We bring to you the latest edition Funding Galore: Indian Startup Funding of the week.
This week 21 Indian startups raised about $125 Mn in funding altogether in the Indian startup ecosystem and three startup acquisitions took place. (The startup funding calculations are based on the startups that disclosed their funding amounts)
One of the biggest funding this week in the Indian startup ecosystem was said to be of Nestaway garnering $50 Mn (INR 330 Cr) through the UC-RNT fund, an investment vehicle sponsored by Tata Sons chairman Ratan Tata & the University of California. The company’s existing investors Tiger Global and IDG Ventures India were also said to participate in the financing round. However, the company spokesperson didn’t confirm the funding and termed it as market speculation only.
Another important Indian startup story of this week was reports of Gurugram-based online insurance aggregator PolicyBazaar, along with its lending platform Paisabazaar exploring IPO prospects, and is planning for the public listing by next year. The company aims to raise its value from the existing $500 Mn to $1.5 Bn through the IPO.
It was also reported that Alibaba along with Paytm Mall is all set to acquire around 35% – 40% stake in hyperlocal grocery delivery startup BigBasket against an investment of $300 Mn. The deal is expected to be announced soon and will make BigBasket gain a post-money valuation of $850 Mn.
Indian Startup Funding Of The Week
Dunzo: Making it the third biggest Indian startup funding of the week, Bengaluru-based hyperlocal services startup Dunzo raised $12 Mn (INR 77 Cr) in a funding round from Google, Blume Ventures and Aspada. With the raised funding, the Indian startup plans to expand in five to six other cities apart from Bengaluru and also scale up its transactions from one lakh per month to one lakh per day by 2018.