Deal Street: Indian Startups Raised Nearly Rs 600 Crore Last Week
Your weekly dose of startup deals...
After weeks of muted funding activity, the deal street was finally abuzz with investments.
The week gone by saw eight startups raising $85 million in from angel investors and venture capitalists across sectors, including financial technology, food, logistics, education and travel, 75 percent higher than the amount reported in the prior week.
The week prior had seen the same number of companies raising just $10 million.
Financial technology ventures mopped up the bulk of the funding...
Acko General Insurance Raises $30 million
Mumbai-based online insurance startup Acko General Insurance raised $30 million (Rs 195 crore) in seed funding from a clutch of investors, including SAIF Partners and Accel Partners. Infosys co-founders NR Narayana Murthy, through family office Catamaran Ventures, and Kris Gopalakrishnan, through Pratithi Investment Trust, including others also participated in the round, the company said in a statement.
Acko General Insurance which was founded in August last year recently got an in-principle regulatory clearance to launch a general insurance business in India. The firm said it will deploy the capital largely around building technology, especially in data analytics, and in distribution.
“Consumers need to be given more innovative product choices, at a price point that is ‘designed’ for them and at an unparalleled convenience and service levels,” said Vivek Mathur, managing director at venture capital firm SAIF Partners.
Delhivery Tops Up Its $100 Million Funding Round
Gurugram-based Logistics startup Delhivery raised $30 million (Rs 200 crore) from China’s Fosun International as part of a larger funding around, according to a press statement. This additional investment is an extension of the $100 million funding the company raised in March from The Carlyle Group.
The round values the company at $650 million, according to a report in Economic times.
Fosun’s investment takes the total amount Delhivery has raised in the round to $130 million, also making it the largest funding round for an Indian logistics services provider focused on the growing e-commerce segment.
Founded in 2011 by Sahil Barua, Mohit Tandon, Suraj Saharan, Bhavesh Manglani and Kapil Bharati, Delhivery provides logistics services in over 600 cities in India through 12 fulfillment centres for business to consumer (B2C) and business to business (B2B) services, according to the company’s media statement.
Also Read: Logistics startups led the funding pack last week
Amazon Invests $15 Million In India Wholesale Arm
Amazon India's wholesale business received $15 million (Rs 100 crore) in fresh capital infusion from Amazon Corporate Holdings Pvt. Ltd., Singapore, and Amazon.com Inc. Ltd, according to latest filings with the registrar of companies.
The wholesale arm which was launched in 2013 runs AmazonBusiness.in, a business to business selling platform for small offices, entrepreneurs, department stores, Kirana stores, drugstores, clinics, hospitals, hotels, and restaurants. However, the platform has been since running on a pilot phase in Bengaluru and Mengaluru. Apart from selling FMCG, the platform also serves as a marketing and distribution channel for brands such as Coolpad and Ambrane.
Earlier this month, Amazon had infused $10 million (Rs 67 crore) into the payments arm of Amazon online distribution services, Amazon Pay India.
AmazonBusiness also extends credit lines to businesses through a partnership with banks and non-banking financial institutions. However, it is a members-only website for businesses and one needs to have a valid business license to become an AmazonBusiness.in member.
Amazon did not respond to an email seeking comment.
Also Read: Can Amazon Become India’s Everything Store?
AYE Finance Raises $8 Million
Gurgaon-based financial services startup AYE Finance raised $8 million (Rs 52 crore) from Swiss impact investment manager BlueOrchard, the non-banking financial company said in a statement.
The company said it will use the fresh capital for lending and part of it will also be used to upgrade its technology platform. It further plans to disburse Rs 500 crore in loans this year.
Founded in 2014 the company lends to micro and small enterprises, through a network of 39 branches. It provides loans between Rs 50,000 and Rs 25 lakh to micro and small enterprises.
Meal delivery startup Box8 raised $1 million (around Rs 6 crores) in venture debt funding from Trifecta Capital, the company said in a statement. The capital infusion is in addition to the Rs 50 crores that Box8 raised in its series B round from IIFL Seed Ventures Fund & Mayfield in October last year.
Education technology startup Genext Students which runs a tutoring platform combining online, mobile and physical modes, raised $580,000 (about Rs 3.75 crore) in pre-Series A funding from undisclosed investors, a company statement said.
Pumpkart, an online platform selling water pumps, has raised a seed investment from Ritesh Malik, founder of co-working place Innov8, the startup said in a statement. The startup sources pumps from manufacturers across the Indian subcontinent and sells them through its website.
Travel e-commerce platform Travelspice raised an undisclosed amount in seed funding from Bangalore-based early-stage investor Eagle10 Ventures, a company statement said.