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Funding Rundown: Open turns unicorn; Zepto raises $200 mn; Hike secures additional funds for Rush Gaming Universe & Redcliffe Lifetech bags $61 mn

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Funding Rundown: Open turns unicorn; Zepto raises $200 mn; Hike secures additional funds for Rush Gaming Universe & Redcliffe Lifetech bags $61 mn


Funding Rundown brings you news of all the best deals struck in the startup space.

Funding Rundown: Open turns unicorn; Zepto raises $200 mn; Hike secures additional funds for Rush Gaming Universe & Redcliffe Lifetech bags $61 mn
Here’s the lowdown of the top deals from the startup space.
Open turns unicorn, raises $50 mn in Series D funding round
Neobanking fintech startup Open has entered into the unicorn club after raising $50 million in its Series D funding round from IIFL along with existing investors Temasek, Tiger Global and 3one4 Capital.
With this round, Open is now valued at $1 billion and plans to launch three new products – Open Flo, Open Settl and Open Capital targeting disbursement of $1 billion in the next 12 months, the firm said in a statement.
The funding will also help Open accelerate its existing product lines Zwitch (embedded finance platform) and BankingStack (enterprise banking solution for banks), drive global expansion and reach over 5 million customers within the next one year.
Zepto raises $200 mn at a valuation of $900 mn, to expand its 10-minute grocery delivery across India
Quick commerce startup Zepto has bagged $200 million in a Series D funding round led by Y Combinator’s Continuity fund, at a valuation of $900 million, taking it closer to becoming a unicorn.
Y Combinator Continuity doubled down with new investor - Kaiser Permanente, joining in to back the company as well. All key existing investors, including Nexus Venture Partners, Glade Brook Capital, and Lachy Groom, have also increased their investments.
Zepto will use the fresh capital to expand its 10-minute delivery service to more cities across the country and grow its network of dark stores. The firm is also looking to grown the team to over 1,000 people in a few months and hire across all functions, including engineering, analytics, operations, marketing, finance, and HR.
Hike secures additional funds for Rush Gaming Universe
Social platform Hike has raised an undisclosed amount in a funding round led by Web3 investor Jump Crypto. Tribe Capital and Republic Capital’s Republic Crypto were also part of the funding round.
The company will use the fresh capital to develop unique product strategy in the Rush Gaming Universe (RGU) — a social gaming metaverse where players can play, compete, and win. The funds will also be used to expand the team." The platform claims that in the last 13 months, The Rush Gaming Universe has engaged with 160 million quarterly gameplays and has 1.8 million monthly active users (MAUs).
Sequoia, Alpha Wave Global & Tiger Global invest $100 mn in agritech startup Absolute
Plant bioscience company Absolute has raised $100 million in recent funding rounds from Sequoia Capital India, Alpha Wave Global, and Tiger Global.
Angel investors including Nadir Godrej, Chairman of Godrej Industries, Kamal Agrawal, Promoter of Haldirams, Sanjiv Rangrass, Group R&D Head of ITC  and Kunal Shah, Founder of CRED, also participated in the round.
The fresh capital will be used to bolster its three core platforms - bioscience research platform, universal Farm OS, and global trade platform, the firm said in a statement.
JPIN launches strategic funds worth $150 mn
Startup investment bank JPIN has launched two strategic funds aimed at fuelling innovation across the globe. Through the creation of a $130 million JPIN Global Fund in United Kingdom and $20 million JPIN India Fund in India, the company is looking to expand their network of global investors, connecting them to next-generation startups and Small and Medium Enterprises (SMEs).
With the $130 million Global Fund, JPIN aims to lead investment rounds by allocating its initial committed capital in start-ups from Pre-Series A onwards over a period of 3 years. The remaining capital will be set aside to be deployed in follow-on rounds.
The fund will primarily focus on investing in the home market United Kingdom as well as emerging markets – Brazil, Columbia, Mexico, Nigeria, Kenya, Egypt, India, Indonesia, Vietnam.
Redcliffe Lifetech bags $61 mn from LeapFrog Investments
Diagnostics platform Redcliffe Lifetech has raised $61 million in a funding round led by LeapFrog Investments, with participation from Healthquad, Schroders, LC Nueva and Growth Spark Ventures.
Existing investors Chiratae Ventures and Alkemi Venture Partners, also participated in the round. The startup will use the fresh capital to expand its low-cost D2C diagnostics into tier 2, 3 and 4 cities. The funds will also be used to scale Redcliffe’s platform and increase its product offerings to radiology, disease data profiling and lifestyle management, the firm said.
Traceable AI raises $60M in Series B funding round, valued at $450 mn
Cybersecurity startup Traceable AI has rasied $60 million as a part of its Series B funding led by Institutional Venture Partners (IVP).
Tiger Global Management and existing investors Unusual Ventures and BIG Labs, also participated in the funding round. The new round has taken the firm’s valuation to $450 million.
