The Week that Was: Indian Startup News Overview (16-20 August)


 The Week that Was: Indian Startup News Overview (16-20 August)

Over the last few years, technology-based businesses have grown at an exponential rate. The overall picture for startups appears to be encouraging from a business standpoint, and as a result, they are able to attract reasonable investment.

Startups in India are no strangers to attracting the investment. Despite the COVID-19 pandemic's complications, the country's startups were able to raise funds. This indicates that the Indian startup ecosystem is rapidly expanding.

We can see many Indian startups like Rapido, Ultrahuman, Upscalio, Bharatpe and many others raising huge funds and Below is a list of Indian startups that have raised funds this week.

The week started with the bike taxi platform, Rapido raising $52 million in its most recent round of funding. Shell Ventures, Yamaha, Kunal Shah (Founder, CRED), Amarjit Singh Batra (CEO, Spotify India), and Positive Moves Consulting are among the startup's new investors.

Existing investors such as Hero Group's Pawan Munjal, Westbridge, Nexus Venture, and Everblue Management took part in the round.

The company stated that the cash would be used to invest in technology, people, and supply in order to accelerate its expansion in India and make affordable transportation a reality for the general public.

On the next day, Health technology startup, Ultrahuman has raised $17.5 million in funding from Alpha Wave Incubation (AWI), Steadview Capital, and existing investors Nexus Venture Partners, Blume Ventures, and Utsav Somani's iSeed fund.

The Bengaluru-based company, which uses a wearable device to help users measure their metabolic fitness, will use the funds to expand geographically and improve its biomarker technology.

Tiger Global's Scott Schleifer, Cred's Kunal Shah, Udaan's Sujeet Kumar, Zomato's Deepinder Goyal, and Unacademy's Gaurav Munjal were among the angel investors who participated in the round.

On the same day, thrasio-style investment firm, UpScalio has raised $42.5 million in a Series A round led by Presight Capital and an unnamed global hedge fund.

The funding round was also attended by Heliad Equity Partners, MPGI, 468 Capital, and Whiteboard Capital, according to the company.

A group of lenders, including the newly minted unicorn OfBusiness, Innoven Capital, and Alteria Capital, has also invested in the platform.

Following the above news we followed up Ki Mobility Solutions' myTVS, a full-stack online-to-offline digital platform receiving Rs 375 crore from Exor, one of Europe's leading holding companies.

The funds raised will be used to expand its online-to-offline business model. In addition, the company intends to build a pan-India platform and a cloud-based digital infrastructure in order to become the largest B-to-C (Business to Consumer) player in the automotive aftermarket.

TVS Automobile Solutions Private Limited, established in 2011 as a subsidiary of TVS & Sons, is India's largest provider of automotive aftermarket services. The company, which goes by the brand name MyTVS, operates on two core values: trust and relationship.

Venture capital firms including Elevation Capital, Titan Capital, and others led $6 million into Yellow Class, an edtech platform.

Other VC firms and investors who participated in this round include India Quotient, First Cheque, Vidit Aatrey (Co-founder, Meesho), Alok Mittal (Founder, Indifi), Vivekananda Hallekere (Co-founder, Bounce), Maninder Gulati (Global CSO, OYO) Abhinav Sinha (COO, OYO), Dhruv Agarwala (CEO, PropTiger) and Alvin Tse (Country Director, Xiaomi Indonesia ). According to the company, it raised $1.5 million in a seed round led by India Quotient in November.

On Wednesday there was a revenue-based financing platform, Klub that received USD 20 million (approximately Rs 148.5 crore) in funding from existing investors 9Unicorns and Surge, Sequoia Capital India's rapid scale-up programme. Alter Global (US) and GMO VenturePartners (Japan) also participated in the funding round as new investors, according to a statement.

According to the company, it will invest Rs 500 crore in local brands and digital SMEs over the next few quarters.

Revenue-based financing is a model in which the investor receives a regular share of the business's income.

An API (application programming interface) development firm based in San Francisco, Postman has secured $225 million in a Series D financing, valuing the company at $5.6 billion. Insight Partners, a global private equity and venture capital firm based in New York, led the round, which included new investors Coatue, Battery Ventures, and Bond Capital, as well as current investors CRV and Nexus Ventures partners.

Individual investors include Gokul Rajaram, the CEO of DoorDash, and Girish Mathrubootham, the founder of Freshworks. In total, the company has raised over $430 million in four waves.

Postman has now surpassed BrowserStack as the most valuable SaaS (Software as a Service) startup from India, with a valuation of $4 billion following a $200 million fundraising round headed by Bond Capital in June.

On 19th of this month BharatPe, a startup sponsored by Tiger Global and offering merchant payments and other financial services, has acquired Rs 200 crore in debt capital from IIFL Wealth and Asset Management and previous investor Northern Arc Capital.

Ashneer Grover and Shashvat Nakrani co-founded BharatPe in 2018 with the goal of making financial inclusion a reality for Indian merchants. The company has raised more than Rs 500 crore ($70 million) in debt in 2021, according to the financial startup. The business, which has been dubbed a unicorn, has stated that it wants to raise $250 million in debt by the end of the fiscal year 2022.

India’s leading deep-tech agritech start-up, AgNext Technologies announced that it has raised a total of USD 21 million in Series A funding. The round was led by Alpha Wave Incubation (AWI) fund, which is backed by DisruptAD and managed by Falcon Edge. Existing investors Omnivore and Kalaari Capital also participated in the Series A round.

This investment marks the largest Series A funding received by an Indian agritech startup to date. AgNext is also AWI’s first investment in India’s booming agritech sector. In this round, AgNext has also delivered a 5X exit to a-IDEA NAARM, India’s first agribusiness incubator, managed by the National Academy of Agricultural Research Management (NAARM).

The lack of quality assessment solutions leads to approximately $90 billion in losses globally in agricultural trade. This results in lower profit margins for farmers and higher pricing for consumers. Current quality analysis processes are manual which make them costly and time-consuming with lower accuracy.

An artificial intelligence-powered job search platform, Hiration has raised Rs 21 crore ($3 million) in funding from Prime Venture Partners, Venture Highway, and Y Combinator.

According to a press release, the company will use the new funds to further develop its product, scale its operations in India and the United States, and hire across functions.

Hiration, founded in 2017 by Anish Raj Sikka and Aditya Sharma, assists qualified candidates in writing resumes that are customised to ensure that they pass through today's tech-powered candidate review tools and reach those doing the hiring.