Finsire, a Chennai-based fintech startup, has raised $1.3 million in a seed round from a clutch of investors.
The round saw participation from iSeed, Spark Capital, Devx, 1947 Rise, Adept ventures, Portal angel investors, Purple Matters, DeVC India, and Lets Ventures. Razorpay and Mars Shot Ventures co-founders Shashank Kumar and Harshil Mathur and Groww CEO Lalit Keshre are among the angel investors who joined the round as well.
Finsire plans to use the fresh capital towards increasing the team size, building more products, and serving numerous integrations in the pipeline.
Started by Shreyans Nahar, Mridul Manhas, and Subramaniam Chintamani in August 2021, Finsire builds lending enablement services by permitting digital assets to be taken as collateral.
The solution allows banks, NBFCs, fintech firms, credit requirement distribution, and depositaries to maximize their lending capabilities.
Insurtech firm Vitraya raises $4.1 Mn from Xceedance
Healthcare-focused claim settlement platform Vitraya Technologies has raised $4.1 million in Series A funding from Xceedance and a consortium of investors.
Healthcare-focused claim settlement platform Vitraya Technologies has raised $4.1 million in Series A funding from Xceedance and a consortium of investors.
Founded in 2019, the Mohali-based Vitraya Technologies platform enables automated, real-time payouts and claims settlements between hospitals/healthcare providers and insurers, who offer health insurance products to consumers and businesses.
The company also leverages AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers.
The automation ensures easy claims documentation and filing, reduced errors, document and information completeness, and minimal processing time for healthcare providers and insurance claims processors.
Xceedance, a US-based digital transformation solution, technology, and analytical services provider, helps insurers launch products, implement intelligent technology, deploy advanced analytics, and achieve business process optimization.
Ayurveda D2C startup Gynoveda raises $10 Mn in a Series A round
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Ayurveda D2C startup Gynoveda raises $10 Mn in a Series A round
Gynoveda, a women-focused Ayurveda D2C brand, has raised $10 million in a series A round led by India Alternatives Fund. It is the first round of investment for the Mumbai-based company this year.
Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital, along with existing investor Fireside Ventures, also joined the latest funding round.
Gynoveda said it will use these proceeds to strengthen research and development, formulate new ayurvedic offerings, onboard talent, expand distribution channels, and increase brand awareness.
The startup last raised $1 million in a seed round led by Fireside Ventures in October 2019. Last year, it also roped in Bollywood actor Tapsee Pannu as a brand ambassador.
Founded by Rachana and Vishal Gupta and Dr. Aarati Patil in 2019, Gynoveda aims to make Ayurveda-based self-care solutions for gynecological and lifestyle-related disorders affecting women from puberty to menopause more accessible.
The startup registered a 3.25X growth in scale to Rs 17.58 crore during FY22 as compared to Rs 5.40 crore in FY21, as per the annual financial statement with the Registrars of Companies. Its losses also blew up 1.9X to Rs 4.51 crore in FY22 from Rs 2.28 crore in FY21.
