Funding Galore: From Innovaccer To Zomato — $440 Mn Raised By Indian Startups [February 22 -27]

We bring to you the latest edition of Funding Galore: Indian Startup Funding Of The Week

All thanks to Tiger Global Management, there were two entries in the unicorn club this week — Innovacer and Infra.Market. Innovaccer raised an undisclosed sum in Series D round led by Tiger Global, with participation from OMERS Growth Equity and existing investors like Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 (Microsoft’s venture fund). With this, the Noida- and San Francisco-based company has become the first healthtech unicorn of India.

Meanwhile, Infra.Market is the first company in its niche domain to join the club as well. The company is a B2B online procurement marketplace for real estate and construction material that leverages technology to offer fair pricing and a smoother procurement experience for its customers. It raised $100 Mn in Series C round led by Tiger Global, with participation from Accel Partners, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund and Foundamental Gmbh.

Overall, $440 Mn was invested in Indian startups across 19 deals this week.

Note: This funding report is based on startups that disclosed funding amounts

Top Indian Startup Funding Deals This Week

Acquisitions In Indian Startup Ecosystem

• Bengaluru-based online tutoring startup Vedantu has acquired doubt solving app Instasolv for an undisclosed amount. The acquisition will strengthen Vedantu’s play in doubt-solving, which is one of the fastest growing areas in online learning.

Other Developments Of The Week 

• Chennai-based enterprise tech startup Chargebee is reportedly close to raising $150 Mn at a valuation of $1.4 Bn. The company is said to be raising the funding from a US-based investor, with existing backers Tiger Global, Steadview Capital and Insight Partners also participating in the round.

• Mumbai-based online pharmacy PharmEasy has received the Competition Commission of India’s approval for investment from Canada-based CDPQ (Caisse de dépôt et placement du Québec) in exchange for a 2% stake in the parent company API Holdings.

• Sequoia Capital is in the market to raise its second India-focused seed fund, according to the company’s filings with the US Securities and Exchange Commission.

• Mumbai-headquartered hyperlocal search engine JustDial has launched its B2B ecommerce portal JD Mart. The platform will connect bulk buyers with wholesale sellers across product categories.

• Mukesh Ambani-led digital business Jio Platform is looking to invest $200 Mn in the homegrown venture capital firm Kalaari Capital and pour more capital into Indian startups. Reliance Industries has previously acquired four of Kalaari’s portfolio companies, including edtech startup Embibe in 2018, online lingerie retailer Zivame in 2020, AI-powered chatbot Haptik in 2019 and online furniture startup Urban Ladder in 2020.

• Indian vernacular social media platform ShareChat is reportedly in talks to raise $200 Mn from Chinese tech giant Tencent through optionally convertible debentures (OCDs).

• SoftBank-backed online grocery seller Grofers is expected to raise $400-$500 Mn through a public listing on Nasdaq by merging with New York-based Cantor Fitzgerald’s blank-check firm.

• Bengaluru-based payments gateway Razorpay is looking to raise another $150 Mn-$200 Mn funding at a valuation of $2 Bn. The company is currently in talks with existing investors, including sovereign investment fund Singapore Investment Corporation (GIC), Tiger Global and Sequoia Capital.

• Dream11’s parent company Dream Sports is planning to raise a fresh fund of $300 Mn from Abu Dhabi’s Alpha Wave Incubation managed by Falcon Edge to provide exit to China’s Tencent Holdings, Kalaari Capital and Multiples Alternate Asset Management among other investors. The round will be raised through the sale of secondary shares, at a valuation of $4 Bn.

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