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The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.

Startup: Revfin Services Private Limited

Sector: EV Financing

Amount: US$5 million

Led by: US Development Finance Corporation

Revfin Services Private Limited, an Indian EV Financing company has secured $5 million from the United States International Development Finance Corporation (DFC). The investment is part of DFC’s Portfolio for Impact and Innovation and seeks to promote inclusive financing for EV adoption in India. 

Sameer Aggarwal, the Founder and Chief Executive Officer, Revfin stated, “The EV industry in India has tremendous potential and also provides good employment prospects. The growth of the industry is restricted due to the limited financing options. Having a forward-looking institution like DFC investing in Revfin will help scale EV adoption and increase financial inclusion. This investment will help us improve access to attractive financing solutions, which can be critical in driving EV demand and achieving carbon neutrality for India.”

“DFC’s partnership with Revfin will help support inclusive EV financing and grow EV adoption in India,” said Jim Polan, Vice President of DFC’s Office of Development Credit. “This investment demonstrates DFC’s ability to mobilize capital to support Indian innovation and provide financial opportunities for underserved communities in India.”

Startup: Sheerdrive

Sector: AI/ML

Amount: Undisclosed

Led by: Inflection Point Ventures

Sheerdrive, a Mumbai-based pioneering digital AI/ML pre-owned vehicle platform, which deals with all the key elements required to run an effective used-vehicle program for New Car Dealerships (NCDs), has announced that Inflection Point Ventures (IPV), a well-known angel investment group, has made an undisclosed investment in the business. Inflection Point Ventures (IPV) joins the group of investors already in place, which also includes Prajit Nanu, Co-Founder, and CEO of NIUM, a multibillion-dollar fintech company, as well as JITO Angel Network, INSEAD Angels India, Group Landmark, Volrado Venture Fund, and others.

“We are thrilled to have Inflection Point Ventures (IPV) partner with us in our mission to revolutionize the used car market in India. This investment underscores our position as a leading player in the pre-owned vehicle platform market, and we believe IPV’s expertise and support will help us achieve our ambitious growth targets. The new funding will enable us to expand into new geographies and enhance the tech stack for new car dealerships, unlocking significant value in used car transactions.,” said Ravi Mehra, CEO and Co-founder of SheerDrive.

Mitesh Shah, Co-Founder, Inflection Point Ventures (IPV) said, “Over the last few years the market for pre owned cars has witnessed a sharp rise. With Sheerdrives unique digital platform ‘VIAR’ car upgraders get the opportunity to sell their old car at a fair price similarly the new car dealer gets to transact on the used car without making any losses or getting stuck with working capital issues.  With the entire buying/selling  process being automated, this platform ensures transparency and reliability to their stakeholders.”

At Inflection Point Ventures, we look for investments that align with our values and SheerDrive’s innovative approach to the used-car market certainly fits the bill. We believe their technology has the potential to revolutionise the industry. Our investment in SheerDrive reflects our confidence in their team and their ability to drive the growth of the used-car market in India.”

Startup: Satyukt Analytics Private Limited

Sector: AgTech

Amount: INR 10 crore


NABVENTURES, a venture growth equity fund backed by NABARD (National Bank for Agriculture and Rural Development), has announced an investment of INR 10 crore in Satyukt Analytics Private Limited, a Bengaluru-based agri analytics startup. Founded in 2018 with a core team of scientists, Satyukt deploys satellite technology and machine learning to provide SaaS-based advisory services to farmers.

NABVENTURES’ investment, part of a pre-Series A funding round for Satyukt, will enable them to accelerate the development of its Sat2farm app that empowers farmers with data-driven insights, Sat2credit app that helps BFSI players to evaluate a farm’s creditworthiness and credit risk and introduce new products such as Sat4agri for agri input companies and Sat4risk for agri insurers.

NABARD Chairman, Shri Shaji K. V. said, “Satyukt is a unique agritech startup harnessing the power of satellite data and remote sensing for the benefit of farmers and lenders interested in funding the agriculture sector. The association with Satyukt aligns with our thought processes and beliefs.”

