We bring to you the latest edition Funding Galore: Indian Startup Funding of the week. This week 19 Indian startups raised about $41 Mn in funding altogether in the Indian startup ecosystem.
Besides a large number of startups securing funding, four major acquisitions also took place in the Indian startup ecosystem this week. (The startup funding calculations are based on the startups that disclosed their funding amounts)
In one of the biggest deals of the week, cab aggregator Ola acquired Foodpanda India from Germany based Delivery Hero Group to venture into food delivery business once again. Ola has also committed $200 Mn in Foodpanda India. Sources have pegged the stock-based acquisition at under $50 Mn. This deal includes the transfer of Foodpanda India business to Ola in an acquisition deal in exchange for Ola stock.
While, in terms of startup funding, Sachin Tendulkar-backed virtual reality gaming and entertainment startup Smaaash raised $14.05 Mn (INR 90 Cr) funding from HNI clients of Avendus Wealth Management Pvt. Ltd, the wealth management arm of financial services firm Avendus Capital. The Mumbai-based startup aims to provide world class sports and immersive experiences to India’s fast-growing gaming population, and the newly raised financing will help in its growth plans.
Indian Startup Funding Of The Week
Skymet Weather Services: Noida-based agritech startup Skyment raised an undisclosed amount in Series C round of funding from the German government’s InsuResilience Investment Fund. With the newly raised funds, the startup aims to expand its Automated Weather Stations (AWS) network and secure new business in weather data, crop measurement, climate analytics, and disaster management, thereby extending its outreach to de-risk vulnerable Indian farmers from climate change.