🇮🇳 Roundup: Ola to buy neobank to bolster fintech offering (Updated)

Update (March 25, 7.55 p.m. SGT): Adds news on Indiamart’s acquisition of Livekeeping and SparkCognition’s acquisition of Integration Wizards

Startups in India, including FanCraze, Finlite Technologies, and Janani.life, raised at least US108.5 million in disclosed funding today from international and local investors.

Here’s a snapshot of the fundraising:

Here’s some important tech news from India today:

Ola doubles down on fintech services

The mobility firm said it will acquire Avail Finance, a neobank that caters to the blue-collared workforce in India, for an undisclosed sum.

Ola will use Avail Finance’s products and capabilities to strengthen the ride-hailing firm’s lending business and expand into the neobanking space. Ola expects the acquisition will help provide multiple lending products to its driver-partner base and become a one-stop destination for all their financial requirements.

Ola added that its investment of 8 billion rupees (US$105 million) in financial services has started showing positive results across its lending and insurance segments – Ola Postpaid, its buy now, pay later offering, is now available to 40 million customers. Its vehicle financing business for Ola Electric and Ola Cars, its used car business, has also grown, the company said.

Indiamart acquires majority stake in bookkeeping firm

The B2B marketplace has invested nearly 459 million rupees (US$6.3 million) for a 51.09% stake in Finlite Technologies.

Founded in 2014, Finlite Technologies provides value-added services under the Livekeeping brand to businesses on top of existing accounting software, including Tally. Businesses can access, analyze, and share accounting information like sales, receivables, outstanding payments in real time through the mobile application.

Indiamart has invested in companies since it went public in 2019. In January, the firm acquired accounting firm Busy Infotech for US$66 million. Other firms IndiaMart has invested in are Vyapar, Bizom, Shipway, Legistify, Superprocure, Aerchain, M1xchange, Easyecom, Fleetx, Industry Buying, Realbooks, and Zimyo.

SparkCognition acquires AI startup Integration Wizards

The acquisition will help SparkCognition, an AI software solutions provider, expand its portfolio to include computer vision capabilities.