Funding Galore: Indian Startup Funding Of The Week [8- 13 June]

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

In one of the biggest funding rounds, United Arab Emirates-based sovereign wealth fund Abu Dhabi Investment Authority (ADIA) has committed to investing INR 5,683.50 Cr in Reliance Jio Platforms for 1.16% equity stake. The investment has come at an equity value of INR 4.91 Lakh Cr and an enterprise value of INR 5.16 Lakh Cr.

Meanwhile, US-based Texas Pacific Group, popularly known as TPG Capital, is reportedly in talks to be another investor in Jio Platforms. TPG Capital has been in talks with Reliance Jio for the past few weeks and is expected to invest close to $1 Bn to $1.2 Bn.

Overall, 11 startups raised around $167.8 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 amounts).

Indian Startup Funding Of The Week

1. Postman: $150 Mn
2. HealthPlix: $6 Mn
3. WayCool: $5.5 Mn
4. Yolobus: $3.3 Mn
5. Toppr: $2 Mn
6. Hapramp: $1 Mn
7. Knocksense: Undisclosed
8. MyKaam: Undisclosed
9. WarmOven: Undisclosed
10. Myelin Foundry: Undisclosed
11. Innoviti: Undisclosed

• Postman

Bengaluru-based SaaS startup Postman has raised $150 Mn at a $2 Bn valuation in its Series C investment round led by Insight Partners, a New York-based investment fund. With this valuation, Postman will enter the Indian SaaS unicorn club which includes the likes of Zoho, Freshworks, Icertis and Druva.

• HealthPlix

Bengaluru-based healthtech startup HealthPlix has raised $6 Mn in its Series B funding round. The investment has been led by JSW Ventures with participation from existing investors Chiratae Ventures and Kalaari Capital. The company said it is doubling its efforts to help doctors provide in-person or remote consultation to patients using the same digital platform seamlessly.

• WayCool

Chennai-based agritech startup WayCool Foods and Products has secured $5.5 Mn in debt financing guaranteed by the US International Development Finance Corporation (DFC) and comes through IndusInd Bank’s impact investment division. The funds will help WayCool with its expansion plans within southern India.

• Yolobus

Inter-city bus travel startup Yolobus has raised $3.3 Mn in its Series A funding round led by Nexus Venture Partners. With the funding, the company is planning to expand its service in the country.

• Toppr

Mumbai-based edtech startup Toppr has raised $2 Mn (INR 14.99 Cr) from Kaizen Private Equity. Prior to this, Toppr has raised $65.1 Mn in funding. The company said that the investment will be used for further expansion and growth.

• Hapramp

Gurugram-based blockchain-based startup Hapramp has raised $1 Mn from Anand Mahindra, chairman of Mahindra Group. The company will use funds to develop its upcoming platforms 1Ramp.io and Asteria Protocol.

• Knocksense

Lucknow-based media startup Knocksense has raised an undisclosed amount of funding from Mumbai Angels Network. With the current funding, the company plans to strengthen its tech platform and create content for new geographies.

• MyKaam

Recruitment Platform MyKaam, which helps blue-collar workers get a job, has raised undisclosed funding in a round led by Venture Catalysts. The company plans to use the funds to enhance its technological infrastructure, scaling up operations and recruiting more business to its platform.

• WarmOven

Bengaluru-based bakery products delivery startup WarmOven has raised undisclosed funding from Silicon Valley-based entrepreneur Jyoti Bansal. With the funds, the company is looking to expand its business by foraying into new categories and setting up new kitchens.

• Innoviti

Bengaluru-based digital payments solutions startup Innoviti has raised an undisclosed amount in Series C funding from Netherlands-based FMO-Entrepreneurial Development Bank, along with existing investor US-based Bessemer Venture Partners. Rajeev Agrawal, CEO of Innoviti Payments, said that this may be the company’s last funding round as it plans to generate cash from its books within six to eight months.

• Myelin Foundry

Deeptech startup Myelin Foundry has raised an undisclosed amount of funding from Kris Gopalakrishnan’s family office “Pratithi”. The funds will be used for penetration in the OTT market in India and internationally.

Startup Acquisitions Of The Week

• Digital payment solutions startup Infibeam Avenues has acquired Bengaluru-based unified digital technology platform Cardpay Technologies Limited in an all-share deal. With this acquisition, Cardpay will become a wholly-owned subsidiary of Infibeam. However, Cardpay founders, Manik Singla and Srinivasan, and its team will continue to lead GRIT’s operations and spend management business.

Other Developments Of The Week

• Indian Institute of Management Bangalore (IIMB) based startup hub NSRCEL has shortlisted 25 fintech startups for a 15-month programme. Many of the selected startups will get funding from the CSR fund of ICICI Securities. Shortlisted startups include Wellmo, WIMWISURE, Zimyo, Tradebeat, Purpletrades, WhatsLoan, Credochain, Mudra Circle, 7Prosper, Jarvis, Capital Quotient, Patten Effect Labs, MinksPay, Paperking, Paymatrix, Phi-Commerce, Zopnote, KhaaliJeb, NearPe, GIM Books, IDOS India, Hylo Challenger and Docboyz.
• The government’s Centre for Augmenting WAR along with Covid-19 Health Crisis (CAWACH), has shortlisted 52 startups developing solutions to tackle the pandemic. CAWACH aims to quickly scale up responses to detect, test, treat and reduce Covid-19 transmission in India.
• Indian Angel Network has announced a partnership with Indifi Technologies to launch a Growth Stage Debt Fund to help IAN portfolio companies get working capital.
• Indian fine jewellery brand Melorra is raising INR 9.3 Cr from Beeline Impex Private Limited, Chowdry Associates and existing investor Lightbox Ventures.
• Account aggregator promoting platform Sahamati has announced India’s first ‘Account Aggregator Hackathon’ which is going to be conducted in July.
• Facebook is reportedly hiring tech investors to help the social media giant set up a multimillion-dollar investment fund.
• Enterprise automation tool JIFFY.ai has raised $18 Mn in Series A funding round led by Nexus Venture Partners. JIFFY.ai, the brand name of Paanini, plans to use this funding for product development, team and customer base expansion and product roadmap enhancements.
• Singapore-based Draper Startup House has launched the Draper Venture Syndicate Network, a seed-stage investment syndicate platform for Indian startups.
• Indian Angel Network has announced a partnership with Indifi Technologies to launch a Growth Stage Debt Fund to help IAN portfolio companies get working capital.
• Mumbai-based Drums Food International, the parent company of yoghurt-brand Epigamia, is raising fresh funding from existing investor New York City-based Danone Manifesto Ventures, the venture investment arm of Danone Manifesto and Mousse Partners.
• Mumbai-based device management platform Servify is raising INR 85.8 Cr from its existing investors Iron Pillar, Tetrao SPF and Blume Ventures.
• Bengaluru-based Arkam Ventures, formerly known as Unitary Helion, has announced the first close of INR 325 Cr for its maiden INR 700 Cr startup fund.

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