[Weekly Funding Roundup] Investments cross $200 M with strong investor interest in foodtech and healthtech
Indian startups raked over $230 million in funding this week, up by 68 percent from the previous week. Foodtech, healthtech, accommodation and edtech saw strong investor interest this week.
Cab aggregator Ola, however, stole the limelight. A source in the company told YourStory that the company is looking to raise $2 billion, of which it raised $74 million this week from Hong Kong-based Steadview Capital.
Venture capital firms, too, were in focus this week with early-stage venture fund Matrix Partners India raising its third fund of over $300 million. Flipkart Co-founder Binny Bansal made a strong impression, raising close to $32 million for a venture capital fund - 021 - where he is the anchor investor. Homegrown private equity firm ChrysCapital completed the fundraising process for its eighth fund, overshooting its hard cap of $850 million, according to media reports.
Following are major deals in the Indian startup ecosystem this week:
Ola becomes second most valuable Indian startup
Softbank-backed Ola raised $74 million from existing investor Steadview Capital as a part of a larger $2 billion funding. With this, Ola replaced OYO as the second most valuable Indian startup with a valuation of roughly $5.7 billion.
Healthtech startup Vantage Health raises $50 million
Vantage Health raised $50 million from Cayman Islands-based fund IQGEN Holdings LCC. The Mumbai-based startup plans to use the funds to support its operations and technology development.
Eruditus raises Series C led by Sequoia India
Edtech startup Eruditus raised $40 million in a Series C round led by Sequoia India, with participation from existing investor Bertelsmann India Investments. It will use the funding to increase its course offerings in subject areas including data science, machine learning, blockchain, and cybersecurity.
Zolostays is now looking venture into new tech to enhance its services
Co-living startup Zolostays announced it had raised $30 million Series B funding led by IDFC Alternatives, Mirae Asset, and Nexus Venture Partners. The fund-raise also saw participation from Alec Oxenford, Founder, OLX, and Chennai-based Olympia Developers and Patni Computers Family Office.
Investment platform Scripbox raises Rs 151 crore
Online investment platform Scripbox raised around Rs 151 crore in a Series C round led by Accel Partners. The round also saw participation from Omidyar Network and NLI Investment Fund, according to news reports.
InnerChef raises Pre-Series B funding
Online cloud-kitchen platform InnerChef raised Rs 43 crore ($6.17 million) in Pre-Series B funding led by Mistletoe, Saha Capital, Das Capital, Brand Capital, and M&S Partners. The funds will be used to strengthen the brand portfolio and shared kitchen platform.
Delhi-based Digiperform raises funds from HT Media
Delhi-based digital education platform Digiperform announced it has raised $3.6 million from HT Media. The funds will be used to accelerate its growth and build brand awareness.
Flipspaces will be expanding its presence
Technology-led interior design startup Flipspaces raised $3.5 million from Carpediem Capital. The funds will be used to expand their market presence across cities.
Grexter secures $1.5 million from Venture Catalysts
Co-living startup Grexter raised $1.5 million in pre-Series A from Venture Catalysts. Grexter will invest the funds in technology and to expand the number of rooms and beds it offers at a pan-India level.
Destek Infosolutions receives seed funding
Pune-based startup Destek raised a seed funding of Rs 10 crore from a clutch of Mumbai-based angels. The funding will go solely into Legalnextt - a communication, collaboration and practice management platform it developed for lawyers and law firms. The tech-led platform consists of city-wise and state-wise forums of lawyers from all over India and allows them to network over ideas and opportunities.
Food processing startup Yellow Chips and healthtech startup In-Med Prognostics raised equity funding this week. Fintech startups Cashcow and ePayLater raised undisclosed amounts as a part of their pre-Series A rounds.
Pune-based online food delivery startup Faasos raised $4.2 million from venture debt fund Alteria Capital. Late Thursday, Amazon Pay announced it had raised Rs 300 crore (or $42.5 million) from its parent companies Amazon Corporate Holdings Pvt Ltd and Amazon.com Inc Ltd.
Media reports also said PremjiInvest, the family office of Wipro Ltd Chairman Azim Premji, is set to acquire a stake in Hyderabad-based pharmacy chain Medplus. Gurugram-based 1mg Technologies Pvt Ltd is also reportedly looking to raise $35.31 million in a fresh funding round.
The Indian startup ecosystem also saw a few acquisitions this week.
Israel-based cybersecurity solutions provider Radware acquired Indian bot mitigation and management startup ShieldSquare, while OLX Group acquired Mumbai-based online recruitment marketplace Aasaanjobs.
Fintech startup OroWealth acquired wealth management app WealthTrust. OroWealth had raised $1.6 million in May last year. Gurugram-based edtech platform Talentedge acquired a significant stake in Hyderabad-based GreyCampus for an undisclosed amount.