Business Briefs SocioRich to Launch Social Media Platform to Connect Corporates, NGOs

New Delhi, Jul 26 (PTI) SocioRich said it is launching a social media platform to connect individuals and corporates with NGOs that will help raise more support, awareness and funds for the social causes.

"SocioRich is the first innovative social media platform that will motivate every citizen to do good deeds and empower themselves socially. Through SocioRich, one can post his or someone else's good deeds," SocioRich Founder Kamal Kant Jain said in a statement.

SocioRich will offer the change agents the best opportunity to showcase their deeds and reach out to a vast number of people, he added.

"It also offers an effective parameter to measure the relevance of their services by introducing Social Currency Coins which are earned through appreciation of the services offered," he said.

******************* POPxo launches e-commerce platform

* POPxo, a digital community for women, today said it has launched an e-commerce platform that will sell private label merchandise.

The products will include mugs, laptop bags and canvas pouches, among other items, with prices starting at Rs 299.

"Millennial women are a large and under-served market, especially, in the lifestyle products category. The POPxo e-commerce platform will create and sell product lines especially for them," POPxo Founder and CEO Priyanka Gill said.

POPxo had raised Rs 37 crore through funding in March 2018. The investment round was led by Neoplux and OPPO with participation from existing investors IDG Ventures India, Summit Media, and GREE Ventures.

******************* Aye Finance raises $10 mn from Triple Jump BV, MicroVest Fund

* Fintech lender Aye Finance today said it has raised USD 10 million in debt funding from Triple Jump BV and MicroVest Funds through the issuance of non-convertible debentures.

With the recent funds raised, Aye is gearing up to bolster its lending portfolio and offer affordable business loans to a larger number of micro-enterprises in India, it said in a statement.

The transaction was syndicated and executed by Northern Arc Capital.

"At Aye, we use various data science methods which are layered over the traditional metrics of lending. These combined methods help us to focus on the structural challenges of lending to micro businesses, who often do not maintain formal books of accounts, while reducing the possibility of credit losses in our portfolio," Aye Finance Founder and MD Sanjay Sharma said.

He added that this has allowed the company to cater to the credit needs of the under-served albeit creditworthy sector.

Last month, the company received equity investment from CapitalG (formerly Google Capital). It raised USD 21.5 million in series C equity from the venture capital fund owned by Alphabet Inc as well as its exiting investors SAIF Partners and LGT.

******************* Entropik Tech raises $1.1 mn from BIF, IDFC-Parampara Capital

* Entropik Tech, an emotion artificial intelligence player, today said it has raised USD 1.1 million, led by BIF (Bharat Innovation Fund) and co-invested by IDFC-Parampara Capital, Arthavida Ventures and Jitendra Gupta (MD, PayU).

Existing investors also participated in the pre-series A round, Entropik said in a statement.

"The investments will help Entropik Tech scale their platform Affect Lab2.0, launch more IP based products and increase global footprint," it added.

Founded in 2016, Entropik Tech helps track consumer's cognitive and emotional response at its point of origin using technologies like brain wave mapping, facial coding and eye tracking.

Based out of Bengaluru, Entropik Tech has a 20-member team. It has filed multiple patents since its inception and its clientele includes GroupM, ITC, Myntra, IMRB, HDFC Bank, Bankbazaar.com, Tata Chemicals, UB Group, Viacom18 and TAM Media Research, among others.

***************** myHQ raises USD 500,000 in funding

* myHQ, a co-working space provider, today said it has raised a funding of USD 500,000 in a round led by Anupam Mittal (founder of Shaadi.com).

The round also saw participation from Sachin Bhatia (Truly Madly founder), Nitish Mittersain (CEO and founder of Nazara Tech), Singapore Angel Network, Outbox Ventures, GEMBA Capital and other angel investors from the online platform LetsVenture, myHQ said in a statement.

"myHQ plans to utilize the funds in expanding to over 200 spaces across three cities, strengthen its technology to provide a standardised and consistent work experience and to build a strong offline and online community," it added.

myHQ already has over 60 spaces and more than 4,000 community members using its spaces regularly.

Outbox Ventures and Angad Pasricha of TCNS (W for Women) were the initial investors in myHQ with a funding of USD 100,000 in July 2016.

************************** Salebhai IPO opens on July 27

*Ahmedabad-based e-commerce startup Salebhai's initial public issue will open tomorrow which is expected to raise over Rs 24 crore.

The initial issue is of 22, 59,600 equity shares, offering 26.58 per cent of the company's equity in the market and will be listed on the BSE's SME Platform, the company said in a statement.

The funds raised through public offer will be used for areas like improved IT platform, increased customer acquisition and experience.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)