Fintech startup GrayQuest, smart grid automation platform Probus and SaaS startups Houseware and I-CampusBuddy have raised early-stage funding, according to their respective statements on Thursday.
GrayQuest raised $7 million (Rs 56 crore) in a Series A funding round led by Pravega Ventures. The round also saw participation from the Weizmann Group, Telama Family Office and Apurva Parekh (Pidilite Family Office).
Existing investors such as the family offices of Ashok Wadhwa (Ambit Capital) and Yogesh Mahansaria also invested in the funding round.
The Mumbai-based startup plans to utilize the proceeds towards product development and scale its distribution.
Founded in 2017 by Rishab Mehta, GrayQuest is a fintech platform focused on providing payment solutions for educational institutions by providing a unified payments platform to digitize & boost their fee collection. It enables parents to pay their wards' annual education fees in up to 12 monthly installments without any extra cost.
The company claims to serve 5,000 schools across India and handle up to 3 million students by way of the same.
Internet-of-things (IoT)-based smart grid automation startup Probus raised $3 million (Rs 24.5 crore) in a Series A funding round led by existing investor Unicorn India Ventures. The round also saw participation from undisclosed angel investors based out of the US.
This is Unicorn India Ventures’ third round of investment in Probus. In 2020, the early-stage venture fund invested an undisclosed amount in the seed funding round of the IoT startup.
The New Delhi-based company plans to ramp up its product development, hire talent and build partnerships with ecosystem partners.
Founded in 2017 by Singh, Probus is an IoT-enabled platform that develops integrated hardware and software solutions for electricity distribution utility providers and helps digitize their distribution grid along with quicker restoration of electricity after power disturbances.
In addition to expanding further in India, it will also be looking to launch operations in the Middle East and North Africa (MENA) and Southeast Asia (SEA) regions over the next 12–18 months. The company claims to have achieved profitability at the profit-after-tax (PAT) level.
Software-as-a-service (SaaS) startup Houseware raised $2.1 million (Rs 17.2 crore) in a seed funding round led by Singapore-based, Tanglin Venture Partners. The round also saw participation from GTMfund, Better Capital, and undisclosed angel investors, focused on the SaaS space.
The San Francisco-based company plans to utilize the fresh funding towards expanding its customer base, hiring talent and increasing strategic alliances with partners like Snowflake.
Founded in 2021 by Divyansh Saini and Shubhankar Srivastava, Houseware enables SaaS businesses to create customer relationship management (CRM) built on the cloud data warehouse for the modern world. It is a platform that helps commercial and revenue teams use data to generate sales and growth and identify hidden market opportunities.
Software-as-a-service (SaaS) startup I-CampusBuddy has secured $500,000 (Rs 4.1 crore) in a strategic funding round from payment gateway platform IppoPay Technologies.
The education sector-focused startup plans to expand its product suite post the fund infusion.
Founded by Arun Solanki, I-CampusBuddy, provides enterprise resource planning (ERP) software solutions to the education industry. It offers end-to-end solutions through a set of modules, such as CRM, finance, academics, communication, collaboration, productivity, e-learning, assessment, and asset management.
This marks IppoPay’s first investment in 2023. Last year, the Chennai-based fintech startup acquired fintech-focussed IT products and services firm Roamsoft Technologies Pvt. Ltd in an all-cash deal, for an undisclosed amount. Prior to that, it had acquired risk management startup Tutelar for an undisclosed amount as well.