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$322 Mn Raised Across 32 Deals

BharatPe takes a giant leap towards unicorn club, with $900 Mn valuation after two years of launch

Dailyhunt’s parent company has raised $100 Mn this week to boost its short video app Josh

Overall, $322 Mn was invested in Indian startups across 32 deals this week

We bring to you the latest edition of Funding Galore: Indian Startup Funding Of The Week

Delhi-based B2B fintech platform BharatPe has taken a big leap towards the unicorn club by raising $108 Mn in Series D funding round at a post-money valuation of $900 Mn, after only two years of launch. The funding round was led by the company’s existing investor Coatue Management, with the participation from other existing investors Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.

The company has raised about $90 Mn of this funding through a primary share sale, while the rest was through a secondary share to provide an exit to angel investors as well as ESOP holders. Overall, it has raised $268 Mn in equity and debt till date.

Overall, $322 Mn was invested in Indian startups across 32 deals this week.

Note: This funding report is based on startups that disclosed funding amounts

Startup Sector Funding Series Investors
BharatPe Fintech $108 Mn Series D Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, Sequoia Capital
VerSe Innovation Media And Entertainment $100 Mn Series H Qatar Investment Authority (QIA), Glade Brook Capital Partners, Others
SplashLearn Edtech $18 Mn Series C Owl Ventures, Accel Partners
TenderCuts Foodtech $15 Mn Paragon Partners,, NABVENTURES
Nazara Technologies Media And Entertainment $13.7 Mn Instant Growth Limited (IGL)
Phable Care Healthtech $12 Mn Series A Manipal Hospital, SOSV, Fresco Capital, Social Starts
SarvaGram Fintech $10.5 Mn Series B elevation Capital, Elevar Equity
Eduvanz Edtech $10 Mn Debt InCred Financial Services, Vivriti Capital, Northern Arc Capital
Scentials Healthtech $6 Mn TIW PE
Newton School Edtech $5 Mn Series A RTP Global, Nexus Venture Partners, Prophetic Ventures, Unacademy Founders
Ushur Enterprise Tech $5 Mn Series B Iron Pillar, Alfac Global Ventures
Pepperfry Ecommerce $4.8 Mn Debt InnoVen Capital
Hiver Enterprise Tech $4 Mn Debt Mars Growth Capital
GlobalFair Ecommerce $2 Mn Seed Saama Capital, India Quotient, First Cheque, Others
Method & Madness Technology Real Estate Tech $2 Mn Seed Tinder founder Justin Mateen, Others
Swajal Healthtech $1.6 Mn RVCF, P&G’s former CFO Pramod Agarwal, ACPL
Progcap Fintech $1.3 Mn Debt Stride Ventures
Unlu Media And Entertainment $1.2 Mn Seed Nexus Venture Partners, Mumbai Angels, VGangels, TiE, Expert Dojo
Zingavita Consumer Product $413K Seed Anicut Angel Fund
AutomataPi Enterprise Tech $413K Seed Indian Angel Network
EduFund Fintech $344K Pre-Seed View Trade Holding Corp
WYN Studio Media And Entertainment $275K Pre-Seed Drummi Bhatt, Tanya Sacchdev, Jyoti Tiwari and Seema Saroj
Filo Fintech $260K Pre-Seed Better Capital
OwO Ecommerce $206K Seed ah! Ventures
Supersourcing Enterprise Tech $206K Seed Vijay Shekhar Sharma, Dr Ritesh Malik, Nikhil Sharma
Supply6 Consumer Product $137K Seed India CXO Fund, MAGEhold
Hypd Store Media And Entertainment Undisclosed Seed ScoopWhoop
Zingbus Travel Tech Undisclosed Pre-Series A Venture Catalysts, Titan Capital, Better Capital, Tiesh Agarwal, Anupam Mittal
Codingal Edtech Undisclosed Y Combinator
Angikul SpaceTech Undisclosed Anand Mahindra
Wizikey Media And Entertainment Undisclosed Sarah Maxwell
AutoBrix Transport Tech Undisclosed GetVantage
Spice Story Media And Entertainment Undisclosed Seed Venture Catalysts

