We bring to you the latest edition Funding Galore: Indian Startup Funding of the week. This week 15 Indian startups raised about $1.193 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 the biggest Indian startup funding news of the week, Ola confirmed $1.1 Bn funding round led by Tencent Holdings Limited. Nearly eight days after reports of the fundraiser first surfaced. Existing investor SoftBank, in addition to other new US-based financial investors, also participated in the round.
Further, Flipkart Group allocated $460 Mn (INR 3000 Cr) to Ekart for the investment deals and also fuelled in $500 Mn in digital payments subsidiary PhonePe. Recently, Flipkart also raised its investment fund from $460 Mn (INR 3000 Cr) to $1.2 Bn (INR 8000 Cr) considering the future opportunities in line.
Indian Startup Funding Of The Week
PolicyBazaar: The second biggest Indian startup funding news of the week was online insurance policy aggregator PolicyBazaar raising $77 Mn (INR 500 Cr) equity funding in a round led by global asset management firm, Wellington Management. The round also saw participation from IDG Ventures India and PE firm True North. A clutch of existing backers, including Tiger Global Management, Singapore government-run Temasek and PremjiInvest, also joined in. The funding will get invested in technology, customer service, and towards geographical expansion.
Meesho: Bengaluru based social ecommerce startup Meesho raised $3.1 Mn in a round of funding led by SAIF Partners. Existing investors YCombinator and Venture Highway also participated in the round. The startup plans to use the funding to hire for its tech and business operation teams. It is also looking to scale up its platform by bringing in more resellers through community engagement and referrals.
Chaayos: Gurugram-headquartered chai startup, Chaayos raised $2 Mn funding from existing investor Tiger Global Management. A few individuals also participated in the round. The investment is part of an internal round of funding and will be used to expand the chain of tea outlets currently operating under the Chaayos brand.