Fintech startup Fundly.ai, fast-moving consumer goods (FMCG) brand Sugar Watchers and dating application Meet7 have secured early-stage funding, the companies said on Monday.
Fintech startup Fundly.ai has secured $3 million (Rs 24.5 crore) in a seed funding round led by venture capital firm Accel. The round also saw participation from Multiply Ventures and other undisclosed angel investors.
The Mumbai-based startup will use the funding for product development, building its technology stack and geographical expansion.
Founded by Amit Chawla and Shreeram Ramanathan, Fundly.ai is a pharma-focused fintech startup that provides pharmaceutical retailers and distributors with accessible credit solutions thus helping them in managing their cash flows and margins.
“With this new funding, we aim to expand our reach and explore untapped markets, thus bringing an efficient and effective pharma supply chain to a larger demographic," said Amit Chawla, founder and chief executive officer, Fundly.ai
The company claims to have worked with 2000 retailers and 30 distributors across 9 cities and disbursed funds worth around Rs 140 crore to date.
Sugar Watchers, an FMCG brand aimed at managing diabetes and obesity, has secured $440,185 (Rs 3.6 crore) in a funding round led by ah! Ventures.
The round also saw participation from other investors including Chennai Angels, Mumbai Angels, Keiretsu Forum, Chandigarh Angels and Sanjiv Rangrass (ex-ITC).
The Mumbai-based start-up plans to use the capital for improving its distribution and marketing in the Indian market and also increase exports in the USA, UAE, Singapore and Israel markets.
Founded in 2019 by Treman Singh Ahluwalia, Arvind Sharma, Karan Jain and Ananya Raniwala, Sugar Watchers operated by Good Brands for a Healthy Life Pvt Ltd produces low-Glycemic Index (GI) food items for staples like rice and atta, millet range such as instant mixes, noodles, pasta and snacks.
In 2021, the startup secured an undisclosed amount in a seed funding round led by Faad Network.
Dating platform Meet7, run by Zipdate Private Limited, secured $300,000 (Rs 2.4 crore) in a seed funding round from Z1N Capital, Narendra Murkumbi and Suhas Chandak.
The Mumbai-based company plans to deploy the funding towards product development and scaling up from the proof of concept stage.
Founded in 2021, Meet7 is a dating platform that uses deep learning technology to provide a safer online platform for its users and prevent issues like fake profiles, catfishing, and cyberbullying. It claims to have 60,000 users on the platform currently and aims to hit a million users over the next 12 months.
Saurabh Awasthi, co-founder, Meet7, said, “The verification, the no-swipe matches, and our approach help in our culture where people are not able to express romantic feelings appropriately. We will use the funds raised to scale up from the current proof of concept stage and add more features to the product.”
