Funding News

Weekly Startup Funding: Byju’s & Waycool Scooped up Largest Funding Round

Unicorn edtech startup Byju’s played an rescue act at last minute to salvage this week’s funding scenario. However, the week’s biggest surprise came from the agritech space, since the week’s second largest funding round was raised by an agirtech startup.

Byju’s & Waycool raised this week’s largest funding          

This was the first week following the union budget 2020 that was announced last Saturday. Most startup experts have given underwhelming response to the budget. But going forward, let us all hope that the budget will help to revive the subdued funding mood in the industry.

On this positive note, let us look into the top startup funding activities of this week.

Byju’s: India’s only unicorn edtech startup, Byju’s, got another massive funding boost; after the Bengaluru based startups announced that it is raising reportedly $ 200 Mn from existing investor General Atlantic.

The latest funding is said to be part of the previous round that was announced last month, wherein Tiger Global had invested $200 Mn. According to reports, the latest round valued the company at approximately $8 Bn.         

Waycool: Chennai based agritech startup Waycool secured $30 Mn in series C round and thereby raised this week’s second largest fund raising round. This is indeed a rear feet, for it is hard for us to remember the last time an agritech startup took such a high spot in our weekly funding section.

Leading venture capital firm Lightbox Venture spearheaded the latest capital infusion. Dutch development finance institution FMO and existing backer LGT Lightstone Aspada also took part in the round.

Founded in the year 2015, Waycool aims to simplify as well as speed up highly sluggish and complicated supply chain plugging India’s agriculture sector.

Leap India: This week certainly proved to be a real special one for the agritech startup, since the week’s third largest funding round was also raised by a agritech startup.

Leap India Food & Logistics raised Rs 164 crore in a series B round. According to Economic Times, Danish SDG Investment Fund and existing investor Neev Fund led the funding round.

The company said it will use the funds to consolidate its logistic operations across the country. The company further added that its dual goal is to simplify grain supply chain by connecting farmlands and businesses and transforming itself into a solid agri-Silos & logistics platform.

Leap India boosts special celebrity connection, since it is founded and led by former formula 1 driver Narain Karthikeyan.

1 Mg: Online pharmacy marketplace 1 Mg raised $10 Mn or 71 crore from Bill and Melinda Gates Foundation. Following the latest funding, the Gurgaon based startup has added another international backer in its long list of investors.

Clutch of existing investors like Sequoia Capital and Omidyar Network also participated in the round.

1 Mg’s co-founder Prashant Tandon told Yourstory.com that funding round is yet not closed, indicating that talks for more capital infusion is going on with the investors.

Frog Bicycle: At a time when auto sales are struggling for revival, bicycles have become new cool quotient among the millennial population. Capitalizing on this fast-growing phenomenon is AlphaVector, which owns bicycle brand Frog.

This week AlphaVector raised undisclosed amount of funding from  Avaana and Titan Capital. Titan Capital is an investment arm of Snapdeal co-founders Kunal Bahl and Rohit Bansal.

Frog plans to use the funds for ramping up its product portfolio and launching new electrical cycles into the market.

Rebel Foods: Rebel foods, which touts itself as the world’s largest internet restaurant company, raised 35 cr in a debt funding round led by Alteria Capital. The cloud kitchen startup owns popular brands like Fasoos, Mandarin Oak and The Good Bowl.

Last year, Rebel foods had raised whopping $125 Mn from Goldman Sachs and other investors.

The company plans to use the latest fund for expanding in international markets.

Embibe: Existing investor Reliance Industries has pumped fresh capital of Rs 90 crore in its portfolio company Embibe.  In 2018, the Mukesh Ambani owned company invested Rs 100 crore to acquire 73% in the Edtech startup.

Embibe helps ambitious students to prepare for highly competitive exams like JEE Main, NEET and AIIMS.

Qyuki: A R Rahman and Shekar Kapur backed talent discovery platform Qyuki secured investment of $3.5 Mn from Info Edge Venture Fund (IEVF). IEVF is actually an investment arm of Info Edge, the parent company of online job portal Naukri.com.

Founded in 2010 and re-launched in 2014, Qyuki is a data driven digital platform that seeks to find new rising stars in the field of music and singing.

Fleetx.io:  Logistic startup Fleetx raised $2.8 Mn in a series A round led by Singapore based VC firm Neenext and existing investor India Quotient.    

Group of Independent investors including Snapdeal’s co-founders Kunal Bahl and Rohit Bansal also contributed to the funding round.

The Gurgoan headquartered startup will utilize the fund for increasing product portfolio, hiring new talent and market expansion.

Entri: Vernacular language focused edtech startup Entri raised $1.4 Mn from Good Capital – an early stage investment firm.  This was a seed funding round for the Kochi based startup.

The startup focuses on offering plethora of learning contents in different Indian languages to job aspirants.

SuperMoney: Fintech startup SuperMoney raised $1 Mn from early stage investor Unitus Ventures. The company plans to use the funds for strengthening its team and expanding beyond the existing markets.        

 

 

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