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Fintech firm DIPL raises funding from US-based investment group

By Narinder Kapur

  • 26 Sep 2019
Fintech firm DIPL raises funding from US-based investment group
Credit: 123RF.com

Digital India Payments Ltd (DIPL), a financial technology company, has raised Rs 5.75 crore (around $811,000 at current exchange rates) from the United States-based investment group IC1101.

The company raised the funding after participating in Horses Stable, the Indian adaptation of American television show Shark Tank.

In a statement, Horses Stable founder Prashant Agarwal said the platform screened over 200 applicants and chose 39 startups to present their products to a select group of investors.

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Around 18 companies bagged funding from the investors, with DIPL getting the biggest cheque, according to Agarwal.

Other startups that received funding include Mitra Robot, a robotics startup which raised funding from ITI Growth Opportunities, IC1101, Windrose Capital and angel investor Kevin Saboo.

Ringtel Marketing, PawsIndia, and ANP Atelier and Associates also received funding.

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Investors that participated in Horses Stable included Rohit Goyal, a graduate of the CASS Business School who has made several investments in India and abroad, according to the statement. The platform also included Nilesh Trivedi, a venture capital professional who has investing and operating experience across early-stage, growth-stage and Fortune-50 companies.

The startups that participated in the platform work in sectors such as pharmaceuticals, financial technology, consumer products, business-to-business and business-to-customer.

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