Three startup acquisitions took place in the Indian startup ecosystem
$442.13 Mn was raised by 15 startups across sectors including fintech, hyperlocal among others
Online food delivery company Zomato acquired TechEagle Innovations
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We bring to you the latest edition of Funding Galore: Indian Startup Funding Of The Week.
This week one of the biggest Indian startup funding was part of hospitality chain OYO’s ongoing $1 Bn (INR 7,137 Cr) Series E funding round, as part of which Indonesia-based ride-hailing company Grab invested $100 Mn (INR 71.3 Cr) in the company. The companies are looking to strengthen their presence in Indonesia, valuing OYO at $4.14 Bn (INR 29,550 Cr).
In all, this week, 15 startups raised about $442 Mn across sectors including fintech, hyperlocal, deeptech, and healthtech while three acquisitions took place in the Indian startup ecosystem. (This funding report is based on startups that disclosed funding amount.)
Indian Startup Funding For The Week
Indian Startup Acquisitions Of The Week
- Gurugram-based HRtech startup Leena AI acqui-hired Silicon Valley-based firm VadR that offers visual analytics tool. VadR will leverage its capabilities to implement results better and continuously improve Leena AI’s capabilities to deliver the best product while making the best product in the industry.
- EbixCash, the Indian unit of Ebix Inc, acquired 70% stake in Noida-based AHA Taxis for an undisclosed amount. With Ebix, AHA plans to expand to Tier 2 and 3 cities across the country.
- Online food delivery company Zomato acquired TechEagle Innovations, a Lucknow-based startup that works exclusively on drones. TechEagle will help Zomato move towards offering drone-based food delivery in India, by creating a hub-to-hub delivery network powered by hybrid multi-rotor drones.
Other Developments Of The Week
- Japan-based business card organiser and professional social networking platform Eight app’s parent company Sansan raised $26.4 Mn (INR 186 Cr) in Series E funding led by Japan Post Capital, T. Rowe Price, SBI Investment, and DCM Ventures. The company will use the funds to accelerate its business growth with a combination of new data science, machine learning, and associated technologies.
- Minister of commerce and industry Suresh Prabhu said the government is keen to bring sovereign wealth funds and pension funds to invest in Indian startups. The minister said that startups are the real new job creators of the world and new engine of growth for India
- Restaurant chain Biryani by Kilo (BBK) is planning to raise close to $6 Mn-$8 Mn (INR 42.8 Lakh- INR 57.1 Lakh) in Series A funding to aid its expansion plans.
- The Entrepreneurship Cell (E-Cell) of Indian Institute of Technology, Bombay (IIT-B), will host the fifth edition of ‘The Ten Minute Million Challenge’, as part of its annual event – The Entrepreneurship Summit to offer the most promising startup pitches prize money of up to $22.7K (INR 16 Lakh).
- Education technology startup OnFees.com is looking to raise fresh funding to expand across multiple cities across the country. It claims to serve over 100 schools and colleges with its 70-member team in Mumbai and Pune.
- Sarvatra Technologies, which provides technology solutions is looking to raise $20 Mn (INR 142.75 Cr) from a private equity investor. The company plans to use the fresh funds for expansion.
- Indonesia’s technology unicorn Go-Jek’s investment arm, Go-Ventures, may invest $30 Mn (INR 214 Cr) in fresh funding in Bengaluru-based esports startup Mobile Premier League (MPL). The deal will increase MPL’s valuation nearly 10x to $150 Mn (INR 1,070 Cr).
- PayU India accounted for more than half the overall business of Netherlands-based PayU, the payments arm of tech investor Naspers. The financial report for H1 FY19 reported revenue growth of 36% to $171 Mn (INR 1,210 Cr).
- Uber India recorded an annualised booking rate of $1.64 Bn (INR 11,651 Cr) in the third quarter, according to an internal email shared by Uber India head Pradeep Parameswaran to CEO Dara Khosrowshahi, CFO Nelson Chai, and other executives.
- Japanese conglomerate SoftBank is looking to invest $1 Bn (INR 7,036.6 Cr) in ride-hailing company Ola’s next funding round, according to a media report citing people familiar with the development. However, Ola cofounder Bhavish Aggarwal may seek a lower amount in funding to avoid SoftBank from increasing its current stake of 26% in Ola.
Stay tuned for the next week edition of Funding Galore: Indian Startup Funding Of The Week!
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