We bring to you the latest edition Funding Galore: Indian Startup Funding of the week. This week 21 Indian startups raised about $112 Mn in funding altogether in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts)
The two biggest funding deals in the Indian startup ecosystem happened in the camps of Mindtickle and Nazara Technologies. Seasoned investor Rakesh Jhunjhunwala invested approximately $27.99 Mn (INR 180 Cr) in Mumbai-based mobile gaming startup Nazara Technologies. The startup will use the raised amount to strengthen its position further in the $360 Mn online gaming market.
Also, San Francisco and Pune-based sales enablement platform MindTickle raised $27 Mn (INR 174 Cr) in a Series B funding round led by Silicon Valley-based VC firm Canaan Partners. Existing investors Accel Partners, New Enterprise Associates (NEA), and Qualcomm’s investment arm, Qualcomm Ventures, also participated in the round. The newly-secured financing will be utilised to facilitate product innovation and global expansion.
Indian Startup Funding Of The Week
Cash Suvidha: Delhi-based online lending startup Cash Suvidha raised an institutional debt of $2.7 Mn from various financial institutions. The funds have been raised from six financial institutions and will be primarily used to facilitate further lending to Small and Medium Enterprises (SMEs). The funding will also enable the Indian startup to bolster its personal loan products, particularly in Delhi NCR, Bangalore, Pune, Hyderabad, and Mumbai. So far, the company has raised $3 Mn since its inception in 2016.
HomeLane: Bengaluru-based online home interiors startup HomeLane raised $10 Mn (INR 67 Cr) funding from Accel Partners, Sequoia Capital and RB Investments. The startup will deploy the funds to fuel growth and technology innovation to attract customers and designers alike, while also strengthening its operations in existing markets in the country.
Clip App: Bengaluru-based video sharing startup Clip App raised $6 Mn in its Series A funding round led by Matrix Partners India. Existing investors Shunwei Capital and India Quotient also participated in the round. The startup plans to use the proceeds majorly for growth and team building.