Indian Startups Raise Millions in Funding
Jun 20, 2024 16:31
Indian startups OrbitShift, Supermoney, Maxim AI, and Wahter secure funding to expand operations and develop new solutions.
New Delhi, Jun 20 (PTI) AI-based sales startup OrbitShift has raised USD 7 million (about Rs 58.4 crore) in seed funding led by Peak XV's Surge and Stellaris Venture Partners.
The California-based startup plans to use the capital to expand its customer base and further develop solutions for its customers.
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Supermoney raises USD 3.4 million
SME-focused digital lending platform Supermoney has raised USD 3.4 million (Rs 28.6 crore) in Series A funding round from Capital 2B and Capria Ventures.
The funds will be utilised to accelerate the platform's growth and expand disbursements, a company statement said.
"We're seizing a USD 800-billion domestic market opportunity, which has so far been underserved by traditional banks and NBFCs. By partnering with industry leaders, our aim is to reach 5,00,000 MSMEs (micro, small and medium enterprises) within the next 2 years and drive invoicing volumes in excess of USD 5 billion on the platform," Supermoney co-founder and director Nikhil Banerjee said.
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Maxim AI raises USD 3 million
* SaaS startup Maxim AI has raised USD 3 million (about Rs 25 crore) in a funding round led by Elevation Capital.
The round also saw participation from angel investors such as the founders of Postman, Chargebee, Groww, Razorpay, and Media.net, among others.
With the infusion of capital, Maxim announced the general availability launch of its platform and said it plans to use the funds to expand its team and scale operations to partner with more leading enterprises building AI products.
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Wahter raises Rs 5 crore in pre-seed funding
* Packaged drinking water startup Wahter has raised Rs 5 crore in pre-seed funding at a valuation of Rs 52 crore.
It plans to use the funds to enhance its distribution network, streamline production processes, and continue innovating its advertising-focused revenue strategy.
The startup also plans to increase its headcount to streamline its expansion plans and improve operations and logistics.
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