8 rising startups in India – Oct 26, 2016

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Our list of funded startups today includes a tea startup, a fintech startup for two-wheeler riders, and a company that helps businesses out with their unpaid invoices. An IP startup also got acquired by a global IT provider.

AugmentIQ

Global IT services and solutions provider Larsen & Toubro Infotech (LTI) has announced it will acquire Pune-based AugmentIQ.

Founded in December 2012 by Sachin Vyas, AugmentIQ offers enterprises IP-based big data and analytics services. As part of the deal, LTI will gain access to AugmentIQ’s big data platform MAXIQ, which brings automation and a DIY approach to big data.

LTI will integrate MAXIQ into LTI’s MOSAIC Decision Science platform. MOSAIC, powered by Microsoft Azure, is designed to help with data ingestion, data discovery, and industry-specific use cases.

Satvacart

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Gurgaon-based e-grocery retailer Satvacart has closed its third angel round, with serial entrepreneur and angel investor Nimit Panigrahi joining the current round. Ad guru Abhijit Awasthi, Tarento Technologies’ SP Vijay, and Karan Chellani were announced as participants at the beginning of the same angel round.

Founded in 2014, Satvacart is backed by Palaash Ventures and other angel investors. It sells 4,000 products through subscriptions, offering delivery to businesses as well as on-demand delivery to customers. It claims to have optimized its model to have products at your door within two hours.

KredX

KredX, a marketplace that connects businesses to those who can finance them, has bagged US$6.25 million in series A funding led by Sequoia India. Prime Venture Partners, an existing investor, also participated.

Founded last year by IIT and Stanford alumni Manish Kumar, Anurag Jain, and Puneet Agarwal, the startup gives companies a boost by discounting their unpaid invoices. It gives financiers a portion of the amount owed as an advance for a service fee. This works as a shorter-term loan for businesses and a short-term investment for those they owe. Meanwhile, KredX’s clients’ credit remains intact.

KredX uses its own risk assessment model for its borrowers and back-end technology for transactions. For financiers, it offers trade services like sourcing curated invoices.

It landed seed funding in April.

Idea Bubbles

Bangalore-based healthtech startup Idea Bubbles Consulting Services has received a US$700,000 investment from early-stage funding platform 1Crowd, health and hygiene firm Eureka Forbes, and its parent Shapoorji Pallonji & Co.

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