We bring to you the latest edition Funding Galore: Indian Startup Funding of the week.
This week 18 Indian startups raised about $213 Mn in funding in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts).
Making it the biggest funding of the week, Gurugram-based B2B marketplace and SME lending firm Power2SME raised $36 Mn in Series E round. The investment saw the participation of existing investors Inventus Capital Partners, Accel Partners, Kalaari Capital and Nandan Nilekani with participation from IFC, a member of the World Bank Group. The company will use the recently raised funding to continue geo expansion, accelerate product growth and innovation. Apart from this it will invest in additional sales and marketing resources, and continue evaluating strategic acquisition opportunities.
Further, Minio, a provider of open source object cloud storage for cloud-native and containerized applications raised $20 Mn in Series A funding, making it the third biggest Indian startup funding of the week. The round was jointly led by Dell Technologies Capital, General Catalyst Partners and Nexus Venture Partners, with participation from Intel Capital, AME Cloud and Steve Singh. The startup funding will also be used to accelerate product development and company growth. Apart from the funding announcement the Indian startup also announced the launch of its multi-cloud object storage offering, bringing Amazon S3 compatible object APIs to all cloud-native environments.
Indian Startup Funding Of The Week
HighRadius: This is the second largest funding of the week in the Indian startup ecosystem. AI-based fintech firm HighRadius raised $50 Mn in a growth funding. The investment was led by US-based PE firm Susquehanna Growth Equity. After 11 years of bootstrapping, this is the first investment raised by the US and Hyderabad-based firm. The newly raised funding will be utilised by the company to fuel its growth. The funding will further be utilised towards global expansion, including, Americas, Europe and Asia.
Yatra: Mumbai-based venture debt fund InnoVen Capital invested about $15.4 Mn in online travel company Yatra. InnoVen Capital India had previously extended a $4 Mn venture debt facility to Yatra in 2013.