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Startup News

Missing out on updates from the startup scenes in India? - We got you covered! This podcast will provide a 10 minute highlight reel of all that happened in the startup ecosystem last week.

Last week in startups - India

This week Bengaluru-based hyperlocal grocery startup, BigBasket, finally closed its $150 Mn Series F funding round. With the latest round, the company has comfortably landed on the unicorn club.The company will use the funds towards growth through further penetration into existing markets with more investments in the first mile, scaling-up of its supply chain and for developing new reseller channels.

 

Further, Mukesh Bansal and Ankit Nagori-led fitness startup Cure.fit raised $75 Mn from Piramal Group’s Anand Piramal, Accel Growth, Kalaari Capital, IDG Ventures India. Cure.fit uses an online-offline model to offer physical fitness (Cult.fit), mental fitness (Mind.fit), nutrition (Eat.fit), with a primary care vertical (Care.fit) coming soon.

Gurugram-based digital nutrition platform HealthKart raised $25 Mn from Sofina in a fresh round of financing. The company said it would use the funds to further expand its store network and plans to use data science and artificial intelligence (AI) to improve its customer-facing offerings.

Bengaluru-based logistics optimization startup Locus secured $20 Mn in a funding round led by New York-based hedge fund Falcon Edge, VC firm Tiger Global and its existing investors. The details around the funding round and fund allotment are yet to be disclosed. The latest round takes the total funding of Locus to $26.75 Mn.

Ola Electric Mobility, the electric unit of Indian ride-hailing unicorn Ola, raised an undisclosed amount of funding from Ratan Tata, chairman emeritus of Tata Sons. The company plans to use the latest funding to fund its mission to make electric mobility viable at scale.

Bengaluru-based lifestyle brand Chumbak raised $10.02 Mn in a Series D round. The round was led by private equity fund Gaja Capital with participation from venture capital funds Matrix Partners and Seedfund. The company plans to double the number of stores by next year and will focus on metros primarily. The funds will also help the company expand its presence in Tier 2 cities.

Last but not the least, Bengaluru-headquartered hyperlocal concierge app Dunzo raised $713.9K from Centrum, through its private equity fund, Kalpavriksh. The startup is currently looking to raise nearly $50 Mn from investors. It was also closing INR 80 Cr Series C funding round to further its business.

For more news on acquisitions and trends, tune in to Mind the Gap News series.