Fintech startup Efficient Capital Labs and artificial intelligence (AI)-based platform AayushBharat have raised early-stage funding, the companies said on Friday.
Efficient Capital Labs
Business-to-business (B2B) software-as-a-service (SaaS)-focused fintech startup Efficient Capital Labs has secured $7 million (Rs 57.4 crore) in a pre-Series A funding round led by QED Investors.
The round also saw participation from existing investors such as 645 Ventures, The Fund, Lorimer Ventures, Riverside Ventures, while new investor Generalist also joined the cap table.
Efficient Capital Labs will use the fresh capital to build its technological stack, expand team and achieve better unit economics.
Founded in 2022 by Kaustav Das and Manish Arora, ECL provides B2B SaaS companies a percentage of their ARR as upfront capital which is 100% non-dilutive in nature.
The company claims to have offered funding to more than 50 SaaS businesses, and it is projected to grow to a total of more than 150 customers before the end of 2023.
Additionally, this was ECL’s second fundraise in one year. In 2022, the startup raised $3.5 million in a seed funding round led by 645 Ventures.
AayushBharat
AI platform AayushBharat has secured an undisclosed amount in a seed funding round led by JITO Incubation and Innovation Foundation (JIIF).
The round also saw participation from angel investors Piyush Jain, Vishal Bhatia and Varun Bhatia, among others.
The fresh proceeds will be deployed to improve AayushBharat's technology stack, expand its user bas, and introduce new features.
The Jaipur-based startup was founded by Vaibhav Jain, Abhinav Monga, Vishal Bhatnagar, Nikhil Jain, and Prateek Kasliwal. It provides Ayush practitioners to extend their reach online and enables suppliers to increase sales. It claims to have a network of 1,200 active doctors and 100 sellers on the platform.
"We will improve our platform's capabilities, cater to a wider audience, and allow individuals to take control of their well-being through Ayush practices," said Vaibhav Jain, co-founder, AayushBharat.