Top 10 Indian Startup Funding Deals This Week

  1. BharatPe: $108 Mn
  2. VerSe Innovation (DailyHunt): $100 Mn
  3. SplashLearn: $18 Mn
  4. TenderCuts: $15 Mn
  5. Nazara Technology: $13.7 Mn
  6. Phable Care: $12 Mn
  7. SarvaGram: $10.5 Mn
  8. Eduvanz: $10 Mn
  9. Scentials: $6 Mn
  10. Newton School: $5 Mn

Acquisitions In Indian Startup Ecosystem

  • Global platform in motion graphics LottieFiles has acquired Surat-based design asset marketplace Iconscout for an undisclosed amount. “Our goal is to empower designers and developers and save them weeks of work by freeing them from creating, collaborating, testing, and editing design assets. We are grateful to the Iconscout team for coming along on this journey with us and thrilled they too share this common vision,” said LottieFiles’ cofounder and CEO Kshitij Minglani.

Other Developments Of The Week 

  • Mumbai-based early-stage venture capital firm India Quotient has announced the launch of the fourth fund through which it is looking to raise $80 Mn to invest in direct-to-consumer (D2C), enterprisetech, edtech, fintech and social media startups.
  • Mumbai-based incubator and Venture Catalysts’ early stage startup fund 9Unicorns has raised $14 Mn (INR 100 Cr) from Haldiram’s and other investors. Snacking and food giant Haldiram’s had announced a partnership with Venture Catalysts in April 2019, looking to invest in tech startups.
  • Zomato’s plans to list publicly have gained momentum as the company has increased its paid-up capital by 3X  to INR 1,448 Cr in preparation of raising funds in the near future. The development coincides with the possibility of Zomato raising an additional $500 Mn in a pre-IPO funding round, at a valuation of $5.5 Bn.
  • Zoomcar’s losses have more than doubled in FY20 from FY19’s INR 209 Cr to INR 424.3 Cr. It reported a revenue of INR 294.6 Cr in FY2020, representing an increase of 10% from previous year’s INR 266.6 Cr. The company’s losses, on the other hand, almost doubled to INR 424.3 Cr in the same time period due to the 35% increase in expenses.
  • Indian payments unicorn Pine Labs saw its revenue grow 43% to INR 701.62 Cr in the fiscal year ended March 31, 2020 (FY20). The company’s expenses grew at a slightly faster clip by 56%, leading to a a loss of INR 57.72 Cr.
  • Even though ShareChat’s revenue for FY20 stood at INR 38.12 Cr, but its operational revenue was at a decent INR 9.38 Cr. Other income, which includes the interest earned on fixed deposits and current investments, stood at INR 28.74 Cr. Of the company’s operational revenue, INR 8.92 Cr was earned as income from advertisement contracts.
  • Chennai-based financial services marketplace BankBazaar has managed to cut its loss by over 50% to INR 85.4 Cr in the financial year 2020, but this has come at the expense of receding revenues. Its consolidated revenue has dropped below the INR 100 Cr mark to INR 84.3 Cr in FY2020, with expenses dropping another 50% to INR 170.2 Cr.
  • After a year when its loss increased 72% year-on-year (YoY) to INR 183.49 Cr, Pepperfry has managed to cut its losses by 33% to INR 33% in the financial year 2020. A chief factor for Pepperfry’s better financial performance was the increase in revenue by 26% YoY to INR 260.61 Cr.
  • Grofers’ total revenue in the fiscal year ended March 31, 2020 (FY20) stood at INR 176.79 Cr, with losses growing 42% to INR 637.49 Cr. This pales in comparison to BigBasket’s revenue of INR 3,818 Cr for the year.
  • Bengaluru-based meat delivery startup Licious has reported steady growth in the financial year 2020 by cutting down its losses by 66% to INR 146.3 Cr. The company’s revenue for the year ended March 31, 2020 grew to INR 138 Cr, while its expenses reached INR 283.8 Cr.

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