Indigrid Technology and Hour4u Raise Early-Stage Funding Here are the Indian startups that announced early-stage funding rounds.
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Indigrid Technology Bags USD 5 Mn from Cactus Partners
Indigrid Technology, a startup focusing on electric vehicle components, has raised USD 5 million from Cactus Partners, an early growth-stage venture capital fund. This is the first institutional round for the startup.
The funding will be used by Indigrid Technology, which has its manufacturing operations in Manesar, Haryana, to expand its manufacturing capacity, diversify its product offerings, and pursue other growth projects.
Sameer Narang and Rishab Puri, Co-founders of Indigrid, said, "This investment will enable us to boost our product development efforts, ensuring we stay ahead of the high growth demand curve in the rapidly evolving EV market. Our focus on creating high-quality and reliable products is paramount, and this partnership will support and enhance our mission."
Founded in 2017, Indigrid Technology has two main lines of business: EV components and contract manufacturers in the electronics system design and manufacturing segment.
This is Cactus Partners' seventh investment in Indigrid Technology and the second in the electric vehicle component manufacturing space. Having started investing in January 2021, Cactus Partners has already made investments in businesses like Kapture, Vitraya, AMPM, Auric, Lohum, and Rubix.
Hour4u Raises USD 420K to Transform Rental B2B Marketplace
Hour4u, a rental marketplace for booking venues and on-demand hourly workers, has raised USD 420K in its latest seed funding round led by Apptad Technologies Private Ltd.
This funding, a mix of debt and equity, marks Hour4u's second successful round following an initial investment from angel investors last year.
With the new funds, Hour4u plans to onboard new customers, increase their sales team, do key hirings, and add more adjacent categories while expanding its services to major metro cities in India.
Anmol Pathak, Founder and CEO of Hour4u, said, "This funding validates our model and vision. We aim to make anything and everything available for rent on an hourly basis, and this investment brings us closer to that goal."
Launched in 2019 in Pune by Anmol Pathak, Hour4u started as a simple WhatsApp group aimed at helping college students find legitimate hourly part-time jobs.
The platform claims to fulfill requirements in less than four hours and is working to further reduce this time. Currently, this on-demand fulfillment model is live in Delhi and Pune.
Hour4u also offers Workorbits, a software for agencies to build digital portfolios, digitise operations, and provide clients with a digital experience. This includes digital contracts, KYCs, and real-time staff tracking to reduce fraud.
It aims to become a comprehensive marketplace, enabling users to book staff, venues, and equipment all in one place. Its clientele includes UBER, Zomato, Blinkit, Zepto, Magicpin, and Adani Realty.
