generation financial technology company focused on rural economies. Its comprehensive digital platform enables banks and financial institutions to deliver modern banking solutions across underserved markets, supporting financial inclusion at scale.

Knight Fintech raises $23.6 Mn in Series A round led by Accel

EntrackrEntrackr · 16d ago
Knight Fintech raises $23.6 Mn in Series A round led by Accel
Medial

Knight Fintech raises $23.6 Mn in Series A round led by Accel Mumbai-based banking infrastructure startup Knight Fintech has raised $23.6 million in a funding round led by Accel, with participation from IIFL and Rocket Capital. Existing investors Prime Venture Partners, 3One4 Capital, Commerce VC, and Trifecta Capital also took part in the round. Knight Fintech’s total funding now stands at $30 million. The proceeds will be used to strengthen product capabilities and support international expansion, targeting markets across Asia Pacific and the Gulf region. Founded in 2019, Knight Fintech builds core infrastructure that connects banks, lenders, platforms, and borrowers to enable capital flow across the financial ecosystem. The firm operates products spanning co-lending, digital lending, embedded finance, and treasury management. Its co-lending stack allows banks and large NBFCs to partner with other institutions to originate and distribute loans. It works with financial institutions such as Bank of Baroda, Bank of India, ICICI Securities, IIFL Finance, Bajaj Auto, Muthoot Fincorp, and NABARD. Knight Fintech currently supports over 150 partnerships across 85 lenders. According to the company, its platform has facilitated more than $7 billion in loan disbursements and manages over $5 billion in active assets. Its treasury management software handles liquidity, risk, borrowings, and investments, with assets worth over $125 billion managed through the system. Over the next four years, Knight Fintech aims to scale annual revenues to $85–100 million and expand assets under management beyond $50 billion.

CapGrid Solutions raises $5 Mn led by Anicut Capital

EntrackrEntrackr · 11m ago
CapGrid Solutions raises $5 Mn led by Anicut Capital
Medial

CapGrid Solutions raises $5 Mn led by Anicut Capital B2B manufacturing startup CapGrid Solutions has raised $5 million (around Rs 45 crore) in a funding round led by Anicut Growth Fund. The round also saw participation from existing investors Nexus Venture Partners and Axilor Ventures. Earlier in January 2023, CapGrid had raised $7 million led by Nexus Venture Partners. The round closed at a valuation of Rs 305 crore after the investment, according to an ET report. The proceeds will be used for global expansion and investments in technology to improve supply chain and operational efficiencies. Founded in 2020 by Tiwari and Himanshu Singh Raghuvanshi, CapGrid helps car part makers and suppliers by making it easier to find and buy the materials they need. It helps OEMs procure precision parts and components from suppliers that it has tied up with. CapGrid currently operates around 11 fulfilment centres and has 50 strategic supply manufacturing partners. The Gurugram-based startup claims to have recorded a revenue of around Rs 99 crore in the last fiscal year and expects to reach Rs 220 crore in FY25.

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