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    FUNDING RUNDOWN: Delhivery raises $76.4 mn; Cars24 gets $259 mn

    FUNDING RUNDOWN: Delhivery raises $76.4 mn; Cars24 gets $259 mn

    FUNDING RUNDOWN: Delhivery raises $76.4 mn; Cars24 gets $259 mn
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    By  IST (Updated)


    Here is a lowdown of the top deals in the startup space this week.

    Cars24 raises $259 mn at around $1.75-bn valuation: Report
    Online marketplace for used automobiles Cars24 has raised $258.6 million from eight investors, Entrackr reports.
    DST Asia, Alpha Wave Incubation and Tencent (via its Europe based special purpose vehicle or SPV: Zennis Capital BV) have put in $75 million each whereas Moore Strategic Partners has invested $22.7 million. New York-based existing backer Exor Seeds has poured in $8.3 million. HPS Investment Partners’ Chief Executive Officer Scott Kapnick and BloombergSen Investment Partners have invested $2.2 million and $472,000 respectively, the report added.
    The company was the first to turn unicorn from the used car space with a little over $1 billion valuation in November last year.
    Delhivery raises $76.4 mn from Lee Fixel’s Addition: Tofler
    Logistics unicorn Delhivery, which is expected to hit Dalal Street later this year, has raised an additional Rs 558 crore (about $76 million) from Lee Fixel’s Addition.
    According to regulatory filings sourced by Tofler, the funds raised by the startup is part of its Series I round of funding. This development comes after Delhivery had raised $100 million from Fedex in July this year.
    Delhivery would be Addition’s second investment in India.
    Peter Thiel’s Valar Ventures leads $75-mn Series B round Bangladesh’s ShopUp
    Bangladesh-based full-stack B2B commerce platform ShopUp has raised $75 million in a Series B round led by Peter Thiel’s Valar Ventures.
    The round also included investment from Prosus Ventures along with existing investors Flourish Ventures, Sequoia Capital India, and VEON Ventures.
    This is the first investment by Valar Ventures and Prosus Ventures in Bangladesh. Meanwhile, ShopUp was also Sequoia Capital and Flourish Ventures’ first investment in the neighbouring market.
    The startup is aiming to put 4.5 million small retailers in the driving seat of Bangladesh’s economic growth, said Afeef Zaman, CEO and Co-Founder, ShopUp. The funds will also be used to digitise the fragmented retail market and solve issues across supplies, lending and logistics.
    Edtech startup Leap raises $55 mn from Owl Ventures
    Overseas education company Leap, that runs LeapFinance and LeapScholar, has raised $55 million in Series C funding led by Owl Ventures.
    The round also saw participation from Harvard Management Company along with returning investors Jungle Ventures and Sequoia Capital India. The round comes less than six months after Leap raised its Series B, which was led by Jungle Ventures, bringing the total equity capital raised by the startup to date, over $75 million.
    Leap will utilise the new capital infusion for multi-dimensional growth. The company intends to extend its service suite to students across South East Asia and MENA regions and enable them to pursue their global education aspirations across more than 20 destination countries.
    HomeLane raises $50 mn in Series E funding
    Home interior solutions platform HomeLane has raised $50 million Series E funding led by IIFL AMC's Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund), and Stride Ventures.
    "HomeLane has been highly capital efficient and has been able to achieve cash profitability which is a first in the category," said Chetan Naik, Fund Manager, Private Equity at IIFL AMC.
    Existing investors Pidilite, Evolvence, NuVentures, Sequoia, and Accel also participated in the funding round. With this financing, HomeLane has raised more than $104 million over the past seven years.
    The company plans to use the funds raised to expand into newer markets and invest further in technology. It aims to touch a revenue target of Rs 2,500 crore by FY24.
    CollegeDekho secures $26.5 mn in Series B round
    CollegeDekho, a college admissions and education services platform, has raised $26.5 million in an ongoing Series B funding round, led by Winter Capital Partners, ETS Strategic Capital and Calega.
    Existing investors, Man Capital and Rajeev Chaba also participated in the funding round. This Series B funding round has been advised by IBIS Capital and Cilix Capital.
    The startup plans to use the funding to further improve its offerings for students and colleges, increase its investment in product and technology, expand internationally, and grow new verticals like ed-fin-tech and student accommodation.
    Vahdam bags Rs 174 cr in funding
    D2C teas, spices and superfoods startup Vahdam has raised Rs 174 crore in its Series D funding round, led by IIFL AMC’s private equity fund.
    Existing investors Sixth Sense Ventures, the Mankind Group Family Office, Infosys co-founder Kris (S) Gopalakrishnan’s Family Office, Urmin Group and White Whale Ventures also participated in the round.
    Till date, the company has raised over Rs 290 crore, including the latest round.
    The D2C brand said it will use the funding to increase online and offline penetration, enter new geographies, and to develop new product categories.
    GetMega gets $15 mn from S. Korean VC Hashed: Report
    Gaming startup GetMega has secured $15 million in its Series B round from Nexus Ventures, Accel India and Hashed Venture Fund, Entrackr reports.
    The firm has raised fresh funds at a valuation of Rs 550 crore or close to $75 million. This is a three-fold jump in the GetMega’s valuation, which was valued at around $25 million during its Series A, the report added.
    The startup had earlier raised $9 million from Nexus Ventures and Accel India in its angel and Series A round.
    Dukaan raises $11 mn in pre Series A funding
    Online retail platform Dukaan, on September 6 said it has raised $11 million as part of its pre-Series A round of funding, led by 640 Oxford Ventures.
    The round also saw participation from existing investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India. Venture Catalyst and new venture firms HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns along with prominent angels, including OYO’s Ritesh Agarwal, and Nothing’s Carl Pei also participated in the round.
