Funding Galore: Startup Fundings Of The Week [9 November – 14 November]
By Akanksha Pahwa
This week 12 startups raised more than $12 Mn in funding altogether. (The funding amount is based on the startups that disclosed their funding amounts).
Let’s Have A Look At The Startups That Raised Funds This Week
Octathorpe: The Chennai Angels (TCA) invested an undisclosed amount in Hyderabad-based Octathorpe Web-Consultants Pvt. Ltd., known for its flagship product, Hitwicket, a Cricket management game. The startup is in the process of generating funds through app purchases.
6Degree: Tech platform for fashion community, 6Degree, raised an undisclosed amount in seed funding from Centre For Incubation & Business Acceleration (CIBA), Goa. According to the founding members, CIBA has initiated the funding with an overall target of $1 Mn which is likely to be closed in the next few months.
Delight Foods: Ecommerce platform for branded food products, Delight Foods, raised about $600K (INR 4 Cr.) in its second round of funding from an HNI family office represented by LN Sadani of Lensbridge Capital in Singapore and existing investors Mape Advisory Group and Fireside Ventures. The company will utilise the funding to invest in marketing and brand building activities, increase product categories, improve infrastructure at the packing centers and strengthen the team at all levels.
Gingercrush: A licensed product customisation platform startup, Gingercrush, raised an undisclosed amount in funding from TV Mohandas Pai’s family office. With this, Pai will mentor the founding team and senior management to strengthen the organisational leadership and set the company up for strong and responsible growth.
Chef’s Basket: Ready-to-cook food startup, Chef’s Basket, raised $6 Mn (about INR 40 Cr.) in series A round of funding from SAIF Partners and Haresh Chawla. With the raised funds, the startup plans to expand its range of products and add new distribution channels.
Mydidi.in: A technology enabled home services apprentice platform, MyDidi, raised $150K in seed funding from Jozef Bardik, Leo Wang and Sangeet Ram. The startup plans to use the secured funds to scale its vendor base, and work further on its marketing efforts to expand reach across Mumbai.
Zilingo: An app that connects sellers and customers across Bangkok, raised $1.88 Mn (INR 12 Cr) in its seed round of funding from Sequoia India, BEENEXT Ventures and the founders of FreeCharge – Kunal Shah & Sandeep Tandon. The funds will enable Zilingo to expand its operations to Singapore and Indonesia in the next six months.
iSTAR: A skill training startup, iSTAR Skill Development, raised about $1.5 Mn (INR 10 Cr) in Series A round of funding led by Michael & Susan Dell Foundation and existing investor Unitus Seed Fund. The startup plans to utilise the funds to expand their college footprint across 10 states, for investment in technology and elearning platforms and to build new content.
AppVirality: Mobile growth hacking startup, AppVirality, raised $500K in a fresh round of funding from its existing investors and new angels. With this investment, the company plans to focus on product innovation and customer satisfaction, and increase the team size from 12 to 25 in next 12 months.
RenewBuy: An online platform for auto insurance, RenewBuy, raised $500 K (INR 3.3 Cr) in an angel round of funding led by Mount Nathan Advisors Pte Ltd, a Singapore-based principal investment and advisory firm. The funds will be used to develop its product and upgrade its technology platform.
Grab: Hyperlocal logistics service provider, Grab, reportedly raised an undisclosed amount from consumer centric venture fund Sixth Sense Ventures. Sixth sense has added Grab as the fourth portfolio firm for its maiden fund.
With this, lifestyle etailer Koovs’ London listed parent, Koovs plc, plans to increase its stake in the company. Koovs plc operates as a wholesale supplier to Koovs.com. It plans to increase its holding to 90% from 57.5%.
Acquisitions That Took Place This Week
An online grocery delivery startup, Indian Grahak, acquired Dyscover, a hyperlocal online marketplace in a cash and stock deal. The acquisition will help India Grahak further strengthen its presence and offer a more efficient service to its consumers in East India.
Online cab aggregator, Ola acquired Geotagg, a startup focused on intelligent transportation systems, for an undisclosed amount. The acquisition will help Ola to strengthen its bus-shuttle service. The company had planned to launch the pilot project in the Gurgaon and Bangalore.
Mumbai-based online auto classifieds platform, CarTrade, acquired CarWale for an undisclosed amount. According to the deal terms, German media conglomerate, Axel Springer, which primarily had acquired CarWale along with India Today group, is supposed to sell its 91% holding.
Gurgaon-based on-demand hyperlocal delivery services startup, Shadowfax, acquired Pickingo for an undisclosed amount. With this, the company has onboarded about 45 employees from Pickingo’s management, and a few hundred delivery boys in a cash and stock deal.
JetSynthesys acquired fashion store Rudraksh, a multi-designer retailer. Rudraksh will be merged into JetSynthesys’ digital fashion vertical
Also, China’s internet search company, Baidu, is reported to make its first investment in India by buying majority stake in coupon and discount startup Mydala. With this, Baidu will make its way into India in order to expand its global portfolio.
Other Developments Of The Week
In order to fund his Paytm Payment Bank, Vijay Shekhar Sharma, Paytm founder, might dilute close to 1% of his stake in his holding company One97 Communications Ltd. He also plans to invest about $25 – $50 Mn in the bank, until it becomes profitable.
