SUMMARY
12 Startup Funding Took Place In The Indian Startup Ecosystem This Week [7 August-12 August]
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We bring you the latest edition of Funding Galore: Indian Startup Funding of the week. This week, 12 Indian startups raised about $50 Mn in funding altogether, apart from the $2-2.5 Bn funding round raised by Flipkart, and two startup acquisitions took place in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts.)
The biggest Indian startup funding deal for the week was, Flipkart raising an undisclosed amount in a round led by SoftBank Vision Fund at a valuation of $11.6 Bn. Though the amount has been kept undisclosed, Flipkart claims this round to be the largest round raised by an Indian technology startup. The round is said to be somewhere between $2-2.5 Bn, giving Flipkart an excess of $4 Bn of cash on its balance sheet, as claimed by the company.
Earlier this week, SoftBank co-founder Masayoshi Son announced his intentions to remain “engaged“ with homegrown ecommerce firm Flipkart. The deal comes at a time when the buzz about the Snapdeal Flipkart deal falling out has settled a little. Flipkart also recently availed $58.7 Mn (INR 375 Cr) working capital credit line from Axis Bank. The credit from Axis Bank was extended in March 2017, but the company entered into an agreement last month.
Indian Startup Funding Of the Week
EM3 Agri Services: Amidst the 12, this is the highest Indian startup funding of the week. Noida-based EM3 Agri Services raised $10 Mn in a Series B funding round led by Global Innovation Fund (GIF). The investment will be utilised to expand the startup’s geographical reach, build new technologies, and boost ecosystem capacity.
Surgeri Technologies: Digital healthcare startup Surgeri Technologies Pvt. Ltd is raising an angel round of funding. The startup funding will be led by a clutch of resident and non-resident Indians.
Also, Ola (ANI Technologies Ltd) raised over $36.04 Mn (INR 231 Cr) from Tekne Private Ventures through the issue of preference shares. The Ola funding deal involves allotment of 171,173 fully and compulsorily convertible preference shares.
Indian Startup Acquisitions Of the Week
- Belgium-headquartered WABCO Holdings Inc. acquired AssetTrackr, a Bengaluru-based telematics startup, in a bid to expand its global fleet management solutions (FMS) business to India. The company has entered into an agreement to purchase 100% of AssetTrackr’s shares. The transaction is now subject to customary conditions precedent and is expected to close by the fourth quarter of 2017.
- Hike Messenger acquired Creo, a Bengaluru-based technology startup. The Creo team will begin work on a developer platform to enable third-party developers to build services on the Hike platform.
Other Developments Of The Week
- LOGOS Group, an Asia Pacific logistic real estate company entered into a partnership with real estate developer Assetz Property Group to expand its operations in India and raise a new fund. LOGOS India is working on closing its first Indian logistics venture with an expected $400 Mn of equity commitments.
- Bengaluru-based health and wellness startup CureFit signed on Hrithik Roshan as its brand ambassador. The Bollywood star picked up $15.6 Mn equity stake in the fitness startup. The partnership, according to sources, is expected to generate $39.2 Mn (INR 250 Cr) in annual revenue within the next few years.
Stay tuned for the next edition of Funding Galore: Indian Startup Funding, next week.
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