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.
Flipkart Might be Getting $500 mn from SoftBank in Fresh Funding
Indian e-commerce giant Flipkart might soon get a fresh boost of funding from Japanese telecom and internet conglomerate SoftBank, according to a recent report in the Factor Daily. The capital will help Flipkart in retaining its Indian e-commerce leader crown and give a tough fight to Jeff Bezos’ Amazon, which is currently trying hard to invade India’s $30 billion e-commerce market.
The report claims that the funding will be a very inclusive part of the currently ongoing Snapdeal-Flipkart merger deal because of which some of the troubled e-commerce firm Snapdeal investors are contemplating an exit.
According to some strong rumours going around in the startup world, SoftBank is planning a $2 billion investment in Flipkart, as part of a primary funding. “The entire money is not coming as a primary investment. Effectively, Flipkart will get only $500 million out of the $2 billion as primary funds,” said a source in the report.
RentoMojo Secures $10 Mn in Series B Funding From Bain Capital Ventures, Renaud Laplanche, Others
Consumer leasing company, RentoMojo has raised $10 million in Series B from Bain Capital Ventures and Renaud Laplanche. Existing investors Accel Partners and IDG Ventures also participated. Salil Deshpande, Managing Director at Bain Capital Ventures, who appears on the Forbes Midas List of the 100 best-performing venture investors for the 5th year in a row, and was a Series A investor in Lending Club, joins RentoMojo’s board. Renaud Laplanche, co-founder and CEO of Upgrade, the founder and ex-CEO of Lending Club also joins RentoMojo’s board.
The company plans to use freshly infused funds to further strengthen the product, finish building a stellar leadership team, and expand into new categories and geographies.
Vayana Networks Bags $4 Mn Funding From Jungle, IDG Ventures
Venture capital firms IDG Ventures India and Jungle Ventures has invested about 26 crores ($4 million) in Vayana Networks, a financial services company that has recently split from its parent company Vayana (VPL). VPL, one of the selected GST Suvidha Providers company investors includes Mukesh Ambani’s Reliance Industrial Investments and Holdings which are company’s shareholders as well.
The company plans to utilise funds towards market development activities and to enhance its GST-related services. This service will help suppliers and buyers match invoices through their product VICAS (Vayana Invoice Confirmation and Acceptance Services). Further, the firm will also work with closely with its parent company to route invoices to the GST Network portal.
Bengaluru Based Increff Secures $2 Mn Funding From Sequoia Capital
The brand registered under NextSCM Solutions, Increff has secured about Rs 13 crore ($2 million) in a funding round from Sequoia Capital. The other bunch of investors participated the round includes, Premji Invest’s Rajesh Ramaiah, warehouse automation provider Grey Orange Robotics; founders of CareerNet- Anshuman Das and Rishi Das and Jasbir Juneja Director of RedSeer.
Fashion supply chain solution provider Increff plans to use freshly infused funds to enhance its product offering, expand its customer base and hire for its technology team.
Edtech Startup PlayAblo Raises $600K in Funding
PlayAblo, a Bangalore-based ed-tech startup, has raised $600,000 in funding from ABI-Showatech (India) Ltd, a maker of precision automotive components, and its associate companies. The edtech startup, which is owned by GoSharp Technology & Consulting Pvt. Ltd, will use the capital to upgrade its technology platform and optimise product development initiatives, besides investing in infrastructure to increase sales.
PlayAblo was founded in 2012 by NIT Calicut alumnus Dheeraj Sharma, who had previously worked with iGate and Genpact.
QwikSpec, A Real-Estate Site Operations Platform Startup, Raises Rs.3.5 Crores in Pre-Series A Funding
Bengaluru-based QwikSpec, an end-to-end real-estate site operations platform startup, which has consistently delivered significant time & money savings to its customers in the construction industry, has raised Rs. 3.5 crores in funding from a consortium of investors led by Brigade Innovations LLP. Other investors in the consortium include Mohandas Pai, Suhail Rahman – Director Asset Builders, Bobby Reddy of Indus Group, and UAE based private investor M George Oommen.
Founded in January 2015 by Ajith Alexander and Roby Kurien, QwikSpec is a part of first batch of Brigade REAP, an India’s first startup accelerator program to focus on technology innovations in the real estate sector. The startup has earlier raised Rs. 2 crore in angel funding.
