We bring you the latest edition of Funding Galore: Indian Startup Funding of the week. This week, 12 Indian startups raised about $136 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.)
One of the most speculated Indian startup deals, the Flipkart-Snapdeal merger, fell apart. The deal was left in jeopardy due to lack of consensus from the minority shareholders. Snapdeal plans to go ahead with its ‘Plan B’ and pivot its company into a Taobao kind of an open marketplace set-up.
Furthermore, the Indian startup ecosystem also buzzed with Softbank indications of joining the Flipkart camp. The Japanese conglomerate might invest between $1.5-2 Bn in the homegrown ecommerce poster boy and one of the biggest Snapdeal rivals. Also, the merger transaction between home-bred ecommerce giant Flipkart and eBay has been formalised. This makes eBay India a Flipkart Group Company, along with names such as Myntra, Jabong, PhonePe, and Ekart.
Indian Startup Funding Of the Week
Pi Datacenters: This is the highest Indian startup funding of the week. Andhra Pradesh-based enterprise class data centre and cloud service provider Pi Datacenters raised $90 Mn in a Series B funding round from existing and new investors. The startup funding will be utilised to support the second phase of the new Pi Amaravati facility. The company will also be spending a portion of the funding for the proposed construction of data centres in Kochi and Naya Raipur.
LimeTray: Delhi-based SaaS solutions provider, LimeTray raised an undisclosed amount of funding from JSW Ventures. The startup funding will be used to further develop the company’s ‘restaurant OS,’ a product suite that was launched in 2015. The Indian startup will also spend funding on expanding LimeTray’s reach in the international market.
Lendingkart: This is another important Indian startup funding news of the week. Ahmedabad-based fintech startup Lendingkart Group raised $10 Mn (INR 67 Cr) debt funding from Aditya Birla Financial Services, Kotak Mahindra Bank, Tata Capital and a few other undisclosed investors. The Indian startup will use the debt investment to expand the SME lending platform’s presence to more than 700 cities around the country.