In this episode of India Tech - Weekly Deals Roundup: India Tech saw 22 companies including GreyOrange, Fashinza and BlissClub raise close to $251 million from investors such as BlackRock, WestBridge Capital, Eight Roads Ventures, 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 GreyOrange, Fashinza, BlissClub, and more. In exits, we will cover the acquisition of WealthDesk by PhonePe, among others.
Starting with our deep dive into funding rounds, tech companies in India raised close to $251 million of funding across 22 funding rounds during this week.
In a major funding round event, Gurgaon-based Transportation and Logistics Tech startup, GreyOrange, raised $110 million in a Series D funding round from BlackRock and Mithril. GreyOrange is a provider of warehouse automation robots. GreyOrange offers AI-enabled software that integrates with the robots, so that the robots can communicate with each other and with the central system, creating continuous feedback between the algorithms and real-time operations on floor. GreyOrange provides a fleet of mobile robots for moving materials around the warehouse more efficiently, and a fully automated sortation system to sort and divert outbound packets. Founded in 2011 by BITS Pilani alumni, GreyOrange has raised $411 million till date.
Fashinza, an E-commerce startup, raised $60 million in a Series B funding round led by WestBridge Capital and Prosus, with participation from Accel, DisruptAD, ADQ, and others. Fashinza is a provider of a supply chain and product development platform for the fashion industry. Fashinza enables apparel and fashion brands to connect with manufacturers and suppliers, with features like supply chain visibility and procurement stage tracking, fabric design, cost calculation and sampling, production management, quality checking, and delivery. Founded in 2020 by IIT Delhi alumni, Gurgaon-based Fashinza has raised $135 million till date.
Bangalore-based E-commerce startup, BlissClub, raised $15 million in a Series A funding round led by Eight Roads Ventures and Elevation, with participation from Sriharsha Majety, Ghazal Alagh, Vivek Gupta, and others. BlissClub is an internet-first brand offering sportswear for women. BlissClub includes products like sports apparel, tank tops, leggings, and co-ords sets. Founded in 2020, Bangalore-based BlissClub has raised around $17 million till date.
This was all from the funding updates, moving on to the exits. India Tech observed 4 exits during the week of 22 May 2022.
WealthDesk, a Mumbai-based FinTech startup was acquired by PhonePe. WealthDesk is an online platform enabling EFT investments. WealthDesk allows users to look at the list of funds that match their risk appetite, select the amount they want to invest, and track their investments. WealthDesk includes features like funds deposits and withdrawals, and setting up of SIPs. Founded in 2016, WealthDesk has raised close to $5 million till date.
In another acquisition event, FinTech startup OpenQ was acquired by PhonePe. OpenQ is a provider of a wealth management platform. OpenQ offers tools for investment idea generation and evaluation, as well as analytics-based recommendations, and investment baskets. Andheri-based OpenQ was founded in 2018.
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.