Funding Galore: Startup Fundings Of The Week [16 May – 21 May]

Amazon’s investor, Tiger Global Management, which happens to be the largest investor in rival Flipkart reduced its stake in Amazon by nearly 67% in the March-ended quarter.

This week 16 startups raised about $6 Mn in funding altogether (the funding amount is based on the startups that disclosed their funding amounts).

Startups That Raised Funds This Week

Niki.ai: Ratan Tata invested an undisclosed amount in artificial intelligence (AI) based chatbot along with Ronnie Screwvala’s Unilazer Ventures participating in the round. The startup plans to expand aggressively across categories and facilitate more consumer delight through the newly raised capital.

VEQTA: Mobile-based digital broadcast network dedicated to Sports, VEQTA, raised $500K in Seed funding from early stage venture capital firm Chatsworth Management and sports management company ITW Digital. It plans to utilise the funding to expand its rights portfolio, build the team, invest further in product development and grow consumer reach.

Appie: O2O platform which helps consumers discover product availability and price from different offline retailers located in their vicinity, Appie, raised $1 Mn in a bridge round of funding from three undisclosed investors. The proceeds will be used for the launch of the product, to create adequate traction in terms of business and strategic alliances and to build up a consumer base for seamless implementation of the business model.

Parentlane: Tech-based startup focused on child development Parentlane raised an undisclosed amount of funding in an angel round led by Sujeet Kumar, Aprameya Radhakrishna, Sumit Jain, Subramanya Venkat, Venk Krishnan, Ravi Machani, Hitesh Gupta, and Rohit Choudhary.

TaxiVaxi: Cab aggregating platform TaxiVaxi raised $500K (about INR 3.3 Cr) in second round of Seed funding from HNIs. The startup will add more services, enhance its technology and capabilities and develop the team further with the newly raised capital.

BHIVE Workspace: Co-working space BHIVE workspace raised about $1 Mn in a funding round led by Blume Ventures. It plans to expand strongly in Bangalore while also establishing a presence in the top six cities of India. The funds will also be used to attract top talent, build technology that further enhance customer experience.

SmartQ: A mobile app that enables queue-less ordering at food courts in malls and corporate office complexes SmartQ raised an undisclosed amount in Pre Series A round of funding led by YourNest Angel Fund. Vijay Jumani, Ex-CEO of BabyOye.com also participated in the round. The startup will use the funds to develop and deploy technology for verticals like amusement parks and retail.

PurpleHealth.com: On-demand health platform PurpleHealth raised $100K from Katabole Technology Venture. The startup aims to build collaborative healthcare distribution models with a common customer pool, through integrated technology.

Online Distribution Network: A fashion ecommerce solutions provider Online Distribution Network (ODN) raised an undisclosed amount of angel funding. The funding will be used for expansion, marketing, building technology and to open multiple storage centres & photo studios across the country.

MUrgency: Ratan Tata invested an undisclosed amount in medical emergency response startup MUrgency Inc. The company will utilise the raised funds to augment technology and scale operations.

EduPristine: PE firm Kaizen Management Advisors and DeVry Inc have acquired a majority stake in EduPristine, a company that offers online and classroom-based finance courses under the brand name, for an undisclosed amount. With the new round of funding, its initial investors, Accel Partners and angel investors Mark Mobius and Rajesh Sehgal have taken an exit.

BedBathMore: Home furnishing startup BedBathMore raised an undisclosed amount of funding from Swedish bank AB Kinnevik Group, Rocket Internet and some other backers of FabFurnish. The company has also announced revamp of the website. It plans to work on creating a look-book for its customers who can source the products from the marketplace.

Smartivity: An augmented reality-based edtech startup Smartivity raised $1 Mn (INR 6.6 Cr) Pre-Series A round of funding led by publishing firm S Chand and early-stage investment firm AdvantEdge Partners. The round also saw participation from CFG Offshore Holdings, Tandem Capital and a clutch of angel investors. The startup will use the newly raised funds to expand its reach and aim for the global market.

Blinge: Online fashion rental platform Blinge raised an undisclosed amount in its first round of funding led by Anupam Mittal, founder and CEO of People Group, Anuj Srivastava, Livspace co-founder and CEO and Ankit Nagori, former chief business officer at Flipkart.

i2ifunding: Online peer-to-peer lending marketplace i2ifunding reportedly raised $300K (INR 2 Cr) in angel funding from a group of angel investors. The funds will be used for for technology expansion and expanding its presence geographically.

FactorDaily: Digital media startup FactorDaily raised $1 Mn in seed funding from Blume Ventures, Accel Partners and Paytm’s Vijay Shekhar Sharma. It will use the funds for its technology and on talent acquisition.

Also reportedly, customer rewards management platform Crownit raised a Series B round of funding from angel investors along with its existing investors Accel Partners and Helion Venture Partners participating in the round.

Online tickets booking company BookMyShow is reportedly in the process of raising funding round of around $75 Mn.

Autorickshaw aggregator Jugnoo plans to raise upto $100 Mn in series C funding to accelerate its growth and plan overseas foray.

Acquisitions Of The week

• Business advisory firm MyeCA acquired Lawin1, a legal process solutions startup in a cash and stock deal at an enterprise value of $584K. With this deal, MyeCA is planning to expand its service categories in legal domain.
• In order to expand its Fatafat service in Chandigarh by augmenting procurement and logistics functions of fresh fruits and vegetables, Jugnoo acquired on demand fruits and vegetable deliverer SabKuchFresh.

eBay Inc is eyeing acquisitions of online fashion retailers to expand its fashion and lifestyle categories. The company held talks with Fashionara and Jabong for a possible buyout but has not succeeded.

Other Developments Of The week

• Brand Capital has formed a joint venture with GSVlabs to target innovation in startups operating in Silicon Valley and India. The joint venture will hold two 15-weeks accelerator program in Bangalore, Gurgaon and Silicon Valley, focusing on seven core areas including curriculum, mentorship, networking, community support, funding access, workspace, and BC-GSV’s expertise and marketing power.
• IDG Ventures India launched a Digital Consumer Innovators Program to find and invest in new consumer-facing internet startups. The company is looking at mobile-first shopping apps, digital media startups, software providers for Internet companies and others to invest upto $1 Mn in early-stage deals and upto $5 Mn in Series A deals.
• To help early-stage technology startups access mentors and investors from their alumni groups, IvyCap Ventures will set up an office in Bangalore. It will build a digital platform called IvyCamp to provide services to early-stage startups, including access to incubators as well as free legal and compliance services.