Funding News

Weekly Funding: Snapdeal, Drip Capital, PayMate & Others Raised Funds

Funding activities picked up good pace this week as investors poured good amount of money into several promising startups hailing from diverse sectors. Here is a brief look into these investment details  as we rap up this week’s weekly funding roundup.

Funding

Snapdeal, Drip Capital, PayMate, Zeta were among other startups that raised funds this week   

Snapdeal: Snapdeal raised its first major funding after almost two years of hiatus. The Gurgaon based e-commerce startup raised undisclosed amount from Anand Piramal, the executive director of Primal Group and son in law of Mukesh Ambani . The funding marked Snapdeal’s phenomenal comeback as the company endured tough times in the aftermath of collapse of merger talks with Flipkart in 2017.            

Drip Capital: Drip Capital, which provides secure working capital to exporters, raised $25 Mn from Accel, Sequoia India, Y Combinator and other investors.  Drip Capital would be using significant portion of the funding for global expansion. The company claims that its affordable offering of working capital is proving to be a major boon for small and medium sized exporters who for long were unable to increase their exports due to long wait of payments.

PayMate: Multinational financial services giant Visa and others invested $25 Mn in the Mumbai based B2B Fintech startup PayMate. The other important participant included existing investor and global investment group Mayfair 101. PayMate, which makes business payment easy for SMEs and small businesses, will use fresh funds to expand in domestic as well as international markets. The company currently boasts international operations in Central and Eastern Europe, Middle East, and Africa.

Zeta: Zeta, a Fintech startup dedicated to employee benefits and corporate gifting, raised undisclosed amount from Sodexo Benefits and Rewards (BRS). With this funding round, Zeta and Sodexo companies have also announced to merge their India operations. This merger is expected to be a smooth affair considering that both companies had already formed a successful long term strategic partnership.

Playshifu: Augmented reality toy maker Playshifu secured $7 Mn funding from Chiratae, Inventus Capital and Bharat Innovation Fund. Existing investor IDFC-Parampara Fund also pumped funds in the round. The Bengaluru based company will use the latest capital infusion to ramp up its technological capabilities and expand footprints across international markets. Playshifu claims that its AR games and toys help to nurture love for education and learning among small kids.

Kissht: With $7 Mn investment in Kissht, Flipkart’s co-founder Sachin Bansal has once again reposed his firm faith in Fintech companies. Alongside Kissht, Bansal also invested Rs 25 crore in Chaitanya India Finance. Kissht is a is a consumer finance company that provides quick credit to consumers for online shopping transactions while Chaitanya India Finance is a microfinance company that provides micro loans to rural communities across Maharashtra, Bihar and Karnataka.

Coverfox: Online insurance aggregator Coverfox returned to fundraising scene after a long break of one year. The insurance aggregator platform raised $5.79 Mn from several existing investors including Accel India, and SAIF Partners. The latest fundraising round comes amid rumors that digital payment giant Paytm is in talks to acquire Coverfox for around $120 Mn.

WinZO Games: Winzo Games, a Delhi based gaming platform that caters to vernacular markets, raised $5 Mn from Kalaari Capital and instant messaging platform Hike. This was the series A round for the company that is aiming to fulfill the increasing demand for mobile games across tier 2 and tier 3 cities. It claims that today more than 7 Mn online gamers hailing from India’s hinterland are registered on its app.

Quickr: Online classified marketplace Quickr scooped up 20 Cr in debt from Trifecta Capital. The latest financing round comes closely on the heels of Rs 13.90 crore funding that Quickr recently received from a Mauritius-based entity. Over the years Quickr has emerged as one of India’s most successful online classified marketplace with presence across different verticals including C2C, cars, education, homes, jobs, and other services.

Emotix: Robotic startup Emotix raised $2.69 Mn (INR 18.58 Cr) in latest funding from Chiratae & Yournest. Headquartered in Mumbai, Emotix aims to enhance emotional intelligence among kids through its range of robotic products. The startup said that it will be using latest capital infusion for R&D purposes.            

Other notable startups that managed to win over investor’s confidence this week were UrbanClap, Pariksha, Celestial E-Mobility, Cash Suvidha, SmartE, Paisa Dukan, Eyestem and Alma Mater.

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