Here’s a lowdown of the top deals in the startup universe
Byju’s raises Rs2,200 Cr from Oxshott Venture Fund & others
Edtech giant Byju’s has raised Rs 2,200 crore from Oxshott Venture Fund, along with the participation of Edelweiss Private Investments Trust, Verition Multi-Strategy Master Fund, IIFL Private Equity Fund, XN Exponent Holdings, and MarketX Ventures, among others.
As per regulatory filings by Tofler, a total of 77,174 Series F CCPS shares at a premium of ₹2,85,062 will be allotted to the investors in this fundraise. Out of the 77,174 shares being allotted in this round, a majority of 42,095 shares will be allotted to Oxshott Venture Fund for an investment of ₹1,200 crores.
Earlier in September, Byju's raised ₹1,093 crore funding from Asmaan Ventures, Mirae Asset, and ARK Ncore among others, according to the filings.
The company till date has acquired at least 10 startups the edtech space.
Fintech startup Progcap raises $30M in Series C round
Fintech startup Progcap has raised $30 million in Series C round from existing investors Tiger Global Management and Creation Investments.
Sequoia Capital India, which had led the last two funding rounds for Progcap, also participated in this investment round.
The startup will use the capital to build a broader and deeper supply chain banking platform for its merchants and corporate network in India. Progcap aims to reach $1 billion in disbursals by March 2022.
Rural insurtech startup GramCover raises $7M in Series A funding
Rural insurtech startup GramCover has raised $7 million as part of its Series A fundraise co-led by Siana Capital and Inflexor Ventures.
Stride Ventures also participated in this round alongside existing investors Omidyar Network India, Flourish Ventures and Emphasis Ventures (EMVC).
With this fundraise, the startup will strengthen the technology and product offerings to significantly scale up the business and support functions. GramCover will also enhance the availability of various insurance products and services on ‘GramCover Partner’ application and expand its point of sale network, tech, sales and operation teams across multiple geographies, the company said in a statement.
Blue collar workforce management platform Smartstaff secures $4.3M
Blue-collar workforce management platform Smartstaff has raised $4.3M in funding from Blume Ventures, Nexus Venture Partners, and Arkam Ventures, along with Gemba Capital and some angels.
The company said the fresh capital will be used for further enhancing the product and building the team.
Founded last year, Smartstaff helps businesses hire and manage their blue collar workforce by digitising workforce management practices. The startup's goal is to enable 100 million blue collar workers in India to get access to better work by leveraging the power of technology.
ANS Commerce raises $2.2M led by Gokul Rajaram, Venture Catalysts
ANS Commerce, an ecommerce startup, has raised $2.2 Mn in Pre-Series A round funding round led by Gokul Rajaram (DoorDash) and Venture Catalysts.
This funding round also saw participation from 9Unicorns and angel investors such as Kunal Shah of CRED, Kunal Bahl and Rohit Bansal of Snapdeal, Umang Kumar of CarDekho, Varsha Rao of Nurx, Manik Gupta of Microsoft, Shobhit Singhal and Archishman R of Gojek and Touchstone LLP.
The capital will be used for hiring talent in the product and tech verticals alongside scaling the operations. It will also be investing in product development, the company said in a statement.
ANS Commerce has also lined up major expansion plans in the current financial years. With its warehouses currently available in three cities, it plans to launch such facilities in another 3-4 locations over the next few quarters.
The primary focus of ANS Commerce will be on the Indian market for the next 12 months but it plans to extend its footprint to into Middle East, North America, and Southeast Asia soon.
ANS Commerce is a full-stack ecommerce enabler offering services such as brand store tech, performance marketing, marketplace management, and warehousing and fulfillment. The startup boasts of working with more than a hundred established and emerging brands including Jack & Jones, Vero Moda, HUL, CEAT, and ITC.
Renee Cosmetics raises $1.5M in pre-series A funding
Beauty brand Renee Cosmetics has raised $1.5 million in its pre-series A funding round, led by Equanimity Ventures and 9Unicorns along with Titan Capital.
The investment round had lead investors such as Rajesh Sehgal from Equanimity Ventures, Apoorv Ranjan Sharma from 9Unicorns, and Kunal Bahl and Rohit Bansal from Titan Capital.
The company will use the funds raised to expand its distribution reach with plans on having 1,000 beauty outlets over the next few quarters. It will add multiple touch points like airports and modern trade stores to its retail presence, it said in a statement.
Renee pitches itself as a cruelty-free beauty brand with a range of lip colours, eye makeup, skin serums, cheek tints, highlighters, among others.
Rupifi raises $1M in debt & equity
Fintech startup for SMEs Rupifi has raised $1 million in venture debt from Alteria Capital and equity from Coinbase and Pinterest board member, Gokul Rajaram in a series unknown round.
The startup said it will use the funds from the new raise to scale its Buy Now, Pay Flexibly product aimed at small businesses transacting on B2B marketplaces. The company said it intends to expand its offering to more SMEs, especially across different marketplaces.
Over the last six months, Rupifi said it has seen a 2X increase in spends during the last six months from SMEs that have been using its platform to transact on B2B marketplaces, it said in a statement.
Rupifi enables small businesses to use its instant, flexible, and no-EMI credit product to buy inventory and other goods necessary for the operations of their businesses, online.
Alteria Capital closes Rs 1,800 Cr second venture debt fund
Alteria Capital, which lends to startups has closed its second venture debt fund at Rs 1,800 crore- the largest venture debt fund to be raised in India so far.
This comes on the back of the fund’s first close in April at Rs 1,325 crore.
“The second fund includes a target corpus of Rs 1,000 crore and a green shoe option of Rs 800 crore”, said Vinod Murali, founder and managing partner of Alteria Capital.
The fund is looking to back more startups through its debt solutions, Murali added. The fund will target startups across early and growth stages with cheque sizes of Rs 150-Rs 200 crore.
Alteria Capital now has assets under management of Rs 2,500 crore, across two venture debt funds, making it the largest venture debt provider in India currently.
The investor mix includes domestic institutions, large family offices as well as senior corporate professionals and venture capitalists/founders from the startup ecosystem.
Alteria Capital has backed companies including Rebel Foods, BharatPe, Lendingkart, Zestmoney, Dunzo, Portea, Toppr, Spinny among others.
(Edited by : Aditi Gautam)
First Published: IST