The Indian startup ecosystem, in the last week of July, registered 20 startup deals with $75.89 million funding overall, and single acquisition agreement.
The week started with some massive funding rounds, raising undisclosed amount from clutch of investors and startup founders.
Here is the look into the Indian startup ecosystem in the fourth week of July:
While, OkCredit is set to raise a $1 million in form of convertible debt from its US-based holding entity OkTech Inc. The company plans to use the funds for capital expenditure and working capital needs.
TVS Motor Company, the third largest motorcycle company in India, headquartered in Chennai, has inked an agreement with Scienaptic Systems Inc, a New York-based startup to invest $7 million in the latter’s series A funding.
While, in the bigger announcement area, Anand Piramal, Executive Director of the Piramal Group has invested an undisclosed amount in Snapdeal, an e-commerce startup, based out of Delhi. The investment has been made by Anand in his personal capacity.
Zeta, a Benglauru-based fintech startup has secured an undisclosed amount in Series C funding round from Sodexo Benefits and Rewards (BRS). With this investment, Sodexo will have a minority stake in the company.
On the other hand, boAt, electronics maker, has raised INR 16 Cr (about $2 Mn) in debt funding from venture lending firm InnoVen Capital. The company will continue to focus on profitability and sustainable growth while minimizing cash burn.
PlayShifu, a Bengaluru-based gaming company Playshifu raised $7 Mn in Series A funding. The company plans to use the funds to invest further towards tech innovation, research on unique phygital interactions and new product developments.
Other startup funding galore include Drip Capital, a Mumbai-based SME lending startup Drip Capital raised $25 Mn in a Series B funding round led by Accel Partners with participation from existing investors Sequoia India, Wing VC, and Y Combinator. The funds will be used to expand its global footprint, launching in the United Arab Emirates and Mexico in 2019.
Cash Suvidha, a Delhi-based online lending platform raised $2.3 Mn in debt funding through private placement on non-convertible debentures and from various financial institutions. The amount has been raised in the first quarter of FY 2019-20. Cash Suvidha will use the funds to increase the loan books of the company.
Whereas, a B2B digital payments company PayMate raised an undisclosed amount of Series D funding from Recruit Strategic Partners (venture capital arm of Japan-based Recruit Co.), Brand Capital, Mayfair 101, along with participation from strategic partner Visa. The funding will help complement its existing commercial partnership with them and help the company scale faster by combining capital with Visa’s network
The funding galore of the week was closed by other startups deals such as Paisa Dukan, a Mumbai-based P2P lending platform raised an undisclosed amount of funding from JITO Incubation & Innovation Foundation (JIIF). The current round of funding will help in hiring experienced key resources to support company’s rural expansion.
Significantly, a Mumbai-based conversational AI platform Haptik acqui-hired Los Angeles-based AI startup Convrg. Additionally, the company has hired Timothy Carey, a technology industry veteran with over 20 years of experience across AI and enterprise software, to serve as its General Manager for the region.
Other updates of the startup ecosystem in the week includes American private equity firm Blackstone has reportedly invested $250 Mn in Kishore Biyani’s Future Group which owns supermarket chains such as Bigbazaar, Brand Factory, EasyDay and more. The investment is said to be a mix of equity and structured debt, and be used for the capital expansion of Biyani’s discounted fashion retail chain Brand Factory.
The Bank of Baroda has designated branches in 10 cities and towns and plans to add more to reach its aim of funding 1000 startups in the next two years. Through the dedicated bank accounts, the bank offers facilities like current accounts, payment gateways, credit cards and a loan of up to INR 2 Cr.
For details: bank of Baroda to invest in 1000 startups by 2021