Apparel maker High Street Essentials, insurtech startup CoverSure and fintech firm CirclePe secured early-stage funding, the companies said on Monday.
High Street Essentials, which operates women’s fashion brands Indya and FabAlley, has raised $6 million (Rs 50 crore) in a mix of equity and debt from a host of investors.
The round was led by Sangita Jindal, the chairperson of JSW Foundation and saw participation from the family offices of SRF Group, Krishna Bodanapu of Cyient Technologies and Timmy Sarna from Pure Home + Living.
However, the exact split of the equity and debt infusion was not disclosed.
High Street Essentials was set up in 2012 by Shivani Poddar and Tanvi Malik. Company brands – including FabAlley, Indya and Zyra – maintain an omnichannel presence, including their websites, department store chains and online marketplaces.
In 2021, the brand raised Rs 25.5 crore in a follow-on round of funding from its existing investors including Elevation Capital, India Quotient, Dominor Holding and family offices.
CoverSure has raised $4 million (Rs 33.2 crore) in a pre-Series A funding round led by Enam Holdings.
The company plans to use the funds to build a consumer-centric insurance engagement platform using data intelligence and machine learning capabilities. The investment will also support the startup’s expansion plan across India.
Founded in 2023 by Saurabh Vijayvergia, Mayank Mishra, Rohan Gaikwad, Prakash Dubey and Harshit Jain, CoverSure is an insurtech startup that uses machine learning to improve the insurance experience across health, life, motor, and travel segments in an integrated way including claims assistance and other services.
It constructs personalized insurance portfolios for individuals and families, providing clear and unbiased policy information.
“Our primary goal is to address the insurance penetration problem. Through our platform, we aim to simplify the user's lifetime experience towards insurance, not just the sales,” said Vijayvergia, founder and chief executive officer, CoverSure.
CirclePe has raised around $1 million (Rs 8.3 crore) in a pre-seed round led by OTP Ventures. The round also saw participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalysts along with angel investors from various organisations including OfBusiness, BharatPe, Uni Cards and Oyo, among others.
Founded by Navan Jaiswal & Ankur Yadav, CirclePe is a fintech startup whose smart renting solution allows credit-worthy tenants to opt for a zero-security deposit move-in.
On the other hand, OTP Ventures is a venture capital firm floated by former BharatPe chief executive officer Suhail Sameer along with entrepreneurs Kunal Suri and Saurabh Vashishtha, who co-founded social commerce app Simsim, which was later acquired by Youtube.
The fund is targeting to raise a corpus of Rs 400 crore (around $48 million as per current rates) and is aiming for a first close by June this year.
