Deal Street: Indian Startups Raised Rs 1,700 Crore Last Week
Five Indian startups raised Rs 1,700 crore or about $251 million in seed, angel of venture capital funding last week. These included companies engaged in food delivery lending and renting of co-working space.
The Indian online food delivery segment got its second unicorn after Zomato, as Bengaluru-based Swiggy raised fresh funding. That’s a notable turnaround from just a couple of years ago when the industry saw many startups downing their shutter as investments in the the food delivery space dried up.
Swiggy Adds $210 Million To Its Cart
Online food delivery startup, Swiggy raised around Rs 1,397 crore (about $210 million) in a round led by South Africa’s Naspers Ltd. and investment house DST Global, the company said in a statement.
The investment values the four-year-old startup at about $1.3 billion, according to people familiar with the deal. That makes Swiggy the second unicorn in the Indian food delivery industry, after New Delhi-based Zomato. Swiggy declined to comment on the valuation.
DST and Coatue Management were the new investors in this round. Existing investors including Naspers and Meituan Dianping also participated.
The will use the funds to improve its supply chain and technology while expanding into new markets.
Swiggy has 35,000 restaurants and 40,000 delivery people under its fold and is present in 15 cities.
Co-Working Space Provider IndiQube Raises $15 Million
Smart workspace solutions provider IndiQube raised Rs 100 crore ($15 million) in a round led by private equity firm WestBridge Capital.
Co-founder of Helion Ventures, Ashish Gupta, who serves on the advisory board of the company, also participated in this round, IndiQube said in a statement.
The company said the funds will be used to expand operations across Bengaluru, Pune, Hyderabad, Chennai, Mumbai and the National Capital Region. A part of the investment will go towards strengthening technology and brand building.
The co-working startup which competes with the likes of 91springboard, Innov8, Awfis, and New York-based WeWork, manages 25 office spaces spread over a total of 1.4 million square feet in Bengaluru, according to information on its website. Its clients include Redbus, Levi’s Freshmenu and Bluestone.
Fintech Startup Drip Capital Raises $15 Million
Trade finance firm Drip Capital raised around Rs 102 crore ($15 million) in fresh funding from venture capital firms Accel Partners, Sequoia India and California-based Wing VC, a company statement said. The round also saw participation from existing investors such as Y Combinator and others.
The will use the capital to scale up its operations and aims to enter overseas markets, Drip Capital said in its statement.
Founded in 2014, Drip Capital provides working capital loans to small- and medium-sized enterprises that are engaged in cross-border trade. It provides loans ranging from $100,000 to $2.5 million to exporters.
The company uses alternative data and technology to underwrite and finance cross-border trade transactions, irrespective of value and has funded over $100 million of trade flows in the last 18 months of operations, the statement added
Online micro-lending platform SMECorner raised around $7 million (Rs 47.5 crore) from Capital First, existing investor Accion Ventures and a clutch of high net worth individuals, Economic Times reported.
Bengaluru-based online product rental startup, RentSher raised Rs 7.3 crores (around $1.1 million) from Abu Dhabi-based venture capital fund Shorooq Investments and Dubai-based Latitude Consultants, the company said in a statement. A clutch of other angel investors also participated.
Mumbai-based beauty products and services marketplace Purplle.com, raised around Rs 17.50 crore ($2.56 million) in a fresh funding round led by unidentified London-based investment fund, VCCircle reported. The round also saw participation from Patrick Chong Fook Seng, founder of Luxasia Group, and existing investor JSW Ventures, the venture capital arm of the JSW Group, the report added.