DriveU, an on-demand driver service aggregator platform, today said it has raised Rs 20 crore (USD 3 million) in funding, led by Amit Singhal of Singhal Foundation.
Current investors including Unitus Seed Fund participated in the pre-series A round, the company said in a statement.
With this funding, DriveU further strengthens its position to better serve both consumers and businesses across six major cities - Bengaluru, Mumbai, Chennai, Delhi NCR, Pune and Hyderabad - and beyond, it added.
"DriveU, having grown at 16 per cent month-over-month since inception has recently witnessed accelerated growth. The funds will allow us to further expand our reach and offerings to our customers," Rahm Shastry, CEO and co-founder at DriveU, said.
In February 2016, Unitus Seed Fund had led a USD 1 million seed investment round in DriveU.
******************* Cash Suvidha raises USD 1 mn in pre-series A funding *
Delhi-based fintech startup Cash Suvidha today said it has raised USD 1 million in pre-series A funding from Initia Holdings Ltd, Vipin Agarwal, Partner in India Industrial Growth Fund and others.
The fresh capital will be used to increase the loan books of the company and to further strengthen its technological infrastructure, it said in a statement
Founded in 2016 by Rajesh Gupta, Anoop Garg and Geeta Goswami, Cash Suvidha provides business loans to micro, small and medium-sized businesses, women entrepreneurs as well as personal loans to individuals.
"This capital infusion would help us in widening our horizon and in extending our best alternative lending services across geographies. We have recently started our operations in Kota and Jaipur. Our next destination is Ajmer and other parts of Rajasthan. After covering Rajasthan we will move towards Gujarat and other parts of India," Gupta said.
Since inception, the company has raised a total debt of USD 5.2 million and has disbursed a total amount of Rs 152 crore.
******************* Roadcast raises USD 250,000 in angel funding *
Fleet management and vehicle tracking platform Roadcast today said it has received USD 250,000 in angel funding with participation from HNIs from UAE.
The funding will be used for expanding operations across major cities in India, with a focus on states like Punjab, Rajasthan, Madhya Pradesh, Maharashtra, Uttar Pradesh and Gujarat, Roadcast said in a statement.
"We aim to primarily allocate the funds to further strengthen our research efforts, as tech development in the sphere of an on-field asset management platform requires a significant amount of capital," Vishal Jain, co-founder of Roadcast, said.
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