The fourth week of June witnessed investments into startups at $65.32 million as compared to $31 million a week before, registering a growth of 110 per cent. This is certainly a relief for the startups in India as funding had fallen to a new low of around $30 million level in the second and third week of June.
The week saw 11 deals with an equal split between early and growth stages. There were no debt deals during the week.
The big positive during this week was the investment into India’s leading edtech unicorn Byju’s as it raised a new round of funding from the global technology investment firm, BOND. According to sources, the valuation in this funding round was $10.5 billion and this comes after the earlier fund infusion of $200 million by Tiger Global in the month of January this year at a valuation of $8 billion.
Key deals of the week :-
Gurugram-based financial technology company Aye Finance has raised Rs 210 crore in Series E funding, led by CapitalG, Alphabet’s independent growth fund. The round also includes participation from Aye’s existing investors LGT Lightstone, Falcon Edge Capital, A91 Partners, and MAJ Invest.
Other deals of the week :-
Fullife Healthcare, which sells sports nutrition supplements through a brand called Fast&Up, has raised Rs 50 crore in a funding round led by Singapore-based Amansa Capital. Including the latest round, the Rakesh Jhunjhunwala-backed company has raised an estimated Rs 100 crore so far. Existing investors including Jhunjhunwala and Sixth Sense Ventures also participated.The company is looking to use the latest funding to increase its product portfolio and cater to the required expanded capacity and demand.
Bengaluru-based digital payment card startup, slice (formerly known as SlicePay), has raised $6.07 Mn (INR 46 Cr) in pre-Series B funding round led by Japan-based investor Gunosy. US-based EMVC, Kunal Shah of CRED, Better Capital and existing investor Das Capital had also participated in the round. The company plans to use the funding to double its management team, explore banking partnerships to launch co-branded prepaid cards and credit cards and have over 5 lakh users by the end of FY21.
Coworking space provider 91springboard has raised $5.9 Mn (INR 45 Cr) from its existing investors without specifying the name of the investors. Notably, the company has previously raised investments from Singapore-based FreakOut Holdings, Anthill, 33 Investments, NITI Aayog, Sandway Investment Ltd, Pearl Brook Holdings, AMA Holdings, Silo Holdings and Al Nour, among others. It plans to use this funding to offer new-age and customised solutions to its existing costumes.
Gurugram-headquartered hyperlocal delivery startup Milkbasket has raised $5.5 Mn in fresh funding led by Inflection Point Venture. Existing investors Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and BeeNext had also participated in the round. Anant Goel, cofounder and CEO, Milkbasket, said that this was the last fundraise for the company on its path to profitability in 2020.
Bengaluru-based electric vehicle provider Yulu has raised $3.9 Mn (INR 30 Cr) in a fresh equity funding round led by US-based VC firm Rocketship and existing investors. The company will use the funding to strengthen the mobility platform, technology solutions, and enable rapid expansion.
Plant-based nutrition brand OZiva has raised $5 Mn (nearly INR 37 Cr) in a funding round led by Matrix Partners. Existing investor Titan Capital had also participated in the round. OZiva plans to use this fundraising for research and development (R&D), technology and team expansion.
Gaming startup Bombay Play has raised $1.5 Mn in pre-Series A funding round led by Leo Capital and Livspace founder Ramakant Sharma. The company will be using this fund to hire the most talented game makers in India and grow internationally.
High Street Essentials
High Street Essentials (HSE), the parent company of women’s fashion brands FabAlley and Indya, has raised Rs 20.75 crore in a fresh round of funding led by existing investors SAIF Partners and India Quotient. The new round of funding has also seen participation from Abhishek Dalmia and several family offices.
Noida-based MergerDomo recently announced that it had raised $132K (INR 1 Cr) from Indian industrialist Nadir Godrej in March 2020. The company is looking to use this funding to strengthen its platform’s technology and handle high scale of transactions securely.
Hyperlocal solutions provider NextBillion.ai has raised a $7 Mn Series A funding round led by Lightspeed India Partners and Falcon Edge Capital. It plans to use this funding to expand its operations in India and Singapore.
Doubt solving app Instasolv has raised $2 Mn in pre-Series A funding round from edtech giant Vedantu with full rights to acquisition. With this funding, Vedantu is looking to leave a footprint on Tier III and Tier IV towns cities that have a lack of quality teachers.
Undisclosed deals of the week :-
Rusk Media has raised an undisclosed amount from InfoEdge Venture, Sprout Venture Partners and an undisclosed institutional investor. The company plans to build distinctive digital entertainment solutions by bolstering video production and custom content capabilities.
Medical robotics startup Aether Biomedical has raised an undisclosed amount of seed investments from Chiratae Ventures, Joyance Partners and Funfish Partners. The company plans to use this funding for commercialisation of its multi-action bionic arm Zeus across India and Europe.