Fin-Tech incubator Afthonia Lab helps raise $150,000 funding for its startups

By Priyanka Pani

Afthonia Lab, India’s only fin-tech incubator, has said that its first batch of startups have together raised $150,000 (fund raise + bridge capital amount) through a diverse clutch of angel investors despite the chaos caused by the pandemic.

The incubator said that investors based in India and overseas have committed funds to four of its startups as they become business ready within a year of inception.

With Afthonia Lab backed exposure and collaboration, each of the companies onboarded have shown clear business wins, the incubator added.

Tanul Mishra, CEO, Afthonia Lab said, “We encourage fin-tech startups in our fold to build sound economic metrics that ensure longevity of business and not fall into the trap of valuation driven growth strategies. This was an exciting collaboration that brings to the fore the import of the right mix of mentorship from industry experts, access to the global markets and providing the startups with the right tools at nascent stages of business inception.”

Afthonia Lab works with early stage fintech startups and seasoned industry leaders to bring them closer to the market, providing them with value-based insights and business-driven solutions.It encourages seed stage startups to achieve scale at different stages of the business’ life cycle by enabling them to flourish and build solid resilient business models.

The  startups from the first batch include:

Niivo: An end-to-end fully integrated platform for financial intermediaries has raised an undisclosed amount of pre-seed round through Indian and overseas angel. The funds will be used to expand core operations and expedite product development. The startup already has 21 intermediaries serving 2478 retail clients with a combined AUM of Rs 36.5 crore, all within the first month of launch.

Ginger Root Code Factory (GRCF): received its first round of seed investment earlier this year. The undisclosed amount was raised from a group of investors that was curated by Afthonia Lab. Committed to creating exceptional offerings in the Payments processing and Remittance Processing fields using modern day digital tools, Ginger Root aims to effectively counter problems of distance and time for transactions. Keeping the core philosophy in mind, Ginger Root has inked 2 deals in the global markets – a. focusing on processing payments for a marketplace and b. in the BFSI space where they will be facilitating payments

Tarakki: A wealth management app that provides wealth creation opportunities to anyone through its strategic investment strategies across different asset classes. Tarrakki has recently raised an undisclosed amount in a pre-seed round with the help of global mentors empaneled with AfthoniaLab. The capital raised will go towards enhancing the core operations and ensuring rapid customer acquisition

BlockSurvey: Even as the world reels from the effects of Covid – 19, the team at BlockSurvey has proven its mettle by not only winning back to back client deals in the US market but also turning cash flow positive during this crucial time. A privacy driven data collection platform that uses tools such as surveys, polls, and forms, the startup helps both large and small organisations gather insights to attain authentic results through its blockchain technology. BlockSurvey has around 500 customers (including 4 Enterprises) using the platform and a healthy pipeline of businesses that the startup is getting ready to onboard in the coming months.