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, contract management software as a service (SaaS) startup SirionLabs has raised $44 Mn in Series C funding round led by Tiger Global and Avatar Growth Capital.
The Gurugram-based startup is looking to use this funding to strengthen its position in the contract lifecycle management (CLM) space, enhance engineering capabilities, design a product roadmap, hire talent and facilitate the growth of its recently launched technology centre in Seattle.
Overall, 11 startups raised around $70 Mn funding and one 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
- SirionLabs: $44 Mn
- Shiprocket: $13 Mn
- Intello Labs: $5.9 Mn
- Wrogn: $4Mn
- Spyne: $590K
- Vogo: $264K
- Log9: $164K
- Refrens: Undisclosed
- Scribble Data: Undisclosed
- GroCurv: Undisclosed
- DeepTek: Undisclosed
Delhi-based ecommerce logistics startup Shiprocket has raised $13 Mn in Series C funding. The investment has been led by Tribe Capital LLC, Innoven Capital and existing investor Bertelsmann India Investments. The company plans to use the fresh funds towards product development roadmap which includes hiring top talent across the data science and engineering domains.
- Intello Labs
Gurugram-based agritech startup Intello Labs has raised $5.9 Mn in Series A round of funding led by Saama Capital, alongside global agritech funds GROW (Singapore) and SVG Ventures THRIVE (USA). Existing investors Omnivore and Nexus Venture Partners also participated in the round. The funding is expected to help Intello Labs accelerate growth in international markets, specifically the USA and across Asia Pacific.
Hyderabad-based Universal Sportsbiz has raised $4 Mn (INR 30 Cr) in debt from Alteria Capital, according to the ministry of corporate affairs (MCA) filings. As part of the transaction, Universal Sportsbiz has issued 3000 debentures to Alteria Capital.
Gurgaon-based deep tech startup Spyne has raised INR 4.5 Cr in Pre-Series A round led by AngelList along with the participation of existing investor Smile Group and a host of angel investors. The startup is planning to utilise the funding to build and reinforce the AI-based image editing suite.
Bengaluru-based two-wheeler rental platform Vogo raised an additional INR 2 Cr from Exponentially I Mobility LLP. According to the ministry of corporate affairs (MCA) filings accessed by Inc42, Vogo is issuing 1,407 preference shares to Exponentially I Mobility LLP at a price share of INR 14,119 with a nominal price of INR 100.
- Log9 Spills
Mumbai-based nanotechnology startup Log9 Spills has raised $164K (INR 1.24 Cr) from the chairman of Gencoval Strategic Services Deepak Ghaisas. According to the ministry of corporate affairs (MCA) filings, Log9 has issued 19,531 equity shares at a price of INR 640 per share.
Bengaluru based Refrens has raised undisclosed funding from a group of angel investors including founder of Paytm Vijay Shekhar Sharma and founder of Shaadi.com Anupam Mittal. The startup plans to use funds for expanding the reach of the platform and adding freelancer friendly financial services.
- Scribble Data
Bengaluru-based Scribble Data has raised an undisclosed amount of funding in its first funding round from unnamed angel investors woeking companies like Google and Amazon, from the US and India. The funding will help the startup to scale its ‘Enrich’ product in international markets.
Marketing and Sales services procurement platform GroCurv.com has raised seed funding from Singapore based early-stage venture capital firm Unicorn Investments Pte Ltd. The startup plans to leverage the investments to further accelerate product and technology development while expanding the client base through targeted spends on marketing.
AI-enabled radiology platform DeepTek has raised undisclosed funding from GHV along with Nobori Ltd, Japan and Pentathlon Ventures. “Funding helps us to scale global operations and support regulatory approvals,” cofounder Ajit Patil said.
Startup Acquisition This Week
- Even as the fitness industry tanks in the face of the pandemic restrictions and social distancing norms, Mumbai-based healthcare aggregator HealthAssure has acquired fitness platform FitMeIn.FitMeIn’s team will join HealthAssure while cofounder Vishesh Goel will lead the product team under HealthAssure and cofounder Nidhisha Varshney will be heading the wellness function at HealthAssure.
Other Developments Of The Week
- Bengaluru-based SnapBizz has got INR 3.14 Cr from its Singapore-based parent entity.
- Gurugram-headquartered deals marketplace Nearbuy has raised INR 1.79 Cr from its parent entity Little Internet Private Limited.
- Mumbai-based mobile operating system and native applications platform Indus OS got INR 4.1 cr from its Singapore-based parent OSLABS Pte Ltd.
- Bengaluru-based furniture rental platform RentoMojo is raising INR 24.48 Cr from Chiratae Ventures, Accel Partners, BCIP Venture Associates, Bain Capital, and Renaud Laplanche.
- Mumbai-based beauty marketplace Nykaa is securing INR 26.6 Cr funding from Lexdale International.
- In a fresh round of infusion, Gurugram-based proptech startup Housing is raising INR 50 Cr from Singapore-based parent company Elara.
- Bengaluru-based digital payment card startup slice is looking to raise INR 22.49 Cr debt funding from its existing investor Gunosy Inc.
- Innoven Capital India Private Limited is investing around INR 1.43 Cr in LetsTransport.
- After raising over $8.022 Bn (INR 60,596.37 Cr) in three weeks, Reliance’s Jio Platform is now reportedly in talks with private equity firm General Atlantic to raise another $850 Mn to $950 Mn.
- New Jersey-based Doceree Inc has raised $1 Mn in seed funding from a group of angel investors from India and the United States.
- Edtech startup Gradeup is planning to borrow an amount not exceeding INR 13.3 Cr from its existing investor Times Internet Limited in one or more tranches, according to the regulatory filings accessed by Inc42.
Stay tuned for next week’s edition of Funding Galore: Indian Startup Funding Of The Week!