Namaste Credit, a digital marketplace and technology platform for SME loans, has raised about ₹25 crore ($3.8 million) in a Series A round from Nexus Venture Partners. It will use the money to expand to new markets, improve its technology and data analytics platform and scale the business. The company plans to increase its channel partner programme across India and expand its technology licensing partnerships with leading lenders globally.
Motilal Oswal invests in Mysuru co
Motilal Oswal Private Equity has invested an undisclosed sum for a minority stake in Mysuru-based N Ranga Rao & Sons Pvt Ltd, which makes agarbathies, puja products, lifestyle and functional air-care products. This is the first time the company is raising private equity capital. N Ranga Rao & Sons, established in 1948, is part of the NR Group. Its products include Cycle Pure Agarbathies and Om Shanthi puja products.
Finzy gets ₹8.5-crore funding
Finzy, a peer-to-peer lending platform, has raised about ₹8.5 crore ($1.3 million) in a pre-Series A funding round from industry investors. It hopes to close a second round of fund raising in two months. The company will use the money to speed up growth by investing in technology, making the process leaner and faster, and in building the team. It will also use a large part of the money to expand across Tier-I cities.
Ola acquires Ridlr
Ride-sharing company Ola has bought Mumbai-based Ridlr, an end-to-end public transport ticketing and commuting app. The acquisition marked a full exit for Matrix Partners India which had invested in the Series A and Series B rounds of financing for Ridlr. Ola will power expansion efforts to more cities, invest in technology, and integrate existing public transportation.
BeatO receives ₹8.5 crore
BeatO, a platform to improve the lives of those having diabetes, has raised about ₹8.5 crore ($1.3 million) led by Leo Capital and co-led by Blume Ventures. BeatO makes blood glucose monitoring easy with a smartphone-based glucometer combined with support from experts. This is augmented by a range of diabetes-specific food and retail products. BeatO will use the money to supplement its range of product categories, including diabetic snacks and specialty foods.