Startup funding: ETtech Deals Digest: Another lacklustre week as VCs weigh options

This was the third week in a row where startups could not attract big-ticket investments as VCs continue to weigh their options amid tightening macroeconomic conditions and an overall inflationary environment. Automation startup WebEngage raised $20 million in the largest fundraise of the week.

WebEngage raises $20 million in funding led by Singularity Growth

Market automation
startup WebEngage raised $20 million in funding led by Singularity Growth Opportunities Fund and SWC Global. Existing investors, including India Quotient, Blume Ventures, and IAN Fund, participated in the funding. The round saw participation from a few family offices and angel investors such as Unmaj Corporation, NB Ventures, BharatPe cofounder Shashvat Nakrani, and

Capital chairman Gopal Srinivasan, among others. WebEngage plans to use the capital to maintain its growth trajectory as it scales operations across India, the Middle East and North Africa (MENA), and as well as Southeast Asia (SEA) regions.

Twid picked up $12 million from Rakuten Capital

Rewards and loyalty startup
Twid has raised $12 million as part of its Series A round led by Rakuten Capital. Google, JAFCO Asia, January Capital, ICMG Partners, Reddy Futures Fund, and existing investors Beenext and Surge, the accelerator programme of Sequoia Capital India, also participated in the funding round. The company said it would use the funds to grow its merchant acceptance network, hire more talent across data science and analytics functions as well as drive further technological innovation. Founded in 2020, Twid brings together different rewards point systems across issuers to a single platform.

Credit Fair bagged $10 million from LC Nueva AIF

Embedded credit finance startup
Credit Fair has raised $10 million in a mix of debt and equity funding, led by LC Nueva Alternative Investment Fund. Venture capital fund Capital A, as well as family offices and angel investors, including Sattva Family Office, Nitesh Damani of Khel Group, and Nikhil Chandra Gupta also participated in the round. InCred Finance, Vivriti Capital, and Caspian Impact provided debt capital. The startup will utilise the funds to augment its technology and launch new products in the wealth-tech space. Founded in 2018, Credit Fair offers lending solutions and unsecured loan options at the point of sale to businesses.

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Jify closed $10-million funding from , Nexus Venture Partners

Employee financial benefits startup
Jify raised $10 million in funding from Accel and Nexus Venture Partners. The startup will utilise the fund to strengthen its fintech product offering, ramp up customer acquisition and drive adoption among the workforce. Founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan, and Aditya Mehta, Jify partners with companies to enable employees to access their earned salary on-demand in real-time and at zero cost. The startup claims this prevents employees from falling prey to predatory payday loans, which charge high-interest rates.

pumped $9 million into Credable

Supply chain financing platform
CredAble has raised $9 million led by private sector lender Axis Bank. Existing investor Oaks Asset Management also participated in the equity funding round. The company had picked up $30 million as part of its Series B fundraising in October last year, co-led by Plutus Management LLP and Oaks Asset Management. As part of the transaction, Axis Bank will acquire a little over 5% of the fintech startup, the lender said in a regulatory filing earlier this week. The acquisition is expected to be completed by September 30.

Tartan raised $4.5 million from 500 Global, others

Payroll and workforce management
startup Tartan has raised $4.5 million in funding from 500 Global (previously 500 Startups), InfoEdge Ventures, and Naval Ravikant-backed Quant Fund. Other investors included WorldQuant Ventures, Varanium GenNext Fund, 9Unicorns, Yatra Angel Network, Emphasis Ventures (EMVC), and Paisabazaar cofounder Naveen Kukreja. The firm will use the funds to scale its go-to-market operations, expand its in-house engineering team and enhance its product offerings. It also plans to double its headcount to 110 employees.

Blume Ventures invested $2.3 million in Bluecopa

Finance operations automation platform Bluecopa
has raised $2.3 million in funding led by Blume Ventures.

Capital and other startup founders such as Darwinbox’s Rohit Chennamaneni, Chargebee’s Krish Subramanian, and Rajaraman Santhanam also participated in the funding. Founded in 2021 by Raghavendra Reddy, Satyaprakash Buddhavarapu, and Nilotpal Chanda, Bluecopa helps enterprises automate financial operations such as business planning scenario modelling, variance analysis, intelligent alerts, and reconciliations, among others. It also provides real-time actionable insights to help the finance team take key decisions.

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