We bring you the new edition Funding Galore: Indian Startup Funding of the week. The funding activity in the Indian startup ecosystem was quite low in comparison to the last few weeks.
This week 10 Indian startups raised funding in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts).
This development was the most-buzzed speculation of the Indian startup ecosystem this week. As per latest reports, Softbank’s is planning a $200 Mn funding round in Gurugram-based logistics startup Rivigo. According to a source privy to the matter, the investment is likely to take Rivigo’s valuation to about $1 Bn, giving it Unicorn status.
Next, Snapdeal once again was on the receiving end of media attention. One of Snapdeal’s major investors Foxconn announced a write-down of 80% of its $200 Mn investment in the ecommerce firm. The move came in as Foxconn registered impairment losses of around $160 Mn of its investment in Jasper Infotech for the six-month period ending June 30, 2017.
Indian Startup Funding Of The Week
DeTech Technologies: IIT Madras incubated IoT startup DeTect Technologies raised an undisclosed amount of funding from IIM Ahmedabad’s CIIE, Axilor Ventures and angel network Keiretsu Forum. The round was led by AJ Ventures and Investments of the Refex Group. The startup funding will be used for R&D and expansion to cater to international clients.
Related Article: Indian Startup Funding Of The Week [Funding Galore 21-26 Aug]
Sports Flashes: Times Group invested an undisclosed amount in Delhi-based Sports Flashes, a multi-sports content app. The Indian startup will utilise the newly raised funds to expand its audience base with “impactful marketing initiatives.”
Instamojo: Bengaluru-headquartered micro products and digital payments platform for SMEs Instamojo raised an undisclosed amount of Pre-Series B funding from Japanese payments firm AnyPay. The startup funding will be used to expand its suite of offerings and introduce ecommerce enabling services such as cataloguing, logistics, shipping and GST compliance assistance.
RentOnGo: Condivision, the parent firm of the Bengaluru-based online marketplace for renting bikes RentOnGo, raised $233K (INR 1.5 Cr) from TVS Motor Company. TVS acquired a 24% stake in the Indian startup against this investment.
DigiLend: Mumbai-based fintech firm DigiLend Analytics & Technology Pvt Ltd raised nearly $312K from InCred Finance and Temasek-owned Fullerton India Credit Company Ltd. The startup funding will be used to pilot its product in the personal loan segment.
GoZefo: Second-hand goods marketplace GoZefo raised an undisclosed amount in a fresh round of funding.
Simpl: Mumbai-based payments startup Simpl raised an undisclosed amount in a Series A round led by US-based venture fund Green Visor Capital LP II. The startup funding round also saw participation from other investors, including IA Venture Strategies Fund II LP, Boillot Family Trust, Russell M Byrne, The Oliver R. Grace Jr. Millennium Trust, SF Capital Investments LP and DIA Investments LLC.
KNAB Finance: Amidst the 10 startups who raised funding, this is the highest Indian startup funding of the week. Bengaluru-based online lending startup KNAB Finance raised around 389K in funding from InCred and other individual investors including Mindtree executive chairman Krishnakumar Natarajan and Sharjah Islamic Bank’s senior Vice President Ravi Bhardwaj.
Liv.Ai: Bengaluru-based artificial intelligence startup Liv.Ai raised an undisclosed amount of funding. The startup funding was led by venture capital firm Astarc Ventures. Liv.Ai’s speech-to-text software is being used across ecommerce enterprises and government utilities, besides companies with a consumer interface.
Redfox Protection Services: Ahmedabad-based Red Fox Protection Services Private Limited, a security services company, raised undisclosed funding from Sunil Rawtani against a minority stake. Sunil also joins as a strategic advisor to the Indian startup. Redfox aims to have more than INR 250 Cr turnover by 2020.
Other Developments Of The Week
- Russian conglomerate, Sistema JSFC announced its intentions to establish an Indian subsidiary to facilitate long-term engagement with Indian startups. The company had launched the Asia Fund last year. The Indian subsidiary will offer hands-on business execution assistance to local startups. The focus will be on ecommerce, financial technologies, digital analytics, etailing and lifestyle brands domains.
- Inc42, in collaboration with Mistletoe, is inviting applicants for a one-of-a-kind “Farm To Fork” event to be held in Bengaluru on September 13, 2017. As part of the event, 10 shortlisted startups working across the farm to fork lifecycle will be offered the opportunity to pitch themselves before an audience of 100 – including investors, policymakers, entrepreneurs and industry stalwarts in this space.
- The Indian Angel Network announced a strategic partnership with Neotec Hub, an incubator started by a Kolkata-based corporate house – Ambuja Neotia. The partnership aims at bringing innovative entrepreneurs, angel investors, and corporates together on a single platform.
- US-based accelerator TechStars launched its operations in India. For its foray into the Indian startup ecosystem, the accelerator has launched Techstars India, a joint venture company with ANSR.
Stay tuned to Inc42 for the latest Indian Startup Funding news.