“Satyukt is a global SaaS in the making with a remarkable satellite data analytics and remote sensing team having advanced AI/ML capabilities. We are happy to support them in their endeavour towards transforming India’s agrarian sector by providing data-backed solutions for financing farmers and improving land productivity”, said Rajesh Ranjan, CEO of NABVENTURES.

Dr Sat Kumar, CEO of Satyukt, commented, “NABVENTURES’ investment strengthens our resolve to leverage cutting-edge technologies to enable our stakeholders from India’s agriculture sector to access and utilise accurate, real-time data that can drive their decision-making processes and positively impact their operations.”


Sector: Energy

Amount: Undisclosed

Led by: India Quotient, a company in energy forecasting for solar plants and battery storage, announced the successful closure of the seed funding round led by India Quotient. This investment will fuel the company’s expansion and accelerate its growth, reinforcing the mission to deliver the world’s best energy forecasting models.

The allocated funds will be harnessed to enhance the technology infrastructure of deep-tech models and algorithms used for energy generation forecasting. The company will also focus on the expansion of the cloud infrastructure to accommodate increased demand and ensure scalability. A significant portion will be invested towards research and development to improve the accuracy and reliability of the forecasts and grow the existing customer base. The funding will also enable to expand their solution offerings across Europe and US markets and build a robust team of talented professionals in areas such as data science, engineering, and business development. Furthermore, plans will be devised and implemented to develop and automate energy scheduling and trading processes to provide additional value to our customers.

“The funding from India Quotient will have a significant impact on our operations, projects, and growth. We’re poised to achieve a high margin, ensuring long-term sustainability. Moreover, this will help us accelerate our research and development initiatives, scale up our sales and marketing efforts, and develop automated energy scheduling and trading processes, bringing additional value to our customers. We look forward to the tremendous support from India Quotient and chart a new wave of transformation across the industry”, said Ravi Choudhary, Co-Founder,

Startup: TrafficGuard

Sector: Ad verification

Amount: US$9 million

Led by: Undisclosed

TrafficGuard, an omnichannel ad verification platform, today announces that it has launched a $9 million capital raise with $6.5m cornered via a strongly supported and upsized two-tranche share placement (Placement) to existing long-term sophisticated investor shareholders and new high-quality institutional shareholders. The placement will witness the firm issuing a total of 135,416,666 new fully paid ordinary shares in two tranches.

Mathew Ratty, CEO and Co-Founder, of TrafficGuard said, “We, at TrafficGuard, have grown exponentially on the back of our customer-centric approach and meticulous efforts to raise awareness among marketers pertaining to ad fraud and best practices to negate it. And, the latest funding is a testament to the hard work of our dedicated team of engineers and data scientists in creating award-winning products. Aligned with our long-term vision of aiding global brands, the funding will not only contribute to our enterprise level strategy but also play a pivotal role in monetising our self-serve product consisting of youtube, search, display, discovery, etc. With over 4,500 sign ups on our freemium version, we look forward to rolling out our new reporting suite to the mass markets,” he added.

In what appears to be a lucrative opportunity for its shareholders, TrafficGuard will also be seen rolling out an optional Share Purchase Plan (SPP) which will exclusively allow eligible shareholders to purchase up to $30,000 worth of shares at the same issue price as the Placement regardless of the size of their shareholding, sans any brokerage or transaction costs. The SPP will be integral in the company’s vision to raise up to $2.5 million.

TrafficGuard, with the proceeds from the Placement and the SPP, aims to fund processes to streamline the company’s pipeline of enterprise customers, vital enhancements to its products, development of new product features and capabilities; and sales and marketing initiatives to further grow its customer base.

Startup: Tummoc

Sector: Connectivity

Amount: US$1 million

Led by: Inflection Point Ventures

Tummoc, a multi-modal connectivity platform, has raised USD $1M in a Pre-Series A Round led by Inflection Point Ventures. These funds raised will cover various aspects such as the recruitment and training of personnel, the development of technology and software, the expansion of the system, marketing initiatives, and administrative requirements. In summary, the funds will be utilized to establish and promote the NCMT system, ensuring its successful implementation and operation.

