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India Witnesses Over $26.7 Million Raised By Startups In January

By SiliconIndia | Wednesday, 01 February 2012, 00:34 Hrs

Bangalore: RBI has predicted yet another recession to hit the global economy this year, and the dark clouds can be seen roving over the startup ecosystem in India. In the month of January, around $26.7 million fund has been raised by startup companies in different verticals.

On the flip side of the coin, few deals such as Digital Radio that raised fund from Venturenet, and BigIndiaWedding that raised fund from a privately held Indian business family, were kept undisclosed. InRev that raised their series A round of funding from Kolkata based IT focused investor whose name was kept under cover and Loginworks Softwares that raised fund from IncuCapital has also not disclosed the amount of fund raised by them.

The ten-month old Healthkart.com, an online health store, has raised

27 crore from Sequoia Capital and Omidyar, where according to earlier media reports that the company was looking forward to raise around $10 million. Another online company, eTechies that is into online PC repair and sales services, raised $2 million in series A round of funding from Inventus Capital Partners and Freecharge, an E-recharge portal, raised

20 crore from Sequoia Capital. Bluestone.com led by Vidya Nataraj raised $5 million from Accel Partners.

The cloud-based companies, Knowlarity raised $6.6 million from Sequoia Capital and Peel-Works raised

3.25 crore from Indian Angel Network. Knowlarity is a cloud telephony-based solution provider and Peel-Works is cloud-based sales force talent transformation and BPO company. eDreams Software Innovation that provides educational software products raised

5 crore from Mumbai Angels.

January also saw investment of $1 million in GUARDIAN (Gramalaya Urban and Rural Development Initiatives and Network), a Tamil Nadu based microfinance institution focusing on lending to communities who lack access to water and sanitation facilities. The investment was made by Acumen Fund. A financial information provider, Heckyl, raised $1 million in angel investment from Seedfund.

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