We bring to you the new edition Funding Galore: Indian Startup Funding of the week. This week 13 Indian startups raised about $67 Mn in funding altogether and four startup acquisitions took place in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts).
Once again, the most discussed news for this week continued to be Flipkart-Snapdeal merger. In the latest development, Snapdeal board has rejected an offer of about $700-800 Mn from Flipkart for the proposed deal. The development comes just a few days after Flipkart completed its commercial and legal due diligence of Snapdeal. The offer made by Flipkart is just for Snapdeal’s marketplace and will not include Freecharge and Vulcan. the deal isn’t off at the moment and the negotiations will continue but valuation differences between the two companies are likely to delay the process.
Cab aggregator Uber poured $7.9 Mn (INR 51.46 Cr) into its Indian arm – Uber India Systems. This infusion occurred in May 2017. The amount was transferred from the company’s subsidiaries in Netherlands, including Uber Holdings International BV, Uber International BV, Besitz Holding BV and Mieten BV.
Also, it came to notice that in May 2017 Amazon fuelled about $52.7 Mn (INR 341 Cr) in Indian subsidiary Amazon Wholesale, through Amazon Corporate Holding Singapore and Amazon Inc Malaysia. It takes the total investment to about $117 Mn (INR 756 Cr). Also, the company poured in about $260 Mn (INR 1,680 Cr) in Amazon Seller Services. This takes the total money invested in the Indian unit to about $2.1 Bn (INR 13,800 Cr).
Indian Startup Funding Of The Week
UrbanClap: The biggest Indian startup funding of this week was raised by Gurugram-based mobile services marketplace UrbanClap. The startup raised $21 Mn Series C funding. The round was led by Internet investment fund Vy Capital. Existing investors SAIF Partners, Accel Partner, Bessemer Venture Partners also participated in the round. The startup will use the recently raised funds ‘to expand to more cities, invest in technology, and add new vendors.
Droom: The second largest Indian startup funding to this week was raised by another Gurugram-based startup Droom. The automobile marketplace raised $20 Mn (INR 130 Cr) Series C round led by Integrated Asset Management and Japan’s Digital Garage. The round also saw participation from existing institutional investors including Lightbox Ventures, BEENEXT, Beenos. Apart from this, a number of prominent institutional investors and family offices from China, Hong Kong, and Taiwan participated in the round.