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Weekly Funding Roundup: Swiggy, IndiQube, Wonderchef, Cashify & others raised funds

Startup_funding

This week 13 promising startup secured funds.

This week total 13 promising startups managed to secure funds from investors as funds keep coming by despite the ongoing funding crunch in the Indian startup ecosystem. Once again startups hailed from diverse sectors like online food delivery, Fintech, co-working space, healthcare among others. Here is a look down on some of the top startups that managed to secure investor’s blessings this week and how they intend to use this financial blessing to their advantage.

Swiggy: Swiggy raised the biggest funding round of this week as it raised $210 Mn from DST Global and other existing investors including Nasper, Meituan Dianping and hedge fund Coatue. The funding round propelled the Bengaluru based online food delivery startup to the coveted unicorn club. The latest funding will help Swiggy to compete with its main rival Zomato, which had acquired the unicorn status earlier this year.

Wicked Ride: Wicked Ride, a Bengaluru headquartered bike rental startup, landed $8.98 Mn (Rs 60.9 Cr) from high profile venture capital firms Sequoia Capital and Accel Partners. The startup will use the funds to expand its operation further across Bengaluru city. Currently, it provides nearly 65 to 100 bikes at 36 metro stations in Bengaluru.

Noble House: HRtech startup Noble House secured $734K from individual investors based in Singapore and India. The company will use latest capital infusion for ramping up its technology and accelerating hiring process to attract promising talents.

IndiQube: Co-working space startup IndiQube raised this week’s second biggest funding round with $15 Mn ((NR 100 Cr) funding round led by WestBridge Capital. Currently operating only in Bengaluru city, the startup wants to use the funds to expand its footprints in cities like Pune, Hyderabad, Chennai, Mumbai, and NCR.

RentSher: Cashing on people’s increasing propensity to rent products is the Bengaluru based startup Rentsher, which this week raised $1.1 Mn from Abu Dhabi based VC firm Shorooq Investments. Dubai headquartered Latitude Consultants also participated in the round. RentSher intends to use the funds to increase its technological capabilities and expand its footprints across 5 to 8 cities in India and Middle East.

Purplle: Online cosmetic marketplace Purplle received huge funding boost this week, after it raised $2.57 Mn (INR 17.5 Cr) from unknown London based investment firm. Existing investors JSW Ventures – part of the JSW Group – and Patrick Chong Fook Seng (Founder of Luxasia Group) also participated in the round.

Wonderchef: Online marketplace for kitchen products Wonderchef, which is led by celebrity chef Sanjeev Kapoor, secured fund infusion of $10.2 Mn (INR 70 Cr) from Amicus Capital. The funding round valued the Mumbai based startup at nearly $102.6 Mn (INR 700 Cr). The startup plans to use funds for increasing brand awareness and warehouse capabilities. It also aims to diversify the product portfolio by introducing new products.

SMECorner: Microlending startup SMECorner raked up $7 Mn in a fresh funding round that was led by well-known Fintech startup Capital First. Existing investor Accion Ventures also participated in the round. Reports claim that the funding is a mix of equity and debt. Following the investment, Capital Float will pick up 14.2% stake in the Mumbai based startup.            

Drip Capital: Another Fintech startup, Drip Capital, managed to raise funds this week. The startup, which is based in California, raised $15 Mn from high profile VC firms like Accel, Sequoia India and Wing VC investors. The startup will channelize most of the funds to ramp up its operation across India.

Cashify: Cashify, an online marketplace for secondhand phones & laptops, raised undisclosed amount from Chinese recommerce giant AiHuiShou. Following this investment, Cashify hopes to tap into AiHuiShou’s rich technology and experience. The startup also plans to use funds for entering new international markets like Indonesia and the Middle East.

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