Funding Galore: From MPL To Zetwerk — $320 Mn Raised By Indian Startups [February 1 -6]

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

This week, Mumbai-based mobile esports platform Mobile Premier League (MPL) inched a little close to the unicorn club by raising a $95 Mn Series D round at a valuation of $945 Mn. Composite Capital and Moore Strategic Ventures led the round, with participation from Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle and Play Ventures.

MPL will use the latest funding to expand its esports portfolio and bolster its efforts to organise more esports tournaments nationally and internationally at scale. The funds will also be used to accelerate MPL’s international expansion this year.

Overall, $320 Mn was invested in Indian startups across 21 deals this week.

Startups	Sector	Funding	Series	Investors
Zetwerk	Enterprise Tech	$120 Mn	Series D	Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital, Kae Capital
Mobile Premier League (MPL)	Media And Entertainment	$95 Mn	Series D	Composite Capital, Moore Strategic Ventures, Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle and Play Ventures
MediBuddy	Healthtech	$40 Mn	Series B	India Life Sciences Fund III, Others
SUGAR Cosmetics	Counsumer Product	$21 Mn	Series C	Elevation Capital, A91 Partners, India Quotient
Happilo	Counsumer Product	$13.6 Mn	Undisclosed	A91 Partners
Origo Commodities	Fintech	$10.3 Mn	Debt	Yes Bank
InnerHour	Healthtech	$5.2 Mn	Series A	Lightbox, apricorn Ventures, Micasa Investments, Medanta CEO Pankaj Sahni
Agara	Enterprise Tech	$4.3 Mn	Pre-Series A	UTEC,Blume Venture, RTP Global
Koo	Media And Entertainment	$4.1 Mn	Series A	3one4 Capital, Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator
Vested Finance	Media And Entertainment	$3.6 Mn	Seed	Moving Capital, Ovo Fund, TenOneTen Ventures, Point Ventures, Venture Catalysts
Aviom Housing Finance	Fintech	$1.3 Mn	Debt	Blacksoil India Credit Fund
Remedico	Healthtech	$549K	Undisclosed	AWE Funds,LetsVenture, Venture Catalysts, Parkview Investment Advisors
YourPhysio	Healthtech	$350K	Pre-Seed	Better Capital, Titan Capital, Sarath Sura, Venu Palaparthi, VP Rajesh
Hemp Horizons	Healthtech	$274K	Seed	Mumbai Angels Network, AngelList
GoToMobility	Transport Tech	$150K	Undisclosed	Uber’s former finance head Jesse Lucas
PrepBytes	Edtech	Undisclosed	Seed	Equanimity Ventures
ExMyB	Enterprise Tech	Undisclosed	Seed	Campus Fund, HDFC Bank’s Bharat Shah
Qapita	Fintech	Undisclosed	Undisclosed	East Ventures
Little Leap	Edtech	Undisclosed	Edtech	ah! Ventures

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

Top 10 Indian Startup Funding Deals This Week

1. Zetwerk: $120 Mn
2. Mobile Premier League: $95 Mn
3. MediBuddy: $40 Mn
4. SUGAR Cosmetics: $21 Mn
5. Happilo: $13.6 Mn
6. Origo Commodities: $10.3 Mn
7. InnerHour: $5.2 Mn
8. Agara: $4.3 Mn
9. Koo: $4.1 Mn
10. Vested Finance: $3.6 Mn

Acquisitions In Indian Startup Ecosystem

• Sweden-based free-to-play gaming studios Stillfront Group will acquire Bengaluru-based Moonfrog Labs Private Limited, the company behind popular games like Teen Patti Gold, Ludo Club, Rummy Gold and others. The acquisition will be conducted in four tranches, leading to a 100% takeover.

 

• Online travel and ticketing company Ixigo announced that it will acquire 100% stake in train discovery and booking startup Confirmtkt. The transaction would be a through mix of cash and Ixigo stock. Both companies would continue to operate independently after the transaction.

Other Developments Of The Week 

 

• Mumbai-based higher edtech platform upGrad is reportedly in advanced talks to raise $100 Mn from Temasek and World Bank’s International Finance Corporation (IFC) at a valuation of $450 Mn – $500 Mn.

 

• Delhi-based early-stage venture capital firm Kisho Capital has launched a rolling fund to invest INR 1 Cr in 20 startups working across home automation, healthtech, social impact, B2B SaaS and fintech segment.

 

• Bengaluru-based gourmet meat startup Licious has cut down its losses by 66% from INR 438.7 Cr in FY2019 to INR 146.3 Cr in FY2020. The company’s revenue has increased by 77% from INR 78.96 Cr to INR 138 Cr. Despite the supply chain being a key focus, Licious’ spending towards maintenance and infrastructure was low compared to other factors.

 

• Pepperfry’s revenue grew 26% to INR 260.61 Cr in the fiscal year 2020, but with a 72% increase in losses to INR 183.49 Cr. Of the company’s total revenue, INR 246 Cr was operational revenue.

 

• Social commerce company Meesho has reported a staggering 3X rise in its losses for FY20, as its expenses shot up in the year. It earned INR 341.6 Cr and spent INR 657 Cr, leading to a loss of INR 315.4 Cr.

 

• Payments gateway major Razorpay saw its losses almost doubled in FY20 as its advertising and promotional expenses surged by nearly 5x and employee expenses more than doubled from the previous year. It’s revenue increased 163% to INR 519.42 Cr with expenses reaching INR 525.41 Cr, leading to a loss of INR 6.15 Cr.

 

• MakeMyTrip is looking to raise $200 Mn through an issue of senior convertible notes, which will come due in 2028 for the company in the form of shares. “The pricing of $200 million in aggregate principal amount of 0.00 percent convertible senior notes due 2028,” the company said.