Funding Round-Up: More than $320 Million Raised By Indian Startups Last Week

  • On February 3, 2021, MPL had raised $95 million in funding at a valuation of $945 million.
  • Besides startups, Companies like Indegene and PVR Cinemas also raised funding to power their business growth.
  • Agritech startup Origo Commodities received $1 million in debt funding from a private sector bank Yes Bank.

During the week (February 1-6), The Indian Startup Ecosystem has seen more than 10 funding deals with a value of more than $320 million (or about Rs 2,329 crore).

Besides startup funding, It has also seen merger and acquisition (M&A) deals from companies like Ixigo and Still front Group. Companies like Indegene and PVR Cinemas also raised funding to power their business growth.

On February 2, Bengaluru-based digital healthcare startup Medibuddy announced the closure of its $40 million (or about Rs 292 crore) Series B funding round after raising $20 million from InvAscent’s India Life Sciences Fund III.

Direct-to-consumer (D2C) snacking brand Happilo, on February 1, announced that it has raised Rs 100 crore (or about $13.7 million) from A91 Partners in its first external funding round at an undisclosed valuation.

(B2B) startup Zetwerk, on February 3, raised $120 million (or about Rs 875 crore) in a Series D funding round led by Lightspeed Venture Partners and US-based Greenoaks Capital at a valuation of $600 million.

Mobile gaming startup MPL (Mobile Premier League) also raised $95 million in a Series D funding round at a valuation of $945 million, making it close to become a unicorn startup.

Investors, including Hong Kong-based Composite Capital, Moore Strategic Ventures, Base Partners, RTP Global, Go-Ventures, Telstra Ventures, Founders Circle, and Play Ventures, participated in the funding round.

Indian language-focused microblogging app Koo announced $4.1 million (or about Rs 30 crore) Series A funding led by Bengaluru-based venture capital firm 3one4 Capital, Accel Partners, Blume Ventures, Kalaari Capital, and Dream Incubator.

 Agritech supply chain startup Origo Commodities, on February 4, said that it has received Rs 75 crore (or about $1 million) in a debt financing round led by the Mumbai-based private sector bank Yes Bank Limited.

While Consulting firm VANS Skilling & Advisory also raised an undisclosed amount in pre-Series A funding round from a group of marquee investors, including Hemant Kaul, Sujan Sinha, Neeraj Tipre, Sandeep Divakaran, Sandeep Arora, others.

Mumbai-based cosmetic eCommerce brand Sugar Cosmetics, on February 4, closed its Series C funding round after raising $21 million (or about Rs 153 crore) led by venture capital firm Elevation Capital.

InnerHour raised $5.2 million from Lightbox, Capricorn Ventures, Micasa Investments, and other angel investors.

While Mumbai-based edtech startup upGrad is reportedly in advance talks with Singapore-based sovereign wealth fund Temasek and World Bank’s International Finance Corporation (IFC) to collectively raise around $100 million (or about Rs 729 crore) in a funding round at a valuation of $450-$500 million.

Apart from startups, Healthcare solutions firm Indegene also raised $200 million (or about Rs 1456 crore) in funding led by US-based investment firms Carlyle Group and Brighton Park Capital at a valuation of around $650-700 million.

Cinema operator PVR Cinema raised Rs 800 crore (or about $109 million) from a chunk of investors via Qualified Institutional Placement (QIP).

Besides startup funding, the Indian Startup Ecosystem also witnessed merger & acquisition deals like Ixigo which acquired ConfirmTkt for an undisclosed amount in a cash-stock deal.

Stillfront Group, on February 2, acquired Moonfrog Labs in a deal worth at $90 million.

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