funding roundup

We bring you the latest edition of Funding Roundup: Indian Startup Funding of the Week. The dates range from 16th April 2018 to 22nd April 2018.

This week the startup economy raised around 37 percent less funds compared to last week investments and fundings. Investors like Nexus Venture Partners, Omidyar Network, Fireside Ventures and Lok Capital continued putting money.

Leading Investors

This week 14 startups raised funds from various investors like Nexus Venture Partners, Pravega Ventures, BEENEXT, Accel Partners, Fireside Ventures, Paragon Partners, Omidyar Network, Lok Capital, Ola, Unicorn India Ventures, IvyCap Ventures, WaterBridge Ventures, Binny Bansal, Ananth Narayanan, Samena Capital, Ramco Systems, DSG Consumer Partners and more.


The startup economy raised around $76 million in five seed fundings rounds, one Series A round, tow Series B rounds, one Series C round while the rest being unknown rounds. The amount $74 million is equal to almost ₹504 crores in Indian currency.

One of the biggest Indian startup funding this week was True Balance, a digital wallet and financial services platform raising $23 million in a Series B2 funding.

Sleepy Owl raised the lowest amount of all the 14 funding deals that occurred in that period. It raised not more than INR 3,50,00,000 (Three Crore Indian Rupees).

In Details: Indian Startup Funding of the Week

So let us discuss each funding one by one in details. We are sorting the funding in descending order of amount raised by the startup.

True Balance

Digital wallet True Balance raised $23 million in Series B funding led by Japan-based global messenger Line Ventures Corporation, Korean bank Shinhan Bank and Korean search engine Naver.

The funds shall be used to acquire new talents and expand benefits of need-based financial services. The company aims to recruit technology and business teams from Indian Institute of Technology (IITs) and Indian Institute of Management (IIMs).

Chai Point

The organized tea selling company raised $20 million in series C funding led by Paragon Partners. Existing investors like Eight Roads, Saama Capital and DSG also participated in the round, with some of them investing super pro rata.

The largest organized brand in the INR 1.5 lakh crore Chai market aims to capture 1 billion Indians under its customer base. The tea market is ever expanding at a steady rate of 20-30% and is expected to grow throughout the decade.

Afford Plan

With participation from existing investors like Prime Venture Partners and Kalaari Capital, the fintech startup in the healthcare space, Afford Plan managed to capture Rs 55.8 crores in Series B funding led by Lok Capital and Omidyar Network.

Incubated by Kalaari Capital’s incubator KStart, the startup earlier raised Rs 3 crores in May 2016 and Rs 20 crores six months later from Prime Venture Partners and Kalaari. Founded in 2015 by Tejbir Singh and Hemal Bhatt, the startup allows hospitals to provide personalized payment plans to its subscribers.

Vogo Rentals

Three-year-old scooter sharing network Vogo Rentals raised $7 million in an unknown round from OLA along with investors Stellaris Venture Partners and Matrix Partners India. The investors and the startup have not yet responded to Economic Times queries.

Vogo, founded by Anand Ayyadurai, B Padmanabhan and Sanchit Mittal, operates a scooter-sharing network which allows users to pick up the vehicle from designated pickup points throughout the city and drop them at any other designated point at the end of the ride.


Cogoport, a Mumbai based digital freight aggregator raised approximately $6 million in Series A round led by the venture capital firm Accel Partners. Founded by Purnendu Shekhar, Kunal Rathod, Harsh Kumar and Nishant Dalmia in 2017, the startup enables a simpler, smoother and seamless freight booking experience.

Cogoport claims to enable the best experience with a data-driven technology solution to provide instant rates for everyone in the freight ecosystem and help them grow their business.


Pandi, the company digitising the logistics for Fortune 500 companies raised $2 million in seed funding led by Nexus Venture Partners. Other marque investors like Kashyap Deorah, Girish Mathrubootham and Nishant Rao also participated in the round.

The fundraising will primarily be used to further develop the product and make it more comprehensive, feature-rich and be a more practical solution for logistics management focussed on large enterprises. The funding will also aid in hiring better talent.


GrabOnRent closed a $2 million round from existing investors Ivvy Cap Ventures and Unicorn India Ventures. The startup earlier raised $1 million from same investors in 2016 and claims to have grown 8 folds since then.

From serving 2,500 customers in 2016, GrabOnRent now serves around 35,000 customers, with an average ticket size of Rs 1,800 and an average number of products being three units. The average rental duration is 12.2 months.


Another fintech startup Fyle raised $1.1 million in funding from existing investors Pravega Ventures and Beenext. Fyle boasts customers like Girish Mathrubootham-led Freshworks and many more.

Bengaluru-based expense management startup plans to use the funds to expand its sales and marketing teams and invest in research and development to create the better customer experience. Earlier in February 2017, Fyle raised $400K from Pravega and Beenext along with a clutch of investors including redBus cofounder Phaninder Sama, Zivame founder Richa Kar and Qubole co-founder Joydeep Sen Sarma


Babycare products startup Mamaearth raised $1 million in equity investment in an undisclosed round led by Fireside Ventures and actress Shilpa Shetty. The fundraiser marks the startup’s third round of external funding.

Founded in 2016 by husband-and-wife duo Varun and Ghazal Alagh, the startup’s product portfolio includes toxin-free body lotions, rash creams, shampoo, body wash, massage oil, and bug sprays for children up to the age of five years.

LYNK Logistics

Intra-city mini-truck aggregator Lynk has raised about Rs 20 crores from existing investor Ramco Group and the promoters – P.R. Venketrama Raja (Chairman – Ramco Systems) and Abinav Raja–the co-founder of the Chennai-based startup.

So far, the surface logistics firm has raised about Rs 26.6 crore. The mini-truck aggregator platform Lynk was founded by Raja and Shekhar Bhende, that allows shippers to book mini trucks for local goods transport through a mobile app or through a call centre.

Blue Jack

Delhi-based Four Wheel Group (India) Pvt. Ltd, which owns online used vehicles marketplace, is set to raise Rs 6.4 crore (around $923,000) in a pre-series A funding round led by investment firm WaterBridge Ventures, two persons close to the development told TechCircle.

Singapore Angel Network and a few angel investors also participated in the round, they added. The company’s website states it will soon launch operations and will initially start out in Delhi-NCR.

Paisadukan a P2P Lending marketplace solely owned by Mumbai based FinTech start-up BigWin Infotech,raised seed funding of USD 650K through Angel funding rout. The fund will be used for marketplace platform and mobile app development.

P2P lending is one of the most innovative products of recent time; India has a huge potential and is poised to flourish in 2018. According to various market reports, India is poised to be a USD 4-trillion economy by 2022, of which USD 1-trillion would be the digital economy.


Healthcare and fitness startup Curefit have scooped up Rs 4.18 crore in a new funding round that saw participation by new investors Binny Bansal (Flipkart co-founder) and Ananth Narayanan (Myntra-Jabong CEO).

The fresh round of funding has come barely months after the Bengaluru based startup raised $10 million in a debt financing round led by HDFC and Axis banks. Curefit’s joyous tryst with investors has entailed in costly acquisition sprees and even signing Bollywood superstar Hrithik Roshan as their brand ambassador.

Sleepy Owl

Sleepy Owl, the Delhi-based cold brew coffee company, has raised Rs 3.5 crores in seed funding from DSG Consumer Partners (DSGCP), India’s leading early-stage consumer fund. Founded in June 2016, Sleepy Owl pioneered the direct to consumer Cold Brew Box, offering a convenient way for consumers to enjoy fresh cold brew made using 100 percent Arabica coffee.

Sleepy Owl directly sources the best Indian beans from plantations to offer the Indian consumer the freshest and most flavorful coffee at their convenience.


indian startup funding roundup


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