Funding Galore: Indian Startup Fundings Of The Week [24 April – 29 April]

Softbank Global gave its final nod to the Flipkart and Snapdeal merger via an in-principle, non-binding approval for the deal. It will hold 20% stake in the merged entity and has also approved a plan to buy out Snapdeal’s existing investors ahead of the potential merger. Also, it now has OYO Rooms, Paytm and FreeCharge on its radar. Reportedly, Softbank is in talks with OYO Rooms to invest additional $250 Mn into the budget accommodation startup, at a valuation of around $850 Mn.

Furthermore, Snapdeal owned digital payment company FreeCharge (backed by Softbank) is looking for a potential merger with nemesis Mobikwik. The newly combined entity is likely to receive an investment of around $200 Mn from a Chinese investor at a valuation of $700 Mn-$1 Bn.

Also, Softbank is likely to back Paytm with a $1.9 Bn investment at a valuation of $9 Bn, making it one of the biggest deals to take place in the Indian consumer Internet space.

Next up, TVS Logistics and Kishore Biyani’s Future Supply Chain Solutions have placed their bids for Vulcan Express, the logistics unit of beleaguered ecommerce firm Snapdeal. Reportedly, both the firms are in talks with Snapdeal parent company Jasper Infotech, to acquire or pick up a majority stake in Vulcan Express.

This week 22 startups raised about $68 Mn in funding altogether.

Startup Fundings Of The Week

StalkBuyLove: New Delhi-based online fashion brand StalkBuyLove raised $1 Mn venture debt from Trifecta Capital. The startup will use the recently raised funding to strengthen its supply chain technology and expand the team. The brand claims to have sold 65,000 garments in April 2017.

Flytxt: Customer data analytics software company Flytxt raised about $11 Mn (INR 70 Cr) funding from DAH Beteiligungs GmbH, a company related to the Hopp family office. The company plans to invest the newly raised capital for software product R&D and to expand to other verticals.

Myra: Bengaluru-based online pharmacy startup Myra raised an undisclosed amount in extended Series A round of funding from Times Internet and existing investor Matrix Partners. With the newly raised funds, the company is planning to extend its footprint to two more metro cities.

Oddup: Hong Kong-based startup focussed research platform Oddup secured $6 Mn in its Series A round of funding. The investment was led by Brand Capital, 500 Startups, Click Ventures, Moneta Ventures, and White Capital. With the freshly infused funds, the startup aims to expand into India and complete its expansion throughout Asia.

Awfis: Collaborative coworking space provider Awfis raised $20 Mn from Sequoia India. The startup plans to use the funds to grow its network of centers, launch new products/services, and further enhance the existing technology platform.

NIRAMAI: Bengaluru-based AI startup NIRAMAI Health Analytix raised an undisclosed amount of funding in a Seed round led by pi Ventures. Ankur Capital, Axilor Ventures, 500 Startups, and Flipkart co-founder Binny Bansal also participated in this round. This investment will help the NIRAMAI team to strengthen the IP portfolio, expand operations, and ensure their cancer screening tool is readily available for commercial use.

Faasos: Pune-based online food delivery startup Faasos raised $6.4 Mn funding in an extended Series C round. The investment was led by Lightbox Ventures II, Lightbox Expansion Fund, Sequoia Capital India, RuNet South Asia, and RB Investments. So far, the company has raised a total of $64.6 Mn in six rounds of funding.

POPxo: Delhi-based online media network for women, POPxo closed a $3.1 Mn funding round led by existing investors Kalaari Capital and IDG Ventures India. Japan’s GREE Ventures, Summit Media (Philippines), Atul Goel, and Gurpreet Singh also participated in this round of funding. The investment will be utilised to develop tools on the product/technology front that will make it easier for the company’s female-centric user base to interact, engage, find what they are looking for and shop for the same.

UrbanClap: Gurugram-based mobile services marketplace UrbanClap raised about $3.1 Mn (INR 20 Cr) in venture debt from Trifecta Capital through non-convertible debentures. UrbanClap has also allotted equity through compulsory convertible preference shares to Trifecta for $310K (INR 2 Cr).

