funding roundup

We bring you the latest edition of Funding Roundup: Indian Startup Funding of the Week. The dates range from 8th April 2018 to 15th April 2018.

Leading Investors

This week 19 startups raised funds from various investors like S.Chand & Company, Nexus Venture Partners, Omidyar Network, Fireside Ventures, Stellaris, Matrix Partners, RB Investments Pte. Ltd., Menterra Venture Advisors, 1Crowd, VentureCatalysts, TIW Private Equity, SRI Capital, Gems Partner, Lok Capital, BlueOrchard Finance S A, IDG Ventures and Fundamentum.

Summary

The startup economy raised around $48 million in ten seed fundings rounds, one debt financing found, three Series A round, one Series C round, one early stage round, one private equity round while the rest unknown rounds. The amount $48 million is equal to almost ₹318 crores in Indian currency.

One of the biggest Indian startup funding news this week was Reliance Industries Limited (RIL) announcing to invest over $180 Mn into AI-based education platform, Embibe over the next three years.

TravelTriangle raised the highest amount of all the 19 funding deals that occurred in that period. Smartivity raised the smallest amount though.

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.

TravelTriangle

Gurugram-headquartered travel marketplace TravelTriangle secured $12 Mn (INR 79 Cr) in a Series C round of funding led by growth-capital fund Fundamentum. Existing investors – SAIF Partners, Bessemer Venture Partners, RB investments – and a clutch of angel investors also participated in the round.

TravelTriangle plans to use the funding to invest in improving its technology, strengthen customer interaction and implement artificial intelligence and machine learning. The startup will also use data analytics to build a recommendation engine and is planning to expand to newer locations by investing in brand image.

MoveInSync

Nexus Venture Partners puts $8 million (₹52 Crores) in office commute automation platform MoveInSync. The startup raised the amount of early-stage funding led by the venture capital firm.

The funding round witnessed participation from existing investors including Inventus Capital Partners, Saama Capital and Qualcomm Ventures.

The startup aims to use the funds to develop its transport offerings, accelerate customer acquisition by implementing new methodologies and expand to international markets in the upcoming years.

LoadShare

LoadShare raised $5 Mn in Series A funding led by Stellaris Venture Partners as well as existing investors including Matrix Partners. The same was announced by the company on Tuesday.

The Bangalore-headquartered logistic startup will use the capital to strengthen its leadership team and improve its tech infrastructure. It also aims to expand its geographical footprints to the whole country.

Alok Goyal is set to join the board of LoadShare. He participated in the funding round and is a partner at Stellaris Venture Partners.

Aye Finance

Aye Finance secured around $4 Mn (Rs 30 crores) from Swiss-based investor BlueOrchard Finance in a fresh debt round.

The startup lends to small, medium and micro enterprises. Founded in 2014, the four-year-old NBFC has raised over ₹500 crores in debt funds till date.

The funds will help the firm to expand its portfolio. The past funds were utilized to finance MSMEs. BlueOrchard has already put ₹100 crores since 2017 in the firm.

The foundation of Aye Finance was led by former bankers Sanjay Sharma and Vikram Jaitley. The average loan size provided by the firm is ₹1 lakh with an annual revenue of ₹10 lakhs to $1 crore.

Yumlane

The Mumbai-headquartered packaged food startup Yumlane reported raising $4 million (Rs 26 crores) funds in Series A funding rounds led by RB Investments. The capital firm is based in Singapore.

Existing investors including Orios Venture Partners and Binny Bansal (Flipkart co-founder) also participated in the funding round as follow-on investors.

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RB Investments put in $2.5 million, Orios invested around $900,000 and Mr. Bansal invested $300,000, Hitesh Ahuja co-founder of Yumlane said.

Qwikpik Technology Pvt. Ltd., the parent company of Yumlane, will use the funds to deleop products, impact its retail footprint, change its hiring plan and hire more sales and marketing executives, and manage its backend operations by investing in tech.

Kaleidofin

Kaleidofin, a Chennai-based fintech startup secured over $2.8 million from Omdiyar Network, Blume Ventures and some individual investors incuding Israeli serial entrepreneur and inventor Professor Shlomo Ben-Haim in seed funding.

The startup aims to accelerate its customers acquisition strategies across India and expand the company’s network of strategic partners by enabling deep and impactful investments in departments like marketing, technology and analytics.

Rajiv C Lochan, the CEO and MD of the Hindu Group has joined Kaleidofin’s board as an independent director following the fundraise. Professor Shlomo Ben-Haim has also debuted his investment in India by putting his money in the venture.

