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Funding Galore: Indian Startup Funding Of The Week [25- 30 May]

Funding Galore: Indian Startup Funding Of The Week [25- 30 May]

Ola Financial Services (OFS) has raised $27.1 Mn from Matrix Partners

Awfis Space Solutions Private Limited has raised $5.2 Mn (INR 40 Cr)

Ola Electric has acquired Amsterdam-based Etergo BV

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, Ola Financial Services (OFS), which is the parent company of fintech venture Ola Money, has raised $27.1 Mn (INR 205 Cr) funding from Matrix Partners. Sources close to the matter said that the transaction valued Ola Financial Services at $250 Mn or INR 1,875 Cr.

Overall, nine startups raised around $40.4 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

  1. Ola Financial Services: $27.1 Mn
  2. Awfis: $5.2 Mn
  3. Euler Motors: $2.6 Mn
  4. CoinDCX: $2.5 Mn
  5. Hoi Foods: $2 Mn
  6. Xtracap Fintech: $1 Mn
  7. HomeCapital: Undisclosed
  8. GramCover: Undisclosed
  9. Blowhorn: Undisclosed
  • Awfis

Delhi-based coworking space provider Awfis has raised fresh funding, which may help the company to mitigate the impact of Covid-19 on their business. According to the ministry of corporate affairs (MCA) filings accessed by Inc42, Awfis Space Solutions Private Limited has raised $5.2 Mn (INR 40 Cr) by issuing debentures and preference shares.

  • Euler Motors

New Delhi-based electric vehicle (EV) startup Euler Motors has raised $2.6 Mn (INR 20 Cr) in Series A funding round led by Inventus Capital India. Blume Ventures, Singapore-based Jetty Ventures India and B2B ecommerce platform Udaan’s cofounder Sujeet Kumar. Euler Motors will use the latest funding to hire talent, research and development (R&D) and supply chain localisation.

  • CoinDCX

Mumbai-based cryptocurrency exchange aggregator CoinDCX has now bagged $2.5 Mn strategic investment led by existing investor Polychain Capital. Coinbase Ventures, the investment arm of San Francisco-based cryptocurrency trading platform Coinbase, also participated in the round. Besides scaling up its tech and business, CoinDCX is now planning to invest the funds to facilitate more robust cryptocurrency trading in India.

  • Hoi Foods

Gurugram-based cloud kitchen startup Hoi Foods has raised $2 Mn in its Pre-Series A funding round led by 1Crowd along with the participation of Sprout Ventures, AngelList and a few angel investors. The startup is planning to expand to Hyderabad, Mumbai, and Pune.

  • Xtracap Fintech India

Gurugram-based fintech startup Xtracap Fintech India has raised $1 Mn in an angel round of funding from a clutch of US and UK-based investors. With the funds, the startup is planning to strengthen its tech infrastructure and ramp up distribution capability.

  • HomeCapital

Mumbai-based fintech startup HomeCapital has raised undisclosed funding in a round led by Varanium NexGen Fund with participation from Venture Catalysts, JITO Incubation and Innovation Foundation, Singapore Angel Network, Venture Gurukool, Shalin Shah, among others. The startup will use the funding to expand operations and scale technology infrastructure.

  • GramCover

Noida-based Rural focussed insurtech platform GramCover has raised undisclosed funding in its Pre-Series A funding from EMVC, Flourish, and Omidyar Network India. Existing investor Omnivore also participated in this round. The startup plans to utilise the funds towards its plan to cater to 5 Mn rural consumers in the next two years.

  • Blowhorn

Logistics service provider Blowhorn has raised an undisclosed debt funding from Trifecta Capital. With the raised capital, Blowhorn aims to build an intra-city logistics tech company by creating an asset-light, full-stack logistics marketplace.

Startup Acquisitions This Week

  • Bengaluru-based cab aggregator Ola’s electric mobility unit Ola Electric has acquired Amsterdam-based Etergo BV for an undisclosed amount. Post-acquisition, Etergo’s team will continue to be based out of Amsterdam as they join Ola Electric.
  • Switzerland-based agri-food investment firm Pioneering Ventures has acquired Mumbai-based agritech company Lateral Praxis. The duo is yet to disclose details of the transaction.

Other Developments Of The Week

  • US-headquartered private equity company Basis Vectors has raised $50 Mn for its first fund. The investment has come in from Cianna Capital with participation from the UHNW family offices of Rajesh Jain, founder of Netcore, Abhishek Goel and Tracxn.
  • Vodafone Idea is in talks with tech giant Google to raise fresh funds to ease debts. Google may buy up to 5% stake in debt-laden Vodafone Idea.
  • Masayoshi Son-led SoftBank is looking to raise $500 Mn – $750 Mn for SBG Cleantech, which is a joint venture (JV) between SoftBank, India’s Bharti Enterprises and Taiwan’s Foxconn.
  • Abu Dhabi state fund, Mubadala Investment Company, is looking to invest $1 Bn in Reliance’s Industries Limited’s digital unit Jio Platforms.
  • Tech giant Microsoft is reportedly looking to join the parade of investors in Reliance Jio Platforms, with reports of a $2 Bn investment in Reliance’s digital services company.