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Funding Rundown: Ola Electric raises Rs 398 crore, Flip gets $48 mn from Sequoia India

Funding Rundown: Ola Electric raises Rs 398 crore, Flip gets $48 mn from Sequoia India

Funding Rundown: Ola Electric raises Rs 398 crore, Flip gets $48 mn from Sequoia India
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By Aishwarya Anand  Dec 8, 2021 10:53:20 PM IST (Published)

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

Ola Electric raises Rs 398 Cr from Temasek and others

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Ola Electric has raised about Rs 398.3 crore in a fresh funding round from investors such as Temasek, IIFL, Edelweiss, Vijay Shekhar Sharma’s VSS Investco and DST Global's Rahul Mehta.
The firm allotted a total 371 shares at Rs 1.07 crore each, as per regulatory filings sourced from Tofler.
Temasek invested Rs 185 crore, while Edelweiss put in Rs 111.6 crore and IIFL invested Rs 74 crore. Bollywood personalities such as Farhan Akhtar, Ritesh Sidhwani, Zoya Akhtar, Amrita Arora Ladak and her husband Shakeel Ladak (Azara Advisors) have also been allotted shares in the company.
Ola Electric, which was spun out of the ride-hailing major Ola in 2019, had previously raised $200 million financing led by Falcon Edge, SoftBank and others, at a valuation of $3 billion in September this year.
The company is now planning to start the first batch of deliveries from December 15.
Indonesian fintech startup Flip raises $48M in Series B round from Sequoia India
Indonesia-based fintech company Flip has raised $48 million in a Series B round co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners.
The round also marks the first investment in Indonesia by Insight Partners, a New York-based global private equity and venture capital firm.
Flip plans to use the fresh funding to further accelerate its business expansion, strengthen its operations in the archipelago, invest in tech for a higher quality of service, and expand its workforce, especially its engineering and product teams. It has more than 100 domestic banks in its network.
The consumer payment platform offers financial services, including interbank transfers, overseas transfers, e-wallet top-ups, and salary transfers to tens of thousands of employees who work in small and medium-sized businesses (SMBs). It currently serves more than 7 million registered users.
MoEngage bags $30M from Steadview Capital
Customer analytics startup MoEngage has raised $30 million in a funding round led by Steadview Capital, doubling its valuation to about $500 million in six months.
Existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners also participated in the funding round.
“We aim to continue investments in Sherpa, our AI engine, and our predictive capabilities while strengthening our partner ecosystem," Raviteja Dodda, the chief executive officer of MoEngage, said.
The company will also expand its global presence and strengthen its customer service and support functions, Dodda added. The company said it has scaled rapidly in the last 12 months and has doubled its headcount to 450 employees globally.
MoEngage helps companies measure customer engagement and analyse metrics in order to improve it, which may help companies formulate their marketing and data strategy.
Social commerce startup Stage3 raises Rs 20 Cr in Pre-Series-A round
Social commerce startup Stage3 has raised Rs 20 crores in a Pre-Series A round co-led by Inflection Point Ventures and LC Nueva Investment Partners LLP along with Let’s Venture and Stanford Angels.
Blume Ventures, Stage3’s existing investor has also participated in the round. Other angel investors include Ananth Narayanan, founder, Mensa Brands, Dinesh Aggarwal, CEO, India Mart, and Sashwat Nakhrani, co-founder of BharatPe.
The funds raised will be utilised in improving technology infrastructure, hiring talent and building data science capabilities, the company said in a statement.
Stage3 has registered a year-on-year growth of 200%, with current annual recurring revenue (ARR) of $3 million and a high gross margin of 70% across the platform. The Company claims to have clocked a 30% increase in its follower base across its social media platforms in the last 12 months, achieving the current follower base of 5 lakh.
D2C dental-tech startup Snazzy bags $2.2M in seed funding round
Direct-to-consumer (D2C) dental-tech startup Snazzy has secured $2.2 million in a seed funding round led by YCombinator, Form Capital, Goodwater Capital, and ANIM Fund.
The funding round also saw participation from angel investors such as CRED founder Kunal Shah, Bobby Goodlatte (Stripe and coinbase angel investor), Verod Capital partner Eric Idiahi, and others.
The startup will use the funds to strengthen its team across engineering, marketing, operations, dentistry, and sales, to support its accelerated growth plans, it said in a statement.
Snazzy leverages a D2C business model, as well as several other technologies, to provide clear aligners to suit the busy lifestyle of today's consumers.
Health-tech startup Phyt.Health secures seed funding
Healthtech platform Phyt.Health has raised $1.5 million in a seed funding round led by US-based private investment firm Lunsford Capital.
Other participants in the round include founders Darpan Saini and Snehal Fulzele
The company aims to utilise this capital to expand operations in major metros and tier II towns, the company said.
