4 rising startups in India – Jan 13, 2017

Photo credit: Michael Pardo.

Move past fashion and ecommerce – these new startups with niche offerings are grabbing investor attention right now.

Drivekool

This Bangalore-based online marketplace for driving schools has raised an undisclosed amount in angel funding from US-based Aavya Ventures.

Drivekool plans to use the funds to expand to new markets, especially in Maharashtra, expand the team, and strengthen its technology infrastructure.

Apart from aggregating driving schools, Drivekool also works with companies that need drivers, such as ride-hailing services, food startups, or ecommerce companies. One can also get in touch with Drivekool for services such as a driving licenses, address changes, or road tax payments.

Drivekool generates revenue from a one-time listing fee that it charges to driving schools, plus a commission on every transaction that goes through the portal.

Owned and operated by Drivology Solutions, Drivekool was launched in 2014 by Mahesh Gidwani, Saumitra Kayal, Kumar Gaurav Agarwal, and Dhananjay Kumar.

See: Every 4 minutes, a life is lost in an accident on India’s streets. This startup wants to change that

Loan Frame

This fintech startup has raised US$2.3 million in seed investment from Parag Saxena of Vedanta Capital.

Loan Frame provides secured and unsecured loans of between US$7,000 and US$7 million to small and medium-sized businesses. The startup has set itself apart from other micro-financing startups by using machine learning algorithms to assess, validate, verify and match businesses with the right capital requirement.

Loan Frame was founded by Shailesh Jacob, Rishi Arya, and Akshun Gulati in 2015. Shailesh brings knowledge of financial research and analytics he gathered while setting up his previous venture, Copal Partners. It was acquired by Moody’s in 2011.

The startup plans to use the funds for technology and team-building in order to achieve the target of disbursing loans worth about US$150 million in the next two years. The company also wants to improve its distribution network and roll out a few technology products soon.

See: Credit is older than money (and fintech)

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