Funding Galore: Startup Fundings Of The Week [4 April -9 April]

This week 12 startups raised about $34 Mn in funding altogether (the funding amount is based on the startups that disclosed their funding amounts).

Startup That Raised Funding This Week

Imedilane: Healthcare startup Imedilane raised $40K in a funding round from angel investors – Mahendra Patel and Nilender Chauhan. Imedilane currently has a team of over 120 doctors based out of Delhi and has reach out to more than 8,000 user in last few weeks.

Vahan: Social business incubator Villgro invested an undisclosed amount in mobile-based education startup Vahan. The product finds its utility at a place where skill training institutes find it difficult to train their candidates in English due to lack of good English teachers and the dearth of an effective curriculum.

Petoo: Foodtech startup Petoo raised $1 Mn from early stage venture capital firm Axilor Ventures and some HNIs. The startup will use the newly raised capital primarily for food research and improved business back-end.

MyGlamm: On-demand beauty services startup MyGlamm raised $6 Mn in a funding round led by French cosmetics maker L’Occitane, along with participation from existing investors Tano Capital and Times Group-led Brand Capital. The startup will use the raised capital to expand into new cities in India as well as overseas.

Shipsy: DTDC Express has picked up 20% stake in on-demand logistics service provider Shipsy for over $1 Mn. The partnership with DTDC will help Shipsy to establish itself as a leader in the space of creating platforms for data-driven decision making.

Cult: Fitness startup Cult, focused on training programmes without using traditional gym equipment, raised an undisclosed amount of funding from Mukesh Bansal. The startup plans to expand within and outside of Bangalore with the fresh capital.

Servify: Servify, a tech startup that offers services through an app for electronics and appliances via brand authorised service ecosystem, raised an undisclosed amount of funding from Blume Ventures, Germany’s Barkawi Holdings GmbH, and TM Service Technology Holdings GmbH.

Hungama: Indian digital media entertainment company, Hungama, raised $25 Mn in a funding round led by Xiaomi, along with existing investors Intel Capital, Bessemer Venture Partners, and Rakesh Jhunjhunwala. With this round of funding, the company will expand its content library, and further invest in technology on its mobile app platforms Hungama Music for music and Hungama Play for premium video including movies, television, and original series.

Haptik: Chat-based personal assistant app Haptik has raised an undisclosed amount in its Series B round of funding from Times Internet. The funds will be utilised for product development, improving artificial intelligence capabilities and business operations.

Housing: Real estate portal Housing.com raised an undisclosed amount of funding from 99acres’ Vineet Singh. Vineet will closely work with Housing’s management team in a senior advisory role. He will also serve as a senior advisor to the company working closely with the management team.

Highway Delite: A tech startup focused on Indian highways, Highway Delite, raised an undisclosed amount in pre-seed funding from N.S. Raghavan Centre for Entrepreneurial Learning. Currently, the app is available on Google’s Android platform.

Gear6: Online bike service and repairs platform, gear6.in, raised $500K in a seed round of funding from Ninestarter. The startup hopes to bring the whole two wheeler service sector online and simplify end-to-end bike maintenance which includes servicing, repairs, insurance, and emergency services.

Also, Nazara Games‘ initiative Game Fund invested an undisclosed amount in London-based mobile games studio TrulySocial. The round also saw participation from London Venture Partners and Drussila Hollanda-Gronberg (game lead at Supercell).

Fintech startup CashCare Technology is looking to raise $5-7 Mn in series A funding to embark on its next phase of growth and expansion. WingsTravels Management is planning

WingsTravels Management is planning to raise $15 Mn by way of equity dilution of promoter’s stake. The funds would be used to strengthen the technology platform for services like shuttle pooling service and last mile delivery.

Online budget hotel booking startup Treebo Hotels is reportedly in talks with venture capital funds to raise almost $40 Mn (about INR 260 Cr) to fund expansion and take on its rival OYO Rooms.

NestAway Technologies Pvt Ltd is looking to raise $30-50 Mn in the next three months.

Acquisitions Of The Week

• On-demand laundry brand Wassup acquired Ezeewash, another on-demand laundry startup in a full equity deal. With this acquisition, Wassup will offer its services to the denizens of the twin cities of Hyderabad and Secunderabad.
• GirnarSoft acquired road side Assistance Company, Help On Wheels Pvt. Ltd, in an all cash deal. The deal strengthens the operations of GirnarSoft’s roadside assistance (RSA) vertical.
• Kishore Biyani led Future Group has acquired Rocket Internet-backed online furniture startup FabFurnish. The financial details have been left undisclosed for now, however, as per reports, Future Group has paid somewhere between $2.25 Mn to $3 Mn (INR 15 Cr. to INR 20 Cr.) to acquire the company in an all cash deal.
• Carpooling app Orahi acquired Odd-Even.com for an undisclosed amount. With this, Akshat Mittal, founder of odd-even.com will join Orahi on the technical advisory board and will be mentored by Orahi as well.

Other Developments Of The Week

• Oracle is all set to launch its first startup incubation centre in India called ‘Oracle Startup Cloud Accelerator’. A series of investments were also announced as part of Oracle’s expansion in India and support of Digital India initiatives.
• Philips is planning to set up a venture fund to invest in Indian health tech startups. Jeroen Tas, head of Philips’ connected care and health informatics business, told that the plans to set up an India-focused venture fund are still at an early stage
• US-based global management consultancy giant Korn Ferry Hay Group has embarked on an ambitious plan to support 100 startups from India, for free, that have potential to grow big. Its CEO Stephen D Kaye said that he is seeing emergence of a “more global India” that has a tremendous talent base.
• YES Bank signed a MoU with T-Hub to set up a centre of excellence for startups in fintech space. It also signed a MoU with IAMAI to set up Mobile 10X hub, the largest capacity building and ecosystem, enabling programme for mobile applications.
• InTech50 announced the list of 45 startups that will be part of InTech50 2016. These startups were selected from the 300 applications.
• US-based investor Entrepreneurship and Venture Capital (EVC) is all set to launch India-focussed $50 Mn (INR 332.6 Cr.) early-stage investment fund to back enterprise software internet and mobile-focused startups.
• Red Hat, which has invested in startups in India and Israel, is actively looking at investing in startups working on infrastructure and open source technologies to further accelerate its growth in India. It is also expanding its workforce in the country to cash in on the opportunities in the telecom and government space.

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