We bring to you the latest edition of Funding Galore: Indian Startup Funding of the week.
One of the biggest funding round this week in the Indian startup ecosystem was raised by the Gurugram-headquartered online lending startup Aye Finance. The company raised $21.7 Mn in Series C funding led by CapitalG, the growth-stage investment arm of Google’s parent company Alphabet. With $11.9 Mn, this is CapitalG’s first bet in the Indian online lending sector. Aye Finance will use the funding to further increase its loan book, which stands at about $77 Mn (INR 525 Cr) and in building its technology platforms.
Also, Paytm Mall received $225 Mn as the last tranche of $445 Mn funding from SoftBank and Alibaba. SoftBank’s investment arm SB Investment Holdings invested $200 Mn while Alibaba put in $25 Mn in the ecommerce company. With this funding, SoftBank looks to take up a 21% stake in Paytm Mall, while Alibaba will hold 46%. The startup believes that online-to-offline retail is the way forward in India and aims to triple its offline presence by the end of 2019.
This week 14 startups in the Indian startup ecosystem raised around $285.3 Mn in funding altogether and one startup acquisitions took place. (The startup funding calculations are based on the startups that disclosed funding amount.)
Indian Startup Funding Of The Week
Pixr8: The online business media platform based out of Ghaziabad raised $ 37K in seed funding. Pixr8 will use the fresh capital for expanding its customer base, acquiring readership and hiring new talent that could boost its market reach and business operations. The startup is focussed at the intersection of platforms, publishers and communities and the founder believe that the funding would come in handy towards a differentiated approach to efficiently scale into new markets.
Network Intelligence: Bengaluru-based cybersecurity services company Network Intelligence raised $4.87 Mn (INR 33 Cr) from private equity firm Helix Investments. The startup has been valued at more than $22.89 Mn (INR 155 Cr) for this funding round. The startup plans to utilise the funds for two purposes- expanding to the US and Europe markets and to enhance product development initiatives. Network Intelligence earns 60% its revenues from the BFSI sector and the rest from critical infrastructures like oil, gas and IT.