Funding Galore: Indian Startup Funding Of The Week [17-22 Dec]

We bring you the latest edition of Funding Galore: Indian startup funding of the week.

This week one of the biggest Indian startup funding came to foodtech unicorn Swiggy which raised $1 Bn (INR 7,016 Cr) in a Series H round led by South Africa-based Naspers. The round saw participation from new investors: Chinese investment firm Tencent, investment management firm Hillhouse Capital and Wellington Management, along with existing investors DST Global, Meituan Dianping and Coatue Management.

Swiggy will be using the funds to bring quality food brands onboard and also address the gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners. It will also utilise the capital to hire new talent across mid and senior levels with expertise in machine learning and engineering roles.

Another major investment this year came to edtech unicorn BYJU’s. Earlier, it was reported that the company has raised $328 Mn(INR 2,301 Cr), however, it has raised $540 Mn (INR 3,790 Cr) in Series F round led by Naspers with a significant contribution from Canada’s pension fund’s investment arm, Canada’s Pension Plan Investment Board (CPPIB).

BYJU’S said it plans to use the funding to further innovate, explore and set new benchmarks for tech-enabled learning products. The company has aggressive plans for international market expansion and will make investments in technology that will help it to further personalise learning for students.

In all, this week, 20 startups raised about $1.636 Bn across sectors including hyperlocal, agritech, and healthtech in the Indian startup ecosystem. (This funding report is based on startups that disclosed funding amount.)

Indian Startup Funding For The Week

Moglix: Noida-based B2B industrial goods marketplace Moglix raised $23 Mn (INR 161.4 Cr) in a round of funding led by venture capital firm Accel Partners and existing backer International Finance Corporation (IFC). A significant portion of the fresh funds will be used to ramp up its supply chain network, further build its team and its technology product suite.

LetsTransport: Bengaluru-based tech-enabled logistics marketplace LetsTransport raised $14.2 Mn (INR 99.6 Cr) in Series B funding from Bertelsmann India Investments, Fosun International and other investors. The company will use the fresh funds to strengthen new technology, add new portfolio verticals and scale up its operations.

Shop101: Social ecommerce startup Shop101 raised $11.3 Mn (INR 79.3 Cr) in a Series B funding round led by Kalaari Capital and Unilever Ventures. The startup looks to boost its core leadership team, scale up the supplier network and deepen its technology platform with the latest fund infusion.

Toppr: Hyderabad-based edtech startup Toppr raised $35 Mn (INR 245.6 Cr)from Kaizen Private Equity and existing investors SAIF Partners, Helion Ventures, Kaizen PE and Eight Roads Ventures. Alteria Capital and Times Group’s strategic investment arm, Brand Capital, also participated in the round. The funding will be used to create brand awareness, accelerate user acquisition, increase its geographical footprint and invest in training and development.

Portea Medical: Bengaluru-based home healthcare services provider Portea Medical raised $3.6 Mn (INR 25.2 Cr) in fresh funding from Alteria Capital. Portea claims to serve 2.5 Mn patients across 16 cities and manages 120,000 patients every month.

Milkbasket: Gurugram-based milktech startup Milkbasket raised an additional $7 Mn (INR 49.1 Cr) in its Series A funding round led by US-based venture capital fund Mayfield Advisors. Existing investors, Kalaari Capital, BeeNext, Unilever Ventures, and Blume Ventures also participated in the round. The startup aims to utilise the fresh funds to hire new talent, expand its services to other cities in India and also invest in its technology.

ImpactGuru: Mumbai-based non-profit crowdfunding startup ImpactGuru raised an undisclosed amount of investment from Abu-Dhabi based Shorooq Investments and from some other Gulf Cooperation Council-based angel investors. The startup plans to use the funds to expand into GCC, starting from UAE. The startup is looking to partner with private hospitals, clinics, healthtech startups, and NGOs to accelerate its GCC entry and scale its operations.

