[Weekly Funding Roundup] Equity deals decline by 32.7pc at $169.4M; Debt makes comeback after two lull weeks

The third week of September saw a decline in equity funding deals, by 32.7 percent as startups raised $169.4 million. While three late-stage deals raised $63.4 million, the rest was raised through early-stage and other deals.

This week also saw debt funding deals making their way back after two lull weeks, contributing about $21.1 million to the startup ecosystem.

Deal of the week

Mumbai-based private equity firm Kedaara Capital invested Rs 392 crore ($55 million) in eye-wear solutions startup Lenskart. With the capital raised, Lenskart plans to expand to international markets such as Singapore and others.

The Delhi-based company is expected to be valued at around Rs 8,200 crore ($1.15 billion) post the funding round.

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Early-stage deals

Kolkata-based Wow! Momo Foods, which owns and operates two quick-service restaurant brands Wow! Momo and Wow! China, closed its latest Series B funding worth $23 million, led by Tiger Global. The firm will use the capital to further scale its operations, backed with disruptive research and development.

Bengaluru-based wealth management platform Groww, raised $21.4 million in its Series B funding round, led by US-based VC firm Ribbit Capital, along with existing investors Sequoia India and Y Combinator. The startup will use the funds to double its employee count and fortify tech capability.

Mumbai-based pharmaceutical startup Generico raised Series A funding of $14 million, led by Lightbox, Whiteboard Capital- their angel investor, and Tomorrow Capital. The firm plans to use the fresh funds raised to strengthen its capabilities in supply chain management and data science.

Gurugram-based healthcare platform, Meddo, raised $3 million as part of its Pre-Series A round, led by SRI Capital, along with growX Ventures, LetsVenture, Jitendra Gupta (Co-founder of Citrus Pay), and Venture Gurukool.

Delhi-based online B2B footwear marketplace ShoeKonnect, raised Rs 11 crore ($1.5 million) in a Pre-Series A round, led by an early-stage venture capital fund WaterBridge Ventures. Existing investor Info Edge India also participated.

Seed-stage investment network Indian Angel Network led a funding round of Rs 5.25 crore ($0.7 million) in PlusPin Healthcare, which converts standalone pharmacies in micro-localities into one-stop destinations for basic healthcare needs. The startup will utilise the funding to expand its geographical footprint, bolster tech infrastructure, and drive superior customer experience.

LectureNotes, a community-driven platform raised $0.3 million from Singapore-based group of HNIs. The platform is for teachers to share notes and get connected with thousands of students. The contents are provided and shared by the users themselves, which are made available to students to read from, for free.

Digital identity solutions provider Syntizen Technologies raised an undisclosed amount from global payments behemoth Mastercard and biometric solutions provider ACPL, as part of its Pre-Series A round.

Smart farms Agritech Pvt Ltd raised an undisclosed amount from a clutch of angel investors. Leading the funding round was Sunkara Subba Rao, with Renous Consulting acting as an exclusive advisor during the transaction.

Roots Ventures, a multi-stage and sector agnostic investing platform, announced its investment in Kaarya Naturals, a Mumbai-based health food company, that currently retails its range of protein and health bars under the brand eighty20. 

AttainU, a Bengaluru-based edtech startup, that provides live online courses as college alternative to individuals, raised an undisclosed sum in an angel funding from investors including Shailesh Rao, ex-Google India Head; Nikhil Rungta, ex-Intuit India Head; Anil Gelra, Founder, SnapMint; Manish Kumar, Founder of KredX; and LetsVenture. 

Late-stage funding

Bengaluru-based home rental startup, NestAway Technologies raised a total of Rs 34.92 crore (about $5 million) from Goldman Sachs as part of its ongoing Series D round. Existing investors IDG India (now Chiratae Ventures) and Tiger Global also participated in the funding.

Online lingerie retailer Zivame, raised fresh funding of about Rs 25 crore ($3.5 million) from Indiblu Investment Advisors, Avendus Capital, and Avezo Advisors, as part of the company's Series C funding round.

Others

New York-based investor, Tiger Global invested $25 million in digital stockbroking firm Upstox in its second round of investment. The fresh funding will be used to expand its business, making product improvements and adding new features, as well as, hiring.

Proptech startup Square Yards raised $20 million of equity capital from a clutch of investors including Bennett Coleman & Co Limited (BCCL), Genkai Capital, Founders of PropertyGuru - Steve Melhuish and Jani Rautiainen, Singtel ex-Chairman Koh Boon Hwee and DBS. Some of the existing investors also participated in this round. 

Hyderabad-based early-stage investment firm SucSEED Venture Partners made an undisclosed amount of investment in Eunimart, a complete AI-enabled end-to-end omnichannel trade and commerce management platform for small and medium enterprises (SME), selling globally.

Mumbai-based startup, LivePools, whose online platform offers fantasy games based on skill, raised funding from Dan Bilzerian, a professional poker player and Instagram influencer.

Pune-based freelance marketplace GigIndia raised funding from a group of technology and IT veterans including S Ramadorai, former Tata Consultancy Services CEO; Kiran Deshpande, former CEO of Tech Mahindra and others.

Bengaluru-based logistics company Blowhorn raised an undisclosed round of funding, led by an undisclosed investor. The funding also saw participation from its existing investors, that includes Chiratae Ventures and Dell Foundation, as well as, new investors Venture Catalysts, James Lee Sorenson and Japanese VC firm, Dream Incubator.

Kolkata-based iKure Techsoft Pvt Ltd raised an undisclosed amount of funding from Inflection Point Ventures (IPV). The startup plans to use the acquired funds for business and technology expansion.

Debt funding

Gurugram-based financial technology company Aye Finance raised Rs 80 crore ($11.2 million) in debt funding. The investor's name remains undisclosed by the company.

Microfinance startup Satya MicroCapital Ltd raised Rs 50 crore ($7.04 million) in debt funding, by issuing non-convertible debentures (NCDs) to Mauritius-based Aviator Global Investment Fund, in a joint venture with Northern Arc Capital, for three years.

Bengaluru-based fintech startup SlicePay, which exclusively focuses on youngsters, raised Rs 20.5 crore ($2.8 million) in debt funding, from Japan-based Gunosy Capital and Pegasus Wings Group, the investment arm of Das Capital.

Exits and acquisitions

This week, FreshWorks acquired Bengaluru-based CanvasFlip, a cloud-based prototyping and usability testing platform, without disclosing the terms of the deal.

Singapore-based marketing technology company Silverpush acquired BetterButter, an Indian recipe-sharing platform. 

French advertising group Havas acquired independent digital agency Langoor for an undisclosed amount. Founded in 2010, the digital agency is present across India, Middle-East and Australia.

Artist services company Believe has acquired Entco (Entertainment Co), a Mumbai-based Indian live music production company. Post the acquisition, Entco will be re-branded as Believe Entertainment.

(Edited by Suman Singh)

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