In one of the biggest deals in Indian startup ecosystem, Flipkart swept in $1.4 Bn from Tencent, eBay, and Microsoft, at a post-transaction valuation of $11.6 Bn. Flipkart will buy eBay India operations as part of this deal. Also, eBay will infuse cash in Flipkart against an equity stake.
Next up, Ola’s parent company ANI Technologies Pvt. Ltd secured $260 Mn (INR 1675 Cr) from its largest stakeholder SoftBank Group in November 2016. The funding round was completed last year only, however, it was never officially announced.
Besides the $1.6 Bn raised by the above-mentioned Indian unicorns, 16 startups raised about $40 Mn in funding altogether.
Startup Fundings Of The Week
WeAreHolidays: NCR-based holiday planning startup WeAreHolidays secured $7.7 Mn in its Series B round of funding led by Urrshila Kerkar, founder and promoter of Cox & Kings, against 50% stake in the company. The funding will be used to relaunch WeAreHolidays’ app on the Android and iOS and to develop the company’s social media-driven approach to travel.
Squad: Delhi-based Squad (earlier known as SquadRun) raised $2.1 Mn funding from Blume Ventures, Contrarian Capital, 91springboard, Emergent Ventures, Abstract Ventures, Anthill Ventures, Axilor Ventures, angel investors Gokul Rajaram (Product Engineering Lead at Square) and Shamik Sharma (Senior Technology Advisor at Myntra). The funds will be used to expand its technology, product, and data teams in India and the sales team in the US.
HackerEarth: Bengaluru-based professional talent management startup HackerEarth raised $4.5 Mn in an equity financing round led by US-based DHI Group Inc. along with BEENEXT, BEENOS, Digital Garage, BizReach, and Prime Venture Partners also participating in the round. The startup will use the raised funds to strengthen product team and for international expansion.