[Weekly funding review] Indian startup ecosystem gets 15 deals with around $256 million of funding in third week of October

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The Indian startup ecosystem, in the third week of October, enabled around 15 startup deals with $256 million (approx INR 1,819 crore) of funding from a clutch of existing as well as new investors.

The IndianWire has again brought to you the latest week’s overall startup funding deals across several domains. 

Please check out the list below:

The week started with an online retailer platform Bewakoof, securing INR 80 crore as part of fresh funding round from Investcorp. While, the fresh funds are expected to be used for investing in technology and hiring new talent. Also Investcorp has provided nearly 90 per cent of funding and would hold around 14 per cent stake in Bewakoof with a seat on the board.

For details: Investcorp puts INR 80 cr in online retailer Bewakoof as part of fresh funding round

In a different segment, relating to water management and environment-driven WEGoT Utility Solutions, an IoT-based water management startup, has closed a $2 million (approx INR 17 crore) seed funding round from clutch of investors. The company WEGoT Utility Solutions said that the bulk of the funding will use utilized to strengthen its IoT-enabled product portfolio, scale its presence in India, and double its employee base in the next six months, especially in research and development (R&D), sales and marketing.

For details: Water management startup WEGoT closes $2 million seed funding from clutch of investors

Meanwhile, a SaaS-based platform UrbanPiper, also secured $7.5 million (approx INR 53 crore) in a Series A round led by Tiger Global and Sequoia India. While, Axilor also participated in the round. The platform UrbanPiper will utilize the fresh funds to scale up the team, produce suite and for international expansion.

For details: Tiger Global, Sequoia India, Axilor back Saas startup UrbanPiper with $7.5 million investment

In the social commerce startup group, Mall91 bagged $7.5 million (approx INR 53 crore) in series A round from group of investors including GoJekBeenextKalaari Capital. And Nitin Raj Gupta, co-founder and CEO at Mall91 said that the platform plans to use the funds to grow the business by expanding to other top 8 local languages, amplify its supply chain capabilities domestically and internationally while also expanding its engineering, operations, marketing, and support teams.

For details: Social commerce startup Mall91 bags $7.5 million in series A round from GoJek, Beenext, Kalaari Capital, other

Apart from the above startups raising, a startup in the automobile sector bagged the biggest funding amount of the week-

Mahendra Singh Dhoni-backed platform Cars24, which enables people to buy and sell used cars, has secured $100 million (approx INR 714 crore) in Series D equity funding round from Sequoia CapitalDST GlobalPartners Fund and a clutch of existing investors. Cars24 will be using the infused capital to deepen its presence in new cities, franchise model, technology and NBFC business.

For details: Mahendra Singh Dhoni-backed Cars24 raises $100 million in series D equity funding round from Sequoia Capital, DST Global, others

Other remaining startups deals of the week along with the acquisition partnerships are mentioned below.

Furthermore, under the acquisition deals of the week, Dose FM, an audio streaming space, has been taken over by a fintech startup Cleartax, for an undisclosed amount. Post acquisition, Cleartax will consume a four-member team of Dose FM.

For details: Fintech startup Cleartax acqui-hires an audio streaming space Dose FM for undisclosed amount

“While their core product was in a separate domain, we will leverage the team’s technical know-how on developing a recommendation engine, local language capabilities, and a few others,” said Archit Gupta, CEO of Cleartax.


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