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.
CleanMax Solar, India’s largest rooftop solar developer for the corporate sector, today announced that it has secured equity financing of up to $100 million from an affiliate of Warburg Pincus, a global private equity firm focused on growth investing. CleanMax Solar enjoys 24% market share in India’s booming rooftop solar market (Source: Bridge to India 2017 report) and has numerous marquee clients including the Tata group, the Mahindra group, the TVS group, Carlsberg India, Konecranes India, Carl Zeiss India, Manipal Education and Medical Group, SKF India Limited, Mindtree Limited and Alkem Laboratories Limited. CleanMax will use the funds to continue its rapid growth in the rooftop and open access solar power markets in India, while pursuing growth in select international markets (Middle East and South-East Asia), and growing the nascent, yet promising energy storage solutions business.
Leading payments company, Innoviti Payment Solutions today announced financing of Rs 120 Crores (~ USD 18 million) to further its vision of digitally organizing the flow of money for businesses across the retail supply chain. The current round was led by the SBI-FMO Fund, Bessemer Venture Partners and existing investor Catamaran. Masterkey Holdings, Bangalore were the exclusive investment bankers to the deal.
The current round of funding will be used to a) aggressively market the uniPAY Next experience to acquire customers looking for greater speed and reliability in their payment acceptance, b) rapid expansion of smelending.com platform to provide working capital loans to kirana stores and brand franchisees and c) expand the product to address payment and lending issues beyond just retail to more businesses across the supply chain.
Mitsui & Co, which is part of Japanese conglomerate Mitsui Group, has invested about Rs 20 crore in Hyderabad-based automotive technology startup Smart Auto Systems in a Series-A round, according to documents filed with the Registrar of Companies (ROC).
Bootstrapped since its inception in 2015, this is the first infusion of external capital in the company, and will be used to further build out its technology platform, and expand its geographical presence.
Aggregator of beauty аnd wellness industry, Fabogo has raised $ 2.25 million (Rs 14.5 crores) from Dubai based early-stage investors Dunamis Ventures. Prior to this, company had secured an angel funding of $500,000 in May, 2015 and $1 million in January, 2016 as angel investment from PE Investors in Dubai.
The company plans to utilize 40% of its funding to strengthen technology and another 40% to increase its user base, the remaining amount will be used for geographical expansion.
Fintech startup Open has bagged $250k in a seed funding round led by PayU India CEO Amrish Rau and managing director Jitendra Gupta. The firm plans to utilise freshly infused funds for branding and expansion of the 12-member team.
Set to launch in August 2017, Open is co-founded by Anish Achuthan and his wife, Mabel Chacko in May 2017.Open is all set to offer digital banking, bookkeeping, invoicing and other services to micro-entrepreneurs. Earlier in 2015, Achuthan and Chacko had founded Zwitch, a payment startup which was acquired by Citrus Pay.Commenting on the development, Amrish Rau told ET, “Small businesses and entrepreneurs have started moving to app-based banking, and Open offers a whole range of services.
Popular West Indian cricketer Chris Gayle has invested an undisclosed amount in IONA Entertainment, a Bangaluru-based gaming startup that brings one-stop entertainment to Indian sports fans, which includes state-of-the-art virtual gaming.
The startup, founded in 2016 by TS Subramanian and Preetha, had earlier raised an initial round of funding from Singapore-based Vestasia, and now West Indies cricketer Chris Gayle has also decided to invest in it.
Speaking to reporters here, Gayle said he is a family man and loved to be associated with IONA, which is a family-oriented firm with potential to grow into a big business.
Indian cricketing legend and former captain Sourav Ganguly has made his very first foray in the startup world by investing in Mumbai based entertainment company, Flickstree.
Flickstree is a tech-entertainment company, started by Saurabh Singh, Rahul Jain and Nagender Sangra in 2014, officially launching their platform in August 2016.
Flickstree is India’s first Personal Video Magazine. It is a curated and personalized Video Platform, for free-to-watch videos. Flickstree compiles these free-to-watch online videos from social networks, media sites, and blogs and then creates a custom user video feed. The AI based on patent pending technology, allows Flickstree to effectively curate and personalize the experience for its users.
Bengaluru-based construction site operations and analytics platform QwikSpec, which is operated by Xlsys Technologies Pvt. Ltd, has raised $540,000 (Rs 3.5 crore) in a pre-Series A round led by Brigade Innovations LLP.
The funding round also saw the participation of marquee investors such as former Infosys director TV Mohandas Pai, Asset Builders director Suhail Rahman, Bobby Reddy of Indus Group, and UAE based private investor M George Oommen.
The company will use the capital to ramp up its technology infrastructure, besides significantly adding to its business development and customer acquisition initiatives.
VDeliver, the fast-growing intra-city logistics company, has raised an undisclosed Pre Series A investment from Hyderabad-based Corvus Ventures led by Mr. Mahesh Reddy and joined by Mumbai-based MAPE Advisory Group, Mr. R Ramaraj, co-founder—Sify, and Mr. Anil Bhansali, Corporate Vice President, Microsoft
Among the country’s early startups in the technology-driven logistics space, VDeliver currently fulfilsintra-city deliveries across segmentsincluding medicines, surgical items, gifting, packaged foods, detox juices, gifts,business documents, and last-mile logistics with a focus on speed and efficiency.
Lead investor, Mahesh Reddy of Corvus Ventures said that “for several businesses, getting deliveriesright is essential.We believe the strong understanding of business operations and technology that VDeliver brings will help it become an indispensable partner to companies looking to optimise their delivery function”.
Arcatron Mobility, which manufactures next generation devices to make assisted living more dignified and safe, has raised an undisclosed funding led by Sudhir Mehta, Harish Mehta and Ketan Dalal from the Indian Angel Network.
Startup will use freshly infused funds for the production launch of Frido, a self driven shower and commode wheelchair which fits in a suitcase. In addition, funds will also be utilized to set up online and offline sales channels across major cities in India and filing of IP for future products like the Frido Lite.
Apart from these top 10 funding deals, here are a few startups which have also secured funding for their growth and expansion:
Online interior design company, Design Cafe has raised a multi-million-dollar round of funding led by Fireside Ventures founded by Kanwaljit Singh, former managing director of Helion ventures.
Online fashion store Pernia’s Pop-Up Shop is in advanced talks to raise $1-1.5 million in its first round of funding.
California-headquartered chatbot creation tool, Bottr has raised an undisclosed amount of funding from 500 Startups; Purvi Capital; Rajan Anandan, vice-president, Southeast Asia and India, Google; and Abhishek Gupta from TLabs.
Bangalore-based startup for drinks Foom has raised Rs 30 lakh (around $46,000) in seed funding from a Delhi-based investor, a company statement said.