Virtual Galaxy Infotech, Felicity Games, and Qarmatek Raise Early-Stage Funding The Indian startups listed below have disclosed investment rounds.
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Virtual Galaxy Infotech Secures INR 21.44 Cr in Pre-IPO Funding Round
Virtual Galaxy Infotech has announced the successful closure of its pre-IPO funding round, raising INR 21.44 crore from marquee investors.
The company is now gearing up to file its Draft Red Herring Prospectus (DRHP) with the stock exchange to launch its SME IPO, the company said in a statement.
Notable investors in the pre-IPO investment round include Asit Oberoi, the former COO and CFO of Yes Bank; Jayaraman Vishwanathan, the former director of Electra Partners Asia Fund; and former MD of RARE Enterprise Devnanthan Govind Rajan.
Other investors include Umesh Sahay and Abhishek Narbaria, Co-Founders of EFC (I); Darshan Gangolli, former Executive Director at Altico Capital (Real Estate Fund); Abhishek More, Founder and CEO of Digikore Studios; Amit Mamgain, Senior VP of Equity Sales at AMSEC; and M Srinivas Rao, former MD at the Bill and Melinda Gates Foundation, India.
The Nova Capital Opportunities Fund, Mauritius, Shashank Mishra, the founder and CEO of Xolopak India, and the India Emerging Infrastructure & PE Group are a few other well-known investors.
The Nagpur-based company has appointed Shreni Shares as the merchant banker for the public offering.
Founded in 1997 by Avinash Shende and Sachin Pande, Virtual Galaxy Infotech is a hybrid SaaS (software as a service) and enterprise software company with products developed for the banking and financial sectors.
Virtual Galaxy Infotech's core banking solution, "E-banker," is deployed in over 150 clients, including banks, microfinance companies, and NBFCs, and serves the government and SME sectors. With a presence in 20 Indian states and East Africa and a team of 300 professionals, the fully web-based, real-time platform manages millions of transactions daily using AI and mobile technologies.
Their "E-Autopsy Software" automates post-mortem department functions, ensuring accurate record maintenance from case registration to report generation.
Over the past 26 years, Virtual Galaxy Infotech claims to have completed projects for two state cooperative banks, 11 district cooperative banks, over 50 cooperative banks, more than 50 cooperative societies and SACCOs, 11 government projects, and 50+ ERP projects.
Notable clients include MSAMB, MLWB, EDF, MAIIC, DCB Commercial Bank Plc, MACP, and GMC Nagpur.
Felicity Games Raises USD 700K from DeVC, Nandan Reddy, Kunal Shah and Others
Felicity Games, a casual game developer and publisher, announced that it has raised USD 700K in its pre-seed round from DeVC, Visceral Capital, and marquee angel investors including Kunal Shah of CRED, former Nazara CEO Manish Agarwal, Sriharsha Majety, Nandan Reddy of Swiggy, and Sameer Pittalwala, Head of Gaming at Google Cloud (APAC), among others.
The company will use the funds to test 10 more such games by March 2025. The company aims to scale revenue by 10x by the end of this year.
Founded in 2023 by ex-Swiggy executive Anurag Choudhary, Felicity recently launched two titles, 'Seek & Find', and 'Nova Solitaire', which are already unit economics positive in the US and other western markets, with over 100,000 downloads within a period of 3 months.
Bengaluru-based Felicity rapidly prototypes and tests casual games for commercial viability using their proprietary framework, "Pokhran," scaling only the successful ones.
Anurag Choudhary, Founder and CEO of Felicity Games, said, "Given our cost and skill advantages, Felicity Games is well placed to build a multi-million dollar casual gaming business from India for the world."
Felicity launched over ten game titles in less than a year, and over a million people play them every month across 14 different regions.
Qarmatek Gains USD 1 Million Investment for Expansion and Growth
Sustainability and circular economy-focused renewed electronics startup Qarmatek has raised USD 1 million in funding led by prominent investors Umang Nahata of Orange Orbit, Rakesh Raman of Orange Orbit, and Vishal Makwana of Texspin.
To date, Qarmatek has raised USD 4.11 million in investment. It raised USD 3 million in 2021 from Caspian Debt, Gujarat Venture Finance, and other sources.
The newly raised capital will be deployed to expand into multiple categories of renewed electronics, scale operations, and grow geographically.
Krunal Shah, Co-founder and Director of Qarmatek, said, "The funds will be pivotal in expanding our footprint into newer categories of electronics, especially consumer appliances, which is a largely unexplored and unorganised sector in India."
"It will also help us expand our operations across India, allowing us to reach more customers and create a substantial impact on the market. Our commitment to sustainability and the circular economy remains at the core of everything we do, and we are excited to further our impact with this new investment," Shah added.
Founded in 2011 by Krunal Shah and Arun Hattangadi, Qarmatek offers electrical product repair services after the sale and operates in the B2B retail market segments.
For electronic devices such as laptops, smartphones, household appliances, and appliance brands, the company provides customised and predictive solutions, call centre services, multi-brand repair services, refurbishment services, network and logistics services, and more.
Through renewal and refurbishment, the Ahmedabad-based company hopes to extend the lives of electronic equipment, thereby reducing e-waste and promoting a circular economy.
