In funding rundown, CNBC-TV18 brings you the details of the top deals from the start-up space.
Here’s a lowdown of the top deals from the start-up space.
Bessemer Venture Partners raises $220 mn fund for Indian start-ups
US-based venture capital firm Bessemer Venture Partners announced the closure of a $220-million India-focused fund to back the next generation of innovators in India.
As per the company’s blogpost, the fund will focus primarily on early-stage investments, consistent with Bessemer's approach of starting with seed and Series-A investments and sticking with companies throughout their growth lifecycle with later-stage investments.
Bessemer plans to apply its roadmap-driven investment approach to deploy the new capital over five roadmaps across consumer internet and cloud software, including marketplaces, digital health, social commerce, vertical and global SaaS (software as a service), it added.
The firm has made multi-stage investments in India including in IPO-bound e-pharmacy player Pharmeasy, Tata-backed grocery platform Bigbasket, food delivery major Swiggy and home services platform Urban Company, among others.
Adda247 raises around $20 mn in Series B funding round led by WestBridge Capital
Edtech platform Adda247 has raised around $20 million in a funding round led by WestBridge Capital. The Series B funding round also saw participation from existing investors, including Info Edge, Asha Impact and JM Financials.
The latest infusion of funds will be utilised to optimise technology & product and conduct senior-level hiring. The edtech company is also foreseeing the acquisition of a few companies with complementary offerings, it said in a statement
Founded in 2010, Adda247 offers products like live-video classes, on-demand video courses, mock tests, and books focused on government examinations and claims to have 15 million monthly active users on its platform.
Ykrita Life Sciences bags $1.2 mn seed funding from Venture Catalysts
Ykrita Life Sciences has raised $1.2 million in a seed funding round led by Venture Catalysts. Indian Scientific Innovation Company Limited also participated in this round.
Ykrita Life Sciences is a team of inter-disciplinary scientists and clinicians working together to develop a remedy for acute liver failure, the company said. This project is incubated out of Indian Institute of Science (IISc) Bangalore and was initially funded by Innovationqore and Venture Catalyst with a commitment of up to Rs 4.5 crore.
Venture Catalysts offers funding, mentorship, and network and invests $250K – $1.5 million in early-stage start-ups with incubation support for one year. They have successfully incubated startups like Fynd, Beardo, PeeSafe, Innov8, vPhrase, Supr, and DSYH, among others.
Fello gets $1 mn in seed round led by Entrepreneur First
Game-based investment start-up Fello has raised $1 million in a seed round led by global talent investor, Entrepreneur First (EF).
Acequia Capital, Kube VC, Upsparks, JITO Angels, Dexter Angels, and independent investors Ashneer Groover, Co-founder, BharatPe, Bala Parthasarathy, CEO & Co-founder, MoneyTap, Faiz Mayalakkara, Director of Investments of Emirates Investment Authority and Charlie Songhurst, also participated in the funding round.
The start-up plans to use the funding to expand its team, scale the product, and gear up for more game-based finance products to disrupt the nascent space in India. The company aims to reach a million users investing and playing on the app in the next three quarters, by penetrating deeper into tier 1 and tier 2 markets across the country, it said in a statement.
Edtech start-up Eduncle raised $750K from Mumbai Angels Network
Mumbai Angels Network, a platform for early-stage investments along with other investors, participated in a $750,000 round for online learning platform Eduncle.
The edtech start-up said it will utilize the freshly infused capital to achieve its expansion objectives and to develop new products for additional exams, commence live classes, and bolster its tech infrastructure.
The platform also plans on augmenting its doubt-solving features with the integration of AI and ML.
“The platform has seen 2x growth in its student base, paid subscribers, and revenue in the last 12 months while being extremely capital efficient. We believe that the fresh capital will allow them to achieve their goals and reach greater heights,” said Nandini Mansinghka, Co-Founder and CEO, Mumbai Angels Network.
Lumos and Gruhas Proptech partner to raise Rs 500 cr property fund
Lumos Alternate Investment Advisors and Gruhas Proptech have partnered to raise a Rs 500-crore real estate fund, focused on structured debt, last-mile funding, and opportunist equity in residential projects across major cities.
Gruhas Proptech, focused on real estate investments and prop tech and promoted by entrepreneur Abhijeet Pai and Zerodha Broking Ltd co-founder Nikhil Kamath, has joined Lumos Alternate Investment as anchor investor and general partner, a statement said.
