Funding Galore: Indian Startup Funding Of The Week [16-21 October]

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Find the complete list of all the startups that got funded last week and more insights from the Indian startup world→

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We bring to you the latest edition Funding Galore: Indian Startup Funding of the week. This week six Indian startups raised about $77.75 Mn in funding in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts)

Just over three months after pouring $260 Mn (INR 1,680 Cr) into Amazon Seller Services, ecommerce behemoth Amazon infused another $250 Mn (INR 1,620 Cr) in the India-based seller operations unit to tackle competition from rival Flipkart. The latest investment comes at a time when the US-based company is gearing up to infuse fresh funding in its digital payments service, Amazon Pay.

Also, Myntra Jabong India Pvt. Ltd., the business-to-business retail arm of Flipkart – owned fashion e-tailer Myntra secured a working capital credit of $7.7 Mn from Kotak Mahindra Bank. This came at a time when Flipkart is looking to forge a strategic partnership with online ticketing platform, BookMyShow and is undergoing exploratory discussions with Kishore Biyani to pick up an 8%-10% stake in Future Lifestyle Fashions Ltd (FLF).

Indian Startup Funding Of The Week

BlackBuck: Bengaluru-based logistics firm BlackBuck raised $23.05 Mn (INR 50 Cr) in a venture debt funding from InnoVen Capital. The company will use the newly raised funds to expand its service offerings.

BankBazaar: This was the biggest Indian startup funding this week. Chennai-based online financial marketplace BankBazaar raised $30 Mn in a funding round led by credit rating agency and information management company Experian. The funds will be used to further strengthen its position as the leader in secure paperless access to loans, cards, and mutual funds. Experian will also help the startup to accelerate towards its vision of paperless access to all financial products.

Fingerlix: Ready-to-cook foodtech startup Fingerlix raised $7 Mn (INR 45 Cr) from venture capital firm, Accel Partners. Existing backer Zephyr Peacock also participated in the startup’s third institutional funding round. The newly-secured financing will allow Fingerlix to expand its geographical reach beyond Mumbai, Pune, and NCR. The investment will be used to enter the markets in 10 Indian cities, including Bengaluru, Hyderabad, and Chennai. The funding will also be spent on bolstering the company’s presence in Delhi/NCR.

KrazyBee: Bengaluru-based microlending platformKrazyBee raised $8 Mn Series A equity and debt financing led by Xiaomi Technologies and Shunwei Capital. The round also saw participation from E-city Ventures and RK Group. The newly-raised capital will be used for strengthening the company’s risk model and core algorithm, geared towards catering to new market segments and focusing on product diversification. A portion of the funding will also be spent on geographical expansion in existing segments.

RenewBuy: Gurugram-headquartered auto insurance aggregator RenewBuy raised $9.2 Mn (INR 60 Cr) from Bengaluru-based growth-stage PE firm, Amicus Capital Partners. The investment is part of Amicus Capital’s maiden private equity fund which made its first close at $200 Mn in December 2016. Zanskar Advisors served as the financial advisor for the transaction, which was finalised last week. With the newly-raised capital, RenewBuy is looking to expand its portfolio of services to include health, accident and life insurance.

Find the complete list of all the startups that got funded last week and more insights from the Indian startup world →