This week 10 startups managed to scoop funding of worth $32.35, signifying relatively low funding volume. This week’s low funding activity is yet another reflection of the funding drought existing in the startup ecosystem. Below we’ve enlisted the startups that managed to win over investor’s faith this week and how they intend to channelize these funds. Once again the startups hailed from diverse sectors, demonstrating the diversity existing in the startup ecosystem.
LoanTap: Mumbai headquartered Fintech startup LoanTap raised $6.25 Mn (INR 43 Cr) from China based investment firm Shunwei Capital. This was an equity funding round that saw participation from existing investors as well. The startup aims to leverage the latest capital infusion for securing more funds from lending institutions, which will be in-turn disbursed to consumers.
LoanTap is a digital lending platform that targets millennial borrowers with its diverse loan portfolio.
Scale Labs: Gurugram-based Scale Labs, an e-commerce enabler for brands and online retailers, managed to secure funds of worth nearly $1 Mn. This was a seed funding round that was led by GPA Group. The startup will use funds primarily to ramp up its existing technology products and also to acquire an upcoming company that owns fulfillment centers in Dubai and Hong Kong.
Biryani by Kilo: Food startup Biryani by Kilo, which promises to offer delicious Biryani cooked in traditional Khansama style, raised $1 Mn in a pre-series A round. The round was led by clutch of investors, with Ajay Relan being the primary investor. The Gurugram based startup plans to channelize the funds to push sales run rate beyond sales run rate by March next year. Biryani by Kilo also plans to unveil more than 20 stores in big metropolitan cities by March 2019.
HungerBox: B2B food startup Hungerbox received major funding boost as it raised $4.5 Mn in Series A funding round. The round was led by South Korea headquartered investment firm Neoplux and Sabre Partners. The startup, which has a headquarter in the IT city of Bengaluru, seamlessly connects corporate employees with several cafeterias and food vendors. The latest funds will be used by startups for expansion purposes.
Anchanto: The e-commerce focused SaaS tech company Anchanto secured funding of worth $4 mn in Series C round. The funding round was led by led by MDI Ventures, with startup planning to use most of the funds for market expansion and to consolidate its presence further in Southeast Asian territory.
Hubhopper: Content aggregator Hubhopper raised fresh capital from Mumbai based VC firm Unit-E ventures. However, Hubhopper management refused to disclose the funding amount. The New Delhi headquartered startup aims to channelize most of the funds for team expansion and marketing plan.
Leena AI: HR Tech startup Leena AI, which leverages the potential of AI to engage with employees, secured undisclosed amount of funds from US-based investor Y-Combinator. The startup aims to use the funds to strengthen its market leadership in India and APAC region. It will also use the funds to make inroads into the highly competitive U.S. market.
GoBumpr: Automobile aftermarket platform GoBumpr secured meager amount of $600k in Pre-Series A funding round. The round was led by the existing investors. GoBumpr currently operates only in Chennai & Bengaluru and boosts strong tractions in both these markets. The startup claims 7000+ B2C transactions and $ 430k (INR 3 Cr) in billing value.
ThinOptics: Eyewear startup ThinOptics secured $0.5 Mn from LensKart, which claims to be India’s biggest eyewear store. ThinOptics, which is headquartered in California, owns a patented design that not only enables to reading glasses to stay on our nose but also allows us to tweak them to get the suitable fit.