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Funding Rundown: Amazon Pay India gets Rs 1,000 cr funding from parent company; Byju's to raise $1.2 bn debt


Here’s a lowdown of the top deals from the startup space

Funding Rundown: Amazon Pay India gets Rs 1,000 cr funding from parent company; Byju's to raise $1.2 bn debt

Here’s a lowdown of the top deals from the startup space.

Amazon Pay India gets Rs 1,000 Cr from parent company

Amazon has invested Rs 1,000 Cr in its Indian payment arm – Amazon Pay.

As per the regulatory filings sourced from Tofler, the US ecommerce giant will be receiving 100 crores equity shares of Amazon Pay India of Rs 10 each. The overall funding also includes a nominal investment coming from Amazon.com.incs which is based out of Mauritius.

Meanwhile, Amazon Pay India also reported a net loss of Rs 1,516 crore in the financial year ended March 31, 2021, the company stated.

The net loss was down by almost 19 percent from the Rs 1,868 crore a year earlier. The drop in net losses was led by a 30.5 percent growth in revenue from operations which came in at Rs 1,716 crore, up from Rs 1,315 crore in FY20.

The payment arm’s total income rose by 30 percent from Rs 1,370 crore in FY20 to Rs 1,786 crore in FY21. Total expenses remained flat at Rs 3,295 crore versus Rs 3,234 crore in the previous financial year.

Byju's to raise $1.2 bn debt through term loan B

Byju’s is set to raise $1.2 billion debt through Term Loan B, as per its filings reported by Bloomberg.

Byju's will be the second of the unicorns in India to raise debt through this route after Oyo.

In July this year, Oyo raised a Term Loan B funding of USD 660 million from global institutional investors, essentially debt financing taken from institutional investors.

Byju's will now be independently assessed by the leading credit rating agencies such as Moody’s and Fitch.

Byju's has said it will use the funding for general corporate purposes. The company did not have comments till the time of filing this story.

Nexus-backed H2O.ai raises $100 mn, valued at $1.7 bn

Silicon Valley-based AI firm H2O.ai has raised has raised a $100 million in Series E funding led by Australia’s largest bank, customer Commonwealth Bank of Australia (CBA).

H2O.ai has now raised over $250 million and is valued at $1.7 billion, post money. Pivot Investment Partners joins prior investors Goldman Sachs Asset Management and Crane Venture Partners.

The capital will be used to scale partnerships, sales, marketing, and customer success globally, the company said in a statement.

Edtech startup BrightChamps secures $63M

Edtech startup BrightChamps has raised $63 million from marquee investors like Premji Invest, US-based GSV Ventures, Flipkart cofounder Binny Bansal-backed 021 Capital and Singapore-based venture fund Beenext.

Founded in July last year, the company is looking to empower 6-to-16-year-olds across the globe with next-generation life skills, through a learning programme that complements the school curriculum.

With the new funding, the firm plans to expand to other relevant verticals by launching more courses and will also look to acquire new companies in adjacent markets to expand its footprint.

Chingari's crypto token raises $40M within 24 hours of its live sale

Short video app Chingari has announced that its first-ever crypto token 'GARI' raised $40 million within 24 hours of its live sale on Republic platform.

Republic is a crowd-equity platform that offers investments in startups, real estate, gaming and crypto.

"GARI has been designed to empower the creator community with content monetisation opportunities. The token is built on Solana - one of the biggest & rapidly growing blockchains globally," the company said in a statement.

Recently, the firm completed a funding round of over $19 million from more than 30 venture funds and individual investors.

Absolute Foods eyes $90M funding at $300M valuation: Report

Farming and supply chain startup Absolute Foods is looking to raises $75-90 million in a funding round led by global investors Falcon Edge and Tiger Global.

This is likely to push the company’s valuation at $250-300 million, the Economic Times reported.

The company is likely to mop up a large portion of the amount in a few weeks in what could be one of the biggest Series A funding rounds in India’s agritech space, the report added.

Dogsee Chew bags $7 mn from Sixth Sense Ventures

Natural pet food brand Dogsee Chew has bagged $7 million in a pre-Series A round from Sixth Sense Ventures.

The startup will use the funds to expand its footprint in India and other developed markets and accelerate new product development and manufacturing, it said in a statement.

According to Research and Markets, the global pet treats market is expected to be worth $75 billion by 2027, and dog treats alone will account for $60 billion of the market, growing at a CAGR of about 20 percent over 2020-2027.

“The Indian pet food market is at a nascent stage as compared to global markets, with a potential to be 10X of its current size. Dogsee has picked a clear white space with its natural (veg) chews and pet treats as a natural replacement for hide-based chews,” said Nikhil Vora, CEO, Sixth Sense Ventures.

The brand is present in over 5,000 retail stores across 30 countries and also claims to have employed an estimated 10,000 farmers.

HR tech startup Advantage Club raises $5 mn from YCombinator and others

HR Tech startup Advantage Club has raised nearly $5 million in a Pre-Series A round from Y Combinator, Jetty Ventures, Earlsfield Capital, SMC Advisors, Kunal Shah, and others.

The fundraising was done in two tranches - $3.3 million from Jetty Ventures, Earlsfield Capital, SMC Advisors and others. This is an add-on to the recent round of $1.7 million from Y Combinator, Broom ventures, Kunal Shah and others.

With this latest round of funding, the company aims to expand its operations abroad and add more products and features to compete in the $13 billion global HR tech market. The startup also plans to continue investing in AI and machine learning to improve its product offerings, it said in a statement.

GlobalBees adds two more D2C brands to its portfolio

Thrasio-style D2C venture GlobalBees has acquired two more new-age companies — Yellow Chimes, a fashion jewellery brand, and Absorbia, an innovative home care brand.

According to GlobalBees, the acquisitions will give the brand a strong presence in the fashion jewellery market and home care segment.

The company has added five companies to its portfolio in just four months. Earlier, it invested in homegrown millennial skincare brand - Prolixr, women's health solutions company - &ME, and home care products company - The Better Home.

“Going forward we will continue to work with innovative brands across diverse and fast-growing categories" said Nitin Agarwal, CEO, GlobalBees.

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