[Weekly funding roundup] Last week of February closes with a modest $132 M in funding raised by startups
The most notable deals this week include Grofers and Ola’s Electric Vehicle business segment as the group continued its fund-raising momentum from last week.
As tensions escalated at the border and had us all glued to our TV screens, the startup ecosystem too seemed to have put funding on the backburner as the shortest month of the year came to a close.
The week saw only two late-stage deals. And just like last week, Ola stole the show once more. The cab aggregator, along with grocery player Grofers, cornered the lion's share of this total week’s funding amount.
Funding in the last week of February fell to $132 million spread across 13 deals. While the two late-stage deals, including that of Grofers and Fingerlix, amounted to $64.3 million, there were only three early-stage deals which mopped up just under $6.5 million. While last week saw debt funding deals cornering a neat $355 million, this week there were none.
Let’s take a look at the deals this week.
Deals of the week
Hyperlocal grocery startup Grofers raised around $60 million in a Series F round from SoftBank Vision Fund (SVF). This was the first tranche of a larger $120-$140 million funding round that the company is raising. The funding will help fill the firm’s war chest at a time when a well-heeled Swiggy is looking to tap the same market. Big Basket too is reportedly in discussions to raise new funding.
Bengaluru-based cab aggregator Ola raised $56 million in a round led by Matrix Partners and Tiger Global, its early investors. The company said that the new business will be led by Ola executives Anand Shah and Ankit Jain. Ola Electric plans to make electric mobility a reality at scale. The company also said that it has partnered with several original equipment manufacturers (OEMs) and battery manufacturers.
Apart from Grofers, the other late-stage deal was ready-to-cook food startup Fingerlix raising $4.3 million from Bengaluru-based food delivery unicorn Swiggy's parent company, Bundl Technologies, in its Series C round of funding.
Three early-stage deals
Bengaluru-based artificial intelligence-based healthtech startup Niramai Health Analytix raised $6 million in its Series A funding round from Japanese VC firm Dream Incubator, Beenext, and other investors. Earlier investors like Flipkart Co-founder Binny Bansal, pi Ventures, Axilor Ventures, and Ankur Capital also participated in this round of funding.
AI digital risk management and cybersecurity startup CloudSEK raised Pre-Series A funding of $490,000 (Rs 3.5 crore) from IDFC-Parampara. This round is part of the $2.5 million (approximately Rs 17 crore) Pre-Series A funding that CloudSEK has raised so far.
Logistics tech startup MovingNow raised an undisclosed amount in a Pre-Series A round from a clutch of investors listed on StartupLanes.
Other deals and exits
Bengaluru-based interior design startup HomeLane raised $4.6 million from JSW Ventures, Accel Partners, and Sequoia Capital. The company said it would use the funds to boost technology and brand strengthening as well as for expansion of HomeLane experience centres in existing and new markets.
Here's a quick look at the other deals of the week.