Funding News

Weekly Funding: Ola Electric Mobility Raised Week’s Biggest Funding Round

Here are the top startup funding activities of this week that marked the entry of yet another unicorn in the Indian startup world. The week also witnessed the comeback of an insurance startup in the funding horizon after a very long time.

Startup Funding

Ola Electric Mobility became the latest unicorn by raising this week’s biggest funding round, source: Pixabay

Ola Electric Mobility: So the new unicorn member in India’s burgeoning startup world is Ola Electric Mobility (OEM), which is Ola’s electric vehicle arm. The $250 Mn round was solely led by the Japanese telecom giant SoftBank. As part of the deal, SoftBank has been allocated 4,326 fully and compulsorily convertible series B preference shares at the face value of Rs 10.

Uniphore: The Chennai based conversational AI startup, Uniphore, raised this week’s second biggest funding round. The startup raised $38 Mn in a fresh funding round that was led by the U.S. based VC firm March Capital Partners. Other investors like National Grid Partners, Sistema Asia Fund, Patni Wealth Advisors and existing investor Chiratae Ventures also pumped funds in the series C round.

Ola: With its electric vehicle division having already raised  $250 Mn, Ola also followed the suit by raising $11 Mn as part of its series J round. The round was led by Sweden based DIG Investment Ab and Deshe Holdings. Individual investors Samih Toukan and Hussam Khoury also infused funds in the series J round.

RenewBuy: RenewBuy, online insurance aggregator for motor and health insurance, raised $19 mn (nearly INR 130 crore) from VC firms Lok Capital and IIFL Asset Management. Existing investor Amicus Capital also took part in the funding round. The startup will use latest proceedings for ramping up its network of insurance agents, infiltrating newer markets and increasing product portfolio.

Bounce: Things are just getting better for Bounce on the fundraising front. After raising $72 Mn last month, this week the two wheeler rental startup secured $1.45 Mn in venture debt from Sachin Bansal’s BAC Acquisitions. This is BAC Acquisitions’ second investment in Bounce this year. Sachin Bansal’s firm had infused $3 Mn in debt in the bike taxi startup in March this year.

Mfine: AI enabled online doctor consultation app Mfine raised INR 31 Crore from venture debt firm Aletria Capital. Mfine will leverage the latest capital infusion for expanding hospital network and adding more doctors on its platform. The startup is aiming to clock 150,000 consultations per month in the next one year.

Propelld: This week propelld once again validated investor’s faith in Fintech startups by raising INR 15 crore from Stellaris Venture Partners and India Quotient. Propelld is a Fintech startup that specializes in giving affordable educational loans to students.

Freight Tiger: B2B logistic startup Freight Tiger raised $ 8 Mn in a fresh round spearheaded by Lightspeed. Alsthom Industries and Pawan Munjal Family Trust were other two investors that took part in the funding round. The startup will spend big chunk of the capital on artificial intelligence and machine learning.        

Atlan: Data democratization platform Atlan secured a fresh breather by securing $2.5 Mn from WaterBridge Ventures and other investors. This was the series A round for the startup that had earlier raised funds from Ratan Tata.

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