Rahul Wagh, Managing Director, Inflection Point Ventures, says, “Urbanization brings with it related challenges of traffic and pollution as experienced in large cities of other developed nations like US, UK, etc where use of public transportation is far more prevalent.  We expect a similar shift in major Indian metros as well. The government is doing its part with improving the overall infrastructure and ideas like Tummoc are expected to play a big part in this process. Traveling with ease is one and the most vital element for any commuters, this is exactly what Tummoc intends to deliver with its multi-modal connectivity platform. This platform offers all the key services needed for local travel. We at IPV look forward to providing strategic support and help Tummoc penetrate new regions.”

Hiranmay Mallick, CEO, Tummoc says, “We’re grateful to have completed our pre-series-A round. The funds acquired will be utilised in MaaS (Mobility as a service) implementation for Bengaluru and Delhi which will be the first of its kind solution in India. MaaS integrates multiple modes into a single journey ticket. This includes the first, middle and last mile. It will enable 15 million daily commuters across Bengaluru and Delhi to avail a single mobility ticket. Next, we plan to take this to 10+ cities. Additionally, Tummoc will enable ITM (Integrate Transport Management) for key state and city transit agencies to help them digitize their transit infrastructure,thus building Transit for India”.

Startup: Anantadi

Sector: Virtual Product Placement

Amount: Undisclosed

Led by: SucSEED Indovation Fund

Anantadi, an AI backed Virtual Product Placement platform has secured an undisclosed Seed Fundraise from SucSEED Indovation Fund and CIE IIIT Hyderabad under “AVISHKAR” Deep Tech Accelerator program and “SAMRIDH” Startup Accelerator of MeitY as part of its Seed round.

Tushar Patil, the Founder and CEO of Anantadi said, “Anantadi fills a crucial gap in traditional product placement for TV shows, movies, music videos, and web series. Our AI backed virtual product placement solution changes the game by enabling on-demand and targeted product integration within existing and new video content. Through intelligent scene finder AI and programmatic approaches, brands can seamlessly embed their products, signage into various entertainment content and content producers can monetize their new and catalogue videos too.”

He further added that “Early-Stage Capital from SucSEED Indovation is a significant boost for us.. This funding will be instrumental in supporting our ongoing product development ef orts and bringing our virtual product placement solution to market faster. Early Institutional capital is a strong vote of confidence in our vision and potential, allowing us to continue building towards a successful launch and positioning ourselves as industry leaders in the virtual product placement space.”

Vikrant Varshney, Co-Founder & Managing Partner of SucSEED Indovation Fund, said “Anantadi provides an advertising solution for brands through AI-based in-video advertisement, as opposed to traditional product placement, which is done at the time of filming. According to a report by PwC, India’s media and entertainment industry is expected to reach approximately USD 54 billion by 2026, while advertising revenue in India is expected to reach USD 5.42 billion by 2024. We wanted to do our bit in that space with DeepTech solutions.”

Startup: Crib

Sector: PropTech

Amount: INR15 crores

Led by: We Founder Circle & Rebright Partners

Bangalore based prop-tech startup Crib raises Rs. 15 crores in its Seed round co-led by We Founder Circle and Rebright Partners. The round saw participation from 50+ renowned founders and tech operators like Vijay Shekhar Sharma (PayTM), Kunal Shah (Cred), Ghazal Alagh (Mamaearth), Ramakant Sharma (Livspace), Sandeep Aggarwal (Droom, ShopClues), Ravi Bhushan (BrightChamps, Housing), Ankur Aggarwal (Dunzo) along with various angel syndicates and funds like Imperier Holdings, FAAD, Rogue Opportunities, Sigurd Ventures, Beej Network, Dream Green Capital Venture, Supermorpheus Fund etc.

“Within 12 months of launch, we have built a solid foundation across 10+ cities in India including Bangalore, Hyderabad, Pune, Chennai, Ahmedabad & Delhi NCR. At present, over 500 landlords managing upto 1,00,000 rental units are collecting an annual rental revenue of Rs. 900 cr. on Crib’s SaaS platform.” said Shaifali Jain, Co-founder, COO and CPO at Crib.

