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HUG Innovations has raised Rs 33 crore in Series A Funding at the Live Instant Funding organised by the The Indus Entrepreneurs Guardian Angel. Out of the 125 start-ups that applied for the second edition of the fund-raising event, four were short-listed for making presentations here on Saturday. Of the four, HUG Innovations clinched the deal.
Founded by Raj Neravati, HUG Innovations is developing gadgets for fitness lovers, which work on gesture recognition mechanism. The other startups that pitched their ideas included GoLive Gaming, Voltus Wave and Cargo Exchange.
In the maiden event last year, two start-ups raised an aggregate Rs 1.75 crore.
“The second edition of the Guardian Angel attracted attention of 125 start-ups. We are confident the successful startups will create new benchmarks in the ecosystem and drive entrepreneurship,” Rakesh Bhatia, Chair of The Guardian Angel, said.
“Our instant live funding initiative is designed to tackle this funding gap. Such opportunities also open a new window of hope for these young startups. It will encourage them to bring exclusivity and innovation on to the table,” Pradeep Mittal, the President of TiE (Hyderabad), said.
“Cargo Exchange, a platform for cargo-owners, truck owners and intermediaries to trade easily, came very close to a closure and were offered Rs 1.4 crore as funding. The deal on the stage did not get through due to differential opinion on valuation,” a TiE spokesperson said after the event.
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