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.
Policybazaar Looks to Raise Rs 400 Cr from Its Existing Investors
PolicyBazaar, an online and digital platform to sell insurance policies, is looking to raise around Rs 400 crore, largely from existing investors such as PremjiInvest, Tiger Global, Ribbit Capital and Temasek. The company expects to complete the process in six weeks. "We are looking to raise 400 crore, mostly from existing investors," said Yahish Dahiya, co-founder at Policybazaar. "We are looking to close the fund-raising in the next six weeks. The company would be valued at 2,600 crore."
PayU Infuses $119 Mn In German Fintech Startup Kredtitech
Hamburg-based technology group for digital consumer credit Kreditech has secured $119 million (Euro 110 Mn) from global online payment service provider PayU. With this move, PayU has acquired a significant minority stake in Kreditech, joining existing prominent fintech investors including JC Flowers, Varde, Blumberg Capital, HPE, Peter Thiel, Rakuten, and the World Bank’s IFC. Additional transaction parameters remain disclosed.
ShopClues Raises Rs 50 Cr in Debt from InnoVen Capital
Online marketplace ShopClues has raised Rs 50 crore in venture debt from InnoVen Capital, in a rare instance of a home-grown unicorn opting for venture debt. The fresh capital infusion comes over 15 months after ShopClues, owned by Clues Network Inc, entered the so-called unicorn league by raising $100-140 million in January 2016. That money was raised from Singapore’s sovereign wealth fund GIC Pte Ltd, and existing investors Tiger Global Management and Nexus Venture Partners, at a valuation of over $1.1 billion.
Delhi Based Startup LegalRaasta Raises $5M in Series A Round for Providing GST Solutions
The Delhi-based startup, LegalRaasta, which provides finance & taxation services to SMEs has raised around $5 million in Series A funding from Impanix Capital. LegalRaasta plans to use these funds in building GST compliance software for SMEs, CAs & enterprises. They will offer both a standalone GST Software and an API interface to connect ERP (such as SAP, Oracle & Tally) with GST systems. LegalRaasta has already applied as a GSP (GST Suvidha Provider) with government.
Agri Startup Utkal Tubers Raises $4.6M in Funding
Agri startup Utkal Tubers has raised $4.6 million (Rs 30 Cr) from CapAleph Indian Millennium SME Fund and Zephyr Peacock India Fund. The early-stage startup, a potato seeds company, completed a year of operation in March 2017, producing 1,000 tonnes of potato seeds last year. This year it is targeting 5,000 tonnes.
The startup proposes to scale up the availability of local varieties through facilities that it has set up in Karnataka. It is also in the process of setting up facilities in Odisha, Gujarat, and Punjab.
Integrated Healthcare Platform cure.fit Bags $3M in Fresh Funding
Aimed at empowering Indians to lead a healthy lifestyle, a first of its kind platform, cure.fit launched its app today. An integrated healthcare platform, cure.fit app currently entails three verticals enabling good health; cult.fit focused on physical fitness, eat.fit for healthy & nutritive food and mind.fit for mental wellness offerings.
The startup has also secured $3 million (Rs 19.2 crore) in a fresh round of funding from UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and the University of California. Other investors who participated in the round include Gokul Rajaram, product engineering lead at US-based mobile point of sale provider Square; Aditya Agarwal and Ruchi Sanghvi, vice presidents of engineering and operations, respectively, at file sharing application firm Dropbox; and Shishir Mehrotra, former vice president of product, engineering and UX at YouTube.
Video Intelligence Startup, Vidooly Raises $1.4M from Gujarat Venture Finance and Times Internet
Vidooly, Indian video intelligence startup, with a large global customer base has raised a series A round of $1.4 million (Rs 8.9 crores) from GVFL, a pioneer in the Indian VC industry, and India’s largest media & entertainment group, Times Internet. Vidooly will utilize the funds towards product engineering, marketing, and enhancing sales & distribution channels. Vidooly will also look to further expand into the domestic market and reinforce its presence in the international markets of US, Europe & Asia.
