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Funding rundown: IPO-bound Delhivery raises $76.4 mn, ShopUp secures $75 mn in Series B round, GoKwik gets Rs 40 crore in pre-Series A round & drone delivery startup TechEagle raises $500K

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Here’s a lowdown of all the top deals in the startup universe.

Funding rundown: IPO-bound Delhivery raises $76.4 mn, ShopUp secures $75 mn in Series B round, GoKwik gets Rs 40 crore in pre-Series A round & drone delivery startup TechEagle raises $500K
Delhivery raises $76.4 million from Lee Fixel’s Addition: Tofler
Logistics unicorn Delhivery which is expected to hit Dalal Street later this year has raised an additional Rs 558 crore (about $76 million) from Lee Fixel’s Addition. According to regulatory filings sourced by Tofler, the funds raised by the startup is part of its Series I round of funding. This development comes after Delhivery had raised $100 million from Fedex in July this year.
Lee Fixel, who was earlier with Tiger Global, is famed for his early bets into startups such as Flipkart and Ola. He left Tiger Global in 2019 and founded Addition in 2020 and has invested in news aggregation platform Inshorts and its social network app called Public. Delhivery would be Addition’s second investment in India.
Peter Thiel’s Valar Ventures leads $75 million Series B round Bangladesh’s ShopUp
Bangladesh-based full-stack B2B commerce platform ShopUp has raised $75 million in a Series B round led by Peter Thiel’s Valar Ventures. The round also included investment from Prosus Ventures along with existing investors Flourish Ventures, Sequoia Capital India, and VEON Ventures. This is the first investment by Valar Ventures and Prosus Ventures in Bangladesh. Meanwhile, ShopUp was also Sequoia Capital and Flourish Ventures’ first investment in the neighbouring market. The startup is aiming to put 4.5 million small retailers in the driving seat of Bangladesh’s economic growth, said Afeef Zaman, CEO and co-founder, ShopUp.
The funds will also be used to digitise the fragmented retail market and solve issues across supplies, lending and logistics. During this round, the startup has also increased its ESOP pool by three-fold. This new round of funding comes only ten months after the startup announced its Series A round of $22.5 million. It brings ShopUp’s total funding to over $110 million. The social commerce startup had merged with India’s fashion retailer Voonik in February last year. ShopUp launched three products to remove the blockers within the traditional supply chain, logistics, and financing — Mokam (a one-stop B2B commerce app); REDX (an end-to-end logistics platform); and Baki (a buy now, pay later (BNPL) product for small retailers).
GoKwik raises Rs 40 crore in pre-Series A round
E-commerce enablement company GoKwik, on Tuesday, said it has raised Rs 40 crore (or roughly $5.5 million) in pre-Series A round led by Matrix Partners India. This round also saw the participation of global investor RTP Global.
Marquee angel investors and serial entrepreneurs, including Jupiter founder Jitendra Gupta; Uni co-founder Nitin Gupta; AngelList India partner, Utsav Somani; Park+ founder Amit Lakhotia; and LivSpace founder Ramakant Sharma, among others, also participated as part of this round.
According to the company, the proceeds from the new investment will primarily be used to scale up and establish a footprint in West Asia and North Africa regions as well as to enter the Southeast Asia market. The company will also be hiring talent across tech, data, and product engineering functions.
"E-commerce enablement players will play a pivotal role in fuelling the burgeoning Indian e-retail market which is projected to touch $120 billion in next 4-5 years. GoKwik is poised to redraft the traditional playbook by offering personalized solutions to improve overall conversion rates, help register higher GMV (gross merchandise value) with increased RoI (return on investments) and provide protection against risks such as RTO to e-commerce and D2C brands," said Chirag Taneja, co-founder and chief executive officer, GoKwik.
Founded in 2020, GoKwik leverages artificial intelligence to solve merchant-first problems, including the return to origin (RTO) and cash on delivery (CoD) conversion rates for e-commerce players as well as direct-to-consumer (D2C) brands. Currently, the GoKwik platform works with more than 75 digitally native brands, traditional e-commerce players and online marketplaces including boAt, Mamaearth, The Man Company, Heads Up For Tails, The Moms Co and more.
