Here are the top deals from the startup space.
Neo-bank, Open to turn unicorn; to raise $100-$150 M in funding
Neo-bank, Open is likely to raise a new funding round and is expected to turn unicorn with the latest round.
Sources tell CNBC-TV18 that Open has raised between $100 to $150 million at a valuation of $1.1 to $1.2 billion. The round is said to be co-led by existing investors, Tiger Global and Temasek. Other existing investors have also participated in the round while some early investors have taken a partial exit.
The announcement is expected from the company in the next ten days. We at CNBC-TV18 broke the story on Monday that one of the early backers of Open, Unicorn India Ventures, has taken a partial exit by selling their 20% stake for $10 million.
Remember, Open raised $100 million in Series C funding in October last year from Temasek, with participation from Google and Japan’s SBI investments as per the company statement released at the time.
SaaS startup Hasura turns unicorn afters raising $100M in Series C round
SaaS startup Hasura enters the unicorn club after raising $100 million in its Series C funding round at a valuation of $1 billion. This brings the total capital raised by Hasura to $136.5 million.
The funding round was led by Greenoaks, with participation from existing investors Nexus Venture Partners, Lightspeed Venture Partners and Vertex Ventures.
The company will use the fresh capital to accelerate research and development and expand go-to-market activities globally for the company’s GraphQL engine, which makes it fast and easy for even those with zero GraphQL expertise to compose a GraphQL API from existing APIs and databases, it said in a statement.
IvyCap Ventures marks first close of third fund at Rs 1608 Cr
Early stage startup investor IvyCap Ventures has marked the first close of its third fund at Rs 1,608 crore ($214 million).
The firm is targeting the final close of the third fund at Rs 2,000 crore and may even increase the size to Rs 2,500 crore due to huge demand, IvyCap said in a statement.
Two-thirds of the third fund has been raised from existing investors, or Limited Partners, it added. Few new institutional investors including banks, insurance companies, the government departments and many family offices have also invested.
Prime Venture Partners closes fourth fund at $120M, to invest in new areas like EVs, B2B, Web3
Early-stage VC fund Prime Venture Partners has marked the final close of its fourth fund at $120 million. According to the venture firm, the fund was oversubscribed and has exceeded its target of $100 million in commitments. With this, the total capital raised by all of Prime Venture’s funds has risen to over $250 million.
From the new fund, the company aims to invest in disruptive technology startups across sectors like Fintech, Edtech, Healthtech, Consumer Internet and SaaS. In addition to this, the company will also invest into new areas such as EVs, Web3 and Gaming infrastructure platforms.
Prime Venture’s fourth fund was backed by International Finance Corporation (IFC), part of the World Bank Group, a top-tier university endowment, a top tier Fund of Funds and several global technology entrepreneurs, along with its existing investors.
Digital healthcare company MediBuddy raises $125M in Series C Funding
End-to-end digital healthcare platform, MediBuddy has raised $125 million in Series C funding from Quadria Capital and Lightrock India. Others who participated in the round included existing investors Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital.
The venture claims it is the largest funding round in the Digital Healthcare services space. Avendus Capital was the exclusive financial advisor to MediBuddy on this transaction.
Warburg Pincus-backed Princeton Digital raises $500M led by Mubadala
Asian data centre operator Princeton Digital Group, has raised $500 million in an equity funding round led by Abu Dhabi state fund Mubadala, underscoring the sector’s appeal as demand from global cloud providers fuels its growth.
While Mubadala led the round with a $350 million cheque, existing shareholders Warburg Pincus and Ontario Teachers’ Pension Plan Board accounted for the rest.
PDG, formed by the company’s chairman Rangu Salgame and Chief Operating Officer Varoon Raghavan with Warburg Pincus in 2017, will deepen its presence in its operating markets in Singapore, India, China, Japan and Indonesia, the Singapore-based firm said in a statement.
Dream Capital to invests $100M in NFT platform?
Dream Capital, the corporate venture capital arm of Dream Sports, is in advanced talks to lead a $100 million funding round in cricket-focused NFT startup Rario, the Economic Times reported, citing sources.
If the deal goes through, it would be one of the largest investments in the NFT sector in India and Dream Capital’s maiden bet in the Web3 space, the report added.
Rario and Dream Sports are exploring more partnerships, the report said.
Niyo raises $100M Series C funding led by Accel & Lightrock India
Neo-banking startup Niyo, has raised $100 million in its Series C round of funding led by Accel & Lightrock India with participation from Beams Fintech Fund.
Existing investors Prime Venture Partners, JS Capital along with others, also participated in the funding round. Avendus Capital was the exclusive financial advisor to Niyo on the transaction.
The company said it will utilize the funds for product innovation, marketing and branding, increasing its distribution footprint, and hiring top talent across functions. Niyo is also looking to provide comprehensive financial services to over 30 million users through both organic and inorganic expansion, it added.
Facilio raises $35M in Series B funding to transform Real Estate operations with AI
Facilio, a leading property operations software platform has raised $35 million in Series B financing led by Dragoneer Investment Group with participation from Brookfield Growth and existing investors Accel India and Tiger Global Management.
“This investment will allow us to extend our market leadership, expand sales and marketing, and enable more companies to reach success through a predictive, connected model of real estate operations,” said Prabhu Ramachandran, Founder & CEO, Facilio.
Xoxoday raises $30M from Giift and Apis Partners
B2B company for rewards, incentives, and payouts, Xoxoday, has raised $30 million from Giift and Apis Partners. The deal was mix of primary and secondary capital components.
