Here’s a list of the top startup deals this week.
Here’s a list of the top startup deals this week.
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IIFL, Edelweiss board Ola, double valuation to $7 billion: Reports
Ride-hailing platform - Ola - is finalising a pre-IPO financing round likely to be led by IIFL Wealth Management and Edelweiss Private Equity according to an Economic Times report. The deal would push its valuation to $7 billion, the report said.
The mobility company could draw an investment in the range of $200-$250 million, which is likely to double its valuation from its previous round in July to $7 billion.
According to the report, other existing investors such as private equity fund Warburg Pincus, Japan’s SoftBank and others are likely to participate in the fundraise.
Good Glamm Group enters the Unicorn club; raises $150M as Series D funding
Content-to-commerce conglomerate, the Good Glamm Group has raised $150 million funding in its Series D round, including both primary and secondary sales. The D2C beauty and personal care startup is now valued at $1.2 billion.
The round was co-led by marquee tech and private equity investors Prosus Ventures (Naspers) and Warburg Pincus. Alteria Capital along with existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office also participated.
The Good Glamm Group will utilize the funds to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements while also expanding the content creation capabilities and digital reach of POPxo, Plixxo, BabyChakra and ScoopWhoop.
Insurance startup Turtlemint to be the next unicorn?
Online insurance startup Turtlemint is in talks to raise about $200 million, valuing it at over $1 billion, Moneycontrol reported.
Tiger Global Management, among other investors, is in talks to lead the funding round which could push the startup into the unicorn club.
The company has over 120,000 advisors who are on track to generate $54 million in revenue in FY22, according to a version of Turtlemint’s investor documents viewed by Moneycontrol.
Magicpin raises $60M in Series D Funding led by Zomato
Offline discovery and rewards platform Magicpin has raised $60 million in Series D funding led by Zomato with participation from existing investors including Lightspeed Ventures.
The funding was announced as Zomato CEO Deepinder Goyal declared company's investments in two other startups – Curefit and Shiprocket – with intentions of deploying $1 billion into more Indian internet startups over the next couple of years.
Magicpin will use the fresh funds to deepen presence in existing markets, launch new markets and expand across categories. Currently, the startup claims to be clocking over $1 billion in annual gross merchandise value (GMV).
Wakefit raises $28 M in Series C round led by U.S.-based SIG
Home and sleep solutions startup Wakefit has raised $28 million in Series C round led by U.S.-based Susquehanna International Group (SIG) - an investor in firms such as ByteDance and Mobile Premier League. The round also saw the participation of Sequoia India and Verlinest. The startup is currently valued at $380 million.
Wakefit will use the funds to set up offline experience centres and manage logistics, supply chain and increase marketing besides hiring across levels. It will also deploy capital to expand its product line to include lighting, decor, furnishings and set up state-of-the-art factories and warehouses.
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. It 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.
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.
Nexus-backed H2O.ai raises $100M, valued at $1.7Bn
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.
Zoomcar raises $92M from SternAegis Ventures and others
Car-sharing marketplace Zoomcar has completed a $92 million private placement led by New York City-based SternAegis Ventures with participation from international family offices and institutional investors.
Zoomcar intends to use the proceeds from this financing to grow its car-sharing marketplace in India and various select markets across Asia and the MENA (Middle East and North Africa) region, it added.
The startup said it will continue to invest in its advanced engineering and data science platform, enabling it to strengthen its market leadership in global car sharing.
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.
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.
Curefoods looking to raise $30M from Accel and Chiratae: Report
Cloud kitchen company Curefoods, which operates ‘EatFit’, is in talks to raise $30 million in an equity funding round led by Accel and Chiratae, the Economic Times reported.
The company will use the funds to acquire almost half a dozen smaller brands in the space and for other inorganic growth opportunities.
Curefoods is also raising $10 million in debt from venture debt funds, the report added.
Healthtech startup Mosaic Wellness raises $24M
Health and wellness startup Mosaic Wellness has raised $24 million in Series A funding round led by Sequoia Capital India. Existing investors Elevation Capital and Matrix Partners India too participated in the investment round.
Mosaic previously raised a $10 million seed round in December 2019 pre-launch from Elevation Capital, Sequoia Capital India & Matrix Partners India alongside marquee Angels like Jitendra Gupta, Kunal Shah & Jaydeep Barman.
The business now has annualised revenues of $14 million and caters to more than 100,000 customers a month across its health and wellness offerings, the company said in a statement. The startup runs digital health clinic platforms Manmatters and Bodywise.
Battery Smart raises $7M in pre-Series A funding round
EV battery swapping network Battery Smart has raised $7 million in a pre-Series A round led by Blume Ventures and Orios Ventures. The other investors who participated in the round include Green Frontier Capital and Baring Private Equity India.
The fresh capital will be deployed for strengthening the startup's battery assignment technology, scale its operations to service 10,000 electric vehicles daily, and expand to three new states by this fiscal, the company said.
Battery Smart has over 100 swap stations operational in the Delhi-NCR region. The company currently has 1,200 active vehicles on its platform and completes 5,000 swaps daily.
Cradlewise secures $7M seed round from Footwork and others
Silicon Valley-based baby-tech startup Cradlewise has secured $7 million in a seed round led by venture capital firm Footwork, with participation from CRV and existing investors SOSV and Better Capital.
Other notable investors participating include Katrina Lake (founder of Stitch Fix), Jeremy Cai (CEO of Italic) and Dilip Goswani (CTO of Molekule). Sachin Oswal (Co-founder Infibeam) and Sonny Vu (ex-CEO of Misfit Wearables) have participated in previous rounds of funding.
The funds will be used to accelerate the company’s innovation and technology roadmap and grow their team in India with hires in engineering, software, product, and customer success, the startup said in a statement.