We bring to you the new edition Funding Galore: Indian Startup Funding of the week. This week 15 Indian startups raised $114 Mn in funding altogether and four startup acquisitions took place in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts).
Swiggy raised the largest funding round this week in the Indian startup ecosystem followed by Snapdeal and Magicpin. The online food delivery startup raised about $80 Mn Series E funding led by South African Internet and media conglomerate Naspers. Existing investors Accel India, SAIF Partners, Bessemer Venture Partners, Harmony Partners, and Norwest Venture Partners also participated in the round. The current round pegged the valuation of the Indian startup at about $400 Mn.
Snapdeal founders and Nexus Venture Partners infused $17.5 Mn (INR 113 Cr) into the company, in an emergency funding round. The news comes in at a time when investor Softbank is busy pushing the Flipkart-Snapdeal merger.
Indian Startup Funding Of The Week
Magicpin: The third-biggest Indian startup funding of the week was Magicpin’s $7 Mn Series B funding round. The round was led by existing investor Lightspeed India Partners, Waterbridge Ventures, and two global family offices. The round also saw participation from Srivatsan Rajan, (Chairman of Bain and Co India) and Sahil Barua (CEO of Delhivery). The startup will use the newly raised funds to enhance the product, strengthen the leadership team, and to expand across categories and geographies.
SastaSundar: Japan-based pharmaceutical company Rohto Pharmaceutical invested $5 Mn (INR 33.4 Cr) in online pharmacy SastaSundar Healthbuddy Limited – an Indian startup. With this funding, Rohto will assist SastaSundar in scaling its operations pan-India.
Supr Daily: Subscription-based micro delivery startup Supr Daily raised about $1.5 Mn funding from a clutch of Silicon Valley investors – including Y Combinator partners Paul Buchheit and Jared Friedman. The round also saw the participation of Soma Capital, Great Oaks Ventures, 122 West Ventures, and RedMart founder Roger Egan. Supr Daily was a part of Y Combinator’s mentorship programme W’17 batch.