Here's an overview of the deals closed in the startup universe this week.
Swiggy raises $1.25 billion from SoftBank Vision Fund, Prosus; to be valued at $5.5 billion
Swiggy has closed a $1.25 billion fundraising led by SoftBank Vision Fund 2, and long-term investor Prosus, with participation by existing investors, Accel Partners and Wellington Management. Swiggy to be valued at $5.5 billion, sources told CNBC-TV18. Swiggy also roped in new investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments, and Carmignac. Avendus Capital was the financial advisor to Swiggy. The company said the latest fundraising was heavily oversubscribed following strong interest from investors. Swiggy said the investment will further accelerate the company's multi-year strategy of growing its core food delivery business and building new food and non-food adjacencies in 2021 and beyond.
Blackstone acquires controlling stake in Simplilearn for $250 million
Global private equity giant Blackstone has entered into a definitive agreement to acquire a controlling stake in the online digital skilling platform Simplilearn.
Blackstone is investing $250 million in primary and secondary funding, which, as per sources, will value Simplilearn at $400 million. This is Blackstone's first private equity investment in Asia in a consumer technology space, the company said. According to Simplilearn, this investment will enable them to develop partnerships with businesses and universities as the company continues to expand around the world. The company said it has been profitable for the fourth year in a row, and the platform offers over 100 programs for early to mid-career professionals in digital skills across Cloud, DevOps, Data Science, Artificial Intelligence & Machine Learning, Digital Marketing, Cyber Security and many more.
Lenskart completes $220 million funding from Temasek, Falcon Edge Capital, others
Lenskart, an omni-channel eyewear retailer has completed a $220 million transaction, led by Temasek and Falcon Edge Capital. The current round also saw participation from Bay Capital and Chiratae. This round of funding comes a month after it raised $95 million from global investment fund KKR, taking the total transaction size to $315 million, it added. With this latest funding, Lenskart said it is aiming to grow exponentially in the coming three-four years, expanding its presence in India as well as scaling its growing operations in Southeast Asia and the Middle East. The company is looking to leverage the deep expertise and network of Temasek and Falcon Edge in these respective geographies, it added. The market opportunity for Lenskart in these target geographies is expected to be over $15 billion by 2025, the company noted.
GlobalBees raises $150 million
Thrasio-style startup GlobalBees has raised a record $150 million in Series A funding led by FirstCry, with participation from Lightspeed Venture Partners. The round is $75 million in equity and $75 million in debt. Vikas Agnihotri, Harsha Kumar, Atul Gupta, Sudhir Sethi and Kshitij Sheth have joined GlobalBees’s board of directors.
Spinny raises $108 million in funding led by Tiger Global, Avenir Growth
Spinny, an online platform for selling used cars, has raised $108 million in a funding round led by Tiger Global and New York-based Avenir Growth. The latest round includes a primary capital infusion of $105 million and a secondary sale of $3 million by select angels and early-stage investors, the company said. Tiger Global and Avenir Growth invested $75 million and $20 million, respectively, in the round, it added. The fresh capital infusion in Spinny comes close on the heels of $65 million funds injected in the company in the Series C round in April this year. As per the company, the overall funds raised by Spinny to date stand at $230 million. The fresh capital will be utilised in deepening market penetration in existing markets, expanding geographic footprint, scaling up manpower and strengthening technology and product capabilities, among others, Spinny said.
Health app HealthifyMe secures $75 million in Series C funding
Wellness platform HealthifyMe has raised $75 million in Series C funding led by LeapFrog and Khosla Ventures, which is run by U.S.-based venture capital investor Vinod Khosla. Unilever Ventures, Elm (Saudi Arabia PIF entity) and Healthquad also participated in the round along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital. The latest round of investment takes the total quantum of funds raised till date to $100 million.
The healthtech startup plans to use the fresh capital to strengthen its artificial intelligence-driven offerings on the app, hire top talent and drive global expansion. Willing to take the inorganic route to drive growth, the startup is also open to acquire relevant companies in the digital health and fitness space.
