Latest News | Business Briefs StockGro Raises $5mn Funding

New Delhi, Aug 4 (PTI) Bengaluru-based social investment and gaming platform StockGro on Wednesday said it has raised USD 5 million (about Rs 37 crore) in funding from Roots Ventures and Velo Partners.

The company will use the proceeds from the pre-series A round to grow its user base, hire tech talent and build new features, a statement said.

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Founded in January 2020 by Ajay Lakhotia, StockGro has more than 1 million users and has over 80 per cent month-on-month retention.

"With over 1 million active users on the platform within nine months of launch StockGro has become the primary social investment platform for the millennials. Global investors aligned to our vision have come on board to support us in democratising investments for the next generation,” Lakhotia said.

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**** Khabri raises $2.1mn funding

*Vernacular audio platform Khabri on Wednesday said it has raised USD 2.1 million (about Rs 15.5 crore) in funding from former Google executive Shailesh Rao, Rebel Fund, and others.

The pre-series A round also saw participation from Liquid 2 Ventures, Pioneer Fund, Edward Lando, Siqi Chen, and others, a statement said.

The proceeds of the financing will be used to strengthen product offerings. The company plans to add multiple languages like Tamil, Telugu, and Kannada on its platform in the next two quarters.

The funds will be used in strengthening tech capabilities such as improving the recommendation and search engine for easing content discovery, it said.

For creators, the company will focus on easing content creation further by enhancing noise cancellation and volume normalisation with machine learning techniques, it added.

**** Neeman's raises Rs 20 cr funding from Sixth Sense Ventures

*Neeman's, an eco-friendly footwear startup, on Wednesday said it raised Rs 20 crore (about USD 2.7 million) from Sixth Sense Ventures.

The company will use the funds towards intensive product development, launching Neeman's in international markets, expansion of categories, and for research and development of new eco-friendly technologies.

Founded in 2018 by Taran Chhabra and Amar Preet, the company said it had clocked a growth of 600 per cent last year despite restrictions imposed by the COVID-19 pandemic.

"We are elated that Neeman's in a short period has successfully reinvigorated the Indian footwear industry and created the position for 'The Most Comfortable Shoes' in the country for itself. The investment from our new partner, Sixth Sense Ventures, reassures us that we are taking the right steps and strengthens our commitment to providing people with superior quality comfortable, eco-friendly, and stylish footwear," Taran Chhabra, co-founder and Chief Executive Officer of Neeman's, said.

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