Blog

Good morning,

Funding in the Indian startup ecosystem seems to have accelerated further with over $250 million raised on Tuesday alone.

Mohalla Tech, the parent company of Moj and ShareChat, raised $145 million as an extension of its Series F round. This is an additional investment beyond the $502 million raised earlier in April, which marked its entry into the unicorn club. At present, the company’s valuation is at $2.8 billion.

Travel app ixigo raised $53 million through a combination of primary and secondary issuance of shares from investors ahead of its initial public offering (IPO), with the travel company planning a Rs 1,500-1,800-crore public float.

D2C beauty brand MyGlamm also made headlines after it raised Rs 355 crore [approximately $47 million] in fresh funding from Accel Partners, along with participation from existing investors. With the latest fundraise, MyGlamm closed its Series C round with a total of Rs 530 crore.

The day also saw a host of other noteworthy funding deals — Ahmedabad-based medtech company Axio Biosolutions raised $6 million, intercity mobility startup Zingbus raised Rs 44.6 crore [approximately $5 million], social gaming startup Eloelo raised $2.1 million, and Edukemy raised $2 million. 

The Indian startup ecosystem has been on a roll this year. In H1 alone, Indian startup funding touched $10.15 billion, already exceeding the $9.94 billion raised in the entirety of 2020. 

For a detailed analysis and report on funding trends in the Indian startup ecosystem in H1 2021, download YourStory Research’s report here.

The Interview

At a time when digital-first seems to be the mantra for everyone, cloud solutions have helped businesses explore new avenues of growth, while optimising costs, improving work efficiency, and accelerating innovation.

Neeraj Chauhan, CIO, PayU India; Harsh Vaishnav, Head of Sales, Data Centre and Cloud, India & SAARC at Cisco and, Mahesh Vandi Chalil, Senior Vice President, Technology at BookMyShow deep-dive into the potential of hybrid cloud capabilities.

Editor’s Pick: Why D2C brands are going phygital

The COVID-19 pandemic accelerated the adoption of ecommerce, leading to a growth surge for direct to consumer (D2C) brands. 

However, many brands are now looking to adopt a hybrid model — selling offline along with online channels. Brands such as SUGAR Cosmetics and Oziva plan to expand their retail presence. Many digital-first firms such as Kolkata-based Dot and Key plan to expand offline for the first time. Read more.

Startup Spotlight

Managing 600k acres of farmland in 25 countries

Pune-based computer engineers Sanjay Borkar and Santosh Shinde started FarmERP as Farm Management Software in 2001.

Over the last 10 years, FarmERP’s smart agricultural systems have been deployed at over 600,000 acres of farmland in 25 countries, including India, the US, and markets in Europe, Latin America, Africa, Southeast Asia, and the Middle East. Read more.

News & Updates

• Cashify has acquired UniShop, an omnichannel retail solution platform, for an undisclosed sum. Cashify said the new development will help it to further diversify its ecommerce offerings by empowering mobile retailers to get a web presence and build their brand.

Before you go, stay inspired with… 

“The creator economy is experiencing an inflection point around the world and across market segments like India, Bharat, gaming, and more. A brand new infrastructure is being built to help creators build, earn and grow.”

— Vaibhav Domkundwar of Better Capital

Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!