Staffing startup Gigforce raises $3 million
Gigforce, an on-demand staffing startup on Tuesday raised $3 million in pre-Series A funding from venture capital funds Endiya Partners, Unitus Ventures, and others. The firm said the fresh corpus will be used to strengthen its technology platform and for expansion to newer cities.
"The market is underserved today because of the lack of suitable technology to manage scale. This is set to change with strong tailwinds, including the proliferation of inexpensive smartphones…access for blue and grey collar workers, maturing tech platforms, simplification of labour codes, and the huge growth trajectory," said Chirag Mittal, co-founder and chief executive of Gigforce.
Mittal said with the fundraising, the company plans to strengthen its team and technology and rapidly scale pan-India in the next few quarters. The startup said it is growing 2X on a quarter-on-quarter basis and with a huge demand surge since post-covid recovery, Gigforce is set to grow at a rapid clip to cross Rs 100 crore annual run rate (ARR) soon, the company added. The company provides pre-screened and pre-trained gig workers to various enterprises.
Flipspaces raises $2 million in pre-Series B round
Interior design tech startup, Flipspaces has raised $2 million in a pre-Series B round from a consortium led by Prashasta Seth, Ex-CEO, IIFL AMC. The round saw participation from family groups and HNIs. Flipspaces is also backed by Carpediem Capital, a growth-stage PE fund for mid-sized ventures. Flipspaces plans to utilise the funds to drive the growth of the US vertical, which has seen 25X growth in a year, and expand its newly launched SaaS vertical, the company said in a statement.
"We are getting close to our vision of becoming the Zoho for Interior Design and Build domain which is a $1 trillion-plus market globally," said Kunal Sharma, founder and CEO of Flipspaces. Flipspaces has also recently launched a B2B SaaS vertical called Vizstore, which allows furniture and furnishing brands and retailers to virtualise their showroom experience.
COGOS secures $2 million in pre-Series A funding led by Transworld Group
COGOS Technologies, a logistics startup has raised a total of $2 million in Pre-Series A funding. The round was led by Dubai based Global Shipping and Logistics player Transworld Group and Newyork based deep tech fund Worldquant Ventures and more. Ritesh S. Ramakrishnan of Transworld Group will be joining the COGOS board. With this fundraising, COGOS plans to expand its business to the internal market and further strengthen and develop its technology platform.
Cogos aims to further upgrade its model and expand the business both in India and overseas - providing customized tech solutions to its partners. "We are very bullish on the India growth story which is led by both consumption and innovation. Logistics in India is an over $300 billion market and is highly fragmented and unorganized. We see a huge growth opportunity in the Indian logistics’ space especially in tier 3 and 4 cities which are underserved today," said Chetan Mehta, CEO of Wami Capital – Single Family Office of Transworld Group.
In its seed funding round, COGOS had raised $1 million from the Indian Angel Network (IAN), Emergent Ventures and some high-net-worth individuals. The group will augment its fleet by 2,500 electric vehicles (EV) across Bangalore, Hyderabad, Delhi and Gujarat, and later in Maharashtra and Tamilnadu.
Proeon raises Rs 17.5 crore in seed round: Report
Pune-based food ingredient startup Proeon has raised Rs 17.5 crore as seed capital, Moneycontrol reports. The funding round, led by entrepreneur Shaival Desai also saw participation from Flowstate Ventures, Peak Sustainability Venture Fund I (executed by Samir Shah on behalf of the Fund), Waoo Partners (Pratul Shroff family office), and other angel investors.
Existing investor, OmniActive Health Technologies Limited MD Sanjaya Mariwala, also participated in this round. The firm will use funds to enhance growth, set up a research lab in the Netherlands, for scaling up production and expanding the team, as per reports.
Drone delivery startup TechEagle raises $500K
Drone delivery startup TechEagle Innovations has raised $500,000 in seed funding led by India Accelerator, with participation from Vinners Group, Sitics Logistics, and marquee angel investors. The startup will use the funding to further launch new indigenous products, scale its operations in India, and hire across functions.
With its on-demand drone delivery airline, the startup aims to impact a billion lives by 2030, the company said in a statement. The drone AI startup builds end-to-end technology solutions for enabling a drone logistics airline for last-mile and mid-mile deliveries. TechEagle has already received approvals from the Government of India (MoCA) and Regulators (DGCA) to conduct package delivery BVLOS (Beyond Visual Line of Sight) flights in different parts of India.