The collaboration will enable both Giift and Xoxoday to enlarge their service offerings and collectively accelerate growth globally, the firm said in a statement.
According to Xoxoday, the fresh capital will be used to fuel the next stage of growth in international markets and upgrade the technology infrastructure required to serve the next set of billion users.
SaaS-based logistics startup Shipsy raises $25M in Series B round
SaaS-based logistics management platform Shipsy has raised $25 million in a Series B round co-led by A91 Partners and Z3 Partners.
Existing investors Info Edge and Sequoia Capital India’s Surge also participated in the funding round.
The company plans to use the funding to continue growing its stronghold in the Middle East, India and Southeast Asian markets while also entering into new markets such as Europe and US. The startup said it will also use the capital to drive rapid technological innovation with a greater focus on enhancing sustainability outcomes in the global logistics industry and their platform’s AI, Machine Learning and Blockchain capabilities.
Vymo raises $22M in Series C funding round to empower remote sales teams
Vymo, an Intelligent Sales Engagement platform for Financial Institutions, has raised $22 million in Series C funding round led by Bertelsmann India Investments.
Existing investors Emergence Capital and Sequoia Capital participating. As part of the financing, BII’s Rohit Sood, will be joining the company’s board.
“2021 was a momentous year for us: 20%+ quarterly growth, 142% NRR, zero logo churn, entry into the US with wins like Berkshire Hathaway, and onboarding some of the largest Insurers in Japan. Sales tech is a $10B+ opportunity in just these two countries and this fundraise will help us accelerate our growth plans for these markets,” said Yamini Bhat, Co-founder and CEO.
Sistema.bio secures $15.6M to scale climate-smart clean energy technology for farmers
Cleantech startup Sistema.bio has secured $15.6 million in its Series B round that includes a mix of equity, debt and non-dilutive capital. The round was led by an equity investment from KawiSafi Ventures and matched by AXA IM Alts. Existing investors Engie RDE, EU ElectriFI fund, Chroma Impact, Blink CV and Co Capital also participated in the round, and Triodos Bank provided additional working capital financing.
The fresh funds will be used to support the growth and scale of the company’s waste-to-energy technology and business model. The financing will also strengthen partnerships and distribution, carbon reduction activities, R&D efforts and overall operations in LATAM, Africa, and Asia-Pacific, the firm added.
Arrivae gets $10M from Think investments and Havells
Rakesh Jhunjhunwala-backed made-to-order furniture manufacturer and home improvement company, Arrivae has received $10 million (Rs 75 Crores) in its Series B funding round led by Think Investments and Havells Group.
Emerge Capital and current investors participated in this round. Apart from investing, Emerge Capital’s Sahil Jain served as a transaction advisor, the firm said.
The startup intendes to use the fresh funds to expand its “Made By You” design process, as well as its digitally linked supply chain, intelligent 4.0 manufacturing process, onsite refurbishment platform, and private label creation.
WestBridge Capital invests $9M in Upekkha’s SaaS-focused UP Funds
WestBridge Capital, has invested of $9 million in SaaS accelerator Upekkha’s UP funds.
With this investment, WestBridge joins hands with Upekkha to help Indian SaaS companies expand their global footprint, it said in a statement. The investment will enable Indian SaaS startups to go global and scale up.
The UP fund also aims to invest in 60 startups across 3 different cohorts of the Upekkha accelerator program in the near future. It invested $100K-$200K in 10 startups last year, including cloud security automation startup Kloudle, video-based engagement startup, VideoForm, engagement solutions startup EnrichVideo, among others.
Wholsum Foods secures $7M; aim to reach Rs 500 Cr in revenue by 2025
Millet-based food startup Wholsum Foods, which is the maker of children’s food brand Slurrp Farm has raised $7 million in a fresh round of fundraising led by Investment Corporation of Dubai and existing investor Fireside Ventures.
The fundraise comes a year after Fireside Ventures’ initial investment of $2 million in the company.
The startup plans to use the fresh capital for developing millet-based products with zero junk ingredients. The funds will also be deployed towards product innovation, marketing as well as increasing global footprint.
Agritech startup Krishify bags $6.2M in pre-Series A round from Omnivore
Agritech platform Krishify has raised $6.2 million in a pre-Series A round led by venture capital fund Omnivore. Existing investors Ankur Capital, Omidyar Network India, and Orios Venture Partners, also participated in the funding round.
Prior to this, the startup had already $2.7 million in August 2021, and has now closed the Pre-Series A round with an additional USD 3.5 million in funding.
The rural social network plans to use the funds for accelerating pan-India growth and to further refine the technology for an enhanced user experience in the agriverse. It is also accelerating monetization on the network via advertising, lead generation, and marketing services for companies targeting rural consumers, the startup said in a statement.
Global VCs invest $5M in Invact Metaversity
Former Twitter India head Manish Maheshwari’s edtech platform Invact Metaversity has received seed round investment of $5 million from global VCs which includes Arkam Ventures and Antler from India, Picus Capital from Germany, M Venture Partners from Singapore, BECO Capital from Dubai and 2am VC from the US among others.
The startup has also raised capital from over 70 entrepreneurs such as Balaji Srinivasan, former chief technology officer at Coinbase; Nithin Kamath, cofounder of Zerodha; and Kunal Bahl, founder of Snapdeal, among others. This brings the current valuation of the company at $33 million.
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