Vegapay, TechEagle, Gramiyaa, and Fyllo Raise Early-Stage Funding Here are the Indian startups that announced early-stage funding rounds.

Fintech startup Vegapay Raises USD 5.5 Mn Funding

A digital lending and card management platform, Vegapay, announced that it has raised USD 5.5 million in its seed round, led by Elevation Capital with participation from Eximius Ventures.

Eximius Ventures led a pre-seed investment round in August of last year, during which the startup raised USD 1.1 million.

This fresh funding will help Vegapay build towards its mission to help banks, NBFCs, and other financial institutions launch and manage product innovations seamlessly with hyper-configurable, flexible, and customizable credit solutions.

Founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, Vegapay provides a comprehensive array of digital lending and credit card management solutions, precisely tailored to meet the needs of financial institutions.

"Empowering financial institutions with cutting-edge technology isn't just a vision; it's a revolution. At Vegapay, we're not just changing the game; we're rewriting the rules, ensuring that innovation in financial technology isn't a luxury for the few but accessible to all," said Gaurav Mittal, CEO of Vegapay.

The Gurugram-based startup aims to create an omni-channel lending solution that will help institutions customise the type of product they choose to offer, such as co-lending, secured credit, unsecured credit, and more.

Drone-Logistics Startup TechEagle Secures Bridge Round

On-demand drone delivery and drone logistics platform TechEagle has announced the completion of its bridge round funding, co-led by Navam Capital and Inflection Point Ventures (IPV), with participation from Paytm founder Vijay Shekhar Sharma (via his 100% owned company), Venture Catalysts, and a diverse group of high-net-worth individuals.

With strong backing from strategic investors and entrepreneurs, including TusharJani, Co-founder of BlueDart Express Limited, and Ajoy Khandheria, founder of Gramin Healthcare, the Gurugram-based startup is poised to accelerate its growth trajectory and expand its footprint nationwide.

Vikram Singh Meena, Founder and CEO of TechEagle, said, "With the support of our investors, we aim to expand our operations across the country, enabling faster and more economical deliveries. This funding will fuel our efforts to launch higher-payload drones for mid-mile and inter-city deliveries, further solidifying our position as a frontrunner in the drone logistics industry."

Founded in 2017 by IIT Kanpur alumni Vikram Singh and Anshu Abhishek, TechEagle specialises in beyond visual line of sight (BVLOS) drone operations, providing autonomous drone deliveries with its state-of-the-art drones.

AIIMS institutes, state governments, and the World Bank are some of its clients.

Vinay Bansal, Founder and CEO of Inflection Point Ventures, added, "TechEagle's innovative drones are set to revolutionise logistics accessibility in both urban and semi-urban areas. With their drones' ability to carry substantial payloads over long distances at high speeds, they are raising the bar for everyone in the industry."

Gramiyaa Secures INR 9.5 Cr Investment to Fuel Expansion in India and US

Gramiyaa, a Bengaluru-based vertically integrated producer of cold-pressed oils, has raised INR 9.5 crore in equity and debt infusions led by UAE's Homegrown Ventures.

Mumbai Angels and Campus Fund also participated in the round. This fresh capital will support Gramiyaa's expansion efforts in the Indian and US markets.

Nader Amiri, General Partner of Homegrown Ventures, said, "The cooking oil industry has seen little innovation or improvement for too long. Consumers, particularly the younger generation, are increasingly skeptical of claims made by established edible oil companies and are looking for brands that are transparent and authentic. We believe Gramiyaa's team and their process excellence have the potential to meet the nuanced expectations of consumers not just in India but globally."

Founded in 2017 by Sibi Manivannan, Gramiyaa offers a range of cold-pressed oils delivered through its D2C platform. It initially operated offline through brand outlets in Trichy, Tamil Nadu. It pivoted to an online-first model in 2020.

The platform now distributes its products through its website and other marketplaces, utilizing micro warehouses in six major cities like Bangalore, Chennai, Hyderabad, Mumbai, Delhi, and Pune. Their in-house manufacturing unit is in Tamil Nadu.

Mohamed Yaseen, Co-founder of Gramiyaa, added, "Most D2C cold-pressed oil brands white-label products from small-scale oil mills to reduce their capital expenditure. This runs the risk of hygiene, adulteration, and inconsistency, which are despised by discerning consumers. Gramiyaa hence prioritises strong vertical integration alongside building a brand that appeals to the new generation".

In FY24, Gramiyaa claims that it produced 2.87 lakh liters of oil and achieved a net revenue of INR 12 crore while remaining EBITDA profitable.

Agritech Startup Fyllo Raises USD 4 Mn Funding

Bengaluru-based agritech startup Fyllo announced that it has raised USD 4 million in a fresh funding round led by India Quotient and SIDBI Ventures. Existing investors Triveni Trusts, IAN, and KIAORA participated in the round.

The startup will use the funds to expand into new geographies and crops and develop more precision agriculture products.

Fyllo founders Sudhanshu Rai and Sumit said, "We are seeing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90% of their decisions. With this funding, we would like to work even more closely with farmers, build new and better products, and expand our reach to farmers and other geographies."

Founded in 2019 by Sudhanshu Rai and Sumit Sheoran, Fyllo helps farmers achieve better yield and quality through its data-driven, precision agriculture platform. Its AI platform provides timely advice to farmers.

The startup claims to have captured over 1 billion data points to offer crop-specific, crop-stage, location, and variety-specific advisories.

Currently, over 8,000 farmers are using Fyllo's services on more than 50,000 acres.