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Deal Roundup: Fivetran, Zetwerk, 1mg garner late stage capital; GetMyUni buys Avagmah
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Fundraising activity in the Indian technology startup ecosystem jumped 128% week-on-week, on the back of a $100 million deal at data solutions startup Fivetran.
The past week witnessed 12 deals, of which nine raised a total of $152.5 million. Financial details of three deals were not disclosed.
Investors focused on startups in the ecommerce, software-as-a-service (SaaS) and fintech sectors, while the foodtech, agritech, edtech, defence-tech and consumer electronics segments saw one deal each.
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The period also saw most capital infusions in seed and debt funding rounds, with three deals each, while there were two deals each in bridge and Series C rounds and one Series A funding round.
Additionally, Indian telecom rivals bagged mega deals from global investors. While Intel Capital, the global investment unit of the chipmaker, will invest $253 million in Reliance’s Jio Platforms, American private equity major Carlyle Group infused $235 million in Bharti Airtel’s data centre business, Nxtra Data.
Funding
Fivetran: The Oakland, California-headquartered data solutions startup turned a unicorn just as it raised $100 million in a Series C funding round, co-led by venture capital firms Andreessen Horowitz and General Catalyst. In a year, the firm plans to double the team in Bengaluru, which houses its largest development centre.
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Zetwerk: The B2B manufacturing services marketplace raised $21 million in a Series C funding round led by returning investor Greenoaks Capital. It will invest the fresh capital to accelerate its international expansion, launch new categories and strengthen its product stack.
1mg: The online pharmacy startup is set to raise $17.8 million in a debt funding round from returning investors MPOF Mauritius, MAF Mauritius, Swiss healthcare-focused investment firm HBM Healthcare Investment, family office KWE Beteiligungen and World Bank’s investment unit International Finance Corporation.
Flinto Learning Solutions: The Chennai-based early childhood-focused edtech startup raised $7.2 million in a bridge funding round from returning investor Lightbox Ventures. It will use the fresh capital to expand a newly-launched preschool solution Flintoclass@HOME.
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Bulk MRO: The Mumbai headquartered B2B marketplace startup will raise about $3.4 million in a debt funding round from venture lender Stride Ventures, across several tranches.
Big Bang Boom: The defence technologies maker raised $1.5 million in a Series A funding round, led by syndicate fund Mumbai Angels.
ChitMonks: The fintech platform’s Hyderabad-based parent entity Pangean Global Services raised $650,000 in its first institutional funding round from venture capital firm Unicorn India Ventures.
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Inspektlabs: The artificial intelligence (AI)-based inspection solution provider raised $600,000 in a bridge round of funding from venture capital firms Better Capital, Titan Capital and others.
Gobbly: The Gurugram-based retail technology startup raised $500,000 in a seed funding round from early-stage venture capital fund Sauce.vc. The mobile-operated unmanned refrigerator manufacturer plans to use the funds to improve its technology and for marketing purposes.
M&A
Avagmah: Edtech startup GetMyUni Education Services acquired Aeon Learning’s online degree programmes and skill development courses platform to enter the online certification and degree-granting space.
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RapidValue: Chennai-based information technology (IT) services company Aspire Systems acquired the Helion Ventures-backed digital engineering firm to add a 10-14% topline boost and onboard senior executives.
Beardo: Mumbai-based fast moving consumer goods (FMCG) company Marico acquired the Ahmedabad headquartered Zed Lifestyle-run grooming products platform. Post deal, early stage investor Venture Catalysts said it received a nearly eight-fold return on its original investment of $500,000 made in 2016 along with angel investors.
Venture Capital Funds
B Capital Group: The global venture capital firm, which has backed Indian startups such as Bounce and BlackBuck, raised $820 million to close its second global fund. The firm was launched by Facebook co-founder Eduardo Saverin and Silicon Valley-based Indian-origin investor Raj Ganguly.
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