Funding News

Weekly Funding Round: AutoGrid, Kissht, PharmEasy, AutoGrid & others raised funds

startup_funding

This week nearly 14 startups raised $95 Mn.

This week nearly 14 startups hailing from different industry verticals raised nearly $95 Mn. By all means this was a decent week for Indian startups on the funding front. Let’s take a look at startups that managed to scoop up funds from investors as Techpluto rounds up its weekly funding story. Likewise, our weekly funding story will also shed light on how most of these startups plan to utilize these funds and validate the faith that investors have reposed on them.

AutoGrid: Artificial intelligence based energy optimization startup AutoGrid raised $32 Mn in series C round. This incidentally proved to be this week’s largest funding round. Most of the companies that participated in the round were global energy companies like CLP Holdings Group, Innogy, Orstead and Tenaska.

Following the latest fundraising round, AutoGrid’s total fundraising amount has now reached to $75 Mn. AutoGrid reportedly plans to utilize the latest capital infusion to fasten commercial deployment of its AutoGrid Flex platform across North America, Europe, and Asia-Pacific.

91springboard: The booming startup scenario has singlehandedly ushered a new era for India’s co-working industry. This week the co-working industry witnessed unfolding of another promising chapter after 91springboard raised undisclosed amount from FreakOut. The funding marks Freakout’s first ever investment in Indian startups. FreakOut is a global marketing firm based in Singapore.

According to reports, 91springboard will use the funds to ramp up its international presence.

Verzeo: Bengaluru based edtech startup Verzeo secured $5 Mn from undisclosed high net worth investors (HNIs). Verzeo leverages the power of AI to discharge online learning services. Verzeo mostly offers courses on new age breakthrough technologies like python, cloud commuting, virtual/augmented reality, blockchain etc.

Verzeo will use the funds to funds to improve marketing and expansion of the product as well as on R&D.

Bon: Global recession has given rise to the emergence of gig economy. For all those who don’t know, gig economy is a labour market characterized by overwhelming presence of short-term contracts and freelance work. This week India’s gig economy came to prominence once again as Pune based Bon raised $1.08 Mn in seed funding round. The round was led by Omidyar Network, Axilor Ventures and Better Capital’s AngelList India Syndicate.

Bon will use the funds to deepen its partnership with banks and non-banking financial companies (NBFCs). It will also use funds to enhance presence in 25 cities across India and to launch operations in other lucrative Asian markets.

Kissht: Fintech startup Kissht, which is based in financial capital Mumbai, raised $30 Mn in a Series C round. The round was led by Vertex Ventures and Sistema Asia Fund, while the round also saw participation by existing investors Fosun RZ Capital, Ventureast, and Endiya Partners.

Kissht plans to leverage the latest capital infusion by increasing the quota of its offline & online merchants and deepen its presence across different verticals. The startup also plans to increase its data and analytics capabilities.

PharmEasy: Mumbai based PharmEasy, which offers online marketplace for medicines, secured $5.5 Mn (INR 40 Cr). However, this funding was done through venture debt and not the usual equity funding. The round was led by Mumbai headquartered InnoVen Capital.

The current funding will be mostly used for meeting company’s working capital requirement and other purposes like strengthening inventory & developing several warehouses across the country.

PhramEasy had raised equity funding of $30 Mn in series C round barely few months back.

Upwards Fintech: This week another fintech startup the Mumbai based Upward Fintech managed to raise funds. The fintech raised $5 Mn in a Series A round led by Chines VC firm Shunwei Capital. Existing investors. Existing investors Quotient and Mayfield also participated in the round.

Upwards Fintech will use the funds to ramp up its its technology and data science capabilities. The startup also plans to use funds for expanding to other Indian cities.

Vokal: India’s vernacular languages are certainly come of an age as more and more startups are emerging to promote them. One such startup is the Bengaluru based Vokal, which is vernacular knowledge sharing platform. This week Vokal managed to raise $6.5 Mn in a Series A round led by Kalaari Capital. The round also participation of several other high profile VC firms like Shunwei Capital, 500 startups, Accel India, and Mumbai-based Blume Ventures.

Vokal will use the funds to introduce more languages on its platform and to strengthen its product and technology.

MamaEarth: Mother and baby care startup MamaEarth raised $4 Mn ((INR 27.5 Cr) in a Series A round of funding. The equity round was led by Stellaris Ventures. The startup, which is based in Gurugram, plans to use the funds to expand its operational team, invest in R&D, ramp up its retail presence and increase brand awareness.        

ShiftKarado: Tech oriented logistic startup ShiftKarado raised $693 K (INR 5 Cr) funding from its parent company Star WorldWide Group. Gurugram-based ShiftKarado, which is mainly focused on packaging and moving business, will use the funds to upgrade its services and offer better customer experience.        

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