In this episode of India Tech - Weekly Deals Roundup: India Tech saw 32 companies including Vedantu, Meesho etc raised over $1.4 billion from investors such as ABC World Asia, Coatue Management, Fidelity Investments, and B Capital Group India among 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 Vedantu, Meesho, Ola Electric, and more. In exits, we will cover the acquisition of Uncanny Vision by Eagle Eye Networks among others.
Starting with our deep dive into funding rounds, tech companies in India raised around $1.4 billion of funding across 32 funding rounds during this week.
In a major funding round Bangalore-based Edtech startup, Vedantu raised $100 million in a Series E funding round and joined the Unicorn club at the valuation of $1 billion. The funding round was led by ABC World Asia with participation from Coatue Management, Tiger Global, WestBridge, and others. Vedantu provides an online personalized tutoring platform. Vedantu offers online tutoring with two-way interactions via whiteboard, audio, and video for school curriculum and exams like IIT JEE and NEET. Founded in 2011 by IIT Bombay alumni has raised $306 million from Accel, Trifecta Capital, Legend Capital, and others till date.
In another major funding round Bangalore-based social eCommerce startup, Meesho raised $570 million in a Series F funding round led by Fidelity Investments and B Capital Group with participation from Prosus, SoftBank Vision Fund, fbFund, and others. Meesho provides an app-based reselling platform that connects resellers with suppliers of raw materials, beauty products, fashion accessories, and more. Meesho helps sellers to directly sell through social platforms like WhatsApp, Facebook, and Instagram. Founded in 2015 by IIT Delhi alumni, Meesho has raised $1.06 billion from Naspers, Sequoia Capital, Elevation Capital, and others till date.
In another major funding round Bangalore-based electric vehicle automaker, Ola Electric raised $200 million in a Series B funding round from SoftBank Group and Falcon Edge Capital. Ola Electric manufactures electric scooters in India with plans to expand to electric bikes and cars. Founded in 2017 as part of Ola Cabs, Ola Electric has raised $526 million from Tiger Global Management, Matrix Partners India, Kia Motors, and others till date.
Gurgaon-based B2B eCommerce startup, OfBusiness raised