We bring to you the new edition Funding Galore: Indian Startup Funding of the week. This week 19 Indian startups raised $102 Mn in funding altogether and three startup acquisitions took place in the Indian startup ecosystem. (Startup funding calculations are based on the startups that disclosed their funding amounts).
The biggest news of the week was Flipkart’s proposed acquisition of eBay India receiving approval from the Competition Commission of India (CCI). The CCI has given a nod to eBay Singapore’s subscription of compulsorily convertible preference shares (CCPS) issued by Flipkart. Flipkart has, thus, shut down its global sourcing platform for sellers, Flipkart Global. The move aims to increase its reliance on the newly acquired eBay business for global sourcing.
This week Indian startup Ola picked up a maximum $50 Mn funding from hedge fund Tekne Capital Management, as an extension of its ongoing round. Earlier, in May 2017, Ola raised $104 Mn from RNT Capital and US-based hedge fund Falcon Edge Capital.
Also, Indian startup funding in the fintech space saw a lift as Mumbai-based online insurance brokerage platform Coverfox raised $15 Mn (INR 96 Cr) in Series C round. The round was led by US insurer Transamerica, along with the participation of existing investors. Coverfox’s existing investors include SAIF Partners, Accel India and Catamaran Ventures, the family office of Infosys co-founder, NR Narayana Murthy.
Indian Startup Funding Of The Week
Shopmatic: Indian startup Shopmatic raised about $5.7 Mn in Series A funding round led by tech-focussed VC firm ACP Pte Ltd. The round also saw participation from Singapore-based fund Spring Seeds Capital Pte Ltd. As a part of the startup funding round, Sameer Narula, ACP Managing Partner joined Shopmatic’s board.
Vista Rooms: Mumbai-based budget hotel aggregator Vista Rooms raised around $776K in Pre-Series A funding. The startup funding was led by some prominent names in the Indian startup ecosystem such as seed-stage investor Artha India Ventures, Singularity Holdings, online startup funding platform LetsVenture, Google India head Rajan Anandan, Freshworks CEO Girish Mathrubootham and Singapore Angel Network. The funds will primarily be used to run the fully-managed property business of the venture along with ramping up the technology team and marketing.