ETtech Deals Digest: no big-ticket funding this week

Arzooo raised $70 million from Japan’s SBI Holdings

B2B consumer electronics startup Arzooo
raised $70 million from SBI Holdings, Trifecta Leaders Funds, and existing investors like Celestia Capital and 3Lines VC. Started by former Flipkart employees Khushnud Khan and

Raj Rathore in 2018, Arzooo has onboarded about 30,000 physical retail stores across 22 states. It will use the funds to scale its business and improve its technology.


PropShare closed a $47 million round

Proptech startup PropShare
raised $47 million in a funding round led by WestBridge Capital. PropShare is a real estate investment platform that helps investors buy commercial real estate, and has over $125 million in assets under management (AUM). Funds raised in this round will be used to enhance its business and improve users’ experience on the platform.

Progcap raised a $40 million Series C

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B2B lending platform Progcap
picked up $40 million in an extended Series C round from Creation Investments, Tiger Global and Sequoia Capital. Search Giant Google joined the round as its investor, valuing the startup at $600 million. Founded in 2017 by Shrivastava and Himanshu Chandra, Progcap provides collateral-free working capital to small and medium-sized businesses (SMBs) and retailers in India. The firm will use the funds raised to expand, and accelerate product development.

Solv got a $40 million cheque

Solv, a marketplace for small businesses,
raised $40 million from

Holdings and SC Ventures. The startup helps small and medium businesses trade in categories such as grocery and fast-moving consumer goods (FMCG), readymade clothes, accessories and more. It operates in more than 200 cities across India, servicing more than 19,000 pin codes. Solv will use the funds to expand to more than 300 cities and towns across India.

ETtech

GetVantage got $36 million from Varanium and others

GetVantage, a revenue-based finance platform (RBF),
closed a $36 million funding round led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund, and existing investors Chiratae Ventures and Dream Incubator Japan. The startup, launched in 2020, has funded over $270 million in gross merchandise value (GMV) for over 350 brands across categories such as B2B SaaS, subscription businesses, D2C, ecommerce and edtech.

Battery Smart raised $25 million from Tiger

Electric vehicle (EV) battery swapping startup Battery Smart
raised $25 million in a funding round led by Tiger Global, making it the third Indian EV startup to raise funding from Tiger after Ather Energy and Ola Electric. The round also saw the participation of Blume Ventures and Orios Ventures. The startup competes with Gurugram-based Sun Mobility and EV maker Bounce and plans to use the funds to venture into new territories.

Cheq bagged $10 million in seed funding

Business-to-consumer (B2C) credit management platform CheQ
raised $10 million in a seed round led by Venture Highway and 3one4 Capital. Founded in January by Aditya Soni, CheQ helps customers simplify the discovery and management of all credit products like cards, buy-now-pay-later (BNPL) and more. It will launch its product in the next few months.

Other done deals

■ Commercial electric vehicle startup
Turno raised $3.1 million from Stellaris Venture Partners and Avaana Capital. Angel investors such as BigBasket’s Vipul Parekh, Urban Ladder’s Ashish Goel, and the Goenka Family Office also participated in the round.

■ AquaExchange, a fintech platform catering to India’s shrimp and fish ecosystem,
raised $3 million in funding from Endiya Partners, Accion Venture Lab, and other existing investors. The company plans to deploy the capital to improve its tech and ecommerce operations and expand to over one lakh acres of farm land by March 2023.

■ Sourcewiz, a business-to-business (B2B) digitisation platform,
raised Rs 20 crore in a funding round led by Matrix Partners India. Angel investors like Aniket Deb, the cofounder of B2B packaging firm Bizongo and Wami Capital, and the family office of Transworld Group also participated in the round.