We bring to you the latest edition Funding Galore: Indian Startup Funding of the week. This week 15 Indian startups raised about $30 Mn in funding altogether in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts)
Making it this week’s biggest Indian startup funding, Portea Medical raised $26 Mn funding in a Series C round led by Sabre Partners and MEMG CDC Ventures. Existing investors Accel, Washington-headquartered International Finance Corporation (IFC) and Qualcomm Ventures also participated in the round. Portea Medical is planning to utilise the investment to bolster its product offerings.
Indian Startup Funding Of The Week
Playment: This week the second highest funding in the Indian startup ecosystem took place in Bengaluru-based Playment. An AI-driven mobile crowdsourcing platform, the Indian startup raised $1.6 Mn as part of its Pre-Series A funding. The investment was led by YCombinator, Sparkland Capital and Silicon Valley angel investors such as Ryan Petersen (CEO, Flexport), Max Altman and others. Playment was part of Y Combinator’s Winter 2017 batch. Saif Partners did a super pro-rata in this round to take the total funding raised in the Pre Series A round to $2.2 Mn. The Playment team will use the newly raised funding to build its engineering, product, and data science teams, build an internal AI research lab, and set up an office in Bay area.
Saavn: Saavn, an Indian music distribution app which operates globally through New York, raised an undisclosed amount of funding from two new strategic investors, Senvest Management LLC and Endeavor. For Senvest, this will be the company’s first investment in India. Endeavor’s involvement would help strengthen ties between East-West music industries and further enable Saavn to grow its unique collaborations between Western and South Asian artists and producers.
CreditMate: Paytm made an undisclosed amount of investment in Mumbai-based fintech startup CreditMate. The raised funds will help the Indian startup in expanding its operations, distribution, lending partnerships, and technology.
KIVIHealth: Mumbai-based KiviHealth raised $400K in its Pre-Series A round led by Claris Capital, with the participation of Chandigarh Angels Network (CAN), few HNIs and existing investors. The raised funding will be utilised by the Indian startup to further strengthen its product offering and scale sales operations.