In a complete contrast to last week’s tepid funding scenario, this week turned out to be a pretty impressive week for the Indian startups. In all week, this week the Indian startups managed to raise approximately $96.64Mn. However, like always, we will narrow our focus on the top five biggest funding activities of this week. So here are the five startups that scooped five biggest funding rounds of this week.
InCred: Such is the positive sentiment surrounding the fintech sector that each week few fintech startups invariably make into the funding list. In fact, this week a well-known fintech startup has made it into top of the list, after the Mumbai based InCred raised this week’s biggest funding round. The startup raised $41.9 Mn (INR 300 Cr) from its founder Bhupinder Singh. Several private equity investors also participated in the round.
InCred is likely to use the funds to incubate new businesses and look for new revenue streams. Currently, the fintech startup is mostly focused on small and medium enterprises (SMEs) and the retail sector.
Magicpin: The week’s second biggest funding round came from Gurugram based hyperlocal platform Magicpin. It raised $20 Mn (INR 141 Cr) in a round led by Lightspeed Venture Partner US. Following the deal, the platform has been valued around $100 Mn.
Magicpin is a unique platform where merchants and consumers can discover and interact and also transact. The platform was founded in 2015 by Anshoo Sharma and Brij Bhushan.
Vedantu: Edutech is another promising sector as demand for online education keeps growing. This week the Edutech sector was represented by Vedantu. The Bengaluru-based online tutoring startup raised $11 Mn in Series B. The round was led by Omidyar Network and existing investors Accel Partners. The startup plans to use the funds to ramp up its technology and expand its services to tier 2 and 3 cities.
Aye Finance: One more fintech has made into our list, with Gurugram-based fintech startup Aye Finance raising this week’s fourth biggest funding round. The startup raised $9.8 Mn (INR 70 Cr) from Delhi based social impact fund BlueOrchard. According to reports, the funding was done through debt funding. The company plans to use the fresh capital to expand to newer territories and discharge more credit to its active user base.
HealthifyMe: The last startup in this week’s funding list is Bengaluru based mobile health platform HealthifyMe. It raised $6 Mn in what is reported to be an extension of series B funding round. The round saw participation by several well-known VC firms including Sistema Asia Fund, Chiratae Ventures and Inventus Capital.
The startup is likely to use the funds to enhance its international presence.