This week 12 – 15 Indian startups managed to secure funding of worth nearly $80 Mn from various investors. The small funding rounds raised by the startups during this week once again reflected the weak investor sentiments existing in the startup ecosystem. Enlisted below are names of some of these startups and how they intend to use this latest capital infusion for their respective businesses.
Paytm Money: Paytm’s parent company One97 Communications invested $1.3 Mn (INR 9 Cr) in its newly formed subsidiary company Paytm Money, which looks into company’s wealth management business. Post investment, Paytm’s senior vice-president, Pravin Jadhav, will join Paytm Money’s board of directors team.
ClearDekho: Affordable eyewear brand ClearDekho got major shot in the arm this week after it raised $297.7K (INR 2 Cr) in a pre-Series A round. The round led was by Venture Catalysts, while other investors including Samyakth Capital & Windrose Capital also participated in the round. The company plans to use the funds for store expansion, with plans to launch 100 stores before the end of this year.
DigiConnectt: The Bengaluru headquartered artificial intelligence (AI) startup DigiConnectt got seed funding of worth $125K from American transport management solutions major Aspire Logistics LLC.
Meesho: Social commerce startup Meesho secured $11.5 Mn (INR 77 Cr) from Sequoia Capital and SAIF Partners. This was series B round for the Bengaluru based startup that aims to use these funds mainly for enhancing technological capabilities and increase employee strength across various verticals. Meesho essentially offers dedicated platform to help small business owners – mainly housewives – to grow their business further.
Kashmir Box: Kashmir Box, an e-commerce startup dedicated to selling high-quality handicrafts and handlooms products, secured undisclosed amount of funding from various individual investors. The marketplace startup aims to use the funds mainly for digital marketing campaign.
Sports Flashes: Times Group backed Sports Flashes raised $1 Mn (INR 6.7 Cr) from SRI Capital. This was Pre-series A round for the Delhi based startup that basically offers update and breaking news from the world of sports via its official website https://sportsflashes.com/. The startup also has a dedicated mobile app that can be downloaded on both IOS and Android platform.
Locus: Logistics startup Locus got a funding boost as it raised $4 Mn in pre-Series B round that saw participation from various small investors. The Bengaluru based startup plans to leverage these funds by building strong intellectual property (IP) and for global expansion.
Orbo: Mumbai headquartered AI imaging startup Orbo raised funding from London based venture capital firm Founder Factory. However, Orbo did not disclose the exact funding amount. As part of the deal, the startup will get access to Founder Factory’s in-house AI expert team.
Zoctr: Healthcare startup Zoctr, which claims to be India’s first home healthcare aggregator, got much needed financial boost this week. It raised undisclosed amount from NB Ventures and clutch of individual angel investors.
Reculta: HR Tech startup Reculta, which is based out of national capital New Delhi, secured undisclosed amount of funding from CIIE Initiatives. The startup plans to utilize the funding for marketing purposes and enhance its tech capabilities in Machine Learning (ML).