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.
In total, this week, 14 startups raised $111.86 Mn funding and three startup acquisitions took place.
This week, one of the biggest funding rounds in the Indian startup ecosystem was raised by Bengaluru-based real estate platform NoBroker.com. The company raised $51 Mn in Series C funding led by General Atlantic, along with existing investors BEENEXT and SAIF Partners also participated in the round. The company looks to use the fresh funds for expansion and improving the user experience. This brings the total funding raised by NoBroker to $71 Mn.
Gurugram-based Pristyn Care raised $4 Mn in Series A funding round from Sequoia India. The company will use the capital to improve its medical capabilities, invest in technology and expand its team of medical professionals. The startup is currently operational in 20 clinics across Delhi, Bangalore and Hyderabad, and plans to expand its clinic network to 50 by December 2019.
Bengaluru-based self-publishing platform Pratilipi raised $15 Mn (INR 105 Cr) in a funding round led by China-based venture capital Qiming Venture Partners. The startup’s existing investors including Nexus Venture Partners, Omidyar Network India, Shunwei Capital, Contrarian Vriddhi Fund and WEH Ventures had also participated in the round. With this fundraise the company will be focusing primarily on improving the technology infrastructure including its recommendation and personalization engines and on expanding the number of writers on the platform.
Ola-backed scooter sharing app Vogo raised $3.6 Mn (INR 25 Cr) from Alteria Capital. The company positions itself as a cost-effective alternative to cabs and autos for short distances. It will use this investment to further fuel its growth.
Delhi-based budget hotel chain FabHotels raised INR 54 Cr (around $7.8 Mn) from existing investor Goldman Sachs along with marquee venture capital firms Qualcomm Ventures, and Accel Partners India, who is one of the early backers of the company. FabHotels had raised a total of $42.8 Mn funding till now.
Moving on to acquisitions:
Mumbai-based motor insurance provider startup Acko acqui-hired Mumbai-based automotive company VLer Technologies. The financial details of the deal have not been disclosed yet. Following this acquisition deal, both the VLer founders, Sanjay Bharti and Akash Saxena have joined the Acko Technology team.
CleanseCar announced its acquisition of Carnanny, a subscription-based daily car wash and car care services, in an all-stock deal. The acquisition was mediated by CleanseCar’s investor and Carnanny’s mentor Dhianu Das, Founder, Alfa Ventures.
What else caught our eyes?
Paytm is reportedly in talks to acquire Mumbai-based online insurance startup Coverfox for $100-120 Mn in an all-cash deal. Reportedly the Paytm board is in the process of finalising the deal.
ShareChat may raise $100 Mn at $600 Mn – $650 Mn valuation. Reportedly, the investment is likely to come from new investors, the microblogging site Twitter and Hong Kong-based investment management firm Hillhouse Capital, with backing from existing investors including Xiaomi, Shunwei Capital and Morningside Venture Capital.
Rising traffic congestion and longer urban commutes are leading people to look for alternative ways to reach their destination in the most convenient, affordable, and time-efficient manner. This might show an increase in startups that leverage micro mobility to solve commuters problems. Micro-mobility vehicles like bicycles, skateboards, skates, mini-scooters, e-bikes, small electric vehicles with one or two seats — is making headlines around the world, not only for the huge sums of money raised (over $5 billion) but also for the concerns regarding safety and operational viability of these businesses. Will this be the next shift in ride hailing apps in India? Let’s wait and watch.
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