Retail eCommerce Platform Aequm Bags $1M in Seed Funding
Aequm Pte Pvt. Ltd, a Singapore- and Bangalore-based firm that offers a cloud e-commerce platform for the unorganised retail sector, has secured $1 million (Rs 6.4 crore) in seed funding from undisclosed investors. The company will use the funds to expand its operations, Joydeep Dutt, chief operating officer of Aequm said.
Juice Startup MyGreens Secures Angel Funding Via LetsVenture
Delhi-NCR-based cold pressed juice startup, MyGreens has secured upto $1 Mn in its angel round of funding via LetsVenture The round was led by Ajay Relan, Founder and Chairman, CX Partners. Other investors in the round included Sundeep Bhandari, Director & CEO, Petrodil, and other undisclosed investors as well.
The startup will deploy the raised funds towards expansion and launching new products targeting the Indian market. As per an official statement, the company will be looking to raise their next round in the coming 6-12 months.
GOQii Raises Rs 4.7 Cr through Its Karma Programme
Health and wellness company GOQii said it has raised Rs 4.7 crore through its karma programme that encourages users of the company's fitness wearable devices to earn points, which they can convert into money and donate for a charitable cause. For instance, GOQii 'players' earn one karma point for every 390 steps taken. A total of 19,497,588 karma points were converted into Rs 4.7 crore towards supporting 25 causes, including Oxfam India, Greensole and Ratna Nidhi Charitable Trust. The company said Bengaluru, Chennai and Pune emerged as the most generous cities.
Apart from these top 10 funding deals, here are a few startups which have also secured funding for their growth and expansion:
Global ecommerce solutions provider, Infibeam Incorporation Limited, along with its joint entity, CCAvenue announced that it will invest $466K (around INR 3 Cr) in digital money transfer platform, Avenues Payments India Private Limited, the parent company of Remitguru.
One Mobikwik Systems Pvt. Ltd, an Indian digital payments service provider, is set to raise funds from investors including BlackRock Inc. valuing the company at about $1 billion, a person with direct knowledge of the matter said.
Bengaluru-based omnichannel platform Ace Turtle Services Pvt Ltd has raised Series A funding from Singapore based Vertex Ventures and C31 Ventures, the corporate venture arm of CapitaLand.
Pune-based restaurant automation firm Devourin has raised an undisclosed amount in seed funding from Deepak Nathani, founder and chief executive of technology company Relfor Labs Pvt Ltd, Sivanandan Chettiyar.
Kolkata-based healthtech startup Tiyo has raised undisclosed amount of funding from its existing investors.
Delhi-based NightStay, a mobile-based marketplace for last-minute hotel bookings, has raised an undisclosed amount in a pre-Series A round led by Indian Angel Network and LetsVenture.
Bengaluru and Delhi based Nanotechnology startup Log 9 Materials, has secured an undisclosed amount in its Pre-Series A round of funding from Delhi-based micro VC firm, GEMs.
Technology startup iON Energy has raised an angel round of funding from Sushil Jiwarajka, Chairman of OMC Power and Founder of Nippo Batteries; Aakrit Vaish & Swapan Rajdev, Founders of Haptik and executives from Times Internet, Dentsu Aegis, Salesforce and Credit Suisse.
UAE-based fintech startup Invoice Bazaar, has raised an undisclosed amount of investment from Shirish Apte, former CEO and Chairman Asia Pacific of Citigroup.
San Francisco and Bengaluru-based Chymera VR has raised an undisclosed round of angel funding from a clutch of investors including Anupam Mittal, CEO of People Group, Varsha Rao (Airbnb, LivingSocial), Surojit Chatterjee (Google), Nirav Choksi (HHC Holdings) and others.
Cyber Security Firm Lucideus Tech Raises Funding From Rajan Anandan, Sunil Kalra, And others.
Bengaluru based startup Fourth Ambit has raised about $600K (INR 4 Cr) from crowdfunding platform 1Crowd and its investor community.
Singapore and India-based ecommerce enabler and logistics startup, Anchanto has received funding from Luxasia Group and Transcosmos Inc. (TCI) in its latest funding round.
Mumbai-based cyber security startup, Sequretek has raised an undisclosed amount in its Series A round of funding from GVFL and White Unicorn Ventures.
