In a recent Union Cabinet meeting chaired by PM Narendra Modi, the government finally approved the INR 10, 000 Cr corpus of ‘Fund of Funds for Startups’ is in line with the ‘Startup India Action Plan’. The fund aims to generate employment for 18 lakh persons on full deployment and will support seed stage, early stage and growth stage startups.
This week, 16 startups raised about $10 Mn in funding altogether (the funding amount is based on the startups that disclosed their funding amounts).
Startups That Raised Funds This Week
Staqu: An Artificial Intelligence (AI) focused research startup Staqu raised an undisclosed amount in funding from IAN. Bikky Khosla, Neeraj Singal and Ajay Gupta led the round on behalf of IAN. With this, Bikky Khosla will join the Staqu board. The startup will use the newly raised funding to further build and democratise technology and strengthen the team.
Celerix Tech: A fintech product and services startup Celerix Tech raised $400K in seed funding from Bitkemy Ventures. The funds raised from this round will be used for expanding the team.
Prettysecrets: An online lingerie platform Prettysecrets raised $6 Mn (INR 40 Crore) from RB investments. Existing investor Orios Venture Partners also participated in the round. The raised funds will be utilised on adding new products and categories to its platform. The company will also invest in improving its supply chain and for marketing campaigns.
Onspon.com: An event-brand partnership platform Onspon raised $150K (INR 1 Cr) in angel funding from Indore’s Swan Angel Network. With the new round of funding, the startup plans to scale up the operations, marketing and technology backbone of the product.