Fixed income platform Tap Invest and fashion retail brand Madsto have secured early-stage funding, the companies said on Wednesday.
Tap Invest (formerly Leaf Round) has raised $2 million (Rs 16.6 crore) in a seed funding round led by Turbostart.
The round also saw participation from Snow Leopard, Cred's founder Kunal Shah and Kashyap Shah of Creditstar UK, with existing investors Upsparks and Superb Capital.
Tap Invest will use the fresh funds to expand its product portfolio, hire talent across teams, expand its market presence and diversify its range of services on the debt investment side.
Founded by Nishchay Nath, Soumya Kushwaha and Himanshu Chowdhary Tap Invest is a platform for fixed-income investments, offering access to multiple income streams. It claims to provide investment options with returns of up to 18%.
"The fixed-income investment category in India today accounts for approximately 70% of all investment assets. This is an indicator that there is an opportunity and potential for growth in this category. India is witnessing a rise in digital investment and it's the right time for fintech firms like Tap Invest to step in and make these digital investment adoption processes seamless by building a compliant ecosystem,” said Nath.
Alwrite
Alwrite has secured $1.2 million (Rs 10 crore) in seed funding from Pidilite Group‘s executive vice chairman Apurva Parekh, Viral Thakker of Deloitte India, Amit Sheth, Sanjay Bhagat, Shrenik Shah and Sumit Bohra, amongst others.
The startup will use the funds for product development and geographical expansion across India.
Founded in 2022, Alwrite is a business-to-business (B2B) insurtech startup that provides quote procurement and placement, underwriting and user management, along with knowledge and risk management solutions to insurance companies and insurance intermediaries for the commercial lines of insurance.
“Our objective is to improve the backend quote procurement process for commercial insurance with a tech-based solution. We came up with the Alwrite which helps in reducing the costs, turn-around times and the PI risk by digitising the entire quote procurement and placement procedure,” said Aditya Dadia, founder, Alwrite.
Madsto has secured an undisclosed amount in a seed funding round from Mumbai-based Prajay Advisors LLP.
“The fashion business is known to be very dynamic and labour-intensive, but Madsto has managed to stay lean and cost-effective,” said Prashanth Sathri, founder, Madsto.
Founded by Sathri, Madsto is a fashion brand, specializing in men's casual wear.
"Madsto's market strategy centres on profitability.The company's lean operations allow it to maintain an edge while continuing to expand its product offerings" added Prakash Mody, founder, Prajay Advisors.
