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Funding Alert: CoreStack Raises $30 Million, Park+ Bags $25 Million, And More

The funding will help CoreStack continue its rapid pace of growth and innovation with its AI-powered continuous and autonomous cloud governance at scale, while also making strategic headway with expansion into new markets.

Funding Alert: CoreStack Raises $30 Million, Park+ Bags $25 Million, And More
Funding Alert: CoreStack Raises $30 Million, Park+ Bags $25 Million, And More
outlookindia.com
2021-11-24T14:29:26+05:30

CoreStack, a global multi-cloud governance SaaS provider, on Wednesday said it has raised USD 30 million (about Rs 223.2 crore) in a funding round, led by Avatar Growth Capital.

The Series B round also saw participation from Dallas Venture Capital (DVC), Iron Pillar and other angel investors, a statement said.

This brings CoreStack's total funding to $45 million, it added.

The funding will help CoreStack continue its rapid pace of growth and innovation with its AI-powered continuous and autonomous cloud governance at scale, while also making strategic headway with expansion into new markets, it said.

Avatar Growth Capital Managing Director Abhay Havaldar will join CoreStack's Board of Directors, upon required legal clearances, the statement added.

Meanwhile, Park+, a super app for car users, said it has raised around $25 million (about Rs 186 crore) in funding, co-led by Sequoia Capital India, Matrix Partners India and Epiq Capital.

Existing and new investors, including AdvantEdge, Fund II - A Series of Somani Investments LP and Motherson Lease Solution Limited, also participated in the Series B round, a statement said.

Park+ plans to utilise the funds to strengthen its core technology and build innovative solutions for cars and car owners that can solve all their pain points on a single platform, it added.

The company is also looking at aggressive geographical expansion, and at driving deeper consumer adoption of various services on the app by investing in the overall ecosystem for car owners.

Post COVID, there is a strong shift away from public transport and shared mobility, with a growing preference for personal vehicles, Park+ founder and CEO Amit Lakhotia said.

Similarly, the digital financial services company Indifi Technologies said it has raised Rs 340 crore in funding, including Rs 140 crore of equity funding from investors like CX Partners and OP Finnfund Global Impact Fund I.

CX Partners and OP Finnfund Global Impact Fund I (the first Finnish global emerging markets impact fund) along with existing investors CDC Group (the UK's development finance institution), Omidyar Network, Flourish Ventures, Elevar Equity and Accel invested 140 crore in series D round of equity capital raise for Indifi Technologies, a statement said.

The Gurugram-based company has also secured Rs 165 crore in debt financing from Vivriti, Northern Arc, SIDBI, along with other lenders, it added.

Additionally, US DFC (United States International Development Finance Corporation) has guaranteed Rs 35 crore of funding to Indifi.

The Series D round brings Indifi's total equity fund raise to date at over Rs 350 crore. Indifi said it is also in advance conversation with select global funds for participation in the series D raise.

(With PTI Inputs)

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