[Weekly Funding Roundup] Indian startup ecosystem raises $243.5M, Faasos' Rebel Foods bags maximum funding

The Indian startup ecosystem raised $243.5 million across 11 equity funding deals, a 62 percent jump from last week. An additional $23.2 million was raised in debt funding.

The Indian startup ecosystem raised close to $243.5 million across 11 equity funding deals. An additional $23.2 million was raised as debt in the last week of June.

This accounted to an almost 62 percent jump from the last week, when the startup ecosystem raised about $150 million in equity.

Late-stage deals dominate

Late stage deals contributed to most of the total funding raised in the last week of July, with close to $200 million being raised across two deals.  

Mumbai-based cloud kitchen startup Rebel Foods raised $125 million in its ongoing Series D round from Coatue Management, Goldman Sachs and Indonesia’s Go-Jek, among others. Rebel Foods, which operates under the brand Faasos, plans to set up 100 Indonesian cloud kitchens, in partnership with Go-Jek.

Gurugram-based UrbanClap raised $75 million in Series E from Tiger Global Management. Existing investors, including Steadvidew Capital and Vy Capital, also participated in the round. This comes right after the startup raised Rs 1.5 crore in July from Mekin Maheshwari, former Flipkart CPO, and Anjali Bansal, Founder of Avaana Capital.

More number of early-stage investments

However, when it comes to volume, early-stage deals came out strong.

Close to $9 million was raised across six deals.

Ratan Tata-backed CarDekho raised Rs 132.95 crore (approximately $20 million) in Series C. The round was led by Cayman Islands-based SC GG India Mobility Holdings LLC, with participation from Hillhouse and Kreatif Media Karya.

Fintech startup Progcap raised $5 million as a part of its Series A investment, in a round led by Sequoia India. MV Nair, Chairman of CIBIL and Sandeep Tandon, former Founder of Freecharge participated in the round. Existing investors GrowX Ventures Fund and Somak Ghosh also participated in the round.

Gurugram-based coworking space startup GoHive raised $358,625 in a pre-Series A round. The investor’s name was kept undisclosed.

Venture Highway Capital made two investments this week. The first one was bagged by MyScoot. The Delhi-based startup secured $1.7 million in seed funding from Lightspeed India Partners, Venture Highway, and Mayfield India. Kunal Shah, CEO of Cred and Maninder Gulati, Chief Strategy Officer at OYO Rooms also participated in the round.

Their second investment for the week was MyPetrolPump. The Bengaluru-based on-demand fuel delivery platform raised $1.62 million as a part of its seed funding round. While Venture Highway Capital led fundraise, US-based accelerator Y Combinator also participated in the round.

Medtech startup Plunes Technologies raised $120,000 from angel investors Samuel Kurian and Srinivas Sridharan. This was a part of their ongoing seed round. The startup is an aggregator of doctors and healthcare service providers.

Debt financing

Fintech startup Aye Finance raised Rs 55 crore (approximately $8 million) from DCB Bank, to grow its loan book and credit solutions.

Online grocery platform Bigbasket raised Rs 100 crore (approx $14.5 million) venture debt funding from Trifecta Capital. The Alibaba-backed startup said that it will be using the funds to meet the working capital and capex requirements of the company. In an official statement, Bengaluru-based Bigbasket said that this will include setting up new warehouses, strengthening the cold chain, and setting up facilities for reprocessing of fruits and vegetables.

Matrix Partners-based Techmed Healtcare raised $718,450 in debt financing. The Chennai-based startup raised the round from Raja Ramanan.


San Francisco and Bengaluru-based MindTickle raised $40 million in Series C funding led by Norwest Venture Partners. Existing investors Accel Partners, Canaan, New Enterprise Associates and Qualcomm Ventures LCC also participated in the round.

Further, US-based Vymo raised $18 million as part of its Series B funding from Emergence Capital. Sequoia India also participated in this round. 

Mortgage-tech startup Easy Home Finance raised an undisclosed amount from Shinji Kimura’s Harbourfront Capital. The Mumbai-based startup, in an official statement, announced that it plans to enter into financial services through this partnership.

Bengaluru-based customised apparel brand, Alma Mater Store raised $200,000 from angel investor Harminder Sahni, Managing Director of Wazir Advisors.

Digital entertainment startup Pocket Aces raised Rs 100 crore (approximately $14.5 million) from Sequoia India, DSP Group, 3one4 Capital and other investors. The Mumbai-based startup plans to invest the freshly raised funds in content, technology and talent.

(Edited by Evelyn Ratnakumar)