[Funding Galore] Over $908 Mn Raised By Indian Startups This Week

[Funding Galore] From Shiprocket To Pristyn Care — Over $908 Mn Raised By Indian Startups This Week

SUMMARY

The Indian startup ecosystem raised $908 Mn in funding across 53 deals

The week reported 9 acquisitions

Healthcare startup Pristyn Care was the new entrant to the unicorn club this week

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.

After a cold start in the first week of December, the Indian startup ecosystem gained its momentum as it racked up $908 Mn in funding across 53 deals between December 6 and 11. This is 70% higher than $535 Mn investment that the ecosystem picked up between November 29 and December 4 across 49 deals. This week’s investment is however 49% lower than the week prior where the ecosystem mopped up around $1.8 Bn in investment across 38 deals.

The biggest investment in this week was picked up Gurugram-based B2B logistics startup Shiprocket. The startup raised a total of $185 Mn in its Series E round co-led by Zomato, Temasek and Lightrock India.

The week further saw the rise of a new unicorn in the form of healthtech startup Pristyn Care. Inc42 exclusively reported on December 7 that the Gurugram-based startup has mopped up $84 Mn from Sequoia Capital and Tiger Global at more than $1.2 Bn valuation, thus taking the unicorn count of this year to 40.

Here are all the funding rounds disclosed this week:

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Startup IPOs

Snapdeal Converts Into A Public Entity; Fresh Issue Size To Be Worth INR 1,250 Cr

Inc42 exclusively reported on December 8 that the New Delhi-based ecommerce giant Snapdeal has converted into a public company. The startup has also proposed to issue fresh equity shares worth up to INR 1,250 Cr (~ $166 Mn) for its IPO offer. The offer will also include an additional offer-for-sale portion where some of the startup’s shareholders will sell their shares.

PharmEasy’s IPO Hit Roadblock

The Confederation of All India Traders (CAIT) has written to market regulator SEBI to reject the draft red herring prospectus (DRHP) of API Holdings, the parent company of healthtech unicorn PharmEasy.

In the letter, the traders’ body cited pending legal cases against PharmEasy, and termed its business model as illegal.

“The sale of medicines over the internet is not allowed according to an order passed by the High Court of Delhi in W.P.(C) No 11711 of 2018. The sale of medicines still continues till this date against the order by the High Court,” said Praveen Khandelwal, secretary general of CAIT, adding that contempt of court proceedings are still pending in the matter.

Acquisitions This Week

Edtech Giant BYJU’s Acquires Austria-based Math Learning Startup GeoGebra
Thrasio-style venture Upscalio has picked up majority stakes in four online-first auto-accessories brands — Autofurnish, Destorm, Urban Lifestylers and MotoTrance
Edtech Unicorn upGrad Acquires Talentedge to cement its position in higher education space
BICS Singapore, a subsidiary of the international communications enabler BICS, will acquire MOBTexting for an undisclosed amount.
MyGate has acquired MyCommunity Genie, a Bengaluru-based community commerce platform, to strengthen community commerce play
Mensa Brands has acquired six-year-old home decor brand Folkulture