We bring to you the latest edition Funding Galore: Indian Startup Funding of the week.
This week 16 startups raised around $29.4 Mn in funding altogether in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed funding amount.)
One of the biggest Indian startup funding news this week was Reliance Industries Limited (RIL) announcing to invest over $180 Mn into AI-based education platform, Embibe over the next three years. This will put RIL in a position to buy out around 72.69% stake from Embibe’s existing investors including Lightspeed Venture Partners and Kalaari Capital.
Indian Startup Funding Of The Week
Ideal Insurance: Kolkata based comprehensive insurance management startup Ideal Insurance Brokers Pvt. Ltd raised $1 Mn in its seed round of funding from Venture Catalysts. The company plans to use the funding for building a strong infrastructural support for our operations and backend team as well as for marketing purposes.
LetsMD: Delhi-NCR based LetsMD, which offers a platform to discover healthcare financing options, raised $1 Mn in Pre Series A round of funding led by SRI Capital with participation from existing investors Waterbridge Ventures and Thinkuvate.The startup plans to use the funding to scale up its pan-India operations.
Smartivity: Delhi-based edtech startup Smartivity raised $53.8 K (INR 35 Lakhs) from Education-focused publishing house S Chand & Company Ltd. Earlier, in May 2016, the startup raised $1 Mn in pre-Series A funding led by S Chand and early-stage investment firm AdvantEdge Partners.