Funding Galore: Indian Startup Funding Of The Week [1- 6 June]

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

In one of the biggest funding rounds this week, Reliance Jio continued its funding spree with new funding announcements from existing investor private equity firm Silver Lake and Abu Dhabi-based sovereign investor Mubadala Investment Company (Mubadala).

In less than six weeks, Jio Platforms has raised INR 92,202.15 Cr from leading technology and private equity investors. This includes massive INR 43,574 Cr investment from Facebook which gave a 9.99% stake of Jio Platforms to the social media giant. Other investment firms which have recently pooled their money in Jio Platforms include Vista Equity Partners, General Atlantic and KKR.

Overall, eight startups raised around $20.5 Mn funding and three startup acquisition took place in the Indian startup ecosystem this week. (This funding report is based on startups that disclosed funding amount.)

Indian Startup Funding Of The Week

1. DocsApp: $10.5 Mn
2. BankBazaar: $6 Mn
3. WoodenStreet: $3 Mn
4. Crofarm: $1 Mn
5. Timios: Undisclosed
6. Axys: Undisclosed
7. Vahak: Undisclosed
8. Credgenics: Undisclosed

• DocsApp

Bengaluru-based DocsApp has raised $10.5 Mn in its ongoing Series B funding round led by Bessemer Venture Partners, Fusian Capital, Mitsui Sumitomo and Beyond Next Ventures. Existing investors Milliways Ventures and Rebrights Partners also participated in the round.

• BankBazaar

Online financial services marketplace BankBazaar has raised ($6 Mn) INR 45 Cr in its ongoing Series D round led by WSV, a joint venture fund of Walden International and Korean company SKTA. BankBazaar’s existing investors Amazon, Sequoia India, Experian and Eight Roads also participated in the round.

• WoodenStreet

Jaipur-based online custom furniture platform WoodenStreet raised $3 Mn in Series A funding from Indian Angel Network (IAN) fund and Rajasthan Venture Capital Funds (RVCF). WoodenStreet is looking to utilise the funds to increase its footprint, both domestically and globally.

• Crofarm

Agritech startup Crofarm Agriproducts has raised $1 Mn in its Pre-Series A funding round led by Smile Group. Crofarm has recently launched Otipy platform to help women farmers sell fresh produce to their community.

• Timios

Bengaluru-based healthy food brand Timios has raised an undisclosed amount in Pre Series A funding led by Rangsons Technologies LLP, part of NR Group, along with the participation of Paipal Ventures LLP. The funds will be used for product development, strengthening the existing distribution network and enhancing the technology platform.

• Axys

Mumbai-based nutraceutical startup Axys Nutrition Products has raised an undisclosed amount in a pre-Series A round from DSG Consumer Partners. The funding will enable Axys to continue product development as well as to scaling team and presence.

• Vahak

Logistics startup Vahak has raised an undisclosed funding amount in its seed round led by Leo Capital along with the participation of angel investors. With the recent funding, the startup is aiming to strengthen its team and technological capabilities.

• Credgenics

Fintech platform Credgenics has raised an undisclosed amount in its seed round from Titan Capital, a fund backed by Snapdeal founders Kunal Bahl and Rohit Bansal. Credgenics will use the funds to scale operations in metro cities. It’ll also invest the funds towards streamlining and strengthening product development.

Startup Acquisitions This Week

• Women-only social network platform SHEROES has acquired Pune-based women-focused publishing platform Naaree.com to strengthen and deepen content offerings to users.
• Bengaluru-based DocsApp has acquired MediBuddy, a cashless digital healthcare platform for an undisclosed amount in a cash-and-stock deal. Both brands will continue to exist independently.
• Cleantech startup ReNew Power announced that it has inked a definitive agreement to acquire Climate Connect, an artificial intelligence (AI) and machine learning (ML) based energy management startup.

Other Developments Of The Week

• OPPO has partnered with state-government backed T-Hub to scale-up opportunities for startups in the areas of artificial intelligence (AI), 5G, battery, camera and image processing, gaming, and system performance.
• Cleantech startup Oxygarden is raising $1 Mn to invest in research and development and marketing.
• Noida-based Info Edge (India) Ltd, the parent company of online job listing platform Naukri has proposed to set up INR 750 Cr ($100 Mn) fund. The firm said that it had floated an AIF Class II fund in January 2020 to fund investments unrelated to the core operating entity.
• Mumbai-based beauty marketplace Nykaa is raising INR 19.6 Cr in the ongoing funding round from Sunil Kant Munjal, one of the founder promoters of the Hero Group.
• Global early-stage venture capital firm Antler has announced its plans to launch in India to allow more entrepreneurs to leverage its platform, funding support and global reach.
• US-headquartered coworking space provider WeWork has announced a $100 Mn investment in its Indian unit, WeWork India. The company said this will help boost WeWork India’s sustainable growth.
• Bengaluru-based furniture rental platform RentoMojo is now raising INR 29.19 Cr From GMO, Hack VC & Gautam Dalmia.
• The battle for a pie in India’s burgeoning telecom market heated up with reports suggesting that ecommerce major Amazon is reportedly in talks with Bharti Airtel to pump in $2 Bn in one of India’s leading telecom businesses.
• Bengaluru-based online interior design platform Design Cafe is raising INR 24.99 Cr funding round from its existing investors WestBridge and Fireside.
• Mumbai-based online auto classifieds platform CarTrade is raising INR 321.7 Cr in series H round.
• US-based real estate-focused firm Nitya Capital has invested undisclosed funding in Indian-based VC fund Iron Pillar.
• Northern Arc has received a commitment of $50 Mn of debt financing from US International Development Finance Corporation (DFC).

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

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