SEDEMAC Mechatronics: Pune-based powertrain manufacturer SEDEMAC Mechatronics raised an undisclosed amount of funding from Iron Pillar. The startup plans to use the fresh funds to expand internationally.

Freightwalla: Mumbai-based digital freight logistics startup Freightwalla raised an undisclosed amount in its seed round from Kae Capital and Tekton Ventures. The startup plans to use the fresh funds to expand its technology platform, improve its sales reach and increase operational capacity to match demand.

CityCash: Mumbai-based fintech startup CityCash has raised an undisclosed amount of funding from Fino Paytech. The companies will work together where Fino will be the issuance and settlement institution of the prepaid payment instrument and CityCash will offer its NFC-based cashless payments technology and micro-payment merchant acquisition.

BeU Salons: Delhi-based salon chain BeU raised $427.6K (INR 3 Cr)in a funding round led by Brand Capital and Jaipur Capital. The company will use the fresh funds towards brand building and expanding its subscription base.

NutriSattva: Mumbai-based natural protein-based functional foods startup NutriSattva raised an undisclosed amount of funding from Mumbai Angels Network. The startup will use the fresh funds to increase consumer awareness by building focused products within the health food and consumer industry.

DataTrained: Bengaluru-based edtech startup DataTrained raised $1.7 Mn (INR 11.9 Cr) in fresh funding from three high net worth individuals including New York-based Ashish Nadiadwala, Bengaluru-based Rupesh Sinha and Mithlesh Thakur. The company will use the funds for expanding to new geographies, strengthening its product and technology team.

Khidki: Bengaluru-based hyperlocal vernacular social network Khidki raised an undisclosed amount in a funding round led by Axilor Ventures along with Astarc Ventures, Gemba Capital, Purple Patch Ventures and other investors from LetsVenture. The startup will use the fresh funds to build a strong tech team.

OmiX Labs: Bengaluru-based molecular diagnostics startup OmiX Labs raised an undisclosed amount of funding from social impact funding fund Menterra.

Adiuvo: Chennai-based machine learning-based portable device Adiuvo raised an undisclosed amount of funding from social impact funding fund Menterra.

Stones2Milestones: Gurugram-based edtech startup Stones2Milestones raised an undisclosed amount of funding from social impact funding fund Menterra.

Pocket52: Bengaluru-based esports platform  Pocket52 raised an undisclosed amount of seed funding from Speciale Invest,  marquee poker players like Abhigya Sagar, Pranjal Batra and a slew of astute entrepreneurs. The company plans to use the fresh funds to expand its consumer business.

Other Developments Of The Week

• Flipkart cofounder Binny Bansal is negotiating terms of his exit and may reportedly opt for an immediate cash payout of $100 Mn from his $850 Mn worth-exit from the Walmart-owned company, which was due after August 2020. Also, notably, after the buyout in 2020, Binny will continue to keep his remaining stock of Flipkart.
• Binny Bansal may invest $25 Mn in Amazon-backed insurance startup Acko in a funding round of $60 Mn-$80 Mn. Acko has raised $42 Mn till date from investors like SAIF Partners, Accel Partners etc.
• Cab aggregator Ola entered into a strategic partnership to invest $100 Mn in Bengaluru-based two-wheeler rental startup Vogo. The investment will fund the purchase of 100K scooters to boost Vogo’s current fleet.
• The Department of Industrial Policy & Promotion (DIPP) released the State Startup Rankings on basis of the startup policy framework that it had announced earlier this year. According to the report, while Gujarat is rated the ‘best-performing state’, Karnataka, Rajasthan, Odisha and Kerala come in a notch below as ‘top-performing states.’
• Amazon India announced a partnership with the Federation of Indian Micro and Small and Medium Enterprises (FISME) to empower Micro, Small and Medium Enterprises (MSMEs) to leverage growth opportunities in the ecommerce sector. Through these events, Amazon.in and FISME aim to educate MSMEs about online selling domestically and also B2C exports to enable them to sell across multiple international locations.

Stay tuned for the next week edition of Funding Galore: Indian Startup Funding Of The Week!