Mech Mocha: Bengaluru-based mobile gaming startup Mech Mocha raised $5 Mn in Series A round of funding led by Accel partners, Shunwei Capital, and Blume Ventures. The startup will use the raised funds to develop and launch new mobile-gaming titles across the casual and mid-core gaming categories, targeted at the Indian audience.

Scootsy: Mumbai-headquartered discovery and delivery service provider Scootsy raised a $3.6 Mn Pre-Series A round led by Agnus Capital, Khattar Holdings, and AntFarm. With the new round of funding, Scootsy plans to work on strengthening logistics technologies, and its delivery platform as well as also add Scootsy Express, a service that will deliver food to corporate offices across the city.

MintWalk: Mumbai-based MintWalk, a fintech robo-advisory platform raised an undisclosed amount of funding from Shachindra Nath, ex–Group CEO of Religare Enterprises, through Poshika, his investment and mentoring vehicle. With this deal, he also comes aboard MintWalk as Chief Mentor.

iSos Inc: Punjab-based computer software startup iSos Inc raised $5 Mn from Portland-based serial Tech-Entrepreneur, Nitin Khanna. iSos is into developing productivity enhancement solutions like smart attendance, real-time tracking, and monitoring inventory management, cashless transactions, security management etc.

eShiksa: Jaipur-based edtech platform eShiksa raised an undisclosed amount in an extended Seed funding round from Cross Border Angels & Experts and Rajasthan Angel Innovators Network chairman and co-founder Mahavir Pratap Sharma.

Autobix: Auto dealership and workshop management platform Autobix raised an undisclosed amount of Seed funding from UK-based auto parts maker GardX International Ltd, against a 25% stake. The firm will use the funds to scale up its back-end, upgrade its network, cloud, and server, and to focus on research and development.

Sienna: Fintech platform Sienna raised an undisclosed amount of funding from Warburg Pincus-backed NBFC Capital First Ltd, against a 10% stake. It is a cash and stock deal where 8% has been kept as equity while $665K (INR 4.25 Cr) has been given in cash against the remaining 2% stake.

ZipGo: Bengaluru-based bus pooling app ZipGo raised an undisclosed amount of funding from a pool of existing and new investors in a Series A round.

The Office Pass: Gurugram-based coworking platform The Office Pass raised$245K in a Seed funding round from a consortium of individual investors led by Arun Tadanki, former managing director of Yahoo Southeast Asia and India. The company will use the new capital to enhance its platform and hire technology and product talent.

Frapperz: Kolkata-based home services startup Frapperz is likely to close a $400K from Australian healthcare entrepreneur, Shiva Gunapu and Hyderabad-based high net worth individual Sirish Tarumani along with its co-founders, Jyotirmay Kanthal and Rimjhim Ray. The startup will use the funds to strengthen its technology backbone and expand operations.

Toppr: Mumbai-based edtech startup Toppr raised an external round of $336K in a bridge round of funding from Mauritius-based WTGG International Ltd, and an individual named Nitin Gupta. Reportedly, the funding took place in September last year as per the filings with the Registrar of Companies.

Sepalika: Mumbai-based health content platform Sepalika raised $750K in a Seed funding round from Accel Partners. The startup aims to use the fresh capital for further building on its research-based content and strengthening its core proposition in the key market of USA.

Howdy Ventures: Chennai-based Howdy Ventures Pvt. Ltd raised $1.5 Mn (INR 10 Cr) at a $3 Mn (INR 20 Cr) valuation, from S. Xavier Britto, the Chairman of Kerry Indev Logistics, against a 50% equity stake. Britto has been appointed as the Chairman of the Board of Howdy Ventures, along with former Deputy Auditor General of India, S. Sathyamoorthy. With this funding, the company also announced the launch of a social event and messaging app HowdyDo!

Also, as per reports, Beauty and wellness company, VLCC has acquired Delhi-based on-demand beauty service provider VanityCube for an undisclosed amount. This is the second acquisition by the Delhi-based company this month. It also acquired WellScience Health in April 2017.

Other Developments

• The Indian Angel Network launched its first fund with a corpus of $54.5 Mn. The fund marked its first close with around $27 Mn in its kitty this week.
• The Maharashtra state government has proposed to issue a 100% waiver to startups or incubators on stamp duty and registration charges on their first transaction. There’s a 50% proposed waiver on their second transaction as well.