Indian Startups are booming during the lockdown period. Many new companies have taken advantage of COVID and bring products that are new in the market and are being appreciated by the masses. Amongst these startups many top ones are Chennai based. Let’s take a look at the Top 5 fundings received by Chennai startups during lockdown.
1) BankBazaar
BankBazaar was founded in 2008 and provides financial services. The company brings access to free credit score checks, loans and credit card offers for its users.
BankBazaar raised a total funding of $9.78 million in two funding rounds since march. It raised around Rs 29 crores in a series d funding round in April, led by Amazon, Sequoia, and Walden SKT Venture Fund.
2) Flinto
Flinto is an ed-tech startup founded in 2013 by Arunprasad Durairaj, Vijay Babu Gandhi, and Shreenidhi Srirangam. The startup aims to bring personalised learning for kids in preschool to make them ready for proper schooling. At a time when tuitions are not available due to the pandemic, the startup’s idea is brilliant.
The company raised a funding of $7.2 million in a Series B funding round in July. Lightbox Ventures led the round.
3) WayCool
WayCool was founded in 2015 founded by Karthik and Sanjay Dasari. The startup produces food products and makes fresh deliveries to over 8000 daily customers in South India. The company got a grant of $114,000 in August to supply PPE kits amidst the pandemic.
In June, the startup also raised a funding of $5.5 million from Indusbank as debt financing Series C round, making the total funding to be $5.6 million.
4) YAP
YAP uses API services to provide financial assistance to fintech companies. The company was founded in 2015 and since then has seen tremendous growth. According to some reports, they processed over $2 billion in payments in the last FY and have also seen a growth of 400% in revenue.
The startup raised an amount of $4.5 million in a Series A funding round. Singapore-based venture capital firm BEENEXT led the round.
5) Specmakers
In 2008, the company was rebranded from Venkateshwara Opticals by Pratik Shah. As you can probably guess from the name, the company makes spectacles and innovate in the same. Recently, they announced a new ‘Blue Zero’ glasses that reduce the chances of macular degeneration.
Specmakers raised funding of Rs 23 crores in July backed by Eight-road ventures. At present, it has 260 stores in the Southern part of the country. And, the company aims to further its reach of offline stores using the fundings received.
So, that was our list of the Top 5 fundings received by chennai startups during lockdown. If we have missed out any good funding do let us know in the comments below. Also if you found our content informative do like and share with your friends.
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