BlackBuck turns unicorn with $67 million Series-E financing
Online trucking platform BlackBuck joins the unicorn club as it closes a $67 million round of equity financing. The Series E funding round was led by Tribe Capital, IFC Emerging Asia Fund and VEF. Existing investors Wellington Management, Sands Capital, and International Finance Corporation also participated in the round. The company said it will use these funds to further penetrate the market and launch new service offerings for its customer base. The company added that it will invest more in product and data sciences capabilities, with of aim of enabling more efficient freight matching for the Indian trucking ecosystem.
BT leads $33 million funding round in Safe Security to measure and fight cyber risk
With the number and impact of cyber-attacks continuing to increase rapidly, UK’s leading telecommunications and network provider, British Telecom has led a $33 Million funding round in Safe Security, a cyber risk management firm. The investment will allow the company to combine the SAFE platform with its world-leading managed security services to provide customers with a real-time view of how safe they are against an incredibly fast-moving cyber threat landscape.
Agritech startup Vegrow raises $13 million
Vegrow, a B2B agritech platform for fruits and vegetables, has raised $13 million in a series A investment round co-led by Lightspeed Venture Partners and Elevation Capital. The round also saw participation from existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital. Established in 2020, Vegrow has scaled rapidly among both farmers and B2B customers, resulting in nearly 20x top-line growth with a presence in over 30 cities. At the heart of this growth is their unique technology platform, which powers everything from farm discovery, produce quality profiling, market intelligence to smart matchmaking between farm-level inventory and customer requirements. The funding would help the firm to expand to 100 cities, invest in technology and launch new products.
Captain Fresh raises $12 million in Series A
Captain Fresh, the B2B tech marketplace for seafood, has raised $12 million in a Series A round led by Accel Partners and existing investor Matrix Partners India. Ankur Capital and Incubate Fund also participated in the round. The funding round also saw participation from angel investors, including Jitendra Gupta (Jupiter), Asish Mohapatra and Ruchi Kalra (OfBusiness), Souvik Sengupta (Infra.Market), Rajesh Yabaji (BlackBuck), Revant Bhate (Mosaic Wellness), Ramakanth Sharma (Livspace), and Amrish Rau (PayU). This is the third funding raised by Captain Fresh in eight months, and the startup will use the capital to continue making deeper investments on the supply-side tech, expand distribution globally, and invest in its team, the company said.
Agritech startup Otipy raises $10.2 million
Community group buying platform for fresh produce, Otipy has raised a Series A financing of $10.2 million by SIG. Omidyar Network India, Innoven Capital and existing investors Inflection Point Ventures, Pravega, and FactorE also participated in the round. Otipy’s farm-to-fork delivery model optimizes for freshness by procuring directly from farmers and delivering fresh produce to consumers in less than 12 hours. This new round of funding will help the firm in ramping up additional categories on its supply chain, making it more efficient, and accelerate its mission of making fresh, nutritious food accessible to all, the company said.
Light Microfinance raises $10 million
Micro lender Light Microfinance has secured $10 million in series-A funding from European impact investors Incofin (Belgian), Nordic Microfinance Initiative (Norwegian) and Triple Jump B V (Dutch). The three funds follow an investment strategy aimed at creating social or environmental impacts in addition to financial gains, the company said. Light Microfinance's Chief Executive Officer Rakesh Kumar said the investment will boost the lender's expansion plans in Haryana, Rajasthan and Madhya Pradesh. The investment will strengthen the lender's balance sheet and will enable further expansion of the loan book to over Rs 1,000 crore, the company said.
People management platform Mesh raises $5 million
Mesh, a people management platform has raised $5 million in funding led by Surge, with participation from co-investors RTP Global, Y Combinator Continuity and Emles Venture Partners. The platform helps employees manage goals and OKRs (Objectives and Key Results), performance reviews, one-on-one check-ins, and pulse surveys. It also sends users personalised reminders to drive individual growth. Mesh’s clients include companies such as Cred, ShareChat, Gradeup, Pipefy, CleverTap and Grant Thornton. Mesh is part of Surge’s fifth cohort of 23 companies that have developed new digital solutions for companies and individuals in a rapidly evolving Southeast Asian landscape.
