DrinkPrime, BimaPay, Infurnia, Stupa Sports Analytics, and Sprect Raise Early Stage Funding Here are the Indian startups that announced early-stage funding rounds.

DrinkPrime Raises USD 3 Mn from SIDBI Ventures

A subscription-based reverse osmosis (RO) water supply startup, DrinkPrime, has raised USD 3 million from SIDBI Venture Capital Ltd (SVCL), an investment management company and a wholly owned subsidiary of SIDBI.

In July 2022, it had raised INR 60 crore (USD 7.5 million) in a mix of equity and debt round headed by Omidyar Network India and others.

Manas Ranjan Hota, Co-founder and COO of DrinkPrime, said, "This strategic investment will empower DrinkPrime to accelerate expansion plans, develop our innovative product portfolio, and strengthen our industry-leading and industry-disrupting Internet of Things (IoT) feature."

Founded in 2016 by Vijender Reddy and Manas Ranjan Hota, DrinkPrime aims to make clean drinking water accessible to consumers with Internet-of-Things (IoT)-enabled, personalised water purifiers that are available for subscription.

Currently, the Bengaluru-based startup claims to provide clean, safe, and healthy drinking water access to over two lakh families across seven cities in India. With further expansion plans, DrinkPrime is also gearing up for its Series B fundraise.

"From 2021 to 2023, we have witnessed a remarkable 3X growth. The strategic investment is to set context for business expansion," said Vijender Reddy Muthyala, Co-founder and CEO of DrinkPrime.

Insurtech Startup BimaPay Secures USD 2 Mn in Pre-Series A Round

Insurtech startup BimaPay has announced the raising of USD 2 million in a pre-series A round led by LC Nueva Investment Partners through LC Nueva AIF, a joint venture between Lighthouse Canton and Nueva Capital.

With the raised funds, the Delhi-based platform aims to expand its footprint in the financial inclusion and insurance ecosystem by leveraging cutting-edge technology.

"This funding not only validates our vision but also fuels our determination to revolutionise the insurance industry through innovation and technology. With this infusion of capital, we will accelerate our growth and make a lasting impact on insurance penetration in India,'' said Hanut Mehta and Mohit Gupta, Co-founders of BimaPay.

Founded in 2021 by Hanut Mehta, Mohit Gupta, and Kapil Garg, BimaPay offers claim financing services to hospitals, garages, and individual policyholders.

BimaPay claims to facilitate digital lending with a real-time process, catering to various use cases aimed at enhancing accessibility and affordability in the insurance sector. One of their offerings is insurance premium financing, where they provide customers with flexible payment options to make insurance premiums more manageable and affordable.

Kapil Garg, Managing Director of Mufin Group, said, "This investment reaffirms our commitment to leveraging technology to drive insurance penetration and empower individuals and businesses across India."

SaaS startup Infurnia Bags USD 1.2 Mn Funding

A cloud-native architecture design software startup, Infurnia, has raised USD 1.2 million in an angel round led by Yogesh Chaudhary, an existing investor and owner of Jaipur Rugs.

With this, Infurnia has raised USD 4.9 million in total angel funding from several rounds since its founding.

The Bengaluru-based startup plans to use the funds to expand its market presence in newer geographies, as well as continue product development for its flagship design product and the upcoming manufacturing solution.

Founded in 2014 by Nikhil Kumar and Lovepreet Mann, Infurnia offers cloud-based integrated tools for design, documentation, and visualisation, addressing the full spectrum of needs for architecture and interior design firms globally.

The startup claims to have significantly expanded its client base, adding over 600 clients and reaching USD 1 million in annual recurring revenue (ARR).

The platform operates in the Middle East, Southeast Asia, and India. In the upcoming months, it intends to gradually enter Western countries.

LivSpace, Hometown, Purvankara, and Urban Ladder are among the clients of Infurnia.

Stupa Sports Analytics Secures INR 28 Cr in Pre-Series A Round

Sportstech startup Stupa Sports Analytics has announced the raising of INR 28 crore in its pre-Series A round led by Centre Court Capital and PeerCapital.

Prior to this pre-Series A fundraising round, Stupa had raised seed and pre-seed capital totaling INR 7.5 crore.

The Delhi-based startup intends to use the fresh capital to fuel its talent acquisition, global expansion, and product enhancement initiatives.

Megha Gambhir, Co-founder and CEO of Stupa Sports Analytics, said, "With our innovative solutions already being leveraged by over 15 international federations, we are proud flag-bearers of 'Make in India' sports tech taking center stage globally. Our ambition is to elevate the sporting journey for every Indian athlete and amateur player, fueling their passion and enabling them to realise their true potential in the global space."

Founded in 2020 by Megha Gambhir and Deepak Malik, Stupa Sports Analytics provides a comprehensive suite of AI-driven solutions for advanced analytics of player performance data, broadcasting capabilities, and sports digitization tools for athletes, sports federations, broadcasters, and fan communities worldwide.

With important sports federations and regulating bodies, mostly in Europe, Stupa claims to have formed over 15 strategic alliances.

"At Stupa, we envision a future where cutting-edge sports technology empowers athletes, federations, and fans alike with data-driven insights and digitally augmented experiences. The backing propels us closer towards our vision of transforming sports through innovative technology," Megha added.

C2C Consulting Marketplace Sprect Raises INR 50 Lakh in Angel Funding

Sprect, a C2C consulting marketplace, announced that it has raised INR 50 lakhs in angel funding from Siddarth (Sid) Shetty, chief business development officer at ServiceChannel.

With this funding, the Mumbai-based platform plans to accelerate product development, expand its team, drive marketing efforts, and boost sales.

Launched in 2023 by Mohit Khadaria and Vishal Rupani, Sprect's (short for Super Connect) web platform directly connects users with the PROs (professionals) for one-on-one interactions. Sprect incentivizes PROs to take calls while maintaining their privacy through its comprehensive turnkey system, which streamlines brand building, scheduling, payment processing, and video calls.

Sprect's marketplace caters to a clutch of PROs from renowned companies like Airtel, Google, Times Internet, and WarnerBros Discovery; educational institutions like IIM, IIT, ISB, and UCLA.

Siddarth Shetty said, "I'm excited to support their vision of empowering people by enabling them to connect with professionals seamlessly while unlocking new monetization opportunities for PROs from all backgrounds and walks of life. I firmly believe Mohit and Vishal embody the passion and vision necessary to lead this transformative journey."