In this episode of India Tech - Weekly Deals Roundup: India Tech saw 22 companies including CoinDCX, Financepeer and Recur raise over $250 million from investors such as Amansa Capital, Epiq Capital Advisors, WestBridge Capital, and others.
Welcome back to India Tech Weekly Deals Roundup, a weekly podcast by Tracxn for key startup deals in India from last week.
In this edition, we will cover funding rounds of Turtlemint, Lenskart, Truemeds, and more. In exits, we will cover the acquisition of PipeCandy by Assembly among others.
Starting with our deep dive into funding rounds, tech companies in India raised around $250 million of funding across 22 funding rounds during this week.
In a major funding round event, InsurTech startup, Turtlemint, raised $120 million in a Series E funding round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners, with participation from Marshall Wace and Vitruvian Partners. Turtlemint is an online comparison platform for various insurances. Turtlemint offers quotes for life insurance, health insurance and automotive insurance, as well as claims processing services. Founded in 2015, Mumbai-based Turtlemint has raised $250 million till date.
E-commerce startup, Lenskart, raised $25 million in a Series I funding round led by Epiq Capital Advisors. Lenskart achieved unicorn status on 19th December 2019 when it raised $275 million from SoftBank Vision Fund. Lenskart is an online retailer of eyewear for men, women and kids. Lenskart includes products like computer glasses, sunglasses and contact lenses. Lenskart also provides at-home eye-testing and frame trial services, and offers a mobile app for Android and iOS platforms. Founded in 2010 by IIM Bangalore alumni, Delhi-based Lenskart has raised around $940 million till date.
Mumbai-based Truemeds, a HealthTech startup, raised $22 million in a Series B funding round led by WestBridge Capital with participation from Indian Angel Network Fund, Asha Impact and Info Edge. Truemeds is an e-pharmacy store. Truemeds enables users to order medicines for the elderly from multiple brands and manufacturers.Truemeds has an AI-based proprietary Triple Check flow-to-check orders before delivery. Founded in 2018 by Indian School of Business alumni, Truemeds has raised close to $28 million till date.
In another funding round event, Drones startup, ideaForge, raised $20 million in a Series B funding round led by Florintree Infra LLP with participation from Infina Finance, Infosys, India Exim Bank, and others. ideaForge is a provider of drones for aerial surveillance. ideaForge offers portable, lightweight and autonomous UAVs for intelligence, surveillance, and reconnaissance of moving and fixed targets. ideaForge offers drones for the BSF, NDRF, and state police departments. Founded in 2007 by IIT Bombay alumni, Mumbai-based ideaForge has raised close to $49 million till date.
Skillmatics, a Mumbai-based E-commerce startup, raised close to $16 million in a Series B funding round led by Sofina with participation from Sequoia Capital, and Smiti Holding And Trading Company. Skillmatics is a platform offering educational games. Skillmatics offers activity boxes for skill development, preschool activities, alphabet games, and interactive stories, as well as games with themes like maths and connectors.Skillmatics enables users to browse through products based on age criteria, rating, price and popularity. Founded in 2016, Skillmatics has raised over $26 million till date.
This was all from the funding updates, moving on to the exits. India Tech observed 1 exit during the week of 01 May 2022.
Chennai-based Enterprise Applications startup, PipeCandy, was acquired by Assembly. PipeCandy is a provider of outbound prospecting tools for sales representatives. PipeCandy uses machine learning and natural language processing for automation of email outbound processes of the sales team. PipeCandy includes features like dynamic lists, ranking of prospects, pre-built email templates and leads about when to contact prospective clients through smart tags. Founded in 2015 by an ex-Cisco and ex-Google employee, Pipe Candy has raised around $1 million till date.
This was all for today, we will be back next Monday with more updates. You can subscribe to our podcast on Google Podcasts, Spotify, and Apple Podcast to stay updated. If you have any feedback, please reachout to us at podcast@tracxn.com. Thank you for tuning in today, see you next week.