SUMMARY
Zomato has acquired Uber Eats India
ReNew Power has raised $450 Mn funding through a dollar bond issuance
Info Edge (India) Ltd has launched an INR 100 Cr IE Venture Fund
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Funding Galore
Every week, more than a dozen startup secure funding and many get acquired. In this weekly series, we bring the latest deals from the Indian startup ecosystem consolidated at a single page.
We bring to you the latest edition of Funding Galore: Indian Startup Funding Of The Week!
In one of the biggest funding rounds, Clean energy startup ReNew Power has raised $450 Mn funding through a dollar bond issuance. ReNew Power is planning to use this funding to refinance its previous borrowing, which will be maturing next year. Moreover, $65 Mn of the funding will be used to meet its future capital requirements.
Since its launch, the company has emerged as India’s largest renewable energy producer in terms of total energy generation capacity. In the last three fiscal years, the company has also managed to double its operational capacity.
Overall, 20 startups raised around $972 Mn funding and one acquisition took place in the Indian startup ecosystem this week. (This funding report is based on startups that disclosed funding amount.)
Indian Startup Funding Of The Week
-
- ReNew Power: $450 Mn
- AppsFlyer: $210 Mn
- Bounce: $105 Mn
- Digit Insurance: $84 Mn
- Livspace: $60 Mn
- Zoomcar: $30 Mn
- Park+: $11 Mn
- Samya.AI: $6 Mn
- Kristal.AI: $6 Mn
- Eupheus: $4.3 Mn
- Samosa Singh: $2.7 Mn
- Crysta: $1.4 Mn
- SmartKarrot: : $1 Mn
- Invento Makerspaces: $0.29 Mn
- GetVantage: Undisclosed
- Pine Labs: Undisclosed
- Instoried: Undisclosed
- Keito: Undisclosed
- Konfinity: Undisclosed
- Nupay: Undisclosed
- AppsFlyer
San Francisco-headquartered and Bengaluru-ba
- Bounce
- Digit Insurance
- Livspace
- Zoomcar
- Park+
Delhi NCR-based Park+ has raised $11 Mn in funding from marquee VCs — Sequoia Capital and Matrix Partners. The funding round also witnessed participation from MakeMyTrip founder Deep Kalra and cofounder Rajesh Magow; BookMyShow founder and CEO Ashish Hemrajani; CRED founder Kunal Shah; Snapdeal cofounders Kunal Bahl and Rohit Bansal among others. The funds will be utilised for building the platform, raising the supply i.e. discovering and adding more parking spots and getting users to adopt.
- Samya.AI
- Kristal.AI
- Eupheus
- Samosa Singh
- Crysta
- SmartKarrot
- Invento Makerspaces
- GetVantage
- Konfinity
- Pine Labs
- Instoried
- Keito
- Nupay
Neobanking startup Nupay has raised an undisclosed amount of funds from Venture Catalysts. The funding round also saw the participation of many leading angel investors, including the likes of Navin Puri, ex-country head branch banking, HDFC Bank and Vishwadeep Bajaj, CEO and founder of ValueFirst. Nupay aims to utilise the funds towards geographical expansion and product optimization.
Indian Startup Acquisitions Of The Week
- Bengaluru-based Zomato has acquired Uber Eats’ food delivery business in India for $350 Mn, the Indian food delivery giant has announced. After this acquisition, Uber Eats’ will continue to remain a separate brand. However, customers will be automatically redirected to Zomato, giving the Indian food aggregator access to almost 50-55% of the market.
Other Developments Of The Week
- Noida-based Info Edge (India) Ltd, the parent company of online job listing platform Naurkri has launched an INR 100 Cr IE Venture Fund. The fund is sponsored through Smartweb Internet Services Ltd, a wholly-owned company of Info Edge.
- Cloud data services provider NetApp announced the graduation of its fifth cohort as part of its acceleration programme, NetApp Excellerator. The five technology startups, which graduated from the programme are CloudSEK, Senseforth.ai, Lightwing, Coralogix and Curl Analytics.
- Gurugram-headquartered wealth management platform INDwealth is now raising its Series C funding round, after barely one and a half years of starting operations. The company is raising $12 Mn in the current round of funding from existing and new investors.
- Mydala founder and former CEO Anisha Singh has launched an early-stage venture capital fund, She Capital, to facilitate fundraising for Indian women entrepreneurs.
- Japanese financial services company Credit Saison has decided to create a loan book of $1 Bn in India over the next few years with a special focus on micro, small and medium enterprises (MSME) sector. Flagging off the initiative, Credit Saison announced a partnership with an India non-banking financial company (NBFC) Capital Float.
- Realty firm Embassy Group is planning to foray in coliving space with an investment of INR 1000 Cr by 2021. The Bengaluru-based group will operate the coliving business under a separate firm called Olive.
- Global machine connectivity solution company Skylo has raised $103 Mn in Series B funding round led by Japanese conglomerate SoftBank Global.
- American multinational investment bank JP Morgan and UK’s Department for International Development (DFID) have committed $15 Mn to fintech accelerator Catalyst Fund to back 30 startups across the globe.
- Flipkart cofounder Sachin Bansal seems to be putting everything at stake for the success of his new venture Navi Technologies. According to reports, he is likely to invest all the proceeds from the sale of his stake in Flipkart into the financial services company.
- Bengaluru-based tech and service company G7CR Technologies has announced the launch of the ‘SSB 360 programme’ in partnership with global tech giant Microsoft. The programme provides opportunities for startups and small enterprises to receive benefits of up to $3 Mn.
- Sequoia Capital, the most active VC in the Indian startup ecosystem last year, may soon be about to launch a $1.25 Bn fund for India, which would be the largest venture fund for Indian startups to date.
- California-based logistics automation platform LogiNext has raised $39 Mn funding from US-based marquee investors Tiger Global Management and Steadview Capital. LogiNext is planning to use this Series B funding to expand its presence outside India and into New York, London and Sydney.
Stay tuned for the next week edition of Funding Galore: Indian Startup Funding Of The Week!
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.