Financial services company Seeds Fincap, water purification and monitoring startup Boon, and food and beverage company Ninecamp Ventures raised early-stage funding, the companies said on Wednesday.
Seeds Fincap has raised $8.5 million (Rs 71 crore) in a Series A funding round, co-led by Lok Capital and Matrix Partners India (rebranded as Z47).
The funds will enable Seeds Fincap to strengthen its lending capabilities, improve technological infrastructure and broaden branch footprint.
Seeds Fincap was established in 2021 by Subhash Acharya and Avishek Sarkar. The Gurugram-based lender provides secured and unsecured loans Rs 1-5 lakhs to micro, small and medium enterprises (MSMEs).
The firm has 90 branches across eight states. It claims to have disbursed over Rs 600 crore in loans, serving more than 50,000 customers and has expanded its loan book to over Rs 330 crore.
The NBFC also has 35 lending partners, including AU Small Finance Bank, Tata Capital, IDFC Bank, Yes Bank, and Vivriti Capital.
Boon has raised $5 million (Rs 42 crore) in a Series A funding round, which was a mix of equity and debt investment and saw contributions from Roca Group Ventures, among others.
The startup raised $2.5 million in equity and debt respectively, Boon’s founder Advait Kumar said in an interaction with VCCircle.
Boon aims to use the funding to scale its artificial intelligence (AI)--enabled WaterIoT platform. The platform helps purifiers to monitor the quality of water with app-based quality adjustments.
Founded in 2015 by Kumar and Vibha Tripathi, Boon (formerly known as Swajal) provides drinking water refilling solutions to the hospitality industry, enabling hotels to avoid plastic bottles and refill their water bottles in sustainable packaging. Boon also works with offices, hospitals, universities, airports, train stations to provide sustainable hydration.
It eliminates plastic packaged water using patented technology that tracks the quality of water and the health of filters in real-time, making it cheaper than buying plastic water.
Ninecamp Ventures has raised $2 million (Rs 16.6 crore) in a seed funding round from a host of angel investors, including Mohit Gupta, Gaurav Gupta (ex-Zomato), Varun and Ghazal Alagh (Mamaearth), Vikram Chopra, Ruchit Agarwal, Mehul Agrawal and Gajendra Jangid (Cars 24), Vir Das (comedian, actor), Divine (musician), Atul Singh (ex-Coca-Cola), Dharmil Sheth (PharmEasy), Utsav Somani (ex-AngelList), Ritesh Kumar (DS Group) and Aaditya Mittal (Punnya).
The company aims to utilise the funds to expand its brand portfolio, acquire real estate, onboard talent, and research and development.
Founded by Chaitanya Mathur, Ninecamp is a house of premium food and beverage brands that aims to create experiential dining experiences in India. In April 2024, the company launched its first restaurant, Marièta, a Latin American-inspired restaurant and agave-forward bar, in Gurugram.