Fintech Startup Trupay Raises $700K from Kae Capital & Others
Gurgaon-based Protinus Infotech Pvt. Ltd, which operates payment platform Trupay, has raised Rs 4.5 crore (around $700,000) from a clutch of investors including Kae Capital. The company raised the funding in two tranches between February and May this year, according to its filings with the Registrar of Companies (RoC).
In February, the firm raised Rs 3.85 crore ($599,000) through a mix of equity and preferential shares from a group of investors in a round led by Kae Capital. The round also saw participation from existing investor M&S Partners Pte Ltd, a Singapore-based venture capital firm that invests in early stage Southeast Asian companies.
Subscription Based Delivery Startup, RainCan Raises Rs 1.75 Cr in Pre-Series A Funding
Raincan, a Pune-based subscription startup for delivery of fresh and perishable items, has raised Rs 1.75 crore in pre-series A funding.
The company has raised funds from Prabodh Agarwal, Group CFO, IIFL Holdings Limited and existing investor Dr. Aniruddha Malpani. The company plans to use the funds to expand its delivery operation centers and set-up start of the art logistics platform to facilitate deliveries at the lowest possible cost.
Founded in June 2015 by IIT-Bombay graduates Munendra Singh and Abhijeet Kumar, RainCan is a subscription-based service provider dealing in dairy, meat, bakery, fruits, and vegetables largely. The company delivers around 6000 orders daily in Pune and has crossed Rs 10 crore in revenue and is currently witnessing a growth of 15% every month.
Mobile Loyalty Firm MobiQuest Bags Investment From PayTM
One of the leading digital payment startups, PayTM has pumped in an undisclosed amount in MobiQuest Mobile Technologies, a loyalty firm. The Noida-based company, which uses data analytics and consumer loyalty programmes will help merchants on the PayTM platform target consumers through these programmes. The company will continue to operate as a separate entity post its partnership with Paytm.
This association will power Paytm partnered merchant network to leverage Mobiquest’s data analytics & precision marketing solution in acquiring, engaging and rewarding its customers. With this solution, merchants will soon be able to design customized multi-channel loyalty programs which will enable them to retain and engage their consumer base thereby increasing their revenues.
Gaming Startup Hypernova Interactive Secures Funding From Kae Capital
Gaming startup Hypernova Interactive has secured an undisclosed amount of funding from sector agnostic fund Kae Capital, marking it its first investment in a gaming company.
Commenting on the development, Shubhankar Bhattacharya, Venture Partner, Kae Capital said, “We believe that mobile games, especially those that capitalise on multiplayer and esports, is a large and rapidly growing market. We believe the Hypernova team matches up to the standards set by top global gaming companies, both in their execution capabilities, and their overall vision.”
Founded in 2015 by Mayur Bhimjiyani and Huzaifa Arab, Hypernova is one of the fast growing e-sports game development studio. The Bengaluru-based startup is currently working on a multiplayer online battle arena (MOBA) title for mobile, where they are redefining the genre with a revolutionary approach.
Apart from these top 10 funding deals, here are a few startups which have also secured funding for their growth and expansion:
Kolkata headquartered Ideal Insurance Brokers Pvt Ltd, a leading Insurance Broking firm with pan-India presence launched its online platform 121policy.com. The company has recently raised an undisclosed amount from Xelpmoc, a technology incubator promoted by former JustDial CTO Sandipan Chattopadhyay at a valuation of Rs.100 Cr.
Ambulance aggregator AMBEE raises seed funding from Uber, others
FableStreet, a Premium work-wear brand, raises seed round from angel investors - Kanwaljit Singh (MD Fireside Ventures, former MD Helion Ventures), Harmeet Bajaj (Fashion Multipreneur, 25+ years in International and Domestic Fashion Industry), Pameela P (Sr. Director at Unilever), Fusiontech ventures and select other investors in consumer, retail and tech space.
Education startup, EduGorilla Community has raised an undisclosed amount of funding from London-based and Dubai-based investors.
aircto, a human- and artificial intelligence-powered recruitment platform that helps companies hire technical talent, has raised an undisclosed amount in angel investment from former Nokia director Francesco Cara.
Flytta, the Leader in Relocation Services, Raises Seed Funding from Corvus Ventures
MonkeyBox Food Tech Pvt. Ltd, which delivers nutritious food to school children in Bangalore, has raised an undisclosed amount in its pre-Series A round from existing investor Blume Ventures.
Brick2wall Technologies Pvt. Ltd, which runs an online marketplace for construction material and other related services, has raised $200,000 (Rs 1.3 crore) in an angel round from a clutch of individual investors.
