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Startup

GOI Initiative Research/Innovation Showcase

  • Cashfree Payments

    Launched in 2015, Cashfree Payments is a payment and banking technology company, based out of Bangalore. It provides a complete payment platform helping businesses collect and send money, offering services including payment collections, vendor payouts, wage payouts, instant loan disbursements, e-commerce refunds, insurance claims processing, expense reimbursements, loyalty, and rewards payments. Cashfree Payments serves over 100,000 merchants, including Cred, Zomato, Xiaomi and Tencent, and processes US$20 billion in payments annually. The company has businesses across eight different geographies including the US, Canada and the United Arab Emirates (UAE). Cashfree Payments was valued US$200 million after raising strategic funding from State Bank of India. The company said it will use the proceeds to ramp up its payments infrastructure and invest in growth.

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  • CredAvenue

    Founded in 2017 and based in Chennai, CredAvenue is a leading online lending specialist. The company operates five main platforms aimed at catering to every requirement of both borrowers and investors: CredLoan, a business lending platform; CredCoLend, an origination platform for banks and non-banking financial companies (NBFCs) for co-lending partnerships; Plutus, a bond issuance and investment platform for institutional and retail participants; CredSCF, a supply chain platform; and CredPool, an end-to-end securitization and portfolio buyouts. To date, the company has facilitated transactions worth ~US$9 billion, and has engaged with 1,500+ institutional borrowers, 750+ investors, and 1 million+ end retail borrowers. CredAvenue is backed by prominent investors including Sequoia Capital and LightSpeed. In September 2021, the company raised a US$90 million Series A equity funding round at a US$410 million valuation.

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  • GetVantage

    Founded in 2019 and based in Mumbai, GetVantage is a financing platform offering growth capital to digital-first businesses including e-commerce entrepreneurs and startups across India and Southeast Asia. GetVantage uses a proprietary machine learning (ML)-based credit decision engine, and a deal management system to evaluate and gauge a company’s future revenue performance, and offers a term sheet based on its findings. Funding ticket sizes can go up to US$500,000, according to its website. So far, the startup has funded more than 100 founders, including brands across e-commerce, and direct-to-consumer (D2C) categories. GetVantage has raised US$5 million in funding, according the Digital Fifith.

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  • Hyperface

    Founded in 2021 and headquartered in Bengaluru, Hyperface is the developer of a card platform designed to simplify credit card issuance for fintech and e-commerce firms. The company offers customizable software development kits (SDKs) and application programming interface (APIs) to allow customers to design credit card programs and manage the entire customer experience, from know-your-customer (KYC) requirements to loyalty programs, helping businesses to launch credit card programs in only a few weeks. Hyperface raised US$1.3 million in October 2021 which it said it will use to strengthen its tech platform and launch card programs, as well as hiring and growth.

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  • Mahila Money

    Mahila Money is the digital banking arm of Sheroes, a Delhi-based women-only social network. Mahila Money offers small business loans and other financial services to women and female micro-entrepreneurs. Funding ticking sizes vary from US$135 to US$2,693, doesn’t require collateral nor a co-guarantor, and the application process is done entirely online. Since launching last year, Mahila Money has grown into a community of 150,000+ women, and has inked partnerships with banks and NFBCs including Transcorp, Visa, My Shubh Life, Avail Finance, and Shivalik Bank.

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  • Onsurity

    Founded in 2020, Onsurity is a heathtech startup providing monthly, comprehensive employee healthcare to small and medium-sized enterprises (SMEs), micro-businesses, startups and growing businesses. Onsurity’s monthly-based plans under TeamSure include benefits like group health insurance, discounts on medicine orders and health check-ups, fitness rewards, doctor teleconsultation, and much more. The subscription plans are offered not only to full-time employees but also to contractors, interns and consultants. The company claims to serve more than 1,000+ SMEs, startups and emerging businesses. It raised US$16 million in a Series A in August 2021.

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