0

0

0

0

0

0

0

0

0

This article is more than 1 month old.

Funding Rundown: Ola to invest Rs 786 cr in Ola Financial Services, Simpl raises $40 mn & CollegeDekho secures $35 mn in Series B funding round

Mini

In funding rundown, CNBC-TV18 brings you the details of the top deals from the startup space.

Funding Rundown: Ola to invest Rs 786 cr in Ola Financial Services, Simpl raises $40 mn & CollegeDekho secures $35 mn in Series B funding round
Here’s the lowdown of the top deals from the startup space.
Ola to invest up to Rs 786 cr in Ola Financial Services
Ola is making an investment of up to Rs 786.1 crore in Ola Financial Services (OFS), which will now become a 100% subsidiary of the ride-hailing platform, as per regulatory documents.
As per documents submitted by ANI Technologies (which operates Ola) to the Registrar of Companies (RoC), Ola has received the nod to "make an investment in Ola Financial Services Pvt Ltd up to Rs 786,64,12,400 in-kind consideration against swap of shares of the company".
According to sources, ANI Technologies will now own 100% of Ola Financial Services in an all-stock deal. In a recent regulatory filing, ANI Technologies had said OFS is looking to expand its insurance business internationally to support the company's mobility service through products designed for the UK and Australia, and New Zealand (ANZ) markets.
Simpl raises $40 million in Series B funding
Simpl, a cardless payment network with embedded 1-Tap Checkout, Buy Now Pay Later and Buyer Protection features, has raised a $40 million Series B round led by Valar Ventures & IA Ventures, with participation from LFH Ventures and other internal investors. This investment brings the total capital raised by the company to $83 million.
With Simpl, online merchants provide consumers an easy, safe and intuitive way to buy. Its flagship product, 1-tap Pay Later, enables consumers to buy with a tap and have all their purchases across retailers on the network aggregated into one bill that can be repaid once every 15 days.
Over the past 18 months, Simpl has grown its monthly active merchants and its monthly active users by 10X. Simpl works with over 7,000 category-leading online merchants, including Zomato, MakeMyTrip, Big Basket, Jio Platform, 1MG and Crocs, the company said.
Cloud kitchen startup BOX8 raises $40 million from Tiger Global: Report
Cloud kitchen BOX8, which operates brands like MOJO Pizza, has raised a funding round of $40 million from tech investment giant Tiger Global and also rebranded itself to EatClub Brands, Moneycontrol reported. The valuation of the company has not been disclosed.
Eight brands operate out of more than 150 cloud kitchens of the company that recently added GLOBO Ice Cream and ZAZA Biryani to its portfolio.
“We have deliberately spent time in building deep capabilities in food, technology & operations. With this additional funding, we now plan to rapidly scale geographically to 500+ kitchens in 15 cities,” said Amit Raj, cofounder, EatClub Brands.
The company is also planning to on-board talent and build robust teams, he said.
CollegeDekho raises $35 million, to expand education offerings
Online higher education platform CollegeDekho on Wednesday said it has closed its Series B funding of $35 million to further improve its offerings for students and colleges, both within India and abroad.
The round was led by Winter Capital, ETS Strategic Capital, Calega and existing investor Man Capital. Disrupt ADQ and QIC also came on board.
"We will expand our team and platforms to serve a larger number of students and colleges. We will also increase our investment in products and technologies, while fueling our growth in our new verticals such as education loans, student accommodation and coaching for higher education," said Ruchir Arora, founder and CEO, CollegeDekho.
The company will also use the funds raised for acquisitions and consolidation that make strategic sense.
NxtWave secures $2.8 million in pre-Series A round by Orios Venture Partners
Edtech startup NxtWave has raised $2.8 million in a Pre-Series A funding round led by Orios Venture Partners and Better Capital. The one-year-old startup is bootstrapped, cash-flow positive, with an annual run rate (ARR) of $7.5 million.
The current funding round also saw participation from Ravi Bhushan (founder, BrightChamps), Ramakant Sharma (founder, LivSpace) and Vikram Kailas (cofounder, Mytrah Energy).
The firm will use the fresh capital to expand its team, accelerate product development and penetrate the existing markets further, it said in a statement. NxtWave aims to build an online university for 4.0 tech careers without the need for a conventional college degree.
Cloud kitchen player Big Spoon gets $2 million from Grip Invest
Cloud kitchens startup Big Spoon has raised $2 million in lease financing deal from Grip Invest, its founder Kapil Mathrani said.
The startup will use the fund to drive deeper consumer adoption in small towns.
Grip is the first to offer asset leasing services to Big Spoon, which operates 80 internet restaurants and has a presence across 15 cities with 21 outlets. Big Spoon offers 11 different brands covering varied cuisines including Makhni, Oven and Grill, Meals 101, Monkey Fries, the Wrap Co and East Pizza Co.
Mathrani said his company delivers over 2,000 orders daily with a volume of up to 5,000 orders over the weekend. With this lease financing partnership with Grip, we can focus on increasing our presence in small towns which have lower brand affinity.
Parablu gets over $1 million in pre-Series A from Inflection Point Ventures
SaaS platform Parablu has raised a pre-Series A round of more than $1 million led by angel investment platform Inflection Point Ventures.
The funds raised will be utilised primarily for sales and marketing, targeted towards expanding distribution channels and penetrating new markets in North America and to accelerate the engineering roadmap, the company said in a statement.
The startup has created a solution stack where Data Privacy is built-in, and have also forged an innovative and unique integration with Microsoft 365 and Google G-Suite that makes it easier and less expensive for enterprises to adopt their solutions.
Waffle House raises seed funding from investors
Waffle House has raised an undisclosed seed round led by Venture Catalysts and 9Unicorns.
The funding will enable Waffle House to build the largest Direct-to-Consumer (D2C) brand in the baking and confectionery space, the startup said in a statement.
Waffle House is also in the process of re-branding itself with a new name and identity that showcases its wide range of products, beyond waffles, the firm added.
Grocery delivery startup Leapclub.in raises undisclosed seed funding
Leapclub.in, the startup that is bringing farmers' markets online, has raised an undisclosed seed investment from Venture Catalyst and prominent US investors like Goodwater Capital, Pareto Holdings, Sequoia Scout Fund, Soma Ventures & Miti Ventures.
The round also saw participation from prominent angels including Kunal Shah of CRED, Arjun Sethi of Tribe Capital, Nipun Mehra of UIa, BukuWarung founders, Pramodh Rai, Prasad Matti Rao, and Vaibhav Bhargava, among others.
The healthy grocery delivery startup said it will deploy the funds towards scaling up its operations in Delhi NCR and strengthen its product offering.
The firm said it is building a WhatsApp first shopping experience to make it extremely easy for its users to switch to healthier groceries. The startup has recently launched subscriptions which can easily be managed over WhatsApp.
next story