A total of 18 equity deals were observed this week. Amongst the 12 early stage deals, total revenue of $25.2 million was raised while three growth stage deals garnered up to $39 million. Apart from the above the remainder amount of up to $305 million was raised by three late stage deals. It is exciting to notice that Indian start-ups this week have raised up to a total of $369 million of equity funding. This is a whopping 50% more than what was raised last week that is an amount of $246.5 million! Venture Debt funding also raised figures upto $71 million. Additionally, the largest revenue was raised by Lenskart along with which five acquisitions and exists were also observed.
Deals this week
Lenskart a Faridabad-based eyewear solutions start-up raised a remarkable $275 million from Softbank Vision Fund. This was inclusive of some stake sale from early investors of the fairly new start-up. When questioned as to what the company will utilise the investment for, they said that the same will be utilised for firstly, augmenting Lenskart’s tech capabilities and secondly, to strengthen the company’s supply chain infrastructure. According to media reports and experts say that the valuation of the company will be at $1.5 billion.
Early and growth-stage deals
The following deals are listed as per the revenue generated:
Zest Money: A consumer financing start-up.
Raised an amount of $15 million by virtue of its ongoing Series B equity round led by Goldman Sachs.
The participating investors in this round were Naspers Fintech, Quona Capital, and Flourish (Omidyar Network’s fintech investment arm)
Pristyn Care: A Gurugram-based Health-tech start-up for elective surgeries
Raised $12 million in Series B funding round
This was led by Sequoia India, Hummingbird Ventures, Greenoaks Capital, and AngelList.
The start-up aims to use this investment to fund its expansion through investments in technology and healthcare operations.
HungerBox: A Food-tech solutions provider
Raised $12 million in funding from a consortium of Indian and international investors.
New investors also participated in this round which included digital payments major, Paytm and NPTK.
They also saw existing investors Sabre Partners and Neoplux also participating in the rounds.
Waterfield Advisors: A Mumbai-based multi-family office
Raised $6 million in a fresh equity funding round
This was led by a consortium of investors including New York-based Gaurav Dalmia of Dalmia group holdings, Zephyr management LPand TVS capital fund.
They mentioned that the capital will be used to build client-centric technology enablers, augment the advisory platform, acquire high-quality talent, and power global expansion.
Toffee Insurance : An Online insurance platform
Raised $5.5 million in its Series A round
This was led by IVM Intersurer
These also participated; Flourish Ventures, Accion Venture, Lab Omidyar Network, and Kalaari Capital.
Kaleidofin: A Chennai-based neo-bank start-up for the informal sector customer
Raised 5.06 million in Series A round
This was led by Oikocredit, who are an impact investor with over four decades of experience in financial inclusion.
LivFin: An SME-focussed supply chain fin-tech start-up
Raised $5 million in a funding round
This was led by DEG, a German development finance institution.
Bijak: A B2B trade platform for the agricultural sector
Raised $2.5 million from Omnivore, Omidyar Network India, Sequoia Capital India’s rapid scale-up programme – Surge, and Better Capital.
Henry & Smith: An Online clothing brand
Raised $1 million as a part of its seed round
This was led by WEH Ventures and Rukam Capital.
The round also saw participation from LetsVenture, an angel investment platform.
Witblox: A Mumbai-based edtech startup
Raised a successful investment of Rs 1.3 crore which is $0.18 million.
This was invested by Mumbai Angels Network.
More than 24 angel investors from the Mumbai Angels Network contributed in this funding round.
Playtoome: A Bengaluru-based entertainment tech platform
raised funds from US-based venture capital company, SOSV.
Open Secret: A Mumbai-based food and beverages start-up
Raised funds from a seed funding from Matrix Partners India.
This funding round also achieved interactive participation from numerous investors including Snapdeal Co-founders Kunal Bahl, Paytm Founder Vijay Shekhar Sharma, and Rohit Bansal, and Godrej Consumer Products CEO Vivek Gambhir.
DROR: A Safety tech start-up
The tech start-up successfully raised an unrevealed sum of capital from IP Ventures.
Cub McPaws: A direct-to-consumer brand that
The brand primal focus is upon premium and comfortable merchandise for Generation Alpha aka kids born after 2010
Successfully achieved an unrevealed sum in its Pre-Seed round from Venture Catalysts.
Azah: A Gurugram-based women wellness start-up
As per one of our previous articles, the start-up achieved an undisclosed amount in a pre-Series A funding round for their future actions.
Those who participated were Angel List members, India Snapdeal Founders Kunal Bahl and Rohit Bansal.
Late-stage deals
Northern Arc Capital: A debt capital platform
It caters to the under-banked individuals and businesses in India
Raised equity funding from Sumitomo Mitsui Banking Corporation (SMBC), a Japanese multinational bank.
The bank also acquired 5.4 percent equity in the company.
Licious: An online fresh meat brand
Raised $30 million as part of its Series E funding round
This funding round was led by a Singapore-based Vertex Growth Fund.
Existing investors including Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, 3one4 Capital, and Sistema Asia Fund also contributed in the funding round. The fund which were raised are planned to be deployed towards increasing existence in a greater number of Indian cities, supplementing abilities in current markets, firming omnichannel presence, and running new produce launches, particularly in the ready-to-eat class.
Debt funding
Medlife which is an online pharmacy company, raised Rs 110 crore ($15.5 million) from Wilson Global Opportunities Fund. The startup based in Bangalore shall utilise the raised funds for its technological development, employee, working capital requirements, support the future growth of Medlife International, marketing its business activities and costs.
The Bank of America has extended a line of credit for a solar power-focussed start-up, called Fourth Partner Energy worth Rs 356.5 crore (or $50 million). The Hyderabad-based start-up said that it will be utilising the amount to revamp its operational solar portfolio over the course of the next 18 months.
A small and medium enterprises-focussed digital lending app called InCred raised $5.9 million in its third debt round from various new investors.
Exits and Acquisitions
Tech Data Corp which is a US-based technology solutions provider this week agreed to acquire Inflow Technologies Pvt. Ltd, which is a Bengaluru-based distributor of information technology infrastructure products and services.
Asteria Aerospace was acquired by Reliance Industries this week. It was reported that their wholly-owned subsidiary, Reliance Strategic Business Ventures Ltd (RSBVL) has acquired the same for over Rs. 23.12 crore. A 51% stake was acquired.
Sri Lanka-based software company, nCinga Innovations was acquired by Singapore-headquartered, Zilingo when they announced that the acquisition was through for $15.5 million cash-and-stock deal. The platform also has a technology centre in Bengaluru.
Shobiz Experiential Communications Pvt. Ltd., Indian experiential agency, was acquired by Havas Group, a multinational advertising and public relations company based in France.
It was publicized by the Bengaluru-based AI platform, Embibe, an edtech startup under the proprietary name ‘Individual Learning Pvt Ltd’, that it hand-picked equity shares in Funtoot (eDreams Edusoft). This successful deal was closed at Rs 71.64 crore in cash, which outcomes for 90.5 percent in the equity share capital of Funtoot.
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