We bring to you the latest edition Funding Galore: Indian Startup Funding of the week. This week 12 Indian startups raised about $2.072 Bn in funding in the Indian startup ecosystem and two startup acquisitions took place. (The startup funding calculations are based on the startups that disclosed their funding amounts)
Making it the biggest announcement for the month, Bengaluru-headquartered cab aggregator Ola has reportedly raised $2 Bn in a fresh funding round led by the investment arm of Chinese Internet giant, Tencent. Existing investor, Softbank Group Corp, also participated in the round. Tencent poured nearly $400 Mn into the ride-hailing startup, taking the latter’s valuation to $3.8 Bn. Other backers in Ola’s latest financing round include a VC fund jointly run by the University of California’s investment arm, Ratan Tata and a number of US-based institutional investors.
Flipkart fueled in its digital payment arm PhonePe, with a $38.7 Mn investment and invested another $98 Mn in its logistics arm Ekart, through the group firm Klick2Shop. Also, Amazon India revealed its plans to increase its investment in Amazon Pay by up to five times.
Indian Startup Funding Of The Week
SlicePay: Bengaluru-based fintech startup SlicePay raised $2 Mn as part of its ongoing Series A funding round. The investment in the Indian startup was led by Japan-based Das Capital, Simile Ventures from Russia and few undisclosed angel investors. Existing investor Blume Ventures also participated in the round. The startup funding will be used to expand in three more cities, as well as make some senior-level hiring.
Drivezy: P2P car and bike sharing platform Drivezy raised $10 Mn in a part equity and part debt funding. The equity investment totalling $5 Mn has been made by American and Japanese investors, including Das Capital, Axan Partners, Das Capital and IT Farm. Meanwhile, a group of banks and NBFCs including Mahindra Finance, ICICI Bank, Cholamandalam Finance and Shriram Finance has invested $5 Mn in debt in Drivezy. In addition to raising this round, Drivezy also announced the launch of its first private Initial Coin Offering (ICO) to expand its peer-to-peer sharing marketplace for cars and bikes. The startup funding will be used to create Rental Coins– a currency for car-sharing industry.
Farm Taaza: Bengaluru based B2B agritech startup, Farm Taaza raised $8 Mn Series A funding in a round led by Epsilon Venture Partners. The round saw participation from IL&FS Investment Managers’ Tara India Fund IV and other angel investors. The startup funding will be used for expansion across the southern part of India. The financing will also enable the startup to further develop its tech stack.