Funding Galore: Indian Startup Funding Of The Week [20-25 April]

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

In one of the biggest funding round this week, Gurugram-based B2B agritech platform Bijak has raised $12 Mn in Series A funding round from existing and new investors. This funding would help the company scale its technology team and roll-out new features.

Overall, 15 startups raised around $51 Mn funding and two 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. Bijak: $12 Mn
2. Bugworks Research: $7.5 Mn
3. Vedantu: $6.8 Mn
4. Dailyhunt: $5 Mn
5. Indusface: $5 Mn
6. YAP: $4.5 Mn
7. QuillBot: $4 Mn
8. Box8: $3.9 Mn
9. LoadShare: $2 Mn
10. UzhavarBumi: $200K
11. Finaureus Technologies: Undisclosed
12. CredR: Undisclosed
13. DrinkPrime: Undisclosed
14. Pariksha: Undisclosed
15. SoME: Undisclosed

• Bugworks Research

Bengaluru-based biotech startup Bugworks Research raised $7.5 Mn in Series B funding round led by Japan-based University of Tokyo Edge Capital (UTEC) and Global Brain Corporation along with the participation of existing investor South Africa-based Acquipharma Holdings. With this round, Bugworks, which also has offices in Delaware and Adelaide, has raised a total of $19 Mn in funding till date.

• Vedantu

Bengaluru-based edtech startup Vedantu raised $6.8 Mn in Series C funding round led by South Korea-based KB Global Platform. According to the ministry of corporate affairs filing of April 20, Vedantu has allotted 3,82,235 Series C2 Compulsorily Convertible Preference Share (CCPS) to KB Global at a premium amount of INR 1,353.29 per share.

• Indusface

Software-as-a-service (SaaS) startup Indusface which provides security applications for web and mobile platforms has raised $5 Mn in a funding round from Tata Capital Growth Fund II. With this funding, Indusface will be looking to accelerate its international expansion plans by acquiring more enterprise customers globally. Indusface will also leverage Tata’s global outreach and expertise in executing growth plans rapidly.

• Dailyhunt

Bengaluru-based news aggregator Dailyhunt raised $5 Mn (INR 38.27 Cr) to Advent Management (Sofina Group). According to the regulator filings, news aggregator Dailyhunt on April 22 passed a special resolution to offer, issue and allot 29,450 Series G preference shares at a price of INR 30 with a premium of INR 12,965.84 per share.

• YAP

Mumbai-based API platform YAP has raised $4.5 Mn in a Series A funding round, led by Dirk van Quaquebeke at BEENEXT. Vikram Chachra’s 8i Ventures Fund, The DMI Group via its AIF vehicle The Sparkle Fund, Better Capital, also invested in the round. The company said it will use the funds to strengthen the team, build technology and offer enhanced API products to fintech.

• QuillBot

Jaipur-based QuillBot has raised $4 Mn in a seed funding round led by GSV Ventures and Sierra Ventures with participation from Service Provider Capital. The funding will be used to integrate intelligent new capabilities into the existing platform.

• Box8

Mumbai-based cloud kitchen startup Box8 has raised $3.9 Mn (INR 30 Cr) in its ongoing Series C funding round from existing investors US-based venture capital firm Mayfield and IIFL Seed Ventures Fund. The round was a mix of equity and debt funding.

• LoadShare

Bengaluru-headquartered logistics startup LoadShare raised $2 Mn (INR 15.3 Cr) in its ongoing Series B round from UK-based CDC Group. According to the ministry of corporate affairs (MCA) filings accessed by Inc42, LoadShare has issued 1331 preference and 21 equity shares as part of the transaction.

• UzhavarBumi

Madhuranthagam-based UzhavarBumi Agro Products raised $220K (INR 1.7 Cr) in a funding round from led by Sankar Kanagasabai in participation with Native Angels Network. UzhavarBumi is fresh dairy products company which is working out of a small city located near Chennai.

• Finaureus Technologies

Pune-based fintech startup Finaureus Technologies has raised undisclosed funding in Series A round from proprietary investment firm Pinetree Capital. The startup also launched an online investment advisory platform AlphaNiti as a joint venture with US-based Validea.

• DrinkPrime

Bengaluru-based cleantech startup has raised undisclosed funding from angel investors including Tracxn’s Abhishek Goyal, Bharat Jaisinghani, and FirstCheque. The amount raised will help the startup develop better ways of serving its clientele through its water purifying devices.

• CredR

Mumbai-based Incredible Technologies Limited known as CredR has secured an undisclosed round of funding in debt from Stride Ventures. The new funds will be utilised by the startup for financing the purchase of automobiles.

• Pariksha

Pune-based edTech startup Pariksha has raised an undisclosed amount of Investment in an extension of its Pre-Series A round of funding from a clutch of angel investors. This investment will help Pariksha in strengthening product offerings and expanding the reach across the country

• SoME

Bengaluru-based edtech startup School of Meaningful Experiences (SoME) has raised an undisclosed amount in an angel funding round led by Uday Singh, former Group CEO of SIS Group Enterprise. These funds will help SoME’s operational expansion and in the recruitment of more professionals.

Indian Startup Acquisition Of The Week

• Mumbai-based facial technology and computer vision startup Orbo.ai has acquired US-based research startup Gemia for an undisclosed amount. Before the acquisition, Gemia was part of Arvi Inc, an artificial intelligence (AI) research company. As part of the deal, Orbo.ai will continue to offer products and services provided by Gemia on a subscription basis. At the same time, Orbo.ai will also leverage Gemia’s photo enhancement software to enhance its product suite.
• Bengaluru-based fruits and vegetable delivery startup FreshWorld has acquihired Bengaluru-based meat delivery startup Royale Fresh in all equity deal. As part of the deal, Royale Fresh will continue to operate as a separate entity. Bengaluru-based fruits and vegetable delivery startup FreshWorld has acquihired Bengaluru-based meat delivery startup Royale Fresh in all equity deal. As part of the deal, Royale Fresh will continue to operate as a separate entity.

Other Developments Of The Week

• After acquiring DailyNinja last month, online grocery delivery major BigBasket has infused INR 2.67 Cr in the online milk delivery startup.
• Delhi-based financial services company DMI Group has raised $123 Mn in equity funding through its parent company DMI Limited.
• In partnership with the Confederation of All India Traders (CAIT), India’s department for promotion of industry and internal trade (DPIIT) has launched a challenge for startups to find a potential way to digitise the departmental retail stores and their supply chain.
• Global tech giant Facebook has become the biggest minority stakeholder in Reliance Jio with an investment of $5.7 Bn (INR 43,574).
• Singapore-based subsidiaries of Walmart-owned ecommerce major Flipkart has infused INR 466 Cr in Flipkart Internet, the arm which manages ecommerce operations of the company.