Phyt.Health is a computer vision and an AI-enabled physiotherapy platform that delivers better and more affordable care to patients and increased revenue for providers, the statement added. The startup claims that its technology optimizes physiotherapists' time and encourages patients' adherence to their treatment plan.
Backpacker hostel brand goSTOPS raises additional $1M in bridge round
Backpacker hostel brand goSTOPS has raised an additional $1 million bridge round within six months of the last million-dollar Pre-Series-A round concluded early this year in June.
The round saw participation from existing investors The Chennai Angels, Mumbai Angels, Yuj Ventures, Lead Angels, 1Crowd, Indian Angel Network, Chandigarh Angels Network in addition to new angel investors including Rohit Chanana of Sarcha Advisors.
The current round of funds will be used to acquire new budget hotels, grow its presence across the country and accelerate growth further till it concludes its Series-A by June 2022.
“This move is in line with the renewed and rapid demand for strong post-Covid leisure travel that the youth are embarking on,” it said. The company aims to disrupt and grab a leading market share in the $12-billion Indian youth leisure travel opportunity.
D2C skincare brand Foxtale raises Rs 5.5 Cr in seed funding from Kae Capital
D2C skincare brand Foxtale has raised Rs 5.5 crore in its seed funding round ahead of its entry into the market. The investors include CRED founder Kunal Shah, Kae Capital, and Rohit MA, Co-Founder of Cloudnine Group of Hospitals.
Since its inception in 2020, the company has said it has focused on innovations in formulations and unique ingredient sourcing process to solve the skincare problems of women.
The company will use fresh capital for expanding to multiple online outlets to ensure pan-India accessibility for all consumers.
Fitness startup StepSetGo gets Rs 5 Cr in seed funding round
Fitness startup StepSetGo has bagged Rs 5 core in a seed funding round led by Huddle, Singapore-based BeyondSeed, along with Dexter Angels and Seeders LLP.
The financing will enable StepSetGo to innovate and upgrade customer experience while adding more core fitness solutions and bolstering its footing among lesser receptive markets, the company said in a statement.
The Fitness App’s prime focus is to add more features to deepen fitness and social touchpoints and widen how users will spend their SSG coins (which are earned by the users' fitness activity on the app).
WayFr raises Rs 3 Cr in a seed round
SaaS platform WayFr has rasied Rs 3 crores in a seed funding found from 2am VC and Relentless Ventures.
Other marquee angel investors such as Dhruvil Sanghvi (Founder/CEO, LogiNext), Pravin Gandhi (RedBus, Printo), Ambarish Jaipuria (Executive Director, Cosmo Ferrites LTD) and Kishore Ganji (Founder, Astir Ventures) have also invested in the round.
WayFr will leverage the freshly infused capital to expand its salesforce in India targeting US clients, it said. The brand had earlier raised Rs 25 lakhs from 100X.VC in July and was part of their 05 cohort.
Netmonastery NSPL gets undisclosed funds from NTT-Netmagic CEO Sharad Sanghi
Netmonastery NSPL, a security information and event management (SIEM) solution provider, has raised an undisclosed Pre-series A round from Sharad Sanghi, CEO NTT-Netmagic in his personal capacity.
The funding will be used to increase Netmonastery’s market presence, the company said in a statement.
Founded in 2002, Netmonastery delivers through its product DNIF HyperScale SIEM (security information and event management), a single window cybersecurity solution designed for enterprise security operations centers (SOC) that includes a combination of a SIEM, user and entity behaviour analytics (UEBA) and security orchestration, automation and response (SOAR).
E-commerce startup Kreate secures undisclosed sum from We Founder Circle
Kreate, an e-commerce marketplace, has raised an undisclosed amount in a seed round from We Founder Circle, Ankesh Sagar- Head of Marketing, Workato, Sandeep Balaji- CEO, IncrementumX, and Abhishek Kishore Gupta- CEO, Turbotic.
The organization plans to use the funds in team building, marketing, and product development.
The fund disbursal plans fall in sync with the fiscal targets at the startup that include reaching a transaction volume worth $5 million, and strengthening the technology backbone to support a user base of at least 200,000 users, it said in a statement.
“With a market currently growing leaps and bounds for creators across the nation, I believe Kreate will empower millions of creators in India," said Vittal Ramakrishna, founder, Kreate.
The company has built a community of 9000+ creators, selling 20,000+ products, and clocking transactions worth 13+ crores.
Magenta makes strategic investment in Axiom, to scale EV manufacturing
Magenta, a homegrown integrated Electric Vehicle (EV) charging solutions company, has made a strategic investment into Axiom Energy Conversion Limited, an EV component manufacturers.
The majority stake acquisition of Axiom will allow Magenta to have an in-house manufacturing facility for its EV charging equipment, the company said in a statement.
It is also planning to develop a greenfield manufacturing setup dedicated to EV powertrain components, including chargers, convertors, motor controllers and drive train components.
“We have jointly lined up a robust portfolio of EV components and are working on developing these new age smart and affordable EV solutions,” said M J Purohit, MD of Axiom.
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