Tags: Startup news, Startup India, funding, mergers, acquisitions
Missing out on updates from the startup scenes in India? - We got you covered! This podcast will provide a 5 minute highlight reel of all that happened in the startup ecosystem last week.
This week US-based ecommerce company eBay is investing $160 Mn in Indian ecommerce company, Paytm Mall, valued at $2.86 Bn post-investment. According to the Ministry of Corporate Affairs filings accessed by Inc42, Paytm E-commerce private limited is issuing 1,28,028 equity shares at a price of $1,249.73 per share to eBay Singapore Service Pvt Ltd.
Further, Bengaluru-based digital payments company PhonePe received INR 697.9 Cr ($101.5 Mn) equity infusion from its Singapore-based parent, PhonePe Private Limited Singapore. Interestingly, the investment has come after PhonePe founders— Rahul Chari Vardha and Sameer Nigam— increased their equity stake in the company. In April, Vardha picked up 1.67 Mn equity shares and Nigam picked up 6.63 Mn shares at a nominal value of INR 1.
Gurugram-based home services marketplaceUrbanClap raised a $75 Mn Series E funding round led by Tiger Global. Existing investors Steadview Capital and Vy Capital also participated in this round. Prior to this, UrbanClap raised INR 149 Lakh ($216K) in fresh fundingfrom ex-Flipkart CTO Mekin Maheshwari and Avaana Capital founder Anjali Bansal. This transaction is said to be split into two parts, a primary round which resulted in a share subscription by the investors and a secondary share sale by some early institutional investors.
Veri5Digital: Bengaluru-based software services provider Veri5Digital raised $2 Mn in Series A funding led by California-based Khosla Ventures. Veri5Digital plans to use the funding to scale its identity solutions for the Indian market and also build new identity and Digital India related products and services. It is also close to launching its identity related products in the US and Asia markets.
Indifi: Gurugram-based B2B lender Indifi Technologies raised INR 145 Cr ($21 Mn) in its Series C funding round, led by the CDC Group. The company also has additional investors like Accel India, Omidyar Network, Fair Finance Fund and Elevar Equity. The company aims to utilise the funds to modernise and expand the existing business into new areas of business, develop infrastructure, capital expenditure, repay debts and general corporate expenditure to meet objectives.
Pocket Aces: Digital entertainment company, Pocket Aces raised an INR 100 Cr ( $14.34 Mn) funding round from Sequoia India, DSP Group, and 3one4 Capital. Pocket Aces will utilise the funding to expand its content library and technology platform, and to acquire more talent. Further, it will also continue to invest into its live gaming platform Loco with an aim to hit 50 Mn users in the next two years.
Easy Home Finance: Real estate and lending tech company Easy Home Finance Limited announced a strategic partnership with Harbourfront Capital, a group company of Das Capital. The VC firm will invest an undisclosed amount in the real estate financing company. Easy will be utilising the funds from Harbourfront in expanding its assets under management (AUM) base and for further investment in its technology platform.
Gurugram-based credit card bill payment startup Cred raised a bridge Series B round of INR 27.55 Cr ($4 Mn) from Sequoia Capital India. The company issued 20,179 Series B CCCPS shares priced Rs 13,653.31 each. The company said in its filings that the Bridge Series B funds will be used for growth, expansion, marketing and general corporate activities of the company.
Moving on to acquisitions:
Robotic process automation company, Automation Anywhere, announced theacquisition of Paris-based Klevops for an undisclosed amount. Post-acquisition, Automation Anywhere fast forwards the RPA category to Attended Automation 2.0, where managers can easily orchestrate workflows across a team of employees and bots. This enables customers to automate more processes with the same level of central governance, security and analytic capability.
What else caught our eyes?
Bengaluru-based food delivery unicorn Swiggy which is definitely turning into a generic trademark these days, you know a verb for ordering food online. Is reportedly close to raising a $700-$750 Mn funding round led by its existing investor Naspers. Naspers will be investing around $350 Mn along with a group of Korean investors such as STIC Investments and Korean Omega Investment who are said to co-invest about $50 Mn. While, the rest is said to be raised from the other existing investors of Swiggy.
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