Carpet design

[Funding roundup] Abhi Loans and Sunday Design reach early-stage deals, Malaika Arora launches into investment

Fast credit startup Abhi Loans raises $4.5m

KNAB Finance Advisors Private Limited, better known as Abhi Loans, raised $4.5 million under the leadership of DMI Sparkle Fund. Other investors include Niten Malhan, Ashvin Chadha, SK Jain and others.

Abhi Loans claims to be a digitally distributed and secure lending ecosystem that provides loans and takes mutual fund shares and shares as collateral. Such a product was only available to high-income individuals in the past, but Abhi Loans provides amounts as low as Rs 15,000. The company says it can process and approve such loans, as well as send the money to customer within 24 hours.

The new fundraising will be used to grow their tech stack, as well as grow their loan portfolio.

Actress Malaika Arora makes her first bet as an investor in Ahikoza

Actress and entrepreneur Malaika Arora has invested in the global artisan accessories brand Ahikoza, which has so far won customers in the luxury markets in the US and Europe. Founded by Namrata Karad, Ahikoza’s products are often seen on the red carpet, and their aesthetic geometry is inspired by architectural installations and sculptures.

“Over the years, Namrata’s experience as an entrepreneur and industry professional has provided her with a strong skill set in marketing, content strategy, consumer growth and strategic business development. She has been privy to numerous distribution partnerships and celebrity endorsements, which has made her the quintessential leader in her segment of exclusive and elusive handcrafted accessories. So for me to accept his partnership was a no-brainer because I’m sure together we can do magic,” Malaika said.

Interior design brand Sunday Design raises $1.5 million

Global furniture and interior design brand sunday design raised $1.5 million (Rs 12.5 crore) in a pre-Series A round. Notable investors include QRG Investment & Holdings (the family office of the founders of Havells India Limited), Kama Group (family office of SRF Ltd), the family office of KCT and other existing investors.

Gautam Baid, Founder and Managing Director of Sunday Design, said: “With this new investment, we intend to ‘collaborate’ with top European designers and grow our footprint in an omnichannel format, introducing new ranges of exciting products on a strategic basis. . We are aiming for 100% growth over the next two years.”

Launched in October 2021, the company previously raised $1.25 million from Baid and his partner Vinit Agarwal, as well as venture capitalists Sanjay Kapoor, Abhishek Goyal, Gurjeet Singh Bains, Sirca Paints India’s Apoorv Agarwal and Manan Khetan from I-Evo.

Medtech startup Yostra Labs raises Rs 4 Cr funding round

Founded in 2014, medtech startup Yostra Labs raised Rs 4 crore seed round led by Indian Angel Network (IAN), Impact Innovators and Entrepreneurs Foundation (Villgro Innovations Foundation) and Center for Cellular and Molecular Platform.

The startup builds devices to help patients with chronic conditions better manage their disease. The fundraising will be used to hire more talent in sales and marketing, as well as market the product portfolio, optimize the bill of materials and increase production.

Yostra has a portfolio of patented products focused on diabetes neuropathy that can prevent complications and improve the livelihoods of diabetes patients. This investment from IAN and co-investors will help Yostra build a sustainable business while having a social impact,” said Venkataraman KNK, lead investor, IAN.

Language-learning startup Expressions raised $250,000 in seed round

An edtech startup designed to help bridge the gap between socially acceptable English skills and professionally required English skills in India, Expressions has raised $250,000 in seed capital, led by Wami Capital.

“As India grows to become a major global economy, it will need a skilled labor force,” said Chetan Mehta, CEO of Wami Capital. “There is a need to equip our local employees with English skills and Expressions is on a mission to make this happen. We are delighted to support the passionate team.”

Agri-insurance startup IBISA has raised seed funding from Ankur Capital

IBISA, an insurtech startup focused on providing weather-based insurance to smallholder farmers in India, has raised an undisclosed seed fund from Ankur Capital. Ankur is known for supporting transformative technologies in deep and climate technologies.

IBISA was launched in 2019 and initially focused on providing drought insurance coverage to farmers in Tamil Nadu. Today, the startup also provides farmers in Odisha, Karnataka and Telangana with coverage against excessive rainfall, excessive wind speed and drought.

“Unavailability of data has hampered the growth of the agricultural insurance industry in developing countries for decades,” said Ritu Verma, Partner at Ankur Capital. “We are delighted to partner with IBISA to transform the scale of parametric insurance options available in countries like India with a large addressable market.”

Used car warranty platform Wisedrive raises seed money

Wisedrive has raised an undisclosed amount as seed funding from LC Nueva Investment Partners, Japanese venture capital fund Spiral Ventures, founder Bhavadeep Reddy, and others. Wisedrive claims to be India’s leading extended warranty platform for used cars.

Wisedrive plans to use the money to expand its reach by building more partnerships with used car dealerships across the country. While some manufacturers resell their cars with warranty, Wisedrive claims that 96% of used cars purchased in the country are completed by third-party sellers. They plan to serve this market.

Sujit Kunte, India Director at Spiral Ventures, said, “Wisedrive’s pioneering extended warranty product solves the fundamental problem of confidence in buying used cars. We are excited to see the team, with entrepreneurial experience in the technology and automotive industry, developing a data-driven approach to better price warranty and manage risk.”

(This story will be updated with the latest funding news throughout the day.)