Policybazaar Looks to Raise Rs 400 Cr from Its Existing Investors
PolicyBazaar, an online and digital platform to sell insurance policies, is looking to raise around Rs 400 crore, largely from existing investors such as PremjiInvest, Tiger Global, Ribbit Capital and Temasek. The company expects to complete the process in six weeks. "We are looking to raise 400 crore, mostly from existing investors," said Yahish Dahiya, co-founder at Policybazaar. "We are looking to close the fund-raising in the next six weeks. The company would be valued at 2,600 crore."
PayU Infuses $119 Mn In German Fintech Startup Kredtitech
Hamburg-based technology group for digital consumer credit Kreditech has secured $119 million (Euro 110 Mn) from global online payment service provider PayU. With this move, PayU has acquired a significant minority stake in Kreditech, joining existing prominent fintech investors including JC Flowers, Varde, Blumberg Capital, HPE, Peter Thiel, Rakuten, and the World Bank’s IFC. Additional transaction parameters remain disclosed.
ShopClues Raises Rs 50 Cr in Debt from InnoVen Capital
Online marketplace ShopClues has raised Rs 50 crore in venture debt from InnoVen Capital, in a rare instance of a home-grown unicorn opting for venture debt. The fresh capital infusion comes over 15 months after ShopClues, owned by Clues Network Inc, entered the so-called unicorn league by raising $100-140 million in January 2016. That money was raised from Singapore’s sovereign wealth fund GIC Pte Ltd, and existing investors Tiger Global Management and Nexus Venture Partners, at a valuation of over $1.1 billion.
Delhi Based Startup LegalRaasta Raises $5M in Series A Round for Providing GST Solutions
The Delhi-based startup, LegalRaasta, which provides finance & taxation services to SMEs has raised around $5 million in Series A funding from Impanix Capital. LegalRaasta plans to use these funds in building GST compliance software for SMEs, CAs & enterprises. They will offer both a standalone GST Software and an API interface to connect ERP (such as SAP, Oracle & Tally) with GST systems. LegalRaasta has already applied as a GSP (GST Suvidha Provider) with government.
Agri Startup Utkal Tubers Raises $4.6M in Funding
Agri startup Utkal Tubers has raised $4.6 million (Rs 30 Cr) from CapAleph Indian Millennium SME Fund and Zephyr Peacock India Fund. The early-stage startup, a potato seeds company, completed a year of operation in March 2017, producing 1,000 tonnes of potato seeds last year. This year it is targeting 5,000 tonnes.
The startup proposes to scale up the availability of local varieties through facilities that it has set up in Karnataka. It is also in the process of setting up facilities in Odisha, Gujarat, and Punjab.
Integrated Healthcare Platform cure.fit Bags $3M in Fresh Funding
Aimed at empowering Indians to lead a healthy lifestyle, a first of its kind platform, cure.fit launched its app today. An integrated healthcare platform, cure.fit app currently entails three verticals enabling good health; cult.fit focused on physical fitness, eat.fit for healthy & nutritive food and mind.fit for mental wellness offerings.
The startup has also secured $3 million (Rs 19.2 crore) in a fresh round of funding from UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and the University of California. Other investors who participated in the round include Gokul Rajaram, product engineering lead at US-based mobile point of sale provider Square; Aditya Agarwal and Ruchi Sanghvi, vice presidents of engineering and operations, respectively, at file sharing application firm Dropbox; and Shishir Mehrotra, former vice president of product, engineering and UX at YouTube.
Video Intelligence Startup, Vidooly Raises $1.4M from Gujarat Venture Finance and Times Internet
Vidooly, Indian video intelligence startup, with a large global customer base has raised a series A round of $1.4 million (Rs 8.9 crores) from GVFL, a pioneer in the Indian VC industry, and India’s largest media & entertainment group, Times Internet. Vidooly will utilize the funds towards product engineering, marketing, and enhancing sales & distribution channels. Vidooly will also look to further expand into the domestic market and reinforce its presence in the international markets of US, Europe & Asia.
