The first week of December kicked off on a strong note for India’s technology startups with Flipkart-backer Accel raising its sixth and largest fund for this market. Seed and early stage startups, especially in the technology sector, have much to forward to from Accel given that over the years, the firm has been the first institutional investor in more than 85% of the 100-plus companies it has backed here.
Overall, 14 startups raised $120 million during the week (the deal value was undisclosed for six deals), against the $1.05 billion raised across 12 deals last week. It should be noted though that out of the overall deal value reported last week, Paytm parent One97 Communications alone accounted for $1 billion.
While the investment numbers this week were moderate, the dealmaking activity had a few highlights. Chinese insurer Ping An’s Global Voyager Fund forayed into the market with an investment in CarDekho. Tiger Global Management struck yet another B2B deal with Infra.Market. Walmart-owned Flipkart led a growth funding round in logistics platform Shadowfax, and ticketing platform Bookmyshow drew capital from Singapore’s Jungle Ventures to expand operations in Southeast Asia.
Flipkart was also in the news this week for a nearly $400 million capital infusion in its wholesale arm Flipkart India from its Singapore-based parent. This is third such infusion this year, taking the total to $800 million.
Top Funding Deals
Infra.Market: The B2B marketplace for real estate and construction materials, raised $26 million in an equity and debt funding round, TechCircle reported exclusively this week. The equity portion was led by New York headquartered alternative investment firm Tiger Global Management. Mumbai-based venture capital firm Nexus Venture Partners participated in the round along with returning investor Accel.
Tessol: The Mumbai-based cleantech startup raised an undisclosed sum in an ongoing funding round from crowdfunding platform 1Crowd, TechCircle reported exclusively this week. The latest capital infusion will be used primarily to enhance the startup’s technology and product capabilities, besides bankrolling its pilot projects. This is Mumbai-based 1Crowd’s second round of investment in Tessol.
Girnar Software: The Jaipur-based company’s new and used cars marketplace CarDekho raised $70 million in a growth equity funding round led by Chinese insurer Ping An’s Global Voyager Fund. Private equity firm Advent International’s arm Sunley House Capital Management also participated in the round along with existing investors Sequoia Capital India and Hillhouse Capital.
BookMyShow: Bigtree Entertainment Singapore, the company that owns the online ticketing platform’s Southeast Asia operations, raised an undisclosed sum from Jungle Ventures. The capital raised will be deployed to strengthen the technology operations and grow its capabilities. The company is also looking to execute live event performances across music, sport and comedy across the region.
Shadowfax Technologies: The Bengaluru-based logistics startup raised an undisclosed amount from e-commerce marketplace Flipkart as part of its ongoing $60 million Series D round. Other investors in the round include Eight Roads Ventures, NGP Capital, Qualcomm Ventures, Mirae Asset naver Fund and World Bank’s financing arm, IFC.
Lucideus Technologies: The John Chambers-backed cybersecurity firm raised $7 million in a funding round led by MS&AD Ventures, the corporate venture capital arm of Japanese insurance company MS&AD Insurance Group Holdings. The round also saw the participation of venture debt firm Western Technology Investment. With the latest capital infusion, the company claims to have doubled its valuation in 10 months.
CredR: The used two-wheeler marketplace raised $6 million from Omidyar Network along with existing investors Eight Roads Ventures, AngelList, Growth Story and venture debt firm, Blacksoil Capital. The company which provides online-to-offline services for purchasing used bikes and scooters through its franchisee showrooms will utilise the capital for expansion. It currently runs over 50 showrooms across Pune, Bengaluru, Delhi NCR, Jaipur, Kota and Hyderabad.
Infinity Transoft: The Rajkot-based bus ticketing and cargo solutions startup raised an undisclosed sum from One97 Communications, which operates digital payments and financial service platform Paytm.
Venture Capital Funds
Accel: Palo Alto, California headquartered venture capital firm Accel closed its sixth successive India-specific fund, Dubbed Accel India VI LP, at $550 million. The Cayman Island registered fund raised commitments from nearly 100 investors. The firm will stick to its 15-year mandate to primarily back seed and early stage startups from the new fund. The firm last raised a fund for India, the $450 million Accel India V LP, in 2016.