“The real-estate as we know it today, belongs to the youth, the next generation that will soon be bound to take up the responsibilities of managing and growing their forefather’s investments. We at Crib are building the digital infrastructure to support these upcoming property owners by creating the ultimate property solution.” said Sunny Garg, Co-Founder and CEO at Crib.

“I have known the founders since 2017 when they were building YourShell, their professional growth over the past 6 years combined with their persistent passion for the housing industry is a clear sign that they are the best team to crack this market.” said Neeraj Tyagi, Co-Founder WeFounderCircle.

Startup: The Yarn Bazaar

Sector: Online B2B managed marketplace

Amount: INR 150 million

Led by: Rajiv Dadlani Group & Equanimity Ventures

The Yarn Bazaar, an online B2B managed marketplace, providing a one-stop solution for all yarn-related requirements, including discovery, trading, financing, logistics, advisory, and market intelligence services, thereby creating a favourable and efficient ecosystem for yarn buyers and sellers, has raised INR 150 million in their Pre-Series A Round. The investment was led by the Rajiv Dadlani Group and Equanimity Ventures and also saw participation from reputed Family Offices and HNI investors.

The funding will primarily be used to solidify its base, by building a strong senior leadership team, also expand its operations, by increasing its market reach, strengthening its technological infrastructure, and activating its existing strong inbound pipeline, in order to meet the growing demand. Additionally, The Yarn Bazaar will be investing further to enhance its online presence and improve the overall user experience, allowing suppliers and buyers to connect more easily, as well as access helpful resources and data.

The latest round of funding has also witnessed participation from a number of successful and prominent Individuals, as well as Family Offices of, Arihant Patni, Ekta Kapoor of Balaji Films, Ritesh Malik of Innov8, Aakrit Vaish of Haptik, Sumeet Srivastava of Spocto. Cred’s Miten Sampat, also participated in the round, along with textile industry stalwarts Anil Mansingka and Dr Amit Lath, Sharda Group of Companies, Nikunj Bagdia of Ken Enterprises and Vineet Garg of Shri Ram Sarup Garg Cotton Mills.

Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said “We have tracked The Yarn Bazaar’s impressive growth journey for a while. They have immense potential and are also well poised, with their unique business model and the potential of the large textile market, ripe for disruption, to be a leading brand, in the yarn and textile industry. Pratik and Team, have a strong pedigree, rich experience and have built a solid foundation in their niche space. We are very excited to partner as long-term investors, and support them in their journey.”

Startup: Finayo

Sector: EV

Amount: Undisclosed

Led by: India Accelerator

Finayo, an Indian unified EV asset and lending management platform has recently closed its seed round at an undisclosed amount. The investment round also saw participation from iAngels Network backed by India Accelerator.

Munish Bhatia, Co-Founder, India Accelerator said, “Indian roads are witnessing a rising number of EVs, deepening its penetration in the country. Financing plays a crucial role in enabling the transition to EV. Finayo’s approach of unified EV asset and lending management will prove to be a catalyst in mitigating credit risk and automating the loan life cycle for all stakeholders.”

The platform aims to allocate the acquired capital to enhancing the technology and formulate a highly efficient EV asset and lending solution.

Brajendra Singh Tomar, the Founder and CEO of Finayo said, “Lenders in the EV space face several challenges related to the Non-Performing Assets (NPA) and minimizing the risk. We are thankful to iAngels Network for trusting our capabilities which will help us invest in the latest technologies for mitigating risks of NPA, and creating a more stable and inclusive financial ecosystem. Overall, this development marks a significant milestone for the company and is a testament to their commitment to creating innovative solutions that benefit all stakeholders.”

Yogesh Prakash, Co-founder and CAO of Finayo said, “With this new financial support, Finyao is planning to expand its business to 50 new locations across five different states. With this expansion, Finyao is poised to make a significant impact on the Electric vehicle lending industry, and the company’s leadership is excited to see the positive outcomes that this growth will bring.”

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