Indian start-ups successfully raise $342M, ecosystem gets a new unicorn
Indian start-ups successfully raise $342M, ecosystem gets a new unicorn

Indian start-ups successfully raise $342M, ecosystem gets a new unicorn

The Indian start-up ecosystem has successfully raised nearly $342 Million across 20 deals in the early week of July. This raise has led to a 45 percent increase from last week where the start-ups raised $235.3 million.

Early-stage deals acquired the limelight this week with two Series B deals raising a mutual $269 million, which is nearly 79 percent of the entire sum raised. Furthermore, there were eight pre-Series A deals, but those contributed to only over $2 million.

Initial-stage funding

Daalchini Technologies, a phygital (physical + digital) vending machine business, generated Rs 3.5 crore in a seed funding round directed by the Artha Venture Fund.

Mumbai-based appliances and accessories etailer start-up Gizmobaba.com succesfully generated  $250,000in a pre-Series A funding round. The investment was controlled by LetsVenture.

SuperZop, B2B agri commerce start-up, successfully generated $1.16 million in pre-Series A from MS Fund of SIDBI Venture Capital Limited and also IIM Ahmedabad’s technology incubator CIIE Initiatives, and angel investor Gurumurthy Raman. The start-up strategies to use the funds to enlarge its present store network, directing to influence over 30,000 B2B clienteles over the next year.

Mumbai-based skilling stand, Caymus Technology Ventures (Caymus), generated Rs 1.2 crore in an angel round from a hold of angel investors from India and the US.  Silicon Valley technology front-runner Rob Solomon contributed in the round and will act as link to the advisory board as a mentor. 

Sucseed Venture Partners headed an investment in Hyderabad-based startup Sepal along with added angel investors. The funds generated will be used for product development and all-pervading into the last-mile sending market.

Mumbai-based Rebel Foods generated $5 million in its larger ongoing Series D funding round from Indonesia-based Go-Jek.

Main Highlights

The topmost deal was of Ola Electric Mobility, which achieved a funding of $250 million in its Series B round from SoftBank. With this, the company has made a mark on the list of unicorns in the Indian start-up ecosystem. Ride-hailing unicorn Ola also generated $11.37 million as a portion of its continuing Series J round. The capital came in from Swedish-based DIG Investment Ab and US-based Deshe Holdings. The two originators of Jabbar Internet Group – Samih Abdel Rahman and Hussam Khoury – also contributed in the round.

Chennai-based speech recognition startup Uniphore Software Systems generated capital close to $38 million in two tranches as a part of its Series C funding round. The round was directed by California-based March Capital Partners.

The National Grid Partners, Patni Wealth Advisors, CXO Fund, Intuitive VC (Intuitive Growth Ventures), and Sistema Asia Fund along with remaining investor Chiratae Ventures also joined in the round.

Another Series B funding of the week was generated by digital insurance platform RenewBuy.com. It generated about $19 million in a round initiated by Lok Capital and IIFL Wealth with involvement from prevailing investors Amicus Capital.

The company strategies to make use of the funds to increase to newer geographies and present new products. Conferring to the founders, the start-up devices to cover 1,000 new cities by 2022.

Source : Yourstory



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