Flipkart Might be Getting $500 mn from SoftBank in Fresh Funding
Indian e-commerce giant Flipkart might soon get a fresh boost of funding from Japanese telecom and internet conglomerate SoftBank, according to a recent report in the Factor Daily. The capital will help Flipkart in retaining its Indian e-commerce leader crown and give a tough fight to Jeff Bezos’ Amazon, which is currently trying hard to invade India’s $30 billion e-commerce market.
The report claims that the funding will be a very inclusive part of the currently ongoing Snapdeal-Flipkart merger deal because of which some of the troubled e-commerce firm Snapdeal investors are contemplating an exit.
According to some strong rumours going around in the startup world, SoftBank is planning a $2 billion investment in Flipkart, as part of a primary funding. “The entire money is not coming as a primary investment. Effectively, Flipkart will get only $500 million out of the $2 billion as primary funds,” said a source in the report.
RentoMojo Secures $10 Mn in Series B Funding From Bain Capital Ventures, Renaud Laplanche, Others
Consumer leasing company, RentoMojo has raised $10 million in Series B from Bain Capital Ventures and Renaud Laplanche. Existing investors Accel Partners and IDG Ventures also participated. Salil Deshpande, Managing Director at Bain Capital Ventures, who appears on the Forbes Midas List of the 100 best-performing venture investors for the 5th year in a row, and was a Series A investor in Lending Club, joins RentoMojo’s board. Renaud Laplanche, co-founder and CEO of Upgrade, the founder and ex-CEO of Lending Club also joins RentoMojo’s board.
The company plans to use freshly infused funds to further strengthen the product, finish building a stellar leadership team, and expand into new categories and geographies.
Vayana Networks Bags $4 Mn Funding From Jungle, IDG Ventures
Venture capital firms IDG Ventures India and Jungle Ventures has invested about 26 crores ($4 million) in Vayana Networks, a financial services company that has recently split from its parent company Vayana (VPL). VPL, one of the selected GST Suvidha Providers company investors includes Mukesh Ambani’s Reliance Industrial Investments and Holdings which are company’s shareholders as well.
The company plans to utilise funds towards market development activities and to enhance its GST-related services. This service will help suppliers and buyers match invoices through their product VICAS (Vayana Invoice Confirmation and Acceptance Services). Further, the firm will also work with closely with its parent company to route invoices to the GST Network portal.
Bengaluru Based Increff Secures $2 Mn Funding From Sequoia Capital
The brand registered under NextSCM Solutions, Increff has secured about Rs 13 crore ($2 million) in a funding round from Sequoia Capital. The other bunch of investors participated the round includes, Premji Invest’s Rajesh Ramaiah, warehouse automation provider Grey Orange Robotics; founders of CareerNet- Anshuman Das and Rishi Das and Jasbir Juneja Director of RedSeer.
Fashion supply chain solution provider Increff plans to use freshly infused funds to enhance its product offering, expand its customer base and hire for its technology team.
Edtech Startup PlayAblo Raises $600K in Funding
PlayAblo, a Bangalore-based ed-tech startup, has raised $600,000 in funding from ABI-Showatech (India) Ltd, a maker of precision automotive components, and its associate companies. The edtech startup, which is owned by GoSharp Technology & Consulting Pvt. Ltd, will use the capital to upgrade its technology platform and optimise product development initiatives, besides investing in infrastructure to increase sales.
PlayAblo was founded in 2012 by NIT Calicut alumnus Dheeraj Sharma, who had previously worked with iGate and Genpact.
QwikSpec, A Real-Estate Site Operations Platform Startup, Raises Rs.3.5 Crores in Pre-Series A Funding
Bengaluru-based QwikSpec, an end-to-end real-estate site operations platform startup, which has consistently delivered significant time & money savings to its customers in the construction industry, has raised Rs. 3.5 crores in funding from a consortium of investors led by Brigade Innovations LLP. Other investors in the consortium include Mohandas Pai, Suhail Rahman – Director Asset Builders, Bobby Reddy of Indus Group, and UAE based private investor M George Oommen.
Founded in January 2015 by Ajith Alexander and Roby Kurien, QwikSpec is a part of first batch of Brigade REAP, an India’s first startup accelerator program to focus on technology innovations in the real estate sector. The startup has earlier raised Rs. 2 crore in angel funding.
