HUG Innovations finds an instant investor; raises $5 million

HYDERABAD: TiE-Hyderabad–The Guardian Angel Organised Live Instant Funding 2nd Edition held in Hyderabad recently witnessed HUG Innovations amongst 125 applicants find a Guardian Angel for their venture.

Out of the 4 startups which pitched their idea to pin-up investors HUG Innovations succeeded in raising $5 million (Rs 33 Cr) Series A Funding.

HUG Innovations founded by Raj Neravati is a technology startup developing the Gadgets for fitness lovers and it works on gesture recognition mechanism. The other startups which pitched their ideas were GoLive Gaming, Voltus Wave and Cargo Exchange.

The second edition of TiE-Hyderabad-The Guardian Angel follows its successful and highly acclaimed debut in 2016 where 2 start ups raised funds to the tune of INR 1.75 Cr.

Rakesh Bhatia, Chair, The Guardian Angel said, “We are overwhelmed. The 2nd edition of The Guardian Angel brought rejoicing number of innovative startups and great stories to the platform. We are confident the tale of these successful startups will create new benchmarks in the ecosystem and drive entrepreneurship in the coming generation.”

“We believe startups could add several millions to the economy with the right support and finance to scale-up. Our instant live funding initiative is designed to tackle this funding gap. Such opportunities also open a new window of hope for these young startups and raise their spirits to newer levels. It will also encourage them to bring exclusivity and innovation on to the table,” said Pradeep Mittal, President, TiE Hyderabad.

Sreedevi Devireddy, Executive Director, TiE Hyderabad said, “We are pleased to see the platform gaining strong traction attracting top startup ideas. Our commitment to foster start-ups acceleration through innovative ways will persist, so that new-age entrepreneurs can harness their business idea potential. At TiE-Hyderabad we not only facilitate strengthening the start-up ecosystem but also how to grow strategically and achieve sustainability.”

Cargo Exchange a platform for cargo-owners, truck owners and intermediaries to trade easily came very close to a closure and were offered INR 1.4 Cr as funding, though the deal on the stage did not get through due to differential opinion on valuation.

This however takes the Guardian Angel into a tangent of million dollar deals and Rakesh Bhatia further said,  “We are confident to come bigger and stronger in the next edition.”

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