Funding Galore: Indian Startup Funding Of The Week [August 3- 8]

We bring to you the latest edition of Funding Galore: Indian Startup Funding Of The Week!

Edtech platform Springboard has raised $31 Mn in a Series B funding round led by Telstra Ventures with participation from Vulcan Capital and SJF Ventures, and returning investors like Costanoa Ventures, Pearson Ventures, Reach Capital, International Finance Corporation (IFC), 500 Startups, Blue Fog Capital and Learn Capital.

It plans to use the latest funding to work on student employability in a changing job market both in India and around the world by creating new hiring-focused products and strengthening employer partnerships to help graduates land their dream careers. In order to facilitate this plan, the company has also been building an innovative platform, including a hireability forecaster, Springboard Introductions for personalised introductions and job referrals.

Overall, $55.4 Mn was invested across 13 Indian startups this week, and three acquisitions took place. (This funding report is based on startups that disclosed funding amounts).

Indian Startup Funding Of The Week

1. Springboard: $31 Mn
2. FreshToHome: $16.2 Mn
3. Eduvanz Financing: $3 Mn
4. Wobot Intelligence: $2.5 Mn
5. Origo Commodities: $867K
6. Yulu Bikes: $796K
7. EasyPolicy: $726K
8. Bolo Indya: $500K
9. Data Sutram: $226K
10. Phable Care: $162K
11. Beewrks: $150K
12. Zo Rooms: $73K
13. Probus Smart Things: Undisclosed

• FreshToHome: Bengaluru-based online marketplace for perishable goods FreshToHome is raising nearly $16.2 Mn (INR 122,25,79,350) from Ascent Capital India. According to the ministry of corporate affairs filings accessed by Inc42,  the fair value per equity share is INR 952, with an enterprise value of INR 1,830 Cr ($244 Mn).

• Eduvanz Financing: Mumbai-based student loans startups Eduvanz Financing is raising $3 Mn (INR 23 Cr) in Series A funding round led by Sequoia’s SCI Investment VI fund. Redwood Trust, Vistra ITCL on behalf of Unitus Seed Fund India II and QED Innovation Labs will also be participating in this round.

• Wobot Intelligence: Delhi-based video analytics platform Wobot Intelligence has raised $2.5 Mn in pre-Series A round led by Sequoia India to strengthen its proprietary technology platform and expand globally.

• Origo Commodities: Origo Commodities has raised $867K (INR 6,50,00,000) through non-convertible debentures from IFMR FImpact Long Term Multi-Asset Class Fund, according to the ministry of corporate affairs filings accessed by Inc42.

• Yulu Bikes: Yulu Bikes has received an approval to raise $796K (INR 5.97K) from Bajaj Auto. According to the corporate affairs fillings, the company will be allocating 895 Series A2 preference shares at a face value of INR 100 and premium of INR 66,650 to Bajaj Auto.

• EasyPolicy: EasyPolicy has received the approval of its existing investors to issue 54,54,600 equity shares at face value of INR 10 worth $726K (INR 5.45 Cr) to Unilazer Ventures, according to the corporate affairs fillings accessed by Inc42.

• Bolo Indya: Gurugram-based regional language short-video platform Bolo Indya has raised $500K Series A funding from Eagle 10 Ventures and India Accelerator Group. It will use the funding to aggressively enhance its personalisation and recommendation engine, develop language evangelists and strengthen the team. A part of the fund will also be used to broaden and accelerate product development.

• Data Sutram: Kolkata-based Data Sutram has raised $226K (INR 2 Cr) in seed funding from Indian Angel Network angels Uday Sodhi, Mitesh Shah and Nitin Jain. The company will use this funding to strengthen its platform by providing enhanced services to our consumers.’

• Phable Care: Health management platform Phable Care has raised $162K (INR 1.22 Cr) in pre-Series A from nearly 40 investors.  According to the ministry of corporate affairs’ fillings, Phable Care’s parent company Terrals Technologies Private Limited has allocated 439 Pre-Series A1 equity shares at face value of INR 100 and premium of INR 27,738 to 40 allottees.

• Beewrks: Digital contact center marketplace, Beewrks, has raised $150K from Phonon Communications. WIth this investment, Phonon aims to get nearly 1 Lakh professionals employed on Beewrks.

• Zo Rooms: Budget hotel room has raised $73K (INR 55 Lakhs) through non convertible debentures from Orios Ventures Partners Fund I.

• Probus Smart Things: IOT enabled Smart grid automation startup Probus Smart Things has raised an undisclosed amount in a seed funding round led by Mumbai-based early-stage investment firm Unicorn India Ventures. The company plans to use this funding to scale up its platform and expand to new geographies.

Indian Startup Acquisitions Of The Week

• Edtech unicorn BYJU’s has acquired Mumbai-based Whitehat Jr. for $300 Mn in order to expand its offerings. After the acquisition, BYJU’S will make significant investments in WhiteHat Jr’s technology platform, product innovation, while expanding the teacher base to cater to demand from new markets. WhiteHat Jr. Founder, Karan Bajaj will continue to lead and scale this business in India and the US.

• Mumbai-based direct-to-consumer (D2C) brand MyGlamm has acquired Delhi-based women-focused digital media and ecommerce platform POPxo for an undisclosed amount. Darpan Sanghvi of MyGlamm told Inc42 that this is a 100% acquisition, but POPxo will remain an independent entity and continue to operate as it is. With this acquisition, POPxo CEO and founder Priyanka Gill will be joining MyGlamm as a cofounder.

• Gurugram-based online used car platform Spinny has acquired rival Truebil for an undisclosed amount. The acquisition comes at a time when the used car market has gained momentum due to a change in personal transport preferences due to Covid.

Other Developments Of The Week

• The Reserve Bank of India (RBI) has decided to bring startups under the purview of priority sector lending (PSL), which will allow them to borrow capital from banks smoothly.

• The agriculture ministry is planning to invest nearly $4.8 Mn (INR 36.71 Cr) in 346 agritech startups and startups working in allied sectors like agro-processing, artificial intelligence, digital agriculture, farm mechanisation, waste to wealth, dairy, fisheries among others.

• Microsoft is reportedly in talks to invest $100 Mn in Indian social media platform Sharechat. ShareChat’s existing investors are expected to join Microsoft in the round, which could see ShareChat becoming the latest startup in India’s unicorn club.

• Early-stage venture capital firm Orios Venture Partners’ has finally announced the third cohort of its seed-stage acceleration programme Misfits. The third cohort includes nine startups — Karbon Card, CityCash, MoneyOnClick, Gully Network Retail, Intelligence Node, GolBol, Krishify, Leher, YumLane.

• Indian internet company and parent of jobs portal Naukri.com, Info Edge has announced a qualified institutional placement (QIP) to raise up to $250 Mn (INR 1,875 Cr).

• Billionaire Yuri Milner-led DST Global is reportedly in talks to invest $400 Mn in Indian edtech giant BYJU’S, valuing the company at $10.5 Bn. According to a Bloomberg report citing sources, the deal could be signed as early as this weekend.

• Edtech startup Toppr has infused an additional $10 Mn into its business to launch its special operating system for schools that will allow schools to run digitally, and create a standardised and personalised experience.

• GOQii has received an internal infusion of $504K (INR 3,78,86,865) from its US-based parent company GOQII Inc, as per the corporate affairs filings.

Stay Tuned!

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