Retail eCommerce Platform Aequm Bags $1M in Seed Funding
Aequm Pte Pvt. Ltd, a Singapore- and Bangalore-based firm that offers a cloud e-commerce platform for the unorganised retail sector, has secured $1 million (Rs 6.4 crore) in seed funding from undisclosed investors. The company will use the funds to expand its operations, Joydeep Dutt, chief operating officer of Aequm said.
Juice Startup MyGreens Secures Angel Funding Via LetsVenture
Delhi-NCR-based cold pressed juice startup, MyGreens has secured upto $1 Mn in its angel round of funding via LetsVenture The round was led by Ajay Relan, Founder and Chairman, CX Partners. Other investors in the round included Sundeep Bhandari, Director & CEO, Petrodil, and other undisclosed investors as well.
The startup will deploy the raised funds towards expansion and launching new products targeting the Indian market. As per an official statement, the company will be looking to raise their next round in the coming 6-12 months.
GOQii Raises Rs 4.7 Cr through Its Karma Programme
Health and wellness company GOQii said it has raised Rs 4.7 crore through its karma programme that encourages users of the company's fitness wearable devices to earn points, which they can convert into money and donate for a charitable cause. For instance, GOQii 'players' earn one karma point for every 390 steps taken. A total of 19,497,588 karma points were converted into Rs 4.7 crore towards supporting 25 causes, including Oxfam India, Greensole and Ratna Nidhi Charitable Trust. The company said Bengaluru, Chennai and Pune emerged as the most generous cities.
Apart from these top 10 funding deals, here are a few startups which have also secured funding for their growth and expansion:
Global ecommerce solutions provider, Infibeam Incorporation Limited, along with its joint entity, CCAvenue announced that it will invest $466K (around INR 3 Cr) in digital money transfer platform, Avenues Payments India Private Limited, the parent company of Remitguru.
One Mobikwik Systems Pvt. Ltd, an Indian digital payments service provider, is set to raise funds from investors including BlackRock Inc. valuing the company at about $1 billion, a person with direct knowledge of the matter said.
Bengaluru-based omnichannel platform Ace Turtle Services Pvt Ltd has raised Series A funding from Singapore based Vertex Ventures and C31 Ventures, the corporate venture arm of CapitaLand.
Pune-based restaurant automation firm Devourin has raised an undisclosed amount in seed funding from Deepak Nathani, founder and chief executive of technology company Relfor Labs Pvt Ltd, Sivanandan Chettiyar.
Kolkata-based healthtech startup Tiyo has raised undisclosed amount of funding from its existing investors.
Delhi-based NightStay, a mobile-based marketplace for last-minute hotel bookings, has raised an undisclosed amount in a pre-Series A round led by Indian Angel Network and LetsVenture.
Bengaluru and Delhi based Nanotechnology startup Log 9 Materials, has secured an undisclosed amount in its Pre-Series A round of funding from Delhi-based micro VC firm, GEMs.
Technology startup iON Energy has raised an angel round of funding from Sushil Jiwarajka, Chairman of OMC Power and Founder of Nippo Batteries; Aakrit Vaish & Swapan Rajdev, Founders of Haptik and executives from Times Internet, Dentsu Aegis, Salesforce and Credit Suisse.
UAE-based fintech startup Invoice Bazaar, has raised an undisclosed amount of investment from Shirish Apte, former CEO and Chairman Asia Pacific of Citigroup.
San Francisco and Bengaluru-based Chymera VR has raised an undisclosed round of angel funding from a clutch of investors including Anupam Mittal, CEO of People Group, Varsha Rao (Airbnb, LivingSocial), Surojit Chatterjee (Google), Nirav Choksi (HHC Holdings) and others.
Cyber Security Firm Lucideus Tech Raises Funding From Rajan Anandan, Sunil Kalra, And others.
Bengaluru based startup Fourth Ambit has raised about $600K (INR 4 Cr) from crowdfunding platform 1Crowd and its investor community.
Singapore and India-based ecommerce enabler and logistics startup, Anchanto has received funding from Luxasia Group and Transcosmos Inc. (TCI) in its latest funding round.
Mumbai-based cyber security startup, Sequretek has raised an undisclosed amount in its Series A round of funding from GVFL and White Unicorn Ventures.
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