Glamplus, specialized in trade fair, litigation financier LegalPay, coding firm edtech Tekie raises funds
Salon-focused software as a service (SaaS) platform Glamplus raised Rs 2 crore in a pre-Series A cycle led by Inflection Point Ventures.
Other attendees include Anil G (co-founder and COO of Bounce), Sachin Khandelwal (GM and GM of Sadhan Enterprise), Sravan Kumar (GM of Transin), Abhishek Daiya (Deputy Vice President of Byju’s ) and Anudeep Nagalia (vice president at Shadowfax).
Through the SaaS platform, salons (and other partners like gyms and spas) can manage their clients’ appointments, staff, and vendors. The platform also helps them with analytical reports to understand customer needs and their visit patterns, among others.
“Lounges operate very informally, which gives them little information about their clients, their spending habits and the frequency of visits. Glamplus has identified this opportunity and can help salons and gyms transition from the informal economy to the formal economy and grow their businesses in the process, ”said Mitesh Shah, co-founder of Inflection Point Ventures.
“In the past three months, we have seen over 500 partners join the Glamplus platform,” said Divyanshu Singh, co-founder of Glamplus.
Technology-based litigation financier LegalPay has secured an undisclosed sum in a seed funding round led by 9Unicorns, the venture capital fund set up by the Venture Catalysts incubator and accelerator.
The startup investment platform LetsVenture also participated in the round with angel investors Ambarish Gupta (founder of New York-based private equity fund Basis Vectors and founder of Knowlarity).
Founded in 2020 by Kundan Shahi, LegalPay is a third party litigation funding platform that helps entities / businesses alleviate the financial burden of litigation.
The platform mainly focuses on late stage cases or those nearing closure with a financial requirement ranging from 20 lakh to Rs 3.5 crore.
The cases are funded by funds raised from large family offices and high net worth and ultra-HNI individuals nationwide.
Investors can expect a minimum internal rate of return (IRR) of 30% across stages and case types, which also means cases are subject to a risk and underwriting process.
While the platform allows investments by family offices and HNIs, it aims to provide access to individual investors by the end of 2021.
“This fundraising confirms the growing interest in this asset class. We believe that with the continued support of our investors, we will be able to change the role of third party legal finance in India in the years to come, ”said Kundan Shahi, CEO of LegalPay.
He also said that with the second wave of the pandemic negatively impacting businesses, litigation is on the rise.
“While litigation financing has been in practice since 1870, LegalPay tries to organize this sector by providing access to organized agreements to existing litigation financiers. It has been structured in such a way that even at a success rate of 17%, investors can secure their invested amount, ”said Anuj Golecha, co-founder of 9Unicorns.
“LegalPay represents a unique business model that will certainly help consumers overcome the initial challenges of paying legal fees which could otherwise be a very onerous process. The flexibility to provide a workable solution to consumers facing the problem of lack of funds while dealing with a legal issue is certainly the need of the hour which is being addressed by LegalPay, ”said Sunitha Ramaswamy, President of LetsVenture.
Start-up Edtech Tekie has raised $ 1.5 million (roughly Rs.11 crore) in seed funding co-led by Silicon Valley-based GSV Ventures and Multiply Ventures.
Better Capital also participated in the round.
This development marks the first seed investment in India by GSV Ventures.
Founded in 2017 by IIT Delhi graduate Naman Mukund and SRCC alumnus Anand Verma, Tekie positions itself as a live coding platform that brings the art of storytelling to make learning a cinematic experience. He claims to have more than 12,000 students on his platform.
“Our animated series, live projects and gamified learning journey make the course an immersive experience and students look forward to their sessions,” said Verma.
“Having grown up in a digitally driven world, students’ learning habits have evolved and the education system must keep pace with changing trends. Coding is not only an essential skill for the future, but an effective way to develop problem solving and logical thinking in children. Coding education is still in its early stages in our country, mainly limited to block coding. We want students to go beyond just learning about concepts and learning to write real code. With that in mind, we designed our course to teach text coding, ”Mukund said.
Tekie plans to expand its offerings into other markets such as the United States, Canada and the United Kingdom.