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Funding Rundown: Hubilo raises $125 million, Neobank startup Open gets $100 million in Series C round & M2P Fintech raises $35 million from Tiger Global

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Here's a lowdown of the top deals in the startup space

Funding Rundown: Hubilo raises $125 million, Neobank startup Open gets $100 million in Series C round & M2P Fintech raises $35 million from Tiger Global
Hubilo raises $125 million funding in Series B round
Virtual events platform Hubilo has raised $125 million (about Rs 943 crore) in funding, led by Alkeon Capital. Lightspeed Venture Partners and Balderton Capital also participated in the Series B round. This brings the company's total fundraising to $153 million to date. The company will use the funds to further enhance its growth by developing new business functions, advance innovation of its platform, strengthen its product, engineering, and design teams in India, and go-to-market teams in the US, the UK, Europe, Middle East and Africa (EMEA) and the Asia Pacific.
In addition, Hubilo will increase the overall employee count by 150 percent to support its rapid growth plans and to respond to the increased customer demand for virtual and hybrid events. "We shall be increasing our total headcount by 150 percent, we will have 400-plus employees by the end of 2021 (December) and should be able to add at least 100 to 150 plus by the financial year, March 2022, considering that all our key regions will have a physical team in it," said Jain.
Hubilo was founded in 2015 to build event tech that increased attendee engagement at in-person events. When the pandemic hit in 2020, the startup saw revenues dwindling to zero. The company reworked its technology in 26 days and designed an event platform. Hubilo works with brands such as Blackboard, Walmart, United Nations, Roche Pharma, Maersk Shipping and others.
Neobank startup Open gets $100 million in Series C round from Temasek, Google & others
Neobanking startup Open which is focused on Small and medium enterprises has secured $100 million in a Series C funding round led by Singapore’s sovereign wealth fund Temasek. The round also saw participation from Google and Japan-based SBI Investment, valuing the startup at roughly $500 million. Existing investors Tiger Global and 3one4 Capital also participated in the round, which is still to be closed. According to the company, it will use the funding to strengthen and accelerate its new product line, which includes its embedded finance platform, Zwitch and cloud-native banking platform, BankingStack.
At present, BankingStack is deployed across 15 Indian banks, the company said. The fintech platform is also looking to expand its base to 5 million SMEs across markets of Southeast Asia, Europe and the US. Open offers a neo-banking platform that integrates with current business accounts of SMEs and allows them to collect and track payments, make salary payouts while helping in accounting and smart expense management. "We also look to cater to over 5 million SMEs by August 2022," said Anish Achuthan, chief executive officer, Open.
M2P Fintech raises $35 million from Tiger Global
API infrastructure platform M2P Fintech has bagged $35 million in its Series C funding round led by Tiger Global Management. Existing investors, BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group, via its investment vehicle Sparkle Fund, also participated in the round. The startup said in a statement it will use the funding to boost its API infrastructure capabilities and expand its footprint beyond Asia.
"Our immediate focus is to double down on growth in India and the expansion of our team in Dubai, where we have committed to invest more than AED (dirham) 100 million over the next 18-24 months. We are also aggressively pursuing organic and strategic opportunities that will strengthen our product capabilities to better serve our customers,” said Madhusudanan R, co-founder and CEO, M2P Fintech. The company has clocked 400 percent year-on-year revenue growth and is processing more than $10 billion in annualised payments volume across millions of users through 500-plus fintech partnerships.
B2B silk-tech startup ReshaMandi secures $30 million in Series A funding
The silk-tech startup, ReshaMandi which serves as a B2B marketplace for silk farmers, businesses, and retailers in India, has raised $30 million as a part of its Series A funding round led by global alternative investment manager Creation Investments. The equity plus debt round also saw participation from new investors such as 9 Unicorns, Venture Catalysts, Sandeep Singhal (Nexus), Brijesh Agarwal (founder of IndiaMART), and Omnivore, which also led the seed round of ReshaMandi. Debt investors include Northern Arc, Alteria, Innoven and Stride Ventures, the company said in a statement.
ReshaMandi plans to expand its agricultural business in all major silk-producing states across India while also establishing itself as a leader in weaving clusters like Banaras, Salem, Kanchipuram, Maheshwar, and Dharmavaram. The company is looking to extend its retail footprint further into Agra, Kota, Gorakhpur, Rajkot, Vadodara, Surat, Pune, Nagpur, Satara, Madurai, Coimbatore, among others, over the next three to six months. The firm further aspires to strengthen its position in this supply chain with this fresh round of capital. It aims at creating a zero-waste circular economy that will have a significant social, environmental, and economic impact for all the stakeholders of the silk supply chain.
Creative Galileo becomes first investee from Kalaari’s CXXO Programme; raises $2.5 million in seed round
Edtech startup Creative Galileo has raised $2.5 million in the seed round of funding round led by Kalaari Capital. While Kalaari pumped in $2.1 million, a clutch of angels including Harish Bahl (founder of Smile Group), Shashin Shah (managing partner at Think Investments), Ashwin Puri (former managing director of Facebook for the Asia-Pacific region), among others invested the remaining amount.
For Kalaari, Creative Galileo happens to be the first investee from its flagship CXXO Programme that it launched earlier this year. The fresh fundraising will be used for scaling, product development, inking tie-ups with leading animation houses, and hiring. The startup has already tied up with industry leaders like Big Animation, Periwinkle, Shermaroo and Toonz.
Sixth Sense Ventures to close Rs 2,500 crore fund: Report
Sixth Sense Ventures plans to close its third fund at about Rs 2,500 crore and is finalising commitments from large institutions, including listed pharma and consumer companies and insurers, according to Moneycontrol. Sixth Sense backs early-to-growth-stage consumer companies, its portfolio comprising Bombay Shaving Company, beer-maker Bira, sauce-maker Veeba Foods and Sachin Tendulkar-backed entertainment arena Smaaash.
From the new fund, it plans to make about 35 investments, with an initial cheque size of Rs 40-50 crore, which can go over Rs 100 crore, including follow-on rounds, the report added. Compared to investing Rs 500 crore over three years from its previous fund, Sixth Sense has committed Rs 500 crore in the last three months, founder Nikhil Vora told Moneycontrol.
BlackSoil invests Rs 35 crore in five startups
Venture debt firm BlackSoil has provided Rs 35 crore growth capital in the form of Venture Debt to five startups. These include a two-wheeler vehicle financing company, Orange, marketing automation platform WebEngage, D2C FMCG brand Habanero Foods, a fintech offering personal loans called CASHe and a leading branded generic pharma company, the company said in a statement. This development comes in a week after BlackSoil announced its investment in global consulting firm Kaar Technologies.
Earlier in March, BlackSoil Capital had raised Rs 22 crore by issuing secured debentures to family offices and high net-worth individuals on a private placement basis. The company had explained the funding would be utilised primarily for lending activities and fund growth startups and MSMEs. At present, BlackSoil manages an alternative credit platform consisting of an RBI-registered NBFC and four SEBI-registered AIFs. It claimed to have deployed over Rs 2,500 crore across over 135 deals and has an AUM of Rs 1,000 crore. Its portfolio includes Infra.Market, Zetwerk, Udaan, Spinny, Furlenco, and OYO Rooms, among others.
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