The Week that Was: Indian Startup News Overview (24th June - 28th June)

By Team Startupcity  |  Friday, 28 June 2024, 18:49 IST

The Week that Was: Indian Startup News Overview (24th June - 28th June)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Fintech, Social Networking, Sport-Tech, Health-Tech & SaaS marking another win for the startupreneurs by raising funds and updating the growth probability and standardizing the products and services. The week went by successfully witnessing funds in every stage of funding from Seed Funding Round to Pre -Series A to Series A to Series B.
Sector: Fintech
Funding Round: Seed Round
Startup: CheQ 
Established Year: 2022
Funding News: Budding fintech platform CheQ lifts up $2.2 million in extended Seed Round of Funding
Renowned fintech platform CheQ, which is popularly known as the platform for credit card bill payment management has successfully secured an amount of $2.2 million which is approximately 18.5 crore in its extended seed round. This was the second tranche of this round.
Investors: Lloyd Dizon,  Zenaida Dizon Balajadia, Sherpalo LLC, a venture by Ram Shriram, Hitesh Gupta & Amit Lakhotia 
In the previous tranche the startup has lifted an amount of $4.5 million in extended series round, and this new funding was bestowed on them after one month of the previous fund.
According to the data analysis by startup data intelligence platform TheKredible, the company has been valued at around 460 crore or $55.4 million after receiving the fresh tranche of the extended seed round.
The company CheQ, was founded by Aditya Soni, which aids in simplifying the discovery and management of all credit products and allows you to pay your credit card bill, and EMI on a single platform.
The startup claims that, till date they have raised over $17 million including its $10 million seed round led by Venture Highway and 3one4 Capital in June 2022. 
The startup CheQ competes with fintech unicorn CRED which has secured around $1 billion to date and was valued at $6.4 billion in its last fundraise. According to the data, the company has posted 1,400 crore in revenue with a loss of 1,347 crore during FY23.
Sector: Social Networking
Funded Round: Pre-Series - A
Startup: O hi
Established Year: 2019
Funding News: Real-time Social Networking Startup 'O hi' nets $1 million in Pre-series A 
A revolutionary social networking app that improves the real-time human interaction via digital airports, cafes and hotels, O hi has lifted 8 crore (around $1 million) in its Pre-series A funding round 
Investors: JIIF along with a participation of significant angel investors.
The raised capital will be utilized to boost its product and integrates an AI-enabled profiling system.
Established by Adeeti & Rupal, O hi utilizes the real-time human interaction like physical environment through presenting a digital environment to generate a strong network of fame, celebrity and capital in the real-world.
Predominantly, the Welsh Government has asked the company to find its platform in the UK with a minimal launch set on July 2024. Also, the government providing its resources and support in order to assist the startup to integrates in the market of UK. 
Expressing their point of view on the company’s vision, Adeeti and Rupal, the Founders of O hi says, "O hi is not just a social networking platform; we're reshaping real-world human connections. Our AI-driven ecosystem aims to revolutionize content virality across platforms like Instagram and YouTube, delivering substantial ROI for global businesses and brands."
Sector: Sports-tech
Funding Round: Pre-Series A
Startup: Machaxi
Established Year: 2019
Funding News: Tech-driven Sports Coaching Startup Machaxi hits 4.8 crore in Pre-series A 
Machaxi, a ground-breaking Sportstech startup based in Bengaluru has lifts 4.8 crore in Pre-series A funding round. 
Investors: Gurugram-based angel investment company, Inflection Point Ventures.
As per the startup’s statement, the fresh capital raised will be utilized to build technological solutions for user data & analytics and sports shopping in order to amplify the shopping experience and boost the brand.
The startup presents tech-enabled sports coaching for kids and provide cutting-edge facilities and amenities for adults to play sports in their areas. Also, it offers n app that permits the users to buy sport equipment. 
Regarding this, Pratish Raj, Co-Founder of Machaxi says, “We are thrilled to announce our latest round of funding, led by Inflection Point Ventures and Ankit Nagori (Co-Founder Cult.fit and Founder Eat.fit). Partnering with IPV has been an incredible experience, and their support will play a pivotal role in accelerating Machaxi's growth”.
Further Raj adds, “This collaboration will enable us to enhance our services, expand our reach, and continue our mission to transform India into a Sports playing nation”.
Likewise, Ivy Chin, Partner, Inflection Point Ventures states, “It has become increasingly challenging for adults and parents to access affordable, quality sports coaching within urban residential areas. Recognizing this need, Machaxi steps in to bridge the gap by offering top-notch coaching and progress tracking for children, along with state-of-the-art facilities for adults".
Sector: Health-tech
Funding Round: Series A
Startup: Cloudphysician
Established Year: 2017
Funding News: Smart ICU-specialized Start-up Cloudphysician secures $10.5 million in Series A 
Cloudphysician, an AI-driven healthcare startup, has raised $10.5 million from Elevar Equity and venture debt firm Panthera Peak in a Series A funding round.
Investors: Peak XV Partners.
Previously, the firm brought $4 million up in pre–Series A round directed by Elevar in October 2021.
In a press release, the company stated that the new funds would be used to accelerate Cloudphysician’s expansion into multiple emerging markets as well as established markets like the United States. Additionally, a portion of the funds will be used to improve their own AI platform, RADAR, and to expand into Indian and international markets. 
It aims to cover more than 5,000 hospitals and platforms with tech-driven solutions. Cloudphysician claims that it has empowered a half expansion in ICU use for its accomplice emergency clinics, bringing about an expansion in income. As a first mover, the company intends to acquire 10% of this market in the coming years.
Expressing to this, Co-Founders Dr. Dhruv Joshi & Dr Dileep Raman collectively states, "We aim to scale our business and continue transforming critical care delivery in India and global markets. We remain committed to our vision of leveraging AI and advanced technology to ensure high-quality care is accessible to all, regardless of location”.
Sector: SaaS
Funding Round: Series B
Startup: Rocketlane
Established Year: 2020
Funding News: SaaS based startup Rocketlane hoists $24 million in Series B Funding Round 
In its latest funding round, SaaS startup Rocketlane has secured $24 million in Series B funding.  
Investors: 8VC, Matrix Partners India, and Nexus Venture Partners.
Previously, in January 2022, Rocketlane raised $18 million in its Series A round, and in June 2021, the company received $3 million in seed funding.
Rocketlane announced in a press release that the recently acquired funding will propel the advancement of their AI roadmap. This strategic investment will enable the development of cutting-edge features and enhanced capabilities for efficient project delivery.
Rocketlane has recently appointed Rao Adavikolanu as their new Chief Marketing Officer (CMO) as part of their expansion strategy. With his background as the former CMO of Pilot.com in San Francisco, Rao's skills will play a crucial role in enhancing Rocketlane's market visibility and executing key strategic plans.
Rocketlane was established in 2020 by Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala. The company provides a specialized integrated workspace designed for customer collaboration during project onboarding. This platform assists organizations in reducing their time-to-value, optimizing software implementation processes, and enhancing real-time visibility. 
 

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