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Funding Galore: Indian Startup Funding Of The Week [Jan 20-25]

By Aman Rawat
Funding Galore: Indian Startup Funding Of The Week
Infocus
Funding Galore

Every week, more than a dozen startup secure funding and many get acquired. In this weekly series, we bring the latest deals from the Indian startup ecosystem consolidated at a single page.

We bring to you the latest edition of Funding Galore: Indian Startup Funding Of The Week!

In one of the biggest funding rounds, Clean energy startup ReNew Power has raised $450 Mn funding through a dollar bond issuance. ReNew Power is planning to use this funding to refinance its previous borrowing, which will be maturing next year. Moreover, $65 Mn of the funding will be used to meet its future capital requirements.

Since its launch, the company has emerged as India’s largest renewable energy producer in terms of total energy generation capacity. In the last three fiscal years, the company has also managed to double its operational capacity.

Overall, 20 startups raised around $972 Mn funding and one acquisition took place in the Indian startup ecosystem this week. (This funding report is based on startups that disclosed funding amount.)

Indian Startup Funding Of The Week

    1. ReNew Power: $450 Mn
    2. AppsFlyer: $210 Mn
    3. Bounce: $105 Mn
    4. Digit Insurance: $84 Mn
    5. Livspace: $60 Mn
    6. Zoomcar: $30 Mn
    7. Park+: $11 Mn
    8. Samya.AI: $6 Mn
    9. Kristal.AI: $6 Mn
    10. Eupheus: $4.3 Mn
    11. Samosa Singh: $2.7 Mn
    12. Crysta: $1.4 Mn
    13. SmartKarrot: : $1 Mn
    14. Invento Makerspaces: $0.29 Mn
    15. GetVantage: Undisclosed
    16. Pine Labs: Undisclosed
    17. Instoried: Undisclosed
    18. Keito: Undisclosed
    19. Konfinity: Undisclosed
    20. Nupay: Undisclosed

San Francisco-headquartered and Bengaluru-based martech platform AppsFlyer raised $210 Mn Series D funding led by US-based growth equity firm General Atlantic. The round also saw participation from existing investors Qumra Capital, Goldman Sachs Growth, Deutsche Telekom Capital Partners, Pitango Venture Capital and Magma Venture Partners. The new round will help the company to improve marketing based services.

Bengaluru-based dockless bike rental startup Bounce raised an additional $105 Mn (INR 746.33 Cr) from Accel Partners and B Capital Group. The round also witnessed participation from existing investors such as Sequoia Capital India, Chiratae Ventures, Maverik Ventures, Falcon Edge, Qualcomm Ventures and Omidyar Network India among others. Bounce said the funds raised will help the company to expand its dockless bike rental service to more cities across India and march towards profitability.

Bengaluru-based insurtech startup Digit Insurance has raised $84 Mn funding from A91 Partners, Faering Capital and TVS Capital at a post-money valuation of about $870 Mn. Digit Insurance is planning to use this funding to meet regulatory capital and foreign exposure guidelines that limit the foreign holding of insurance companies to 49%.

Bengaluru-based Livspace has raised $60 Mn in the Series D funding round led by Hong Kong-based venture capital firm Tahoe Investment Group and Singapore-based Mercer Investment. The round also witnessed participation from EDB Investments, Kharis Capital and Venturi Partners’ managing director Nicholas Cator and others. Livspace was founded by Anuj Srivastava, Ramakant Sharma and Shagufta Anurag in 2014. The company offers end-to-end home design experience for homeowners and home designers.

Bengaluru-based self-drive car rental platform Zoomcar has raised $30 Mn (INR 213 Cr) in funding led by Sony Innovation Fund, the venture capital wing of electronics giant Sony. The funding round also witnessed participation from existing investors, which is part of Zoomcar’s ongoing $100 Mn Series D funding round.

Delhi NCR-based Park+ has raised $11 Mn in funding from marquee VCs — Sequoia Capital and Matrix Partners. The funding round also witnessed participation from MakeMyTrip founder Deep Kalra and cofounder Rajesh Magow; BookMyShow founder and CEO Ashish Hemrajani; CRED founder Kunal Shah; Snapdeal cofounders Kunal Bahl and Rohit Bansal among others. The funds will be utilised for building the platform, raising the supply i.e. discovering and adding more parking spots and getting users to adopt.

Bengaluru-based SaaS company Samya.AI has raised $6 Mn seed-stage funding round from Sequoia India. Junglee.com founder and Helion Ventures cofounder Ashish Gupta, G100 Companies partner and former P&G president Deb Henretta, Kradle Ventures and Antuit founder Arijit Sengupta, former Antuit CEO Deborah Kops, MarketsandMarkets founder Sandeep Sugla also participated in this round. Samya.AI says it delivers revenue growth to fast-moving consumer goods (FMCG) and consumer packaged goods (CPG) brands using AI algorithms to address issues.

Kristal.AI has raised $6 Mn funding in Series A round from Chiratae Ventures (formerly IDG Ventures India), and Desai Family Office. Launched in 2016 by Asheesh Chanda and Vineeth Narasimhan, Kristal.AI today works with an entire spectrum of customers. This includes sophisticated funds and family offices as well as mass affluent clients,

New Delhi-based edtech startup Eupheus Learning raised $4.3 Mn (INR 30 Cr) in its Series A funding round. The investment is a mix of equity and venture debt, which was led by Yuj Ventures. Other investors in the round included Sixth Sense Ventures. The funds will be used to increase nationwide presence, develop new product offerings, and expand the team. The company said it will also start its operations in the Middle East and drive international expansion in other markets.

Bengaluru-based food and beverage startup Samosa Singh has raised $2.7 Mn (INR 17 Cr) in Series A funding round led by women-led startups-focused She Capital. Samosa Singh’s previous investors Fireside Ventures also participated in the round, along with Equanimity Investments, AL Trust, and Japan-based AET Fund. Samosa Singh will use this fund to expand the capacity expansion of its central kitchen, which is located in Bengaluru.

New Delhi-based healthtech startup Crysta has raised $1.4 Mn (INR 10 Cr) Pre-Series A funding round led by the family office of Ruchirans and Anuraag Jaipuria. Mumbai-based Green Shots Capital and Alfa Ventures, Delhi-based Real Time Ventures and NGB Diagnostics, Dubai-based Petrotech, Steel City Securities and a clutch of angel investors also participated in the funding round. The investment will help Crysta in scaling up operations to other cities in India. It will also invest in increasing market reach and technological capabilities.

Texas and Bengaluru-based software-as-a-service (SaaS) startup SmartKarrot has raised $1 Mn from undisclosed investors in an angel funding round. The company is looking to expand its India presence with the new round of funding.

Bengaluru-based robotics startup Invento Makerspaces raised $0.29 Mn (INR 2 Cr) from Windrose Capital and Mumbai based ITI Growth. The company is planning to use the funded amount for research and development in building and innovating new robot variants, business expansion into new industries & verticals.

Mumbai-based fintech startup GetVantage has raised seed funding to come out of stealth mode. The investment has come in from early-stage investors such as Samyakth Capital and Venture Catalysts. The company didn’t confirm the funding amount, however, sources indicated that it has raised $8 Mn-$10 Mn in cash and debt round.

Noida-based edtech startup Konfinity has raised an undisclosed amount of fund from US-based curated closed marketplace for startups and investors, AngelList. The funding round also witnessed participation from FirstCheque, mCarbon CEO Rajesh Razdan, Jugnoo ClickLabs CEO Samar Singla, founders of healthtech startup Curofy and Amit Kapoor, faculty at Harvard Business School among others. With this freshly infused capital, Konfinity will expand its services to over 100 colleges across 12 cities in the next six months.

Retail payment and hardware company Pine Labs has raised an undisclosed amount from global payments giant Mastercard. With this funding, Pine Labs and Mastercard are expected to extend their partnership to facilitate rapid growth of convenient electronic payment options for consumers across India.

New Delhi based AI-based SaaS startup Instoried has raised undisclosed funding from SOSV and Shanghai-based Chinaccelerator. The startup plans to utilise the funds for global expansion.

Pune-based SaaS startup Keito raised an undisclosed amount of funding led by Pune based Suma Soft Pvt Ltd. Keito is an enterprise artificial intelligence(AI) and productivity-focused startup. The funds will be utilised for scaling, improving current products, introducing new products, customer acquisition, and strengthening the fundamentals for consistent, and sustainable growth.

Neobanking startup Nupay has raised an undisclosed amount of funds from Venture Catalysts. The funding round also saw the participation of many leading angel investors, including the likes of Navin Puri, ex-country head branch banking, HDFC Bank and Vishwadeep Bajaj, CEO and founder of ValueFirst. Nupay aims to utilise the funds towards geographical expansion and product optimization.

Indian Startup Acquisitions Of The Week

Other Developments Of The Week

Stay tuned for the next week edition of Funding Galore: Indian Startup Funding Of The Week!

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