ETtech Deals Digest: Niyo bagged the biggest pot

Niyo raised $30 million from Multiples Alternate Asset Management

Consumer-focused fintech platform Niyo
raised $30 million from private equity firm Multiples Alternate Asset Management. Niyo has raised about $180 million,
including the $100 million it raised in a Series C round led by Accel in February. Founded in 2015 by Vinay Bagri and Virender Bisht, it offers digital savings accounts and other banking services in partnership with banks. It will use the funds to expand its product capabilities and increase its customer base.

Eka Care picked up $15 million from Hummingbird Ventures


Healthtech startup Eka Care
raised $15 million in a funding round led by Hummingbird Ventures. 3one4Capital, Mirae Asset, Verlinvest and Aditya Birla Ventures also participatedin the round. Founded in 2020 by Sahni and Deepak Tuli, Eka Care works on building health profiles for people for better health outcomes and savings on healthcare spending. The company claims to have over three crore health records and over 5,000 doctors using its products. It will use the fresh capital for product development, hiring and digitising healthcare.

Fitterfly raised $12 million from Amazon Smbhav Venture Fund


Digital therapeutic startup Fitterfly
closed a $12 million funding round from Amazon Smbhav Venture Fund and Fireside Ventures. Founded in 2016 by Singal and Shailesh Gupta, Fitterfly focuses on diabetes management and claimed to have helped over 20,000 patients. It will use the funds to increase the reach of Diabefly’s digital therapeutics and clinically proven programme to prevent, manage and reverse diabetes.

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Edtech firm Creative Galileo raised $7.5 million


Kids-focused edtech platform Creative Galileo raised $7.5 million from a clutch of investors including Kalaari Capital, Affirma Capital and East Ventures. The round valued the company at $40 million — a three-fold jump from its previous valuation of $12.5 million last July. Started in 2020, the company claims to have over seven app million downloads. It will use the funds to scale its operations, accelerate hiring across teams and geographies, introduce regional languages and further strengthen its research and development.

Drink Prime landed $7.5 million from Omidyar


DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup,
raised $7.5 million in a mix of equity and debt funding led by Omidyar Network India, Sequoia Surge and 9Unicorns. Founded by Vijender Reddy and Manas Ranjan Hota, DrinkPrime aims to enable access to clean drinking water with Internet-of-Things (IoT)-enabled customised water purifiers via subscription. It plans to invest in people, products and infrastructure to offer its services to around one million homes by 2026.

ETtech

Lal10, a wholesale marketplace for artisans, raised $5.5 million


Lal10, a wholesale cross-border marketplace for Indian artisans to sell their goods,
raised $5.5 million in its pre-Series A debt and equity round led by Yuj Ventures (Xander Group) and Beyond Capital Ventures. Lal10 is a tech-enabled for craft-based MSMEs and has over 2,200 such companies using its application to digitise their inventories for global wholesale. The company plans to use the capital to expand across the US, Japan and the Middle East.

Other Done Deals


■ Liberate Foods, a plant protein company
raised $2 million in a funding round led by Better Bite Ventures, Blue Horizon, and venture debt fund Panthera Peak. The company has 25,000 monthly active users and aims to grow this by 20-30% in the next few quarters.

■ xQ, an edtech startup that teaches young people how to make videos,
raised $1.4 million (Rs 11.18 crore) from a small group of high-net-worth individuals (HNIs), including senior executives from Google, Deloitte, and Tata 1mg, among others. The startup has so far educated 6,000 students across eight countries.

■ Business-to-Business (B2B) software service provider ElevateHQ
raised $1.1 million in a funding round led by Leo Capital. The round also saw participation from Veda VC, PointOne Capital, and 100X Entrepreneurs. Founded in 2021 by Apoorv Singh and Kartik Arora, ElevateHQ helps companies motivate their sales teams and drive performance through its sales commission automation platform.