    Dukaan’s current funding comes within a year of it raising $6 million as a part of its seed funding round last October.
    According to the company, it will use the funds to accelerate growth and bolster technology play by making new additions to its team.
    Nova Benefits bags $10 mn in Series A funding led by SIG, Bessemer
    Employee wellness platform Nova Benefits has raised $10 million as part of its Series A funding round led by Susquehanna International Group (SIG) and Bessemer Venture Partners.
    Existing investors Multiply Ventures, Better Capital and Titan Capital also participated in the funding round. The company will use the funds to expand its team across engineering, product management, sales and customer relationships.
    Nova helps employees access their wellness benefits on a single platform, increase their insurance coverage as needed and get a 5-star experience during a claim. The company claims that it recorded over 10-fold growth in its business in the last one year despite the pandemic.
    Edtech startup Lido Learning gets $10 mn
    Edtech startup Lido Learning has raised $10 million in a round led by Ronnie Screwvala-helmed Unilazer Ventures.
    The startup said the new round of capital will be used to further fuel Lido Learning’s aggressive international expansion plans, which include entering the UK, Australia, New Zealand, and South East Asia in early 2022. This in addition to strengthening its existing Middle-Eastern, American, and Canadian operations.
    The edtech startup also aims to introduce classes in all these geographies in other subjects already being offered by the online learning startup at home, namely maths, science, and English, for students from KG to Grade 12.
    Financial services startup WeRize raises $8 mn
    Full-stack financial services provider, WeRize, on September 8 said it has raised $8 million as a part of its Series A funding round, led by 3one4 Capital, Picus Capital, Kalaari Capital, and Orios Ventures.
    The startup has raised $10.25 million so far, including the l​atest round. WeRize will use the fresh capital to ramp up investments in technology, data science, product development and grow its partner network to over 50,000 in the next two years.
    The company says it has acquired more than 500,000 families since its launch and registered a revenue growth of 10x in the last year. At present, WeRize has 10,000 social partners who sell financial products to customers in the tier 2 cities.
    Deeptech SaaS startup NeuroPixel.AI raises $825k
    Deeptech SaaS startup NeuroPixel.AI has raised $825,000 in a seed round led by Inflection Point Ventures. Other investors in the round include Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee.
    The startup said it will use the fresh capital for scaling up its R&D team to accelerate the transition of its product from beta to production, and for expanding its ‘training set,’ a crucial piece of the puzzle for every machine learning algorithm.
    NeuroPixel.AI helps aspiring entrepreneurs find co-founders and supports them to build technology companies. It aims to solve challenging problems at the intersection of AI and e-commerce, which promises to be an action-packed space over the next few years.
    Mumbai Angels Network invests $320k in game developer GameEon Studios
    Investment platform Mumbai Angels Network has invested $320,000 in GameEon Studios, one of the newest entrants in the gaming space.
    The company said it will utilise the fresh capital to further strengthen its publishing model by establishing a strong distribution network for its mobile-based games, while also hiring senior-level talent to ensure that its upcoming PC game meets international standards.
    GameEon had recently announced that they are currently working on an open-world game based in Mumbai titled ‘Mumbai Gullies.’
    Coutloot raises Rs 59 cr in funding led by Ameba Capital
    Social e-commerce startup Coutloot has raised Rs 59 crore in the pre-series funding round, led by venture capital firm Ameba Capital.
    SOSV, 9Unicorns and Astarc Ventures also participated in the round. Existing investor Venture Catalysts also took part in the funding round.
    Coutloot plans to use the fund for launching more services for retailers such as working capital solutions, video-stories commerce features, scale-up B2B supply chain, and stepping up hiring activities across verticals, including in technology, marketing and leadership roles, the company said in a statement.
    It is planning to raise further around Rs 180 crore.
    GoKwik raises Rs 40 cr in pre-Series A round
    E-commerce enablement company GoKwik, on September 7 said it has raised Rs 40 crore (or roughly $5.5 million) in pre-Series A round led by Matrix Partners India. This round also saw the participation of global investor RTP Global.
    Marquee angel investors and serial entrepreneurs, including Jupiter founder Jitendra Gupta; Uni co-founder Nitin Gupta; AngelList India partner, Utsav Somani; Park+ founder Amit Lakhotia; and LivSpace founder Ramakant Sharma, among others, also participated as part of this round.
    According to the company, the proceeds from the new investment will primarily be used to scale up and establish a footprint in West Asia and North Africa regions as well as to enter the South East Asia market. The company will also be hiring talent across tech, data, and product engineering functions.
    Biddano raises Rs 17 cr in funding led by Pinterest's Gokul Rajaram
    Healthcare logistics platform Biddano on September 6 said it has raised Rs 17 crore in a funding round led by Coinbase and social media firm Pinterest's board member Gokul Rajaram.
    New investors JPIN, Venture Catalysts UK, Anuj Srivastava and Ramakant Sharma, and existing investors Venture Catalysts and AngelList also participated in the pre-series A1 funding round.
    "The new funding will enable Biddano to fulfil strong market demand for its supply chain platform by investing in product, engineering and go-to-market teams to offer more value-added services, improve customer experience, develop new products, and strengthen its leadership in the market,” the company said in a statement.
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