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
Delhi-based B2B fintech platform BharatPe has taken a big leap towards the unicorn club by raising $108 Mn in Series D funding round at a post-money valuation of $900 Mn, after only two years of launch. The funding round was led by the company’s existing investor Coatue Management, with the participation from other existing investors Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.
The company has raised about $90 Mn of this funding through a primary share sale, while the rest was through a secondary share to provide an exit to angel investors as well as ESOP holders. Overall, it has raised $268 Mn in equity and debt till date.
Overall, $322 Mn was invested in Indian startups across 32 deals this week.
Note: This funding report is based on startups that disclosed funding amounts
|BharatPe||Fintech||$108 Mn||Series D||Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, Sequoia Capital|
|VerSe Innovation||Media And Entertainment||$100 Mn||Series H||Qatar Investment Authority (QIA), Glade Brook Capital Partners, Others|
|SplashLearn||Edtech||$18 Mn||Series C||Owl Ventures, Accel Partners|
|TenderCuts||Foodtech||$15 Mn||—||Paragon Partners,, NABVENTURES|
|Nazara Technologies||Media And Entertainment||$13.7 Mn||—||Instant Growth Limited (IGL)|
|Phable Care||Healthtech||$12 Mn||Series A||Manipal Hospital, SOSV, Fresco Capital, Social Starts|
|SarvaGram||Fintech||$10.5 Mn||Series B||elevation Capital, Elevar Equity|
|Eduvanz||Edtech||$10 Mn||Debt||InCred Financial Services, Vivriti Capital, Northern Arc Capital|
|Scentials||Healthtech||$6 Mn||—||TIW PE|
|Newton School||Edtech||$5 Mn||Series A||RTP Global, Nexus Venture Partners, Prophetic Ventures, Unacademy Founders|
|Ushur||Enterprise Tech||$5 Mn||Series B||Iron Pillar, Alfac Global Ventures|
|Pepperfry||Ecommerce||$4.8 Mn||Debt||InnoVen Capital|
|Hiver||Enterprise Tech||$4 Mn||Debt||Mars Growth Capital|
|GlobalFair||Ecommerce||$2 Mn||Seed||Saama Capital, India Quotient, First Cheque, Others|
|Method & Madness Technology||Real Estate Tech||$2 Mn||Seed||Tinder founder Justin Mateen, Others|
|Swajal||Healthtech||$1.6 Mn||—||RVCF, P&G’s former CFO Pramod Agarwal, ACPL|
|Progcap||Fintech||$1.3 Mn||Debt||Stride Ventures|
|Unlu||Media And Entertainment||$1.2 Mn||Seed||Nexus Venture Partners, Mumbai Angels, VGangels, TiE, Expert Dojo|
|Zingavita||Consumer Product||$413K||Seed||Anicut Angel Fund|
|AutomataPi||Enterprise Tech||$413K||Seed||Indian Angel Network|
|EduFund||Fintech||$344K||Pre-Seed||View Trade Holding Corp|
|WYN Studio||Media And Entertainment||$275K||Pre-Seed||Drummi Bhatt, Tanya Sacchdev, Jyoti Tiwari and Seema Saroj|
|Supersourcing||Enterprise Tech||$206K||Seed||Vijay Shekhar Sharma, Dr Ritesh Malik, Nikhil Sharma|
|Supply6||Consumer Product||$137K||Seed||India CXO Fund, MAGEhold|
|Hypd Store||Media And Entertainment||Undisclosed||Seed||ScoopWhoop|
|Zingbus||Travel Tech||Undisclosed||Pre-Series A||Venture Catalysts, Titan Capital, Better Capital, Tiesh Agarwal, Anupam Mittal|
|Wizikey||Media And Entertainment||Undisclosed||—||Sarah Maxwell|
|Spice Story||Media And Entertainment||Undisclosed||Seed||Venture Catalysts|
Top 10 Indian Startup Funding Deals This Week
- BharatPe: $108 Mn
- VerSe Innovation (DailyHunt): $100 Mn
- SplashLearn: $18 Mn
- TenderCuts: $15 Mn
- Nazara Technology: $13.7 Mn
- Phable Care: $12 Mn
- SarvaGram: $10.5 Mn
- Eduvanz: $10 Mn
- Scentials: $6 Mn
- Newton School: $5 Mn
Acquisitions In Indian Startup Ecosystem
- Global platform in motion graphics LottieFiles has acquired Surat-based design asset marketplace Iconscout for an undisclosed amount. “Our goal is to empower designers and developers and save them weeks of work by freeing them from creating, collaborating, testing, and editing design assets. We are grateful to the Iconscout team for coming along on this journey with us and thrilled they too share this common vision,” said LottieFiles’ cofounder and CEO Kshitij Minglani.
