Indian startup funding of the week : Bengalurus online cab aggregator Ola raised $74 Mn from its investor. A Hong Kong-and London-based hedge fund, Steadview Capital, through preference shares. It is now reportedly worth $5.5- $6 Bn. Also, after Amazon, now PremjiInvest proposed to invest in the pharmacy retail chain MedPlus via the PremjiInvest Opportunities Fund. In July 2018, Inc42 reported that Amazon was eyeing a stake in MedPlus. In all, this week 12 startups raised $159. 7 Mn and six startup acquisitions took place in the Indian startup ecosystem altogether.
Indian Startup funding of the week
Pune-based fast food chain and online food delivery company Faasos raised $4.2 Mn from venture debt fund-focussed Alteria Capital via a secured, redeemable non-convertible debt funding. This takes the total fund raised by Faasos to $103.6 Mn. Along with its valuation speculated to be between $200 Mn-$220 Mn.
Edtech company the Eruditus group which runs Eruditus Executive Education and its online division Emeritus raised $40Mn (INR 281 Cr) in a Series C funding round which was led by Sequoia India. The round also saw participation from existing investor Bertelsmann India Investments. The company will use this funding to increase its course offerings in technical subjects. The subjects include data science, machine learning, blockchain and cybersecurity. It also plans to expand its language offerings to include Portuguese and Mandarin, in addition to English and Spanish.
Bengaluru-based co-living startup Grexter raised $1.5 Mn (INR 10.6 Cr) in a Pre-Series A funding round from Venture Catalysts. Arisht Jain of Samyakth Group; Vikas Bohra; Vishal Shah, founder of Rapid Retail participated in the round in addition to the participation from developers. HNIs, real estate professionals, family offices, private equity funds, wealth management companies also a part of it. The startup will use the funds for enhancing the inventory it offers as well as to ramp up its technolog.
Mumbai-based fintech startup Cashcow raised a seed funding round led by Astarc Ventures. The Indian School of Management and Entrepreneurship (ISME), managed by the family office of Yes Bank chief Rana Kapoor’s daughters. The three Sisters: Institutional Office along with Valpro Capital, a Japanese fund, and a few HNIs also participated in this funding round. Cashcow was advised for this deal by Enablers, a unit of ValPro. The startup plans to use the capital to increase distribution and strengthen its technology capabilities to capture greater scale.
Digital credit solutions provider, ePayLater raised an undisclosed amount in a pre-Series A funding round led by ICICI Bank. It also saw participation from GMO Global Fintech Fund, the investment fund of the internet conglomerate GMO Venture Partners in Japan. Along with family offices such as Parekh and Patni and foreign investors from the UK. With this capital infusion, ePayLater is looking to ramp up its technology architecture as well as strengthen its product.