The Week that Was: Indian Startup News Overview (25th March - 29th March)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Logistics, Retail, Ad-tech, Microfinance & Fin-tech marking another win for the startupreneurs by raising funds and updating the growth probability and standardizing the products and services. The week went by successfully witnessing funds in every stage of funding from Pre-Series A to series A to Series B1 to Series C to Series D.
Sector: Logistics
Funding Round: Pre-Series A
Startup: JustDeliveries
Established Year: 2017
Funding News: JustDeliveries, an Intra-City Logistics Startup lifts $1 Million from Nabventures
A prominent provider of logistics solutions, JustDeliveries has lifted $1 million in a Pre-Series A Funding round directed by Nabventures.
Investors: Nabventures, Anay Ventures, Caret Capital, Faad Network & Mahansaria Family Office.
With these recent fundraise, the Mumbai-based startup JustDeliveries intends to strengthen its network of logistics across diverse regions such as Pune, Mumbai, Bengaluru & NCR. Also the Startup is projected to launch its operations in Hyderabad.
By the year 2028, JustDeliveries aims to expand its footprints to about 8 to 10 cities across India. The startup systematizes the perishables logistics for F&B – Food & beverages brands which includes cafe chains, quick-service restaurants, & those brands focused on fresh & frozen food.
Speaking to this Funding acquisition, Mansi Mahansaria, Founder, JustDeliveries says, “In the last two years, over 70 F&B companies have outsourced their logistics to JustDeliveries, thus benefiting from last-mile efficiencies and reliability of operations,”
Sector: Retail
Funding Round: Series A
Startup: SuperK
Established Year: 2019
Funding News: Full-stack Grocery Retail Startup SuperK gains 
31 Crore Funding
31 Crore Funding
A full-stack grocery retail chain that aims to empower small format retail stores in India, SuperK has secured 31 Crore (approximately - ($3.7 million)3.5 crores. This acquisition by the Hyderabad-based company spots the very first fundraise in the year 2024.
31 Crore (approximately - ($3.7 million)3.5 crores. This acquisition by the Hyderabad-based company spots the very first fundraise in the year 2024.
Investors: Blume Venture, Veltis Capital, Stargazer Fund, CoralBay Ventures, VSS Investment Fund, Silver Needle VenturesHOF Profectus, Silver Needle VenturesHOF Profectus & Abhishek Goyal.
The tech-based grocery retail chain startup will utilize these funding capital to cater its objectives for growth and development to make stronger the financial standard of the company.
In March 2022, the startup has bagged $15 million up to the present time including its $5.5 million directed by Binny Bansal-backed 021 capital. The startup holds above 100 stores across Anantapur & Kadapa. As per the report of Startup data intelligence platform TheKredible, the startup has been estimated at around 198 crore, which marks a 25 percent reduce in its valuation when compared to the last funding.
198 crore, which marks a 25 percent reduce in its valuation when compared to the last funding.
Sector: Ad-tech
Funding Round: Series B1
Startup: AdOnMo
Established Year: 2016
Funding News: Zomato-led Ad-tech Startup AdOnMo hoists $7 Mn in Series B1 Funding Round
Ad tech firm AdOnMo has secured an amount of 58.21 crore or around $7 million in its series B1 funding round. This is the first major fundraising round they have witnessed after its first funding round of Series A which was led by Zomato last year.
58.21 crore or around $7 million in its series B1 funding round. This is the first major fundraising round they have witnessed after its first funding round of Series A which was led by Zomato last year.
Investors: Ravindranath Kancherla & his son Kancherla Pruthvinath, Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy & ZNL Growth.
During last year, the company has grown at a rapid pace and its revenue from the operations grown up four-fold to 75 crore in FY23. Meanwhile, the company’s losses stood at 38 crore in the same period. During this recent ongoing fiscal year, the company also raised 20 crore in debt from Northern Arc and Alteria Capital.
75 crore in FY23. Meanwhile, the company’s losses stood at 38 crore in the same period. During this recent ongoing fiscal year, the company also raised 20 crore in debt from Northern Arc and Alteria Capital.
Sector: Microfinance
Funding Round: Series C
Startup: Sindhuja Microcredit
Established Year: 2018
Funding News: Rural Women-focused firm Sindhuja Microcredit upraises 120 crore Fund
120 crore Fund
Rural Women-emphasized New-age microfinance firm Sindhuja Microcredit has secured 120 crore in its Series C Funding round.
120 crore in its Series C Funding round.
Investors: GAWA Capital - Funding vehicles Huruma Asset & Oikocredit
The new funding returns will be utilized to grow the business in its current market position and new geologies as well as new product offerings, the company said in an official statement.
Prior to this round, the organization had raised $8.7 million in a Series B Funding round from Norway-based Nordic Microfinance Drive (NMI) & Carpediem Capital in the month of May 2020.
Founded by Abhisheka Kumar and Malkit Singh Didyala in 2018, Sindhuja Microcredit gives microfinance to talented business women & entrepreneurs who faces severe financial limits.
The key management of Sindhuja, Abhisheka Kumar & Malkit Singh Didyala collectively says, "The funding further strengthens our commitment to make financial service easily available to the financially excluded and MSME entrepreneurs through technology-driven solutions”
Sector: Fin-Tech
Funded Round: Series D
Startup: KreditBee
Established Year: 2018
Funding News: Fintech Startup KreditBee Locks a deal worth $9.4million in Series D Funding Round
Digital lending platform KreditBee has recently raised $9.4million or 78.33 crore from their existing investors. With this additional funding, KreditBee has closed its Series D round at $209million and is valued at around $700 million.
78.33 crore from their existing investors. With this additional funding, KreditBee has closed its Series D round at $209million and is valued at around $700 million.
Investors: Premji Invest, Motilal Oswal Private Equity, Wiseanya Ltd and Mirae Asset
The digital lending platform KreditBee was established by Madhusudan E which is offering loan transactions between borrowers and NBFCs or banks. The company provides personal loans up to 4 lakh to young professionals for a tenure of 2 to 15 months and at an interest rate of up to 2.49 percent.
4 lakh to young professionals for a tenure of 2 to 15 months and at an interest rate of up to 2.49 percent.
As per the Co-Founder & CEO of KreditBee, Madhusudan Ekambaram announced that with this funding capital the company is engrossed on launching new loan products including gold loans & loans on property. Additionally, Madhusudan uncovered that KreditBee is on talks to launch its initial public offering (IPO) in the near future.
This new phase of funding came to the company after a gap of 15 months as it has raised $80 million across two tranches from MUFG Bank & other key investors such as Azim Premji's Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital & Mirae Asset Ventures in the last quarter of FY22.
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