Other Developments Of The Week
- Mumbai-based early-stage venture capital firm India Quotient has announced the launch of the fourth fund through which it is looking to raise $80 Mn to invest in direct-to-consumer (D2C), enterprisetech, edtech, fintech and social media startups.
- Mumbai-based incubator and Venture Catalysts’ early stage startup fund 9Unicorns has raised $14 Mn (INR 100 Cr) from Haldiram’s and other investors. Snacking and food giant Haldiram’s had announced a partnership with Venture Catalysts in April 2019, looking to invest in tech startups.
- Zomato’s plans to list publicly have gained momentum as the company has increased its paid-up capital by 3X to INR 1,448 Cr in preparation of raising funds in the near future. The development coincides with the possibility of Zomato raising an additional $500 Mn in a pre-IPO funding round, at a valuation of $5.5 Bn.
- Zoomcar’s losses have more than doubled in FY20 from FY19’s INR 209 Cr to INR 424.3 Cr. It reported a revenue of INR 294.6 Cr in FY2020, representing an increase of 10% from previous year’s INR 266.6 Cr. The company’s losses, on the other hand, almost doubled to INR 424.3 Cr in the same time period due to the 35% increase in expenses.
- Bengaluru-headquartered fintech startup CRED posted operating revenue of just 52 lakh in the fiscal year ended March 31, 2020. The company’s total expenses stood at INR 378.39 C, learning to an after-tax loss stood at INR 360.31 Cr.
- Indian payments unicorn Pine Labs saw its revenue grow 43% to INR 701.62 Cr in the fiscal year ended March 31, 2020 (FY20). The company’s expenses grew at a slightly faster clip by 56%, leading to a a loss of INR 57.72 Cr.
- Even though ShareChat’s revenue for FY20 stood at INR 38.12 Cr, but its operational revenue was at a decent INR 9.38 Cr. Other income, which includes the interest earned on fixed deposits and current investments, stood at INR 28.74 Cr. Of the company’s operational revenue, INR 8.92 Cr was earned as income from advertisement contracts.
- Chennai-based financial services marketplace BankBazaar has managed to cut its loss by over 50% to INR 85.4 Cr in the financial year 2020, but this has come at the expense of receding revenues. Its consolidated revenue has dropped below the INR 100 Cr mark to INR 84.3 Cr in FY2020, with expenses dropping another 50% to INR 170.2 Cr.
- After a year when its loss increased 72% year-on-year (YoY) to INR 183.49 Cr, Pepperfry has managed to cut its losses by 33% to INR 33% in the financial year 2020. A chief factor for Pepperfry’s better financial performance was the increase in revenue by 26% YoY to INR 260.61 Cr.
- Grofers’ total revenue in the fiscal year ended March 31, 2020 (FY20) stood at INR 176.79 Cr, with losses growing 42% to INR 637.49 Cr. This pales in comparison to BigBasket’s revenue of INR 3,818 Cr for the year.
- Bengaluru-based meat delivery startup Licious has reported steady growth in the financial year 2020 by cutting down its losses by 66% to INR 146.3 Cr. The company’s revenue for the year ended March 31, 2020 grew to INR 138 Cr, while its expenses reached INR 283.8 Cr.
- With the new social security code for gig workers, several internet companies that work with these gig workers have committed $68 Mn (INR 500 Cr) to the proposed social security fund.