Indian startups raise $250M+ in a day!
Funding in the Indian startup ecosystem seems to have accelerated further with over $250 million raised on Tuesday alone.
Mohalla Tech, the parent company of Moj and ShareChat, raised $145 million as an extension of its Series F round. This is an additional investment beyond the $502 million raised earlier in April, which marked its entry into the unicorn club. At present, the company's valuation is at $2.8 billion.
Travel app ixigo raised $53 million through a combination of primary and secondary issuance of shares from investors ahead of its initial public offering (IPO), with the travel company planning a Rs 1,500-1,800-crore public float.
D2C beauty brand MyGlamm also made headlines after it raised Rs 355 crore [approximately $47 million] in fresh funding from Accel Partners, along with participation from existing investors. With the latest fundraise, MyGlamm closed its Series C round with a total of Rs 530 crore.
The day also saw a host of other noteworthy funding deals — Ahmedabad-based medtech company Axio Biosolutions raised $6 million, intercity mobility startup Zingbus raised Rs 44.6 crore [approximately $5 million], social gaming startup Eloelo raised $2.1 million, and Edukemy raised $2 million.
The Indian startup ecosystem has been on a roll this year. In H1 alone, Indian startup funding touched $10.15 billion, already exceeding the $9.94 billion raised in the entirety of 2020.
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News & Updates
- Pushing the case for Make in India, Ola's Bhavish Aggarwal disagreed with calls for lower duties in India on imported EVs, saying that it was important to build indigenously and attract global OEMs to build in India.
- Paytm wants to hit the market with its Rs 16,600 crore IPO at the earliest by October 2021. The digital payments and financial services firm had filed draft papers for its initial share sale with the market regulator SEBI on July 15.
- Cashify has acquired UniShop, an omnichannel retail solution platform, for an undisclosed sum. Cashify said the new development will help it to further diversify its ecommerce offerings by empowering mobile retailers to get a web presence and build their brand.
- Microsoft India launched the second phase of its artificial intelligence (AI) model 'Sunny Lives' for predicting heatwave risks in India in partnership with SEEDS. Last year, the model was successfully tested for cyclones and floods in disaster-prone coastal areas in the country.
- Logistics startup Locus has designated $4 million for its ESOP buyback with an aim to helps its employees in their wealth creation journey. The development comes in after it raised $50 million in Series C funding in June.
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