Here is a list of top funding deals that happened in Startup Ecosystem this week. Check out the brief description about all of them.
Bengaluru-based home décor and furnishing start-up Mygubbi.com, which went live in October 2015, has raised $2.7 million in its pre-series A funding round.
The round was led by the family office of Firoze Irani; Vipul Parekh, cofounder of Big Basket; Ananda Kallugadde, cofounder of NeoBytes; and Rajesh K Murthy, president of Infosys, among others.
Talking to Economic times, Sangurmath revealed that the startup plans to use the funds primarily to grow their business.”We would look at going deeper into existing markets, as well as strengthen our backend. We are also setting up a design centre of excellence in Bengaluru, which is where these funds would be deployed,” Sangurmath said.
India’s homegrown ride-hailing giant Ola today officially confirmed that it has raised a whopping $1.1 billion funding in a round led by Chinese internet conglomerate Tencent. Reportedly, the talks for the same have been in the works for over a year now.
According to media reports, the Bengaluru-based startup is also in “advanced talks with other investors to close an additional $1 billion as part of the current financing round.” This will take the the total amount raised by the cab-hailing company to over $2 billion.
In a statement announcing the funding, the company also revealed that its existing investor SoftBank besides “other new US-based financial investors” also participated in this round.
Bengaluru-based social e-commerce startup Meesho has raised $3.1 million from investors led by SAIF Partners in a fresh round of funding. Existing investors Y Combinator and Venture Highway also participated in the round.
The startup will use the freshly raised funds to hire for its tech and business operation teams, CEO Vidit Aatrey said. The company is also looking to scale up its platform by bringing in more resellers though community engagement and referrals.
This funding has made startup’s total funding to $3.7 million. In May 2016 Meesho had raised $350,000 from angel investorsincluding in convertible debt.
Palo Alto and Bengaluru-based virtual reality (VR) and augmented reality (AR) firm GridRaster has a raised a whopping $2 million in seed funding.
The funds were raised from a group of venture capital firms, which included Exfinity Ventures, Lumia Capital, Pipeline Capital, NexStar Partners, Unshackled Ventures and Explorer Group.
The capital raised will be used by the firm for product development and marketing.
“With new capital, we will work towards maturing the product for specific enterprise and customer use cases as we continue to establish GridRaster as a standard platform of choice for cloud-powered high-end VR/AR. We will also look towards strengthening our development team,” said Rishi Ranjan, founder, GridRaster, in a statement.
5) B2B Automobile Service Startup LetsService Raises Its Pre Series A Round
Bengaluru-based B2B automobile service startup LetsService raised an undisclosed amount of funding in a Pre Series A round led by Aequs Group. The capital raised will be used by the startup to expand into multiple cities, enhance its technology and strengthen its team. The funding marks the startups baby steps into expanding into the digital space.
6) New Delhi-based ThirdWatch Raises Undisclosed Angel funding
The week saw Artificial Intelligence startup ThirdWatch raising an undisclosed amount in angel funding from Indian Angel Network and IAN Fund led by lead investor Rahul Agarwalla. The round also saw participation from Keshav Sanghi, former MD of Goldman Sachs India & founder of VentureWorks India along with Batlivala & Karani Securities.
Mumbai-based venture capital firm IvyCap Ventures is planning to launch a Rs500 crore venture debt fund in the next three months.
The VC firm typically invests in early-to-growth stage companies. It raised its first fund of Rs240 crore in 2012 which is now fully deployed across 10 investments which includes Purplle.com, Clovia and Bluestone, among others. IvyCap is currently in the process of deploying its second fund of Rs600 crore raised in 2015.
IvyCap is also likely to start raising its third venture capital fund by the middle of 2018, said Vikram to Livemint. The firm is currently planning to raise around $300-400 million for the third fund, which will make it the firm’s largest till date.
8) Online Insurance Policy Aggregator PolicyBazaar raising $77 Mn In Equity Funding
PolicyBazaar raised a whopping $77 Mn (INR 500 Cr) in equity funding in a round led by global asset management firm, Wellington Management. The startup plans to use the capital raised in bettering its customer service, technology and towards going for a geographical expansion across the Indian subcontinent.
9) AI And Deep Learning Solutions Provider ParallelDots Raises $1.4 Mn
Gurugram-based AI and deep learning solutions provider ParallelDots raised $1.4 Mn in an additional funding round from U.S. based investment firm Multipoint Capital. The latest round takes Multipoint’s total funding in the startup to a whopping $2 Mn. The money raised will be used by the startup to support its expansion, look after general operational expenses and widen the horizons of its technological team.
10) Online Restaurant Reservation Platform EazyDiner Raises $4.5 Mn
Gurugram-based EazyDiner raised $4.5 Mn (INR 30 Cr) in a Series B funding round, which was reportedly secured at a pre-investment valuation of $38.2 Mn (INR 250 Cr). The round which saw the participation of two new investors, Singapore-based VC firm Beenext and a Middle Eastern family office, was led by EaszyDiner’s existing investors, including Saama Capital and DSG Consumer Partners.