“We are now actively looking at residential-focused last-mile funding and structured equity deals for our prospective fund," said Anuranjan Mohnot, Co-founder and Managing Director of private equity fund Lumos.
KK Rathi, founder of FirstBridge Capital Partners LLP and SS Asokan, former senior director at Shriram Properties, have also joined the Gruhas and Lumos board as co-founders.
Recruitment automation start-up Zappyhire raises Rs 3.71 cr in seed round funding
Zappyhire, an intelligent recruitment platform that helps enterprises screen, engage, and hire the best talent faster using Artificial Intelligence, has raised Rs 3.71 crore from the Kerala Angel Network and from Alex K. Babu, Founder, and CMD, Hedge Finance Limited.
The round also witnessed the participation of strategic investors such as Shihab Muhammed, Ex-Co-Founder of Freshservice (Freshdesk), Navas Meeran, Chairman, Eastern Condiments Pvt. Ltd., Dr. M. I. Sahadulla, Rajesh Nair – Associate Partner EY, Chairman & Managing Director, KIMS, and K. Paul Thomas, Founder of ESAF Group of Social Enterprises.
The company looks forward to hiring for multiple positions and accelerating their growth across Asia and North America. “This funding will be utilised to catapult our plan to grow as a global leader in recruitment automation providers. As founders, we invite smart minds to join our incredible team to fuel our next phase of growth,” Jyothis KS and Deepu Xavier, Co-founders of Zappyhire.
Artha Venture Fund leads Rs 3.2 cr seed funding round in wellness start-up InstaAstro
Wellness and spiritual services platform InstaAstro has secured Rs 3.2 crore in a seed funding round led by early-stage micro-venture capital firm Artha Venture Fund (AVF).
This is AVF's 12th investment from its recently closed Rs 225-crore micro-VC fund. The seed round also saw participation from angel investor Ramakant Sharma's LogX Ventures.
The start-up said it will utilise the fresh capital for product development, and marketing, and add a gamut of services like Live Astrologer session, Remedies, E-Pooja and E-commerce and others, to its platform, helping them carve a niche in the holistic wellness segment.
InstaAstro offers online predictions and consultancy to bring famous Vedic astrologers, Tarot card readers, numerologists and Vastu experts from India on a single online platform. The firm said their Monthly Recurring Revenues (MRR) and users have grown 20x and 25x, respectively, since February 2021.
Premagic secures Rs 2 cr from 300 Ventures and angel investors
Workflow management platform for photographers Premagic has raised Rs 2 crore in a pre-seed funding round from 300 Ventures.
Angel investors including Sujayath Ali, Co-Founder of ShopUp and Voonik, Sony Joy, Vice-President of Truecaller, Mohammed Hisamuddin, Co-founder and Chief Executive Officer of Entri.app, also pitched in the funding round.
The start-up will use the proceeds in augmenting the engineering team, offering more tools to photographers, and entering addressable markets across key geographies, it said in a statement.
The firm said that it has thousands of photographers from India and other geographies like New Zealand and France and has recently launched its services in the UAE and other GCC countries.
Citi partners with equity management platform Qapita; joins Series A round
SaaS-based equity management platform Qapita has secured a partnership with Citi to accelerate its platform for private company marketplace.
Citi had joined the company in its recent Series A round of $15 million co-led by East Ventures (Growth Fund) and Vulcan Capital. Earlier, Qapita had announced a $15-million ( ₹111 crore) Series A fund round, led by East Ventures through its growth fund and Vulcan Capital, with participation from NYCA and other existing investors including MassMutual Ventures and Endiya Partners.
The company said the partnership with Citi will help it accelerate its platform. Qapita said it plans to facilitate liquidity solutions via a digital marketplace, enabling transactions for companies between investors and employee stakeholders. Qapita said it has built a cap table and employee stock options plans (ESOPs) management platform, and aims to launch a private company marketplace to offer one unified platform to its clients.
“The private market in this part of the world is set to be $1-1.5 trillion in value. This market needs an operating system and transaction rails to make it transparent, accessible and efficient. This partnership with Citi will help us accelerate this mission. We look forward to more such partnerships with ecosystem players,” said Ravi Ravulaparthi, CEO and Co-founder of Qapita.
The platform allows private companies to manage their capitalisation tables and ESOPs.