Deal Street: Facebook Co-Founder’s Fund Backs Packaging Marketplace Bizongo
Your weekly dose of startup deals.
Six Indian startups raised Rs 250 crore in angel, seed or venture capital funding last week, as compared with Rs 300 crore raised in the week before it.
Mumbai-based startups led the pack.
Bizongo Raises $22 Million From B Capital, IFC And Others
Business-to-business marketplace for packaging materials Bizongo raised nearly Rs 146 crore ($22 million) in its growth round of funding from B Capital and International Finance Corporation, the private sector investment arm of World Bank.
Existing investors, including Accel Partners and IDG Ventures, also participated in the round, the company said in a statement.
Founded in 2015, Bizongo operates as a B2B technology platform providing one-stop-shop packaging solutions to small and medium enterprises and large companies. The funds, the startup said, will be used to advance its technological platform and design functions.
B Capital is the venture capital firm floated by Facebook co-founder Eduardo Saverin.
The Mumbai-based startup deals in products such as boxes, containers, pouches and bags, and targets a wide array of industries, including food & hospitality, FMCG, retail & wholesale and e-commerce.
Bizongo is said to have over 2,500 registered SMEs and counts Myntra, Tata Cliq and FirstCry as clients.
Online Brokerage Samco Securities Nets $7.5 Million
Online broker Samco Securities raised Rs 49 crore ($7.5 million) in fresh round of investment led by private equity firm Bay Capital Investments.
The round also saw participation from promoters, undisclosed existing investors and high-net-worth individuals, the company said in a statement.
Samco Securities, which runs the mobile trading app StockNote, said it will use the funds to start fresh verticals for mutual fund distribution, lending, and research and advisory. “The core broking operations of the company are adequately capitalised and are generating enough free cash flow,” Jimeet Modi, founder and chief executive of Samco Securities, said.
The funds will be used to enhance its capability in artificial intelligence and analytical technology the firm said.
Founded in 2015, the Mumbai-based firm is said to have over 75,000 customers across India.
Online Lending Platform Capital Float Raises Debt Funding
Online lending platform Capital Float raised Rs 48 crore ($7.2 million) in debt funding from the Netherlands-based asset management company, Triodos Investment Management (Triodos IM), a wholly-owned subsidiary of Triodos Bank, the company said in a statement.
The debt funding comes just a week after the firm raised $22 million from e-commerce giant Amazon & other existing investors.
Capital Float said that the funds from the debt raise is for onward lending, This takes Capital Float’s total debt raise to Rs 840 crore. The company previously raised debt from banks and NBFCs in India, such as Kotak Mahindra Bank, Axis Bank, Reliance Capital and Northern Arc Capital (formerly IFMR Capital).
Founded in 2013, Capital Float is a non-banking finance company registered with the Reserve Bank of India. Its customers include small and big merchants selling on e-commerce platforms like Amazon and Flipkart, retailers and wholesalers, restaurants, and Kirana stores (family-owned stores) among others.
The Others...
Online loan marketplace MyLoanCare raised Rs 6.5 crore ($978,000) in a fresh round of funding from Ncubate Capital Partners, the venture capital arm of Gurugram-headquartered SAR Group, the startup said.
Consumer-tech lifestyle startup boAt received Rs 6 crore ($900,000) in fresh funding from early-stage venture firm Fireside Ventures, the company said in a statement. boAt sells consumer electronics products such as earphones, headphones, speakers and travel chargers.
Rubique, a Mumbai-based online marketplace for financial products, raised an undisclosed amount in a funding round led by Japan’s Recruit Group and Russian venture capital firm Emery Capital, the company said in a statement. Asset management firm Blacksoil and existing investor Kalaari Capital also participated in the round.