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Saturday, June 3, 2023

Fintech startup Niyo raises $30M even as funding winter still looms

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Niyo got the biggest amount of cash this week, while the startup environment faced another fundraising freeze. The fintech startup secured $30 million from Multiples Alternate Asset Management

Fintech startup Niyo got the biggest amount of cash this week, while the funding winter still looms. Eka Care and Fitterfly raised the second and third largest funding amounts respectively.

Niyo, a consumer-focused fintech platform, received $30 million in funding from private equity company Multiples Alternate Asset Management. Niyo has funded around $180 million, including a $100 million Series C investment led by Accel in February. Vinay Bagri and Virender Bisht founded it in 2015, and it offers digital savings accounts and other financial services in collaboration with institutions.

The monies will be used to develop its product capabilities and increase its customer base.

Hummingbird Ventures led a $15 million fundraising round for healthtech firm Eka Care. The round was also attended by 3one4Capital, Mirae Asset, Verlinvest, and Aditya Birla Ventures. Eka Care, founded in 2020 by Sahni and Deepak Tuli, works on establishing health profiles for people in order to improve health outcomes and reduce healthcare spending.

The company says that its solutions are used by over three crore health records and over 5,000 clinicians. It plans to use the new funds for product development, employment, and digitizing healthcare.

Fitterfly, a digital therapeutic firm, has raised $12 million in funding from Amazon Smbhav Venture Fund and Fireside Ventures. Fitterfly, which was founded in 2016 by Singal and Shailesh Gupta, focuses on diabetes control and claims to have helped over 20,000 patients. The funding will be used to expand the reach of Diabefly’s digital therapies and clinically proven diabetes prevention, management, and reversal program.

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