Healthtech startup Eka.Care raises $4.5 million
Healthcare startup Eka.Care has raised seed funding of $4.5 million from a clutch of a leading angel and early-stage investors. These include Deep Kalra (Founder, MakeMyTrip), Ashish Kashyap (Founder, INDMoney), Rajesh Magow (Co-founder, MakeMyTrip), Kunal Shah (Founder, Cred), Abhishek Begerhotta (Founder, 314e Corporation), Sujeet Kumar (Co-founder, Udaan), Gaurav Munjal (Co-founder, Unacademy), Shashank Kumar (Co-founder, Razorpay), Phanindra Sama (Founder, redBus), Prakash Sangam (CEO, redBus), Anshuman Bapna (Founder, Terra.do), Abhishek Goyal (CEO, Tracxn), Aakrit Vaish (CEO, Haptik), among others. The round also witnessed participation from early-stage venture capital firms – 3one4Capital, Eximius Ventures, and Speciale Invest.
The company will use the fresh funds for hiring, product development, marketing and assisting doctors in setting up their digital clinic.
Ayurveda platform NirogStreet raises $2.5 million
Ayurveda doctor platform, NirogStreet has raised $2.5 million in Series A funding from investors such as Gokul Rajaram, Pureland Venture, and Wavemaker Partners among others. The funds acquired would be used towards strengthening technology offering for the doctors and start operations in more states, NirogStreet said in a statement. The company has been witnessing growth in double digits and has over 50,000 doctors on the platform and is constantly increasing the scale of its service along with its pool of experts, the company claimed.
Edvizo raises $1 million in pre-Series A round
Edtech startup Edvizo has raised $1 million in pre-Series A round led by Inflection Point Ventures. According to the company, the funds will be used for enhancing the technology stack, acquire more users, strengthening the tech and sales team, and expand to more cities. "The current fundraise comes at a crucial point in our journey as we are seeing significant traction - both on the students and courses providers' side. The funds raised will help us grow our capabilities both from a tech and business perspective and also enable us to scale exponentially. We are fortunate to have such ambitious, visionary investors on board with us,” said Ravi Nishant, Founder and CEO, Edvizo.
Mobility startup Automovill raises $500K in bridge round
Mobility startup Automovill has raised $500,000 in a bridge round from Mumbai Angels Network. The round was led by Jay Nagrecha and Sandeep Daga who participated through Mumbai Angels Network. Existing investor NEDFi Venture Capital also participated in the round. With this round, Automovill has now raised a total of $1.2 million since its inception. The startup will use the proceeds to bolster its technology adoption, expand its footprint in multiple cities, and hire mid-level executives to manage the increase in business.
GalaxyCard secures $450K in angel funding
Fintech startup GalaxyCard has raised a $450,000 angel funding round led by JITO and other angel investors. The funding will be used for scaling up the business and expanding its team to provide an enhanced customer experience, the company said. GalaxyCard focuses on making credit cards accessible to customers with monthly incomes less than Rs 30,000. The startup claims to have customers from over 700 towns across towns and said it is growing its customer base by 50 percent per month and plans to increase it by 5x within the next four months.
Uvi Health raises $330K in a pre-seed round
Digital health startup for women,Uvi Health has raised $330K in a pre-seed round of funding led by Titan Capital and other marquee groups of investors. The funding round saw participation from 9Unicorns, AngelList, and a clutch of angels, including Ghazal Alagh (Co-Founder of Mamaearth), Aarti Gill, and Mihir Gadani (Founders of Oziva). The company said it will utilise the funding to build a mobile platform and further scale up its PCOS program.
SmartCoin secures Rs 80 crore in debt funding
Fintech platform SmartCoin Financials has secured Rs 80 crore in debt funding from multiple financial institutions including Northern Arc, Vivriti Capital, MAS, India SME and others. The firm will use the fresh capital to further its portfolio 10x with expansion in customised products and services. The company said this investment will also help them fuel the credit strength of the fintech enterprise. SmartCoin has already served over 6 million users across 18000+ pin codes across the country in a 100 percent digital and automated manner, the company said.