Traceable AI plans to use the fresh funds to accelerate its next phase of growth by further investing in its product development and research efforts, expanding its sales and marketing teams, and expanding global sales.
Dental tech startup Toothsi gets $40 mn in Series C round
Dental tech startup Toothsi has raised $40 million in Series C funding from leading global investment firm Eight Roads Ventures, South Korea-based Paramark, IIFL, and the family office of Medlife co-founders: Prashant Singh and Tushar Kumar.
The round also saw the participation of existing investors Think Investments and the Mankekar family, and independent angel investors such as Aditya Puri, former managing director of HDFC Bank and Karan Singh, managing partner of Bain & Company's India offices.
The company plans to utilise the funds to further scale its technology platform and operations to ensure a seamless customer experience across the treatment journey. It will also invest in robotic automation for aligner manufacturing.
GenWorks Health secures Rs 135 Cr funding in the latest round
Healthcare startup GenWorks has secured Rs 135 crore in a fresh funding round from Somerset Indus Capital Partners, Morgan Stanley, through its funding arm Grand Vista, Evolvence and Wipro GE.
The startup aims to double revenues in FY23 and the funding will be leveraged to cover working capital needs, relevant M&A to invest in manufacturing partnerships, and expansion in the area of in-vitro diagnostics.
In addition, the freshly infused funds would be deployed towards building “Human Capital’’ to enable the rapid growth and build ‘’Platform Participation,” the firm added.
Startup Buddy parent firm announces Real Time Accelerator Fund with Rs 100 Cr corpus
Gurugram-based startup Buddy's parent company Real Time Management Consultancy Services has launched 'Real-Time Accelerator Fund' with a target corpus of Rs 100 crore.  There is also a green shoe option of another Rs 100 crore, according to a statement.
"The fund is the next step to support the startup founders through funding and mentorship. Manish Aggarwal will lead the fund as Managing Director and Pranay Mathur will be the CEO," the statement said.
The fund would invest in 20 startups in a year with an average cheque size of Rs 1 crore. The fund will handhold the startup in its 10 weeks accelerator program. The focus sectors will be fintech, Web 3.0, D2C, B2B SaaS (Software as a Service), creators economy, EV and other emerging startups.
Fintech startup Kaleidofin raises additional $15 mn in Series B round
Fintech startup Kaleidofin has raised $15 million as a part of its Series B funding round led by Michael & Susan Dell Foundation.
The round also included the participation of the Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund, angel investors and existing investors.
With this investment, Kaleidofin’s total fundraise till date stands at $23 million.
Tiger Global, Sequoia & others lead $15 mn Series A round in Toplyne
SaaS startup Toplyne has received $15 million in Series A funding led by Tiger Global and Sequoia Capital India. The round also witnessed participation from existing investors Together Fund, Sequoia India’s Surge and angel investors from Canva, Vercel and Zoominfo.
The fresh capital will be used aggressively deliver on the product roadmap, and scale the data science, engineering, product, and design teams, the firm said.
Internet services provider Excitel raises $11.5 mn in equity
Internet services provider Excitel has raised $11.5 million in equity from existing and new investors based out of Europe.
From a current subscriber base of 0.7 million, Excitel aims to increase its customer base to 10 million while also expanding operations to 100 cities by the end of 2022. With the raised funds, the startup will also be making significant investments to enhance its technology stack as well as its customer experience, along with foraying into newer markets.
E-commerce rollup firm Evenflow bags $5M in Pre-Series A round
Evenflow Brands, an ecommerce rollup has closed its pre-series A round of $5 million led by Village Global, 9Unicorns, Venture Catalysts, LetsVenture and Shiprocket.
The round also saw participation from marquee angel investors such as Emil Michael (ex-Chief Business Officer at Uber), Vijay Shekhar Sharma (Founder & CEO, Paytm), Kunal Shah (Founder & CEO, CRED), Nimesh Kampani (Co-founder & CEO @ Trica), Sandeep Varaganti (CEO of Marketplace Reliance Retail), Abhishek Nag (ex-Director of BD @ Netflix), Sony Joy (ex-VP, Truecaller), MageHold (HK based micro fund), Moving Capital (Uber alumni syndicate), MyAsiaVC and a few others.
“We have acquired 7 brands and launched two private labels and managed to scale our brands steadily in the last 12 months. Our team is committed to scaling these fantastically built small businesses into everyday brands.” said Utsav Agarwal, Co-Founder and CEO, Evenflow.
Mira Kapoor backs Wellbeing Nutrition, joins the brand as an investor
Mira Kapoor has joined Wellbeing Nutrition as an investor after infusing an undisclosed capital in the organic and whole foods multivitamin nutrition brand.
Wellbeing’s Melts are plant-based and sugar-free oral vitamin and supplement strips, Mira Kapoor stated.
Recently, the brand also partnered with Disney to launch an all organic and natural line of vitamins, probiotics and omega for kids globally.
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