Deal Street: Indian Startups Raised $30 Million Last Week

Funding deals in the Indian startup ecosystem have been muted so far in 2017 on continued investor caution. Companies raised $173 million in January versus $453.19 million across a similar number of deals in the same period last year, according to research firm Tracxn.

The week gone by also saw muted fund raising activity. Eleven Indian startups together saw investments worth $30 million from angel investors and venture capitalists last week, a 16 percent decline in funding compared to the week prior.

Here are the top funding deals last week.

iGenetic Diagnostics Raises $19.5 Million

Mumbai-based healthcare diagnostics firm iGenetic Diagnostics raised fresh investment from a $75-million healthcare fund formed by Manipal Education and Medical Group (MEMG) and U.K.-based development financial institution CDC Group Plc, the company said in a media statement.

The company has raised about $19.5 million (around Rs 130 crore), according to a person privy to the development who did not wish to be named.

It will use the funds raised to create a pan-India footprint, and deepen its presence in Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh and Telangana, the statement added.

Founded in 2013, the company offers diagnostics tests ranging from biochemistry to advanced molecular genetics, and is focused on developing investigation techniques in areas of fertility, cancer and infectious diseases.

Recruitment Startup Belong Raises $10 Million

Bengaluru-based recruitment solutions startup Belong raised $10 million (Rs 66.5 crore) in Series-B funding led by Sequoia Capital India and existing investor Matrix Partners India, the company said in a statement. The capital raised will be used for product development, marketing, and talent acquisition, the statement added.

Founded in 2014, the startup helps enterprises hire people through data science and predictive analytics.

Gautam Mago, managing director at Sequoia Capital India, has also joined Belong’s board of directors. “Belong’s AI-driven outbound approach to helping businesses discover and hire top talent is a step in the right direction,” Mago said in the statement.

Quona Capital Leads $7.6-Million Round In CreditMantri

Chennai-based loan services platform CreditMantri, raised $7.6 million (Rs 50.5 crore) in Series-B funding led by Quona Capital and Newid Capital, co-founder and chief executive officer Ranjit Punja told BloombergQuint over the phone.

Quona’s investment was routed through its Accion Frontier Inclusion Fund. Existing investors Elevar Equity, IDG Partners and Accion Venture Lab also participated in this round. In June 2015, the startup had raised $2.5 million.

Founded in 2012, CreditMantri helps borrowers secure loans from its partner financers, using traditional data like credit card payment history as well as data from social media and other personal records to create a credit profile of the user.

The company has served over 1.4 million users till date.

Brand Capital Pumps $1 Million In Mobile Commerce Platform, Ohoshop

Ahmedabad-based OhoShop raised $1 million (Rs 6.6 crore) from BCCL, the advertisement-for-equity investment arm of Bennett Coleman & Co., Abhishek Agarwal, co-founder & CEO, told BloombergQuint over the phone.

The startup will use the funds for marketing activity, Agarwal added.

Founded in 2016, the startup makes affordable mobile apps and websites for small- and mid-sized enterprises and provides them on a subscription-based model. The founder said the firm has built apps for end-markets like fashion, restaurants, grocery, spas and salons, and pharmacy, and has 100 clients so far.

“OhoShop has lined up aggressive expansion plans and the funds raised will help us build our brand and expand our presence," Agarwal said.

Inter-city Cab Rental Firm MyTaxiIndia Raises Money To Fuel Expansion

Gurugram based Inter-city cab rental platform MyTaxiIndia (MTI) raised an undisclosed amount in a fresh round of funding from a Dubai, UAE-based investor, ZGC Global, to expand its operations, Anshuman Mihir, founder of MTI told BloombergQuint over the phone.

Currently present in 200 cities, the firm is looking at foraying into north-east and tier I and II cities in states like Bihar, Uttar Pradesh, and Madhya Pradesh, Mihir added.

The firm is already profitable in 23 cities and will turn profitable in another 40 more cities by the end of the year, Mihir added. MTI plans to raise another $5 million in the next four months.

The startup has a fleet of 20,000 taxis operating in 10,000 one-way routes. It had last raised $1 million (around Rs 6.65 crore) in bridge funding from existing investor Nihon Kotsu Co, a leading taxi rental company in Japan.

Other Deals

Bengaluru-based StayAbode which builds co-living spaces, raised an undisclosed amount in an angel investment round led by investors Ishan Manaktala and Angie Mahtaney, the company said in a statement.

Hyderabad-based digital healthcare startup Celes Care raised about $1.5 million in Pre Series-A funding from Ventureast, Endiya Partners, Eight Roads Ventures, and F-Prime Capital Partners, the company said in a statement.

Emojifi, an app that provides live emoji, sticker and graphics interchange format (GIF) suggestions based on the typed words across chat platforms, raised angel funding from two Hyderabad-based unnamed angel investors, the company said in a statement.

Chennai-based Karomi, which helps companies manage packaging artwork, raised $500,000 in fresh round from Ideaspring Capital to power its plans to create an international footprint, the company said in a statement.

Bengaluru-based employee onboarding and engagement platform Tydy raised $275,000 in angel investment from a group of individuals, including existing investor Bhupen Shah, former co-founder of Sling Media, VCCircle reported.

Delhi-based agriculture and technology startup Paalak.in raised an undisclosed amount of seed funding from Vishwadeep Bajaj, Harsh Kundra, Nandkumar Rane and Anupam Tyagi, Swapnil Tripathi, co-founder told Bloomberg Quint.