Fintech Startup Trupay Raises $700K from Kae Capital & Others
Gurgaon-based Protinus Infotech Pvt. Ltd, which operates payment platform Trupay, has raised Rs 4.5 crore (around $700,000) from a clutch of investors including Kae Capital. The company raised the funding in two tranches between February and May this year, according to its filings with the Registrar of Companies (RoC).
In February, the firm raised Rs 3.85 crore ($599,000) through a mix of equity and preferential shares from a group of investors in a round led by Kae Capital. The round also saw participation from existing investor M&S Partners Pte Ltd, a Singapore-based venture capital firm that invests in early stage Southeast Asian companies.
Subscription Based Delivery Startup, RainCan Raises Rs 1.75 Cr in Pre-Series A Funding
Raincan, a Pune-based subscription startup for delivery of fresh and perishable items, has raised Rs 1.75 crore in pre-series A funding.
The company has raised funds from Prabodh Agarwal, Group CFO, IIFL Holdings Limited and existing investor Dr. Aniruddha Malpani. The company plans to use the funds to expand its delivery operation centers and set-up start of the art logistics platform to facilitate deliveries at the lowest possible cost.
Founded in June 2015 by IIT-Bombay graduates Munendra Singh and Abhijeet Kumar, RainCan is a subscription-based service provider dealing in dairy, meat, bakery, fruits, and vegetables largely. The company delivers around 6000 orders daily in Pune and has crossed Rs 10 crore in revenue and is currently witnessing a growth of 15% every month.
Mobile Loyalty Firm MobiQuest Bags Investment From PayTM
One of the leading digital payment startups, PayTM has pumped in an undisclosed amount in MobiQuest Mobile Technologies, a loyalty firm. The Noida-based company, which uses data analytics and consumer loyalty programmes will help merchants on the PayTM platform target consumers through these programmes. The company will continue to operate as a separate entity post its partnership with Paytm.
This association will power Paytm partnered merchant network to leverage Mobiquest’s data analytics & precision marketing solution in acquiring, engaging and rewarding its customers. With this solution, merchants will soon be able to design customized multi-channel loyalty programs which will enable them to retain and engage their consumer base thereby increasing their revenues.
Gaming Startup Hypernova Interactive Secures Funding From Kae Capital
Gaming startup Hypernova Interactive has secured an undisclosed amount of funding from sector agnostic fund Kae Capital, marking it its first investment in a gaming company.
Commenting on the development, Shubhankar Bhattacharya, Venture Partner, Kae Capital said, “We believe that mobile games, especially those that capitalise on multiplayer and esports, is a large and rapidly growing market. We believe the Hypernova team matches up to the standards set by top global gaming companies, both in their execution capabilities, and their overall vision.”
Founded in 2015 by Mayur Bhimjiyani and Huzaifa Arab, Hypernova is one of the fast growing e-sports game development studio. The Bengaluru-based startup is currently working on a multiplayer online battle arena (MOBA) title for mobile, where they are redefining the genre with a revolutionary approach.
Apart from these top 10 funding deals, here are a few startups which have also secured funding for their growth and expansion:
Kolkata headquartered Ideal Insurance Brokers Pvt Ltd, a leading Insurance Broking firm with pan-India presence launched its online platform 121policy.com. The company has recently raised an undisclosed amount from Xelpmoc, a technology incubator promoted by former JustDial CTO Sandipan Chattopadhyay at a valuation of Rs.100 Cr.
Ambulance aggregator AMBEE raises seed funding from Uber, others
FableStreet, a Premium work-wear brand, raises seed round from angel investors - Kanwaljit Singh (MD Fireside Ventures, former MD Helion Ventures), Harmeet Bajaj (Fashion Multipreneur, 25+ years in International and Domestic Fashion Industry), Pameela P (Sr. Director at Unilever), Fusiontech ventures and select other investors in consumer, retail and tech space.
Education startup, EduGorilla Community has raised an undisclosed amount of funding from London-based and Dubai-based investors.
aircto, a human- and artificial intelligence-powered recruitment platform that helps companies hire technical talent, has raised an undisclosed amount in angel investment from former Nokia director Francesco Cara.
Flytta, the Leader in Relocation Services, Raises Seed Funding from Corvus Ventures
MonkeyBox Food Tech Pvt. Ltd, which delivers nutritious food to school children in Bangalore, has raised an undisclosed amount in its pre-Series A round from existing investor Blume Ventures.
Brick2wall Technologies Pvt. Ltd, which runs an online marketplace for construction material and other related services, has raised $200,000 (Rs 1.3 crore) in an angel round from a clutch of individual investors.
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