Carcrew

Carcrew, a trademar of Carcrew Technology Pvt. Ltd backed by the TVS Group has raised $2 million (around Rs 13 crores) in a fresh pre-Series A round led by private equity fim as communicated by a top executive. However, the name of the investor was not disclosed

The Mumbai-based car-service startup earlier bough Delhi-based Clickgarage in a stock-and-cash deal in February. Existing investors also participatedin the round, said Vikul Goyal, co-founder and chief executive of Carcrew.

Mintifi

Mintifi, the Mumbai-based online lending startup secured Rs 13 crores in a seed round from investment firm Lok Capital, a person privy to the development has communicated. Operated by Rolling Circle Pvt. Ltd, the startup was founded by Anup Agarwal, who previously worked at financial services company Jefferies India.

Founded last year, Mintifi provides loans and other lending facilities to medium and small scale businesses online through its portal. The data-driven process to assess the creditworthiness of a customer is something that the startup boasts about.

However, Mintifi declined to comment on the investment as well as Lok Capital has not yet confirmed the deal.A filing with the Registrar of Comapneis show that the deal was closed few months back.

Kristal.AI

Kristal.AI, an AI-powered digital asset management platform has raised $1.87 Mn in a Seed funding round led by IDG Ventures India. Angel investors including Shailesh Rao (Senior Advisor -TPG, McKinsey) and Amit Gupta (Founding Partner, Newquest Capital) also participated in this funding round.

Kristal.AI currently focuses on investors (clients) in the Singapore, Hong Kong and India (Bengaluru and Mumbai) markets.

It also aims to build a community of independent financial advisors, traders, and portfolio managers, thereby truly democratizing wealth management.

Pipa+Bella

Pipa + Bella, a private label non-precious jewellery e-tailer, has raised $1 million (Rs 6.4 crore) led by Fireside Ventures, early-stage consumer-focussed venture fund, a company statement said.

Existing investors LionRock Capital, Japanese investor and Buenos founder Teruhide Sato, and Roopa Nath of Mumbai Angels also participated in this round.

Fireside Ventures founder Kanwaljit Singh, who earlier co-founded Helion Venture Partners, will join the company’s board as part of the transaction, the statement added.

The firm will use the capital to build its brand through marketing efforts, scale operations via new distribution channels, and to hire talent.

Elemential

Pipa + Bella, a private label non-precious jewellery e-tailer, has raised $1 million (Rs 6.4 crore) led by Fireside Ventures, early-stage consumer-focussed venture fund, a company statement said.

Existing investors LionRock Capital, Japanese investor and Buenos founder Teruhide Sato, and Roopa Nath of Mumbai Angels also participated in this round.

Fireside Ventures founder Kanwaljit Singh, who earlier co-founded Helion Venture Partners, will join the company’s board as part of the transaction, the statement added.

The firm will use the capital to build its brand through marketing efforts, scale operations via new distribution channels, and to hire talent.

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Pipa + Bella was launched in 2012 by Shuchi Pandya, an alumnus of The Wharton School and the NYU Stern School of Business.

Biosense

Menterra Venture Advisors, an impact investment fund that invests in early-stage social startups has announced a new round of investment in Biosense Technologies alongside its investment partner Artha Venture Challenge, impact investment initiative of the Singh Family Foundation.

With the new round, Menterra and Artha have provided more than US$1m of direct equity funding and unlocked soft debt funding of more than US$2m through its network. The Mumbai-based start-up provides quality, affordable and connected point-of-care diagnostics solutions for chronic diseases in India.

Thane, Maharashtra-based Biosense was started by a team of doctors and biomedical engineers, founded the company upon noticing the gaps in the provision of preventive care for chronic diseases, especially in non-metro cities and small towns of India.

Initially, they started developing affordable medical devices that helped diagnose chronic problems from anaemia to diabetes and urine check. Today, they have six products and plan to scale up, in terms of R&D and distribution to other parts of the country.

Ideal Insurance

Venture Catalysts, India’s first and largest integrated incubator, recently invested a sum of $1 million in Kolkata based comprehensive insurance management company Ideal Insurance Brokers Pvt. Ltd in its seed round of funding.

A number of notable industrialists and business leaders from the VCats’ investor panel participated in the investment round, including the likes of Nitesh Prakash of Ola, Atul Jain of Samyakth Finserv and promoters of Nandan Steel, Maithan group, Primarc, Atha group etc.

Ideal Insurance – a brainchild of Mr. Rahul Agarwal (who is India’s youngest Chartered Financial Analyst and a veteran of the insurance industry) – is an insurance based risk solution provider offering an entire range of insurance products in diverse domains of heath, life, fire, marine, infrastructure, credit, etc. Rahul, who was also incidentally the youngest MDRT, at the age of 20,for Max New York Life Insurance, envisioned Ideal Insurance as a pioneer in delivering niche and customized insurance services to its clients.

Breaking free from the traditional approach of agents representing insurance companies, Ideal Insurance has adopted a diametrically opposite approach of representing clients- both retail and corporate – for whom they manage their entire Insurance Portfolio.

LetsMD

LetsMD, a fintech startup in the healthcare space, has raised $1 million (Rs 6.5 crore) in a pre-Series A round of funding led by SRI Capital.

Existing investors Waterbridge Ventures and ThinKuvate, a Singapore-based venture capital firm, also participated in the round.

LetsMD said in a statement that it will use the fresh infusion to scale up its operations across the country. The Delhi-based startup was founded by Khandelwal, Prakhar Gupta and Tenzin Thargay.

Operated by Medbay India Pvt. Ltd, the startup runs an online marketplace which helps patients finance elective surgeries. Customers get the option of converting their surgery bills into equated monthly installments (EMIs).

Mojro Technologies

Smart urban logistics platform, Mojro has raised USD 650K investment led by 1Crowd and its investor community.

The investment will be used for technology development, team expansion for marketing and building partnerships with fleet owners.

As urban logistics is a growing and sizable problem, Mojro’s offers a machine learning driven intra-city logistic planning and optimisation platform. The platform can be used by large and medium businesses to optimise their logistic needs in terms of fleet utilisation, space utilisation and cost optimisation.

Mojro has also struck partnerships with fleet owners providing them modern day techniques to improve service quality and providing businesses the opportunity to plan and execute for their logistic needs through a single platform.

Howdydo

Howdydo! – A Neighbourhood Sports Social Networking Platform for finding or hosting sporting events, sports classes/coaches, forming teams, finding sports partners integrated with HowdyDo Messenger, clinches Rs. 2 crore worth investment from TIW Private Equity based out of Delhi. TIW Private Equity will be given 10 % stake in the company.

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TIW Private Equity will initially invest Rs. 1 crore in Howdy Ventures Private Limited with an additional option to invest Rs. 1 crore in future. Mr. Xavier Britto, the Chairman Kerry Indev Logistics and Howdy Ventures has also agreed to infuse more capital as needed.

HowdyDo was launched in 2017 with a vision of changing the sports land scape in India.

Kriger Campus

New Delhi-based ed-tech startup Kriger Campus, which aims to create a single platform for all stakeholders in the educational ecosystem, has raised Rs 30 lakh ($46,140) of seed capital from an undisclosed city-based angel investor.

The funds will be used to expand its team and develop its website and mobile app. It is planning to launch its services next month, the company said in a statement.

Kriger, founded by IIM Indore alumnus Suraj Satyarthi, IIT Mandi graduate Chandan Satyarthi and Neeraj Kumar Verma, who passed out from Sikkim Manipal University, aims to help students take critical academic decisions.

Students, teachers, schools, colleges and other educational institutions can register on the platform to grow their network, get updates about the latest exams, and buy or sell educational content. The platform will also offer career counselling and other education services.

Chariot Tech

NRS Chariot Tech Pvt. Ltd, an Internet of Things (IoT) startup based in New Delhi, has raised Rs 2 crore ($306,000) in a pre-Series A round of funding from Gems Partners, a micro venture capital fund.

The company will use the funds to expand its customer base and develop its products, it said in a statement.

Chariot was founded in February 2017 by Nilay Mehrotra and Raj Garg. Mehrotra graduated in automotive design engineering and had earlier served as an assistant vice president at Pune-based advertising and marketing tech startup AdClever. Garg had earlier worked as a full stack developer at online healthcare startup Lybrate.

Smartivity

Education-focused publishing house S Chand & Company Ltd will invest an additional amount of Rs 35 lakhs ($53,891) in ed-tech startup Smartivity Labs Pvt. Ltd, it said in a stock exchange filing.

Smartivity, which deploys augmented reality and robotics for kids’ learning projects, will use the investment for its business operations and product portfolio expansion.

As per the deal, the publishing house will acquire 176 compulsorily convertible cumulative preference shares at Rs 19,853 per share.

Currently, S Chand holds 23.29% of the company on a fully diluted basis. In 2015, S Chand had invested a seed amount of $200,000 in Smartivity.

Smartivity had raised $1 million (around Rs 6.7 crore) in pre-Series A funding led by S Chand and early-stage investment firm AdvantEdge Partners in May 2016. The round also saw participation from Singapore-based fund CFG Offshore Holdings, US-based fund Tandem Capital and a clutch of individual investors.

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funding roundup

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