Funding News

Weekly Startup funding: How UrbanClap became the Savior this Week

In all possibility, this week’s funding scenario could have turned out to be one of the dullest weeks of 2018 for Indian startups. But just as when it appeared that it was indeed going to be so, home service startup UrbanClap emerged as the much-needed savior. Had it not been for UrbanClap, the Indian startup ecosystem could have managed to raise barely around $20 Mn from investors. However, thanks to this Bengaluru based startup, the weekly funding amount increased to more respectable amount of nearly $78.21 Mn.

To present a complete picture, we bring to you the top 5 biggest funding news of this week.

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UrbanClap raised this week’s biggest funding round by raising $50 Mn

UrbanClap: UrbanClap raised $50 million in a fresh funding round. This was a series D funding round for the Bengaluru headquartered startup, which till date has raised $60.7 million. The round was led by Steadview Capital Management and existing investor Vy Capital. UrbanClap counts some of the most sought after names amongst its investors, including the likes of SAIF Partners, Accel and Ratan Tata.

Since its humble beginning in 2014, UrbanClap has made quite a splash in the home service segment. It helps consumers to instantly hire experienced professionals for several home improvement works including repair and maintenance, home cleaning, homecare, beauty care etc.

The four year old startup said in a statement that it will use the latest capital infusion for ramping up its technology & product and to boost customer and service partner on board.

Drivezy: Vehicle sharing marketplace Drivezy raised this week’s second-biggest funding round by raising $20 Mn. The funding round was led by existing investor Das Capital. Several other investors also participated in the round including Yamaha Motor Co. Ltd.

The Bengaluru based startup will primarily use the funds for promotional campaigns and to raise its brand quotient further. It will also use a significant part of the funds to develop technology that is driven by new age technologies like artificial intelligence and machine learning.

GOQii: Fitness wearable tech startup GOQii secured undisclosed amount of funding from Japanese conglomerate Mitsui & Co. Crypto firm Galaxy Digital and Denlow Investment Trust also took part in the funding round.

Following the latest funding, GOQii is soon likely to enter the Japanese market with Mitsui’s help. The Mumbai based startup is also likely to enter into collaboration with Mitsui in order to penetrate the highly competitive Japanese market.

The company’s decision to enter the Japanese market makes lot of sense given that it is one of the most matured markets that has shown a high propensity to adapt fitness tech products.

Veerlop: Bengaluru headquartered SaaS startup Veerlop secured $3 Mn funding from IDFC Parampara Fund. This was Series A investment round for the SaaS conversation automation provider. Infosys co-founder Kris Gopalakrishnan also contributed to the funding round.

Veerlop will use the funds to further improve its customer engagement platform as the startup seeks to expand its team and operation.

CloudSEK: Cybersecuirty startup CloudSEK, which is based in Singapore, raised $1.97 Mn (INR 14 Cr) in pre-Series A round. The capital infusion round was led by Exfinity Venture Partners and StartupXseed. The startup, which also has an office in Bengaluru, will use the funds to further ramp up its presence in India and Southeast Asian markets. It will also use the funds to improve its flagship product XVigil.

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