Weekly funding report (Third week of July): Indian startup ecosystem bags $136.5 million across 11 deals

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As the week steps into its last phase of the month, the Indian startup ecosystem, in third term of July, has been able to grab $136.5 million funding across 11 deals, including few acquisition agreements.

Here are the funding galore raised in the third week of July:

Procol, a Delhi-based all-in-one procurement platform raised seed round of $1 million from Blume Ventures and Rainmatter Capital.

The funding will help Procol scale their procurement platform and start deploying other applications around it.

For more details: Delhi-based Procol raises $1 million in seed funding from Blume Ventures, Rainwater Capital

Ambee, an environmental intelligence startup, based out of Bengaluru, raised

3.22 crore in a funding round from investors such as Aishwarya Rai Bachchan, Rajan Anandan among others.

For details: Aishwarya Rai Bachchan turns investor, invests ₹50 cr in Bengaluru-based Ambee

Likewise, Rajinikanth’s daughter, Aishwayra R. Dhanush invested an undisclosed amount in SARVA, a Mumbai-based fitness stratup. 

With this investment, Aishwaryaa joins hands with Malaika Arora to become a core part of the Diva Yoga team, leading its growth in the South. Diva Yoga is the yoga wellness arm of SARVA.

While, Teabox, a Bengaluru-based online premium tea brand raised an unidsclosed amount of funding from Dubai-based NB Ventures, along with the existing investors such as Accel Partners.

For details: West Bengal-based Teabox raises an undisclosed amount from Dubai’s NB Ventures, other investors

Sachin Bansal’s BAC Acquisitions committed ₹20 crore in venture debt to boAt, an electronic maker. 

Akiva Superfoods, a Delhi-based organic and health products startup raised $2 million in a series A funding round, led by Alkemi Venture Partners. 

The startup plans to used the infuse funds in expanding the portfolio by adding a wide range of innovative superfood-based products across categories and getting the right talent across functions.

It will also invest towards expanding in new markets and bolster retail channels through high impact marketing.

Paytm Mall, a Noida-based, e-commerce platform, raised an undisclosed amount from US-based company eBay. 

In a strategic partnership, eBay picked up a 5.5% stake in the Indian ecommerce marketplace. Through this partnership, eBay inventory will be made accessible to the active customer base of Paytm Mall, a subsidiary of the Indian fintech unicorn Paytm.

It would also enable eBay sellers to reach new customers in the rapidly growing Indian market.

On the other hand, one of the biggest funding round was of Icertis, a Seattle and Pune-based software company, raised $115 million in a funding round led by US-based venture capital firm Greycroft and PremjiInvest.

For details: Pune-headquartered Icertis bags $115 million from PremjiInvest and Greycroft Partners, enters unicorn list

The company said it will utilise the capital to strengthen its product, invest in new technologies such as blockchain, artificial intelligence, and machine learning and expand its global footprint.

Grofers, a Gurugram-based online grocery delivery startup secured ₹97.58 crore from its Singapore-based entity. With this investment, Grofers International has been allotted 812 equity shares in the grocery delivery startup.

The company has also raised an additional $10 Mn in its ongoing Series F round. This investment has come from an Abu Dhabi-based entity Capital Investment LLC.

Toch, an interactive video platform, based out of Mumbai, raised an undisclosed amount of funding in a pre-Series A round led by investors from Hyderabad Angels and other HNIs from various networks in their individual capacity.
The startup plans to use the funds to enhance technology, scale their team and operations.
Agrahyah Technologies, a Mumbai based software company, closed its pre-Series A round of $1 million funding from an undisclosed investors. The funds will be used to fuel growth and expansion of its products.
Besides, the fund raising deals, Indian startup ecosystem also experienced some acquisition agreements. Here is the list:

Druva, a Pune-based cloud data protection firm, acqui-hired CLoudLanes, a hybrid cloud data protection and migration company.

By integrating CloudLanes, Druva will bring all the benefits of its cloud capabilities to these on-premises environments, providing instant recovery and enhancing data security without requiring any hardware.

Ebix, a US-based software company, has signed an agreement for a merger with Yatra, a Gurugram-based travel and ticket booking platform.

For the merger, each ordinary share of Yatra will be entitled to receive 0.005 shares of a new class of preferred stock of Ebix. Following the completion of the transaction, Yatra will become part of Ebix’s EbixCash travel portfolio alongside Via and Mercury and will continue to serve customers under the Yatra brand.

For more details: US-based Ebix acquires Yatra through share merger process at $337.8 million

Whereas, in the latest series of funding into the Indian startup ecosystem, Steadview Capital is looking invest $500 million in growth-stage companies in India over the next two years.
The fund is reportedly looking to invest $20 million – $40 million per deal.
Steadview could invest up to $100 million in a single firm if the company’s financial metrics justify heavy capital.
The fund is also reportedly planning to increase focus on India by increasing its headcount here and is looking to hire one more person in India.
Similarly, ByteDance, a Chinese media giant, is looking to invest in Indian content startups. the move will help it create a bouquet of apps to target new audiences, a successful strategy from its Chinese growth.
For this, the company has set up a team to scout for companies in content, social commerce and education technology.

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