India Roundup: Oto, Elevar, 1Bridge, Powerhouse91 raise fresh funding

Two-wheeler financing platform Oto bags US$6 million in series A round

• Lead investor: Matrix Partners India
• Other investors: Prime Venture Partners, 9Unicorns, Better Capital, and other angel investors
• Stage: Series A
• Funds used for: Doubling the size of  its 62-member team (as per the firm’s Linkedin profile) by March 2022, hiring across technology, product, marketing, and operations
• About the startup: Launched in 2018, Oto Capital offers two-wheeler financing, under which a buyer pays an upfront amount and gets savings of up to 30% on monthly installments, compared with standard rates. A user also has an option to retain, return, or upgrade the vehicle at the end of the tenure of financing.

D2C sports brand Elevar nets US$2.6 million in series A money

• Lead investor: Kalaari Capital
• Other investors: Dream Capital
• Stage: Series A
• Funds used for: Expanding the company’s product portfolio, marketing activities, and increasing hiring
• About the startup: Elevar is a direct-to-consumer sports brand that currently has two core product categories: athletic footwear and cricket bats. The company’s shoes are made of Rydefoam, which helps lower their price to one-third that of comparable shoes from international brands, according to the company.

Rural commerce startup 1Bridge raises US$2.5 million in fresh financing

• Lead investor: C4D Partners
• Other investors: Kaaj Ventures, angel investors like Accel Partners founding partner Prashanth Prakash and Happiest Minds co-founder Puneet Jetli
• Stage: Unspecified
• Funds used for: Developing the company’s supply chain and distribution network as well as expanding its product and service offerings
• About the startup: Launched in 2016, 1Bridge is an ecommerce platform that delivers products and digital services to the doorsteps in villages. Through its mobile-based tech platform, the firm works with local rural entrepreneurs to help provide these products and fulfill services.

Ecommerce roll-up firm Powerhouse91 raises an undisclosed amount in latest round

• Investors: FJ Lab, angel investors like Maninder Gulati, Oyo’s global chief strategy officer, and Haresh Chawla, partner at True North
• Stage: Unspecified
• About the startup: Powerhouse91 acquires “high-potential” consumer brands to scale them through ecommerce-focused optimization, product innovation, growth capital, and shared resources. This is similar to US-based firm Thrasio. Last month, another Indian ecommerce roll-up firm, GOAT Brand Labs, received US$36 million in series A funding from Tiger Global.