We bring to you the latest edition Funding Galore: Indian Startup Funding of the week.
This week 12 Indian startups raised approximately $10.5 Mn in funding and three startup acquisitions took place in the Indian startup ecosystem. (The Indian startup funding calculations are based on the startups that disclosed their funding amounts).
Indian Startup Funding Of The Week
Fashalot: Gurugram-based Fashalot, a location-based O2O fashion discovery platform, raised an undisclosed amount of Pre-Series A funding. The round was led by Capillary Technologies and saw participation from Whiteboard Capital and existing investors YourNest Angel Fund, Rajul Garg. The startup funding will be used to update its technology, hiring more talent and to scale its user base.
Transerv: Goa-based Transerve Technologies, a startup that offers geospatial technology-based SaaS solutions raised $1.6 Mn Series A funding from IL&FS Investment Managers and Omidyar Network. Transerve was incubated at the Center for Innovation, Incubation and Entrepreneurship (CIIE)- IIM Ahmedabad. This Indian startup is also supported by the Centre for Incubation & Business Acceleration (CIBA), Goa.
Inclov: Inclov, a matchmaking app for people with disability and health disorders raised an undisclosed amount of Pre-Series A funding. The funding round of Indian startup saw participation from angel investors Rajan Anandan, Jamil Khatri, Ravi Iyer, Debjani Ghosh (Ex-MD, Intel South Asia) and Quintillion Media’s founder Raghav Bahl (also the founder, Network 18). The startup will use the funds towards product development and geographical expansion in the coming years.
Multibashi: Jaipur and Bengaluru-based language learning startup Multibashi raised an undisclosed amount of Seed funding from angel investor Aniruddha Malpani and Startup Oasis. The Indian startup will spend the funding to strengthen its team, scale up the core technology and add new courses.
Vogo Automotive: Bengaluru based scooter rental startup Vogo Automotive secured an undisclosed amount in a Seed funding round led by Murugappa Group. Formula One racer Karan Chandhok, A. V. Thomas Group, Thiagaraja Group and a clutch of other investors also participated in the round. In an official statement, the company revealed that the newly-raised funding will be spent on building an automated technology platform. The investment will also enable Vogo to expand its tech team and bolster its marketing efforts.
CropIn: Bengaluru-based agritech startup CropIn raised an undisclosed amount of Pre-Series A funding from Singapore-based Beenext. Existing investors Ankur Capital, Boston-based organisation Invested Development also participated in the round. With this round of funding the total funds raised by the startup has increased to about $4 Mn. Last year, the startup had raised $2 Mn from Denmark based Sophia Investment.
CrediFiable: Consumer lending platform CrediFiable raised an undisclosed amount of Seed funding from Kae Capital. The Bengaluru-based company is looking to use the newly-secured Seed funding to increase its monthly disbursal to over $765K (INR 5 Cr).
TinMen: Zomato invested an undisclosed amount in the Hyderabad-based foodtech startup, TinMen. Post this investment, Zomato and TinMen will work together to expand its services, initially in Hyderabad, and then the rest of the country.
Synup: Digital marketing solutions startup Synup raised $6 Mn Series A funding. The round led by Vertex Ventures also saw participation from existing investor Prime Venture Partners. The startup will use the newly raised funds to expand its sales and marketing efforts as well as accelerate product development.
Rapido: Bengaluru-based bike taxi startup Rapido raised $422K in a fresh funding round led by US-based Battery Road Digital Holdings LLC. Existing investor Astarc Ventures and an undisclosed Indian technology fund also participated in this round. The company raised this sum between June and July this year.
Pitstop: Bengaluru-based car repair and servicing startup Pitstop raised $1 Mn Series A funding from Blume Ventures and Singapore-based Goldbell Group. Angel investors Anurag Srivastava, Shailesh Rao, Amiya Pathak, Rajesh Yohanan and Rahul Garg also participated in the round. The startup will focus on doorstep services and will invest in adding vehicles. It will also use the new funding to develop its technology.
Sportobuddy: Sports and fitness discovery portal Sportobuddy raised $1.5 Mn in a seed round from former IPL team owner Mehul Shah. The startup will use the money to push the brand’s digital initiative and reach out to its expanding user-base.
Also, Regional language-based social networking app, ShareChat, revealed its intentions to secure $15 Mn Series B funding from Beijing-headquartered electronics company Xiaomi and VC firm Shunwei Capital. Post the fundraise, the startup’s valuation is expected to soar to $65 Mn-$70 Mn, sources have revealed. Bengaluru-based ShareChat will be using the funding to improve its product portfolio by adding more languages.
Also, Delhi-based Lenskart acquired a minority stake in US-based startup Ditto for an investment of $1 Mn. Ditto provides 3D face modelling for virtual trial service to eyewear retailers to improve their customer experience.
Indian Startup Acquisitions Of The Week
- Noida-based television home shopping network and online marketplace, HomeShop18, the part of Network18 Media & Investments, acquired a 74% stake in Shop CJ Network. The deal is said to be anywhere between $27.45 Mn to $30.5 Mn.
- Delhi-based edtech startup NeoStencil acquired TestCafe, an analytics-based test practice portal. The acquisition will help the startup improve the testing capabilities and enhance the way in which competitive exams participants practice and check their preparedness.
- Flipkart acquired IT and mobile repair services company F1 Info Solutions. As part of the acquisition, all the owned and franchised centres of F1 Info Solutions across India will now come under the umbrella of Jeeves, a Flipkart company that serves as a one-stop service point for large and small home appliances and other electronics.
Also, NDTV board has agreed to sell ecommerce portal Fifth Gear to AutoByte. After Autobytes’ “infusion of funds” in Fifth Gear Ventures Ltd, the shareholding of the NDTV group in the business will be diluted, and the control and management of the venture will be transferred to Autobyte. Also with this move, Fifth Gear will also cease to be a subsidiary of NDTV.
Other Developments Of The Week
- The Kerala Startup Mission (KSUM) announced to host Idea Day in college campuses to encourage and fund innovative ideas, projects, and products. The innovation fund will be routed to the novel projects through Innovation Entrepreneurship Development Centers (IEDC) in 196 colleges across the state and technology product startups from outside.
- The 8th edition of Global Entrepreneurship Summit, GES 2017 which is being organised annually since 2010 by the government of the United States of America, will be held in India this time. NITI Aayog has been partnered to host it in Hyderabad from November 28-30, 2017. The theme of GES this year is ‘Women First, Prosperity for All.
Stay tuned for the next edition of the Funding Galore: Indian Startup Funding Of The Week!