Here is a list of top funding deals that happened in Indian Startup Ecosystem this week. Check out the brief description about all of them.
Few days back we reported that a recent RBI data has revealed that growth of digital payment startups like PayTM, Mobikwik and Freecharge have been spurred by demonetization. Seeing that factor investors are lining up to fund digital payment startups, and as PayTM recently raised whopping $1.4 billion from Softbank and Freecharge’s parent company is already down for selling out itself its time for Mobikwik to become next unicorn of India.
According to a report by Techcrunch, Mobikwik’s co-founder Upasana Taku confirmed that the company is in talks to raise $100 million–$150 million in a round that would value the company at more than $1 billion, making its entry to India’s elite club of Unicorn Startups.
Cab-hailing firm Ola, operated by ANI Technologies Pvt. Ltd, has raised about $50 million (Rs 322 crore) from New York-based hedge fund Tekne Capital Management LLC, as part of the company’s ongoing funding round, reported ET. Tekne Capital is a hedge fund founded by Beeneet Kothari, a former portfolio manager at PointState.
Two people familiar with the development saying that the latest round of funding will push Ola’s valuation to about $3.65 billion from $3.5 billion in February. In August 2015, the company was valued at $4.8 billion.
Glitterbug Technologies, which owns and operates online insurance brokerage Coverfox, has raised about 96 crore ($15 million) in its series-C round. The funding was led by US insurer Transamerica, with participation from existing investors. The company is also in discussions with Fosun Kinzon Capital, the VC unit of Chinese conglomerate Fosun International, to raise about $5-10 million that could be an extension of the latest round.
The latest round of equity financing values Coverfox between $70 million and $100 million, reported ET. Its current list of investors include SAIF Partners, Accel India and Catamaran Ventures – the family office of Infosys co-founder, NR Narayana Murthy.
MoneyTap has raised a total of $12.3 million in funding to drive the continued expansion of its app-based consumer credit line in India. The investment was led by Sequoia India and supported by existing investors, NEA and Prime Venture Partners. As a testament to its continued popularity among its users, MoneyTap is on target to issue credit lines worth INR 300 crores by the end of the current fiscal year. With this fresh funding, MoneyTap plans to solidify its leadership position by improving credit accessibility for other segments of customers, partnering with 6 other Banks and NBFCs and expanding to 50 cities in India by the end of 2017.
Healthcare focused venture capital fund, Healthquad has achieved its final close with the total commitment of Rs 750 million for investing in thematic and disruptive healthcare business models in India. The Fund is also the first early stage investment vehicle by the leading healthcare private equity investors, Dr. Amit Varma, Abrar Mir and Charles Antione Janssen.
The Fund targets to invest around Rs 4 billion in healthcare companies that have the potential to disrupt the healthcare landscape by dramatically improving the productivity, affordability and accessibility of healthcare through differentiated and innovative solutions.
Lendingkart Finance Limited, today announced that it has raised fresh debt funding from YES BANK, India’s 4th largest private sector bank. The funds will be utilized to further build the loan book as the company expands their reach to SMEs operating in tier 3 and below cities facing lack of formal credit facilities.
With the vision of driving inclusiveness and financial sustainability across India, YES BANK is actively engaging the unbanked and under-banked population in India. It uses sophisticated financial tools and has adopted advanced technologies that are traditionally available only to big businesses, to develop offerings for the marginalized poor.
Kolkata based Wow! Momo, which is touted as India’s first and largest chain of branded Momos, raises Rs. 44 Crores as Series B funding from Lighthouse Funds and Indian Angel Network at a 230 Cr Valuation. The fund raised also provides a highly profitable exit to some IAN investors (whosoever elected to sell their earlier investment) with an IRR of nearly 50% in less than 18 months.
The deal has been led by Lighthouse Funds, which largely focuses on mid-market consumer driven businesses. IAN, the world’s largest angel network exercised their pre-emptive right in this round. Mr. Sanjeev Bhikchandani, founder of Naukri.com, has been the lead Investor in Wow! Momo on behalf of IAN since the earlier round in 2015.
Singapore-based e-commerce firm, Shopmatic has raised $5.7 million in pre-series A round led by led by technology venture capital firm ACP Pte Ltd and Spring Seeds Capital. Spring Seeds Capital is an investment subsidiary of Spring Singapore, an agency under Singapore’s trade and industry minister.
The company plans to utilize freshly infuse funds to aggressively expand to Indonesia, the Philippines and West Asia.Commenting on the development, Sameer Narula, Managing Partner, ACP said, “By using the deep data-sets generated on its platform, Shopmatic has the potential to enable SMEs and partners better target their services and products and to accelerate the adoption of e-commerce in these high-growth markets,” Narula, as part of this round will be joining the board of Shopmatic.
CSR and Sustainability Management technology platform, Goodera has raised its Series A round of funding of $5.5 million from Nexus Venture Partners and Omidyar Network. Varsha Rao, previously Head of Global Operations at Airbnb also participated in this round along with other prominent angels. Apart from funding, Naren Gupta, co-founder and MD, Nexus Venture Partners has joined the Goodera board.
Startup plans to utilise freshly infused funds in strengthening their technology, deepening domain expertise and supporting customer acquisition and experience.
Ahmedabad-based snacks maker Chhajed Foods Pvt Ltd has raised Rs 30 crore ($4.67 million) from venture capital firm GVFL Ltd (formerly Gujarat Venture Finance Ltd), DEALSTREETASIA has learnt. Founded in 1979, Chhajed Foods offers a range of ready-to-fry (RTF) snack pellets under two broad categories, cereal based Pellet (Paan iPuri) & potato based pellet, and its products are sold under the brand name ‘FRYLO’ and ‘PUMPUM’. Chhajed Foods markets its products under two brands — ‘Frylo’ for its retail dealers of ready-to-fry snack pellets and ‘Pumpum’ for its institutional production of ready-to-fry snack pellets. Mumbai-based investment banking firm JR Laddha Financial Services Pvt Ltd acted as the financial adviser for the deal.
Apart from these top 10 funding deals, here are a few startups which have also secured funding for their growth and expansion:
Goodbox, an app that offers small and medium-sized businesses an e-commerce platform, has raised about $1 million (Rs 6.5 crore) in a fresh funding round led by existing investor Nexus Venture Partners, the company’s latest filings with the ministry of corporate affairs show.
Toilet hygiene global brand Pee Safe – Toilet Seat Sanitizer, run by Redcliffe Hygiene Pvt Ltd raise $1M from Mumbai based Venture Catalysts, Detroit-Rome-Zurich-Mumbai based Alfa Capital, Green Shots Capital, and Real Time Ventures.
Noida-based daily needs micro delivery startup MrNeeds has raised about $500K in Pre-Series A funding from a clutch of undisclosed investors.
fincash.com, a Mumbai-based fintech startup, has raised $100,000 in funding from a group of angel investors including Mohammed Khan, founder of advertising agency Rediffusion, and Sameer Narayan, former fund manager at BNP Paribas.
Mumbai-based Stay Vista Pvt. Ltd, which operates budget hotel aggregator Vista Rooms, has raised a little over Rs 5 crore ($776,000) from a bunch of investors including seed-stage investor Artha India Ventures and online funding platform LetsVenture.
Cricketer Yuvraj Singh has reportedly invested in online restaurant reservation platform EazyDiner.
Healthtech startup HealthIntel Services (HealthIntel.co) has raised an undisclosed amount of growth capital from BLIP Initiatives.
Hyderabad-based Edgefx Technologies Pvt Ltd, which provides do-it-yourself project kits for engineering students, has raised an undisclosed amount in a bridge round from a clutch of investors.
VanityCask Tech Pvt. Ltd, which runs luxury beauty products discovery platform VanityCask, has raised an undisclosed amount in seed funding from Singapore-based angel and venture capital firm RB Investments.
White Owl Brewery Pvt. Ltd, a Mumbai-based craft beer maker, which also runs a gastropub in the city, has raised a fresh round of funding from a clutch of investors.
HyperTrack Inc., a US-India-based startup that helps businesses track their executives and products in real time, has raised an undisclosed amount in a Series A round of funding led by Nexus Venture Partners and Founders Fund.
The Bengaluru based online peer-to-peer lending platform LoanMeet, which is run by Strivers Solutions Pvt. Ltd, has raised an undisclosed amount of seed funding from Chinese entrepreneur-turned-investors Cao Yibin and Huang Wei, along with KrazyBee.com co-founder and CEO Madhusudan E, participated in this round.
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