The Indian ecommerce industry has taken off with large ecommerce platforms such as Amazon India, Flipkart, and Paytm Mall expanding rapidly. On May 30, another ecommerce platform, QTrove, secured USD 51.57 million (INR 350 crore) from Springboard Ventures. QTrove sells non-mass produced, natural, and handmade items from small entrepreneurs across the country and targets consumers in their late 20s to mid 40s who are willing to spend on designer goods and travel. QTrove will use the funds to expand their marketing, customer acquisition efforts and vendor network.
1.On May 27, Acko General Insurance raised USD 12 million (INR 80.5 crore)in a funding round led by Amazon. Acko General Insurance is a digital online insurance startup that aims to make buying insurance easy and affordable. The startup will use the funds to beef up its technology and scale up its business.
2.On May 29, Orowealth raised USD 1.6 million (Rs 33.7 crore) in a Series A round of funding led by Powerhouse Ventures and other investors. Orowealth is a wealth management fintech startup that offers financial products and personalized financial advice to retail investors without charging commissions. The startup plans to use the funds to boost product innovation and strengthen its research capabilities.
3.On May 29, YCook raised USD 5 million (INR 33.5 crore) in a Series B round of funding led by 021 Capital, Oikocredit, and Omnivore. YCook is an organic and ready-to-cook processed foods startup. The company plans to use the money to improve its factories and boost marketing.
4.On May 29, Toffee Insurance secured USD 1.5 million (INR 10 crore) in a seed funding round led by Kalaari Capital, Omidyar Network and Accion Venture Lab. Toffee Insurance is an online insurance marketplace providing health coverage. The company will use the funds to develop its products and strengthen its technical capabilities in data science, machine learning and AI.
5.On May 31, Stellapps raised USD 14 million (INR 94 crore) in funding led by the Bill and Melinda Gates Foundation and IndusAge Partners. Stellapps is a dairy technology startup based on IoT that provides end-to-end technology support to help dairy farmers boost their productivity. The startup plans to use the funds for product development and expansion.