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Funding Galore: Indian Startup Funding Of The Week [4- 9 May]

Funding Galore: Indian Startup Funding Of The Week [4- 9 May]

VestaSpace Technology raised $10 Mn funding from Next Capital LLC

Bengaluru-based SaaS startup has raised $5.1 Mn in Series A funding

Overall, 13 startups raised around $31.6 Mn funding

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, spacetech startup VestaSpace Technology, which specialises in making small satellite platforms for commercial and scientific applications, raised $10 Mn funding from American investment and advisory firm Next Capital LLC. With the funds, the company plans to expand its reach across India and the world.

Overall, 13 startups raised around $31.6 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. VestaSpace Technology: $10 Mn
  2. DocsApp: $9.5 Mn
  3. $5.1 Mn
  4. Mintoak: $2 Mn
  5. Rooter: $1.7 Mn
  6. Phable: $1 Mn
  7. HAPPY: $1 Mn
  8. Clover: $0.9 Mn
  9. Scentials: $400K
  10. Nium: Undisclosed
  11. Undisclosed
  12. LoanAdda: Undisclosed
  13. Brainwired: Undisclosed
  • DocsApp

Bengaluru-based online doctor consultation platform DocsApp has raised $9.5 Mn (INR 72.5 Cr) from Bessemer Venture Partners India, Fusian Capital, Rebright Partners and Milliways Fund LLC. The company will utilize the funding in further strengthening its doctor base, patient reach and develop its product to move a step closer to its mission of providing quality healthcare to all.


Bengaluru-based SaaS startup has raised $5.1 Mn in Series A funding. The company said that the round has been led by Exfinity Ventures and IAN Fund. Further, AngelList, Kalaari Capital and LetsVenture also participated in the round. The fresh funding will be used for global expansion in Southeast Asia and the US. It will also invest in research and development to enhance its AI-based voice automation platform.

  • Mintoak

Mumbai based fintech startup Mintoak has raised close to $2 Mn (INR 15 Cr) in its Pre-Series A funding round led by Pravega Ventures. Mintoak plans to utilise the fundings to strengthen the technology platform and hire more people.

  • Rooter

Sports community platform Rooter raised $1.7 Mn in Pre-Series A funding round from digital payments platform Paytm, Adidas family backed fund leAD Sports, Rockstud Capital and Founder Bank Capital, an early stage investment arm of RB Investments. Anthill Ventures, Venture Catalysts and a few angel investors also participated in the round. Rooter plans to use this funding to grow its user base over the next one year and capitalise on the company’s upcoming esports, gaming content and communities.

  • Phable

Healthtech startup Phable raised $1 Mn in its ongoing Pre-Series A round from Inflection Point Ventures (IPV) and other investors. Previously, SOSV and Fresco have invested in Phable’s Pre-Series A. Phable intends to use the funds in rapid expansion across cities and scaling its technology.


Mumbai-based lending startup HAPPY raised $1 Mn (INR 7.5 Cr) from US-based cloud-based software provider DCR Workforce Inc in debt. As part of the deal, HAPPY has issued 750 debentures to DCR Workforce. The price per debenture stood at INR 1 Lakh per debenture.

  • Clover

Bengaluru-based agritech platform Clover has raised $0.9 Mn (INR 7 Cr) in venture debt from Alteria Capital. The startup had recently raised $5.5 Mn Series A from Accel, Omnivore, and Mayfield in February 2020. The fund will be utilised to help the startup to enhance the supply chain for greenhouse-grown fresh produce.

  • Scentials

Beauty and wellness company Scentials raised $400K (INR 3 Cr) in debt from Ambiga Subramanian and Goutham Ekollu. Scentials is issuing 200K and 100K debentures to Subramanian and Ekollu respectively at a price of INR 100 per debenture.


Bengaluru based edtech platform raised an undisclosed seed round of investment through EaSyndicate, the early adapters syndicate platform on The company plans to utilise the investment for product development and global expansion.

  • Nium (earlier InstaRem)

Fintech platform Nium has raised an undisclosed amount of funding from Visa, BRI Ventures and other existing investors. Nium will be using the funds to further build out its payment infrastructure offering that includes outreach to consumers, SMEs, large enterprises as well as banks and financial institutions.

  • LoanAdda

Fintech startup LoanAdda, which offers small-ticket loans via its mobile app and website, has raised an undisclosed amount from ah! Ventures, PRAAK Investments LLP and Ratnaafin Group. The funds will be used for developing the tech stack and data science to expand online acceptance and to build product capabilities.

  • Brainwired

Agritech startup Brainwired has raised undisclosed funding from Mumbai Angels Network. The startup provides livestock health monitoring and tracking solution named WeSTOCK. Brainwired claims that the product can enable farmers to maximize their profits at a reduced expense.

Startup Acquisition This Week

  • Edtech startup GetMyUni has acquired online IELTS test preparation platform in an all-cash deal. Post the acquisition, IELTS Material operations have been merged with GetMyUni.

Other Developments Of The Week

  • Agri-tech focused incubator Indigram Labs Foundation has launched Women Entrepreneurs Program (WEP), an online pre-incubation boot camp for women entrepreneurs. 12 women entrepreneurs have been selected out of the total 100 applications.
  • Mukesh Ambani-led Reliance Industries Limited announced that Vista Equity Partners will invest INR 11,367 Cr in Reliance Jio Platforms, which is an umbrella company for all its digital services.
  • Singapore-based proptech company Elara Technologies has infused INR 14.3 Cr in three Indian proptech subsidiaries — Housing, PropTiger and BroEx.
  • Bengaluru-headquartered logistics startup BlackBuck is raising INR 25 Cr debt by issuing 250 debentures at a price of INR 10 Lakh per share and INR 3.16 Cr funding by issuing 161 tranche B CCPS at a face value of INR 10 with a premium of INR 1,93,579.51 per share from Trifecta Capital.
  • Caspian Debt raised $20 Mn by US International Development Finance Corporation (DFC) as long-term debt. Caspian Debt will provide collateral-free loans digitally to professionally managed enterprises operating in high impact sectors in India.

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