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Tyke, a Mumbai-based fintech start-up, has raised $1.5 million in pre-seed funding from 9Unicorns, Better Capital, Ratio Ventures, and Venture Catalysts.
Angels such as Jitendra Gupta, Sweta and Amrish Rau, Varun Mittal, Sandeep Aggarwal, Navin Surya, and Ajay Rajan also participated in the round.
Launched in mid 2021, Tyke leverages software to enable start-ups to transact and complete their fundraises digitally.
Also read: Investors bet big yet wary on fintech growth
Karan Mehra, Co-founder and CEO of Tyke, said, “Our vision is to make private investing instant and accessible. We are glad to partner with top VCs and angels since our early days.”
“Being a significant part of the ecosystem, they have shown their belief in Tyke and are active users of our product. We plan to use the funding to build distinguished products for companies to digitise and democratise their fundraise,” added Mehra.
“The adoption of technology has increased manifold in the post-pandemic era across sectors, and at an accelerated rate in the financial services landscape,” said Dr Apoorva Ranjan Sharma, Founder and President, Venture Catalysts Group.
‘Bullish about fintech sector’s growth potential’
“We are very bullish on the fintech sector’s growth potential in India and even more positive about start-ups within the sector that are creating disruption. Tyke has created a value proposition that would simplify fundraising and make it seamless, and we envisage this as a blue-ocean opportunity in fundraising,” added Dr Sharma.
The start-up focuses on automating private equity investment deals. Leveraging its service, founders can create a round, set terms and invite investors to participate. It then helps handle the requisite documents, signatures and enables fund transfer instantly using its proprietary software.
“We have also introduced Community Rounds - a method for start-ups to accept smaller investments from their user base, which has seen significant traction. Opening up the investor pool to one’s larger network instead of seasoned investors allows a company to generate brand loyalty and increase user retention,” Mehra added.
The company is planning to expand its offerings into different asset classes dealing with fixed incomes and debt.
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