SCONTO, a student lifestyle, and discovery startup has raised €150K (over INR 1 Cr) in its pre seed funding round from European Angel Investor at a valuation of $2.5 million.
The startup plans to use the funds to start full-fledged operations in Kolkata, along with hiring new talent in its focus group to take the product forward.
Kolkata-based Sconto was founded in 2022 by Sourav Chakraborty, Sohang Sengupta and Luca Albanese, It is a revolutionary platform that aims to bridge the gap between the world's largest student tribe and businesses.
“There are close to 40 million college/university students in India, but the lack of a centralized platform stops the national, international and local businesses to tap into this niche customer segment and curate offers for the larger student populace for building on their brand image and loyalty. This is also one of the major reasons why international entities like Unidays and SheerID failed to penetrate the Indian Market. Sourav and I were already accustomed and experienced in building dedicated communities as we had built India’s first and largest Cybersecurity Community, ZeroDollarSecurity, previously. So we believed this to be a brilliant opportunity to tap into the market and set the rules of the game”, said Sohang Sengupta, cofounder of Sconto.
The startup's app target market directly caters to a recurring subset of 500 million+ GenZ in India.
“India as a society is a beautiful amalgamation of culture, people and opportunity and considering that is an education heavy community there will only be a steady exponential increase in the enrolment of students into colleges as well as establishment of newer academic institutions facilitating the same over the years. With a college population bigger than a lot of countries across the globe, I believe we at SCONTO are empowering the communication between students and the businesses/brands thereby allowing an opportunity for businesses to build on their brand loyalties over time as the student progresses from academics to corporate life”, said Luca Albanese.
The founders of the startup with its 20-member strong team strongly believe that Sconto will transform and redefine the student lifestyle and quest for discounts in India.
The platform is looking forward to raise its next round of investment to expand pan-India operations by December 2022.
About Sconto
Sconto is bridging the gap between the world’s largest student tribe and the businesses. With its unique KYS (know-your-students) technology, Sconto allows students to create their Digital Sconto IDs, verifies and authenticates the same and allows Hyper-local, National and international brands across all verticals to curate special discounts and offers for this niche segment online and in srtore. On the other hand students can discover, save, earn, and get rewarded with SCOINS for their purchases online, at home or on the move.
Weekly Startup Funding News Report For 25 October - 29 October 2024 (Latest Updates)
Weekly Funding Roundup - We compile a Weekly Startups Funding News Report summarizing all the startups that secured funding during the week. This report provides a consolidated list of newly funded ventures daywise.
Weekly Funding Roundup - We compile a weekly startups funding news report summarizing all the startups that secured funding during the week. This report provides a consolidated list of these newly funded ventures day-wise, offering a concise overview of the latest developments in the startup funding landscape. Get allIndian statups news at Viestoires.
Weekly Startups Funding News [25 October 2024 - 29 October 2024]
Althion Funding News - Althion has Secured Rs 3.6 crore in Pre-Series A Round Funding
Trisu Funding News - A pre-seed funding round, which was co-led by All In Capital, has secured an undisclosed quantity of investment for the vermeil jewelry brand Trisu.
GameEon Funding News - GameEon, a game development studio, has raised $1 million in its most recent funding round, which was co-led by SucSEED Indovation Fund, ICE VC, IAN, CD EQUIFINANCE, Nexus Global Opportunities Fund, Vivek Goel, Patni Family, Tal64.
Wundrsight Funding News - Wundrsight, a digital therapeutics startup, has secured $400K in its seed round, which was led by Inflection Point Ventures. Social Alpha, in conjunction with other angel investors, has also participated in the round.
Dharaksha Ecosolutions Funding News - Dharaksha Ecosolutions, a biotech-driven R&D start-up, has secured Rs 24.8 crore (approximately $2.95 million) in a Seed funding round sponsored by Avaana Capital.
Omnivore Funding News - Omnivore’s third fund, the Omnivore Agritech and Climate Sustainability Fund, received $5 million in investment from Proparco, a subsidiary of the Agence Française de Développement (AFD) Group.
Futwork Funding News - In its Series A round, which was led by the Michael & Susan Dell Foundation and included Artha Ventures, Simile Capital, and other investors, sales outreach platform Futwork has raised Rs 20.9 crore, about $2.5 million.
Centricity Funding News - In a seed round, Lightspeed and returning investors Burman Family Office and Shantanu Agarwal, among others, led the investment in wealth management startup Centricity, which raised $20 million at a valuation of $125 million.
11 September 2024 - Funding News
Zivy Funding News - Zivy, an AI tool that prioritizes workplace messages and duties, has secured $1.2 million in a pre-seed funding round co-led by Blume Ventures, Paradigm Shift Capital, iSeed, Everywhere Ventures, Indian Silicon Valley, and Marsshot Ventures.
Mitra Funding News - A strategic family office based in Dubai and Bestvantage Investments led the Pre-Series A fundraising round for D2C FMCG firm Mitra, which raised INR 11 Cr ($1.3 Mn).
InMobi Funding News - MARS Growth Capital, a joint venture between MUFG and Liquidity Group, has provided $100 million in debt financing to InMobi, a provider of mobile advertising network software.
Track3D Funding News - Track3D, an AI reality intelligence platform for the construction industry, announced that it had secured $4.3 million in seed funding. The funding was led by Endiya Partners, with participation from Shadow Ventures and Monta Vista Capital.
Flexiloans Funding News - In an equity funding round led by American not-for-profit fund Accion, US asset management firm Nuveen, and Nandan Nilekani-backed venture fund Fundamentum, Mumbai-based digital lending startup Flexiloans has secured Rs 290 crore (approximately $35 million).
10 September 2024 - Funding News
Crackle Technologies Funding News - Crackle Technologies, an adtech startup, has secured $1.7 million (approximately INR 14 crore) in a pre-seed funding round that was jointly headed by We Founder Circle and AC Ventures.
Nestasia Funding News - Nestasia, a lifestyle and home décor brand, secured $8.35 million in a new funding round from Susquehanna Asia VC, Stellaris Venture Partners, and angel investors.
Supersquad Funding News - Supersquad, a startup that specializes in creator monetization, has secured Rs 2.1 crore in a funding round that was spearheaded by WLDD. Nitin Rajput and Jivraj Singh Sachar, angel investors, also contributed to the round.
AppsForBharat Funding News - AppsForBharat, the parent company of the devotional app Sri Mandir, has secured $17.8 million in its Series B funding round, which was led by Fundamentum.
Arnya Real Estate Funding News - Arnya Realestates Fund Advisors, an alternative investment management firm, has successfully closed the first close of its Rs 1,000-crore maiden debt fund, raising Rs 375 crore.
9 September 2024 - Funding News
Transcell Biologics Funding News - Quantiphi and IAN Group, both of Boston, have invested an undisclosed sum in Transcell Biologics, a biotechnology company.
2 September 2024 Monday - Latest Funding News in India
Mintifi Funding News- Mintifi a B2B digital lending startup, is reportedly in discussions to secure $100 million in a new funding round.
Clean Electric Funding News - Clean Electric, an energy storage solutions startup, has secured Rs 48.5 crore (approximately $6 million) in funding from both new and existing investors.
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