The IndianWire has brought to you the latest funding report of the week, which include fund raising, acquisition deals and other developments related to the Indian startup ecosystem.
In the last week of October, which was also the biggest festive week, celebrated across India, the Indian startup ecosystem, through 12 startups deals, bagged around $255.02 million (approx INR 18,02 crore) financials, along with three acquisition deals.
Here is the list of startups funding of the week.
ElasticRun, a logistics startup, has been able to secure $40 million (approx INR 283 crore) funding from Prosus Ventures, Avataar Ventures, and Kalaari Capital. The Pune-based startup ElasticRun will use the freshly-pumped financials to expand its logistics network, build its technology platform to accommodate new product lines, expand the platform to additional categories and evolve its analytics and machine learning platforms to handle national scale. Also, the platform ElasticRun will also stretch its network coverage to new geographies and deepen its operations in existing geographies.
B2B-focussed and AI-based mobile communication startup Fireflies has raised $5 million (approx INR 35 crore) in its first round of funding from Canaan Partners, slew of individual investors. The Hyderabad and San Francisco-based startup will utilise the infused financial to strengthen its machine learning and infrastructure teams and will be ramping up hiring for the same.
With a plan to scale up faster across Tier 1 and Tier 2 cities, Smartworks, a co-working space provider platform, has raised $25 million (approx INR 177 crore) in a fresh funding round from Keppel Land. According to Neetish Sarda, founder of Smartworks, the newly-infused capital will now enable company to scale up even more rapidly across Tier 1 and Tier 2 cities. It also plans to further invest in building up its next-generation product, improving client experiences, as well as boosting the talent and technology.
Fisdom, a wealth tech startup, has raised $11 million (approx INR 78 crore) funding round from fintech platform PayU, including investors such as Saama Capital and Quona Capital. PayU, through this latest series of investment, has forayed into the wealth and investments technology as it seeks to move beyond digital payments into broader financial services. Fisdom will use the infused financial to launch a new product suite and double its headcount in the next one year.
Shuttl, an app-based bus service has reportedly bagged $42 million (approx INR 297 crore) from Tsusho Corporation and SMBC Trust Bank Ltd, including others through series C funding round. According to sources, Toyota Tsusho has reportedly invested $6.06 million for 3.01 per cent, whereas SMBC Trust Bank will be funding $12.13 million 6.02 per cent shares into the Shuttl.
6. MX Player:
MX Player, an OTT platform, owned by Times Internet, has raised $110 million (approx INR 780 crore) investment round led by Tencent. While, Times Internet also participated in the funding round as it was the maiden fund raising round of MX Player after it was acquired by the former. Presently, the MX Player is valued at $500 million after the successful fund transfer, claims sources. The company MX Player, will use the infused financial to build up content portfolio on its platform.
Infurnia, an architecture and interior design software startup, has bagged $200,000 (approx INR 1 crore) from a bunch of angel investors. The platform Infurnia will use the freshly-pumped capital to strengthen the architecture design product and expand the user base in the interiors and modular kitchen industry.
Lawyered, a legal tech startup, has bagged $100,000 (approx INR 75 lakh) as part of angel funding from clutch of investors. The startup Lawyered will use the pumped in capital to strengthen its position in the legal-tech industry and deepen its customer relationships. It will also use the funds to support product development, market expansion, and to fuel further partnerships and collaborations.
Ally, a business execution platform, has secured $15 million (approx INR 106 crore) in series B funding from Tiger Global, Accel, Vulcan Capital and others. The startup Ally will be ulitizing the pumped- in capital to surge investments in global sales and marketing, expand the product offering, and enhance professional services to cement the company’s position as an emerging business performance management software company.
Styched, an e-commerce startup, based out of Bengaluru, has raised an undisclosed amount of angel funding from a slew of angel investors. The company Styched will use the infused financials to hire more people, invest in marketing, and to open its first overseas office towards becoming a global fast-fashion online brand. The startup Styched also plans to incorporate digital marketing and influencer strategies to grow its user base.
Bengaluru-based, agritech startup, Fasal raised $1.6 million seed funding led by Omnivore and Wavemaker Partners. The startup will use the funding to build artificial intelligence (AI) capabilities for each horticulture value chain where the company finds its forte. Fasal also plans to expand its B2B sales force, engineering and product teams, which will partner with aggregators, exporters, and processors in each horticulture value chain to access its networks of farmers.
Furthermore, the acquisition deals of the week incorporates as:
- ShopClues, an e-commerce startup, has been taken over by Singapore-based Qoo10 Pte Ltd in a stock deal. According to ShopClues, the partnership presents new strategic opportunities for both companies and opens up cross-border commerce opportunities consumers and sellers in India as well as the regions where Qoo10 operates. The merger comes as a relief for ShopClues, which has been struggling with falling revenue and layoffs.
- In a bid to become digital adoption solution (DAS) provider to offer autonomous personalisation solutions, Whatfix, an enterprise tech startup, has acquired Airim, an AI-powered tech company. Whatfix said that it will become the industry’s first digital adoption solution (DAS) provider to offer autonomous personalisation solutions. According to Whatfix, the acquisition will help companies enable faster user application onboarding, learning in the flow of work and self-help that increases user productivity.