Deal Roundup: Essential services startups dominate dealmaking in April second week

Growth in investments in Indian technology startups staggered into the second week of April, with as much as $155.44 million, barring undisclosed investments, deployed across 12 deals. The majority of the deals were focussed around companies that cater to India’s essential services in the wake of the nationwide Covid-19 lockdown.

Total investments in the first week of April had stood at a little over $100 million, a stretch from March’s last week of $32.5 million.

An estimated 33% of the 12 deals were fundraises at companies that cater to essentials services -- ecommerce platform Amazon, foodtech platforms Zomato and Swiggy, and agritech platform DeHaat. Meanwhile, 12% of the deals were edtech company fundraises, another popular business sector with educational institutions shut across India.

The week also saw Gurugram-based business support provider Startup Buddy scoop up software solutions firm Boudhik Ventures in a cash and stock deal, in a bulk up on global patent services of its startup clientele.

Top Funding Deals

Amazon India: Seattle headquartered ecommerce giant Amazon infused $37.5 million into its Indian food and grocery retail arm Amazon Retail, at a time when ecommerce companies in India are running limited operations due to the lockdown.

Swiggy: The food delivery platform’s parent operator raised $34 million as part of its ongoing growth funding round.

Aye Finance: The non-banking financial company that lends to micro-enterprises raised $23.8 million in debt over a period of 15 days from lenders in India and abroad.

Vedantu: The interactive online tutorial platform raised $12.7 million in an extended Series C funding round led by venture capital firm Legend Capital.

DeHaat: The agritech platform’s parent operator Green Agrevolution raised $12 million in Series A round of funding, led by venture capital firm Sequoia India.

Zupee: The skill-based gaming platform Zupee’s Gurugram-based parent operator Indipepper Media raised $8 million in a Series A round led by venture capital firm Matrix Partners India.

Lido Learning: The online classroom platform Lido Learning’s parent operator Quality Tutorials raised $4.5 million from Alibaba and Ant Financial-backed BAce Capital, prompting a close to its Series B funding round at $7.5 million.

Akna Medical: The healthcare supply chain platform closed the first tranche of its Series A funding round, with a $7 million investment from LGT Lightstone Aspada, the India-focused venture capital arm of private equity firm LGT Lightstone.

Zomato: The online food delivery platform and restaurant aggregator raised about $5 million from Pacific Horizon Investment Trust, a fund managed by British investment management firm Baillie Gifford.

Embibe: The online learning platform’s parent operator Indiavidual Learning raised $3.96 million from promoter Reliance Industries Limited. It is in the process to raise $65.92 million from the Mukesh Ambani-led oil-to-telecom conglomerate.

Coverfox: The online brokerage portal raised $2.1 million from its parent company Glitterbug Technologies.

Fingerlix: The packaged food platform’s parent operator Maverix Platforms raised $1.88 million in an ongoing Series C round from four returning investors.