Mumbai-based software-as-a-service startup NymbleUp on Wednesday said it has secured seed funding of Rs 3 crore (around 0.4 million) from venture capital firm IvyCap Ventures.
The fresh capital will be deployed to onboard more talents and expanding its footprint to the US and Southeast Asia markets.
Founded by Yogesh Bhatt, Manish Thakur and Alhad Pofali in 2019, NymbleUp is a platform which leverages artificial intelligence to help users drive profitability by generating demand, optimizing workforce and inventory.
“This seed funding will enable us to accelerate the growth, expand our team and explore new markets,” said Bhatt.
“Post-Covid, resource management in retail outlets has become one of the most complex issues in India and globally. NymbleUp uses its advanced AI-based forecasting to provide services to improve efficiency in the operations and management of resources in retail outlets,” said Vikram Gupta, founder and managing partner, IvyCap Ventures.
Founded in 2011 by Gupta, IvyCap built a venture capital model around the global IIT Alumni ecosystem with endowment at its core. Last year, it had marked the first close of its third fund at Rs 1,608 crore.
Jewellery savings firm Plus has raised an undisclosed amount in a fresh funding round led by Jito Angel Network.
The Bengaluru-based startup will deploy the fresh proceeds to boost product stack and strengthen its leadership team.
Founded by Raj Parakh and Virendra Mishra in 2022, Plus app allows buyers to save on their desired purchases by paying for it in advance. It claims to have been developing a fintech platform to enable Indian homemakers to grow their savings without taking on any risk.
“We have the first mover advantage in the jewellery savings segment as the first solution provider that is seeking to digitise the age-old behaviour of saving for jewellery,” said Mishra.
“Plus is a one-of-its-kind idea that is bound to find resonance with Indians who traditionally park their excess funds in jewellery items,” said Pooja Mehta, chief investment officer, Jito Angel Network.
Last year, Sunil Kumar Singhvi, Vice Chairman, Jito Angel Network, told VCCircle in an exclusive interaction that the network is looking to deploy over Rs 150 crore across 50-70 startups in the next two years.