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Sandwiched between the last of week 2019 and first week of 2020, this week the barometer of startup funding remained lackluster. Neither there was any big ticket fundraising nor any high-profile startups raised funds this week. Was this due to any hangover effect or the startup fraternity thought of warming up to the brand new year with a laid-back attitude only to rise strongly later? Don’t know for sure but we’d surely like to start the New Year on an optimistic note. And with this quintessential ‘glass is full’ attitude, we bring you the top funding activities of this week.
GoMechanic: With nearly $14.7 Mn in kitty, GoMechanic raised this week’s second biggest funding round. Sequoia Capital spearheaded the round while new investor Chiratae Ventures also participated in the round. This was the series B round for the car serving startup and is likely to use the funds for domestic expansion and further scaling up its operation. The company said that it is targeting to expand to nearly 30 cities by end of this year.
Satin Creditcare: Microfinance company Satin Creditcare raised this week’s biggest funding round. The Gurgaon based company raised $15 Mn from an Austrian Bank via a debt instrument. The company will use funds to increase its loan book and augment the process of financial inclusion.
FarmERP: Given investment community’s apathetic attitude towards the agritech industry, Pune based FarmERP should consider itself lucky to be able to raise funds. The Pune headquartered firm raised undisclosed amount in series A funding round from a software company ‘TechnoGen IT Services India Pvt. Ltd.’ No other investor reportedly participated in the round. FarmERP essentially offers agriculture management software to farmers and have presence across 25 countries including Europe and North America. The company said it will use the funds to enter into newer markets.
Wealth Bucket: Online mutual fund investment platform Wealth Bucket raised nearly $2.52 Mn in a pre-series A round. The Delhi based startup raised the funds on the last day of 2019. NorthStar Ventures and slew of high net worth investors spearheaded the funding round. The company announced that it will use the funds for wide range of important activities, increasing domestic footprint to tier 2 and tier 3 being one of the important activities.
Fashor: Early stage investment firm Sprout Venture Partners poured almost $1 Mn in fashion apparel startup Fashor. Other investors like IP Ventures and Venture Catalysts also took part in the funding round. Headquartered in the Southern city of Chennai, the startup will use the funds for fuelling its omnichannel growth.
SuperSurfaces: Interior designing startup SuperSurfaces raised $5 Mn or Rs 3.58 crore from an US based angel investor. No other investors reportedly participated in the round. The Hyderabad based startup basically caters to luxury interiors, with main focus on wall painting and flooring. The company said that it will use the funds for further scaling up the operations.
On the ending note, we’d like to conclude this week’s startup funding series with an exciting funding rumor. Grapevines have it that FabHotels, which competes with Oyo Rooms, is in talks with Goldman Sachs and Accel to raise fresh funds.
