Big funding rounds continued to elude the Indian startup ecosystem this week that saw at least 15 startups raising nearly $32 Mn. The biggest funding round this week was worth only $10 Mn. While funding drought continues to plague the ecosystem, the only silver-lining during these tough times is that startups raising funds usually hail from diverse sectors. This sheer diversity is reflective of the resilience and innovation that underpins India’s startup ecosystem.
Below we’ve shed light on top 10 funding stories of this week and how these startups intend to channelize these funds to expand their business further.
IndiaLends: IndiaLends capped off the biggest funding round this week by raising 10 Mn in Series B funding round. The round was spearheaded by two international venture capital firms ACPI Investment Managers and Ganesh Ventures. Several existing investors also participated in the round. The consumer-lending fintech startup will primarily use these funds for launching new product lines.
Boodmo: Boodmo, an e-commerce startup that sells automobile spare parts, secured fresh funding of worth $729.6K (INR 5 Cr). The funds were channelized through FDI route by an disclosed investor. Gururgram based startup plans to cash on the latest capital infusion by expanding its footprints further and ramping up its existing operation.
Zippserv: Real estate risk assessment platform Zippserv saw its cash coffer swell after it raised $440K (INR 3 Cr) in pre-series A round from existing investors. The Bengaluru headquartered startup will use funds to launch services in Mumbai and Pune in coming months.
Headout: Headout, an online traveling platform that helps to discover interesting events & activities, joined IndiaLends to raise this week’s biggest funding round. It raised $10 Mn in Series A round that was led by Nexus Venture Partners. The funds will be utilized for introducing services in 100 cities by 2019, expanding global team and ramping up last mile technology capabilities.
Shop101: Social ecommerce platform Shop101 got funding boost of $5 Mn in a funding round that was led by Stellaris Venture Partners and several other investors. Shop101 helps sellers and re-sellers to sell their products on social media platforms like Facebook & WhatsAPP will use funds for various purposes like strengthening core leadership, scaling up supplier platform and ramping up technology platform.
McXtra: Online insurance solution startup McXtra secured much needed capital boost after raising $1.3 Mn. The funds were raised from group of 12 investors, whose names were not disclosed. The Mumbai based startup will use fresh capital for increasing capabilities of its tech platform and reach out to more consumers.
Genext Students: Genext Students, an online platform that helps students in finding home tutors, raised $250K in a bridge round. The round was led by clutch of undisclosed investors. The startup will use the funds to fuel its expansion further and strengthen the role of AI in order to offer better services to users.
Magic Crate: Magic Crate, another educational startup that promises to turn education into a fun activities through its interesting toys raised undisclosed amount of funding from Fireside Ventures and 3one4 Capital. The Bengaluru headquarter startup will use the funds for ramping up its product portfolio, marketing the brand and grow the sales channel.
SmartVizX: Today virtual reality is considered to be one of the hottest technology around. Cashing on this new exciting technology is SmartVizX, which raised $1.45 Mn (INR 10 Cr) in a pre-series A round this week. The funding was led by YourNest Venture Capital and Indian Angel Network’s IAN fund.
Wishberry: Wishberry, a Mumbai based crowdfunding platform got its funding wish fulfilled this week. It secured funding of $1.4 Mn in a series A from Reliance Entertainment and 3one4 Capital. The funds will be primarily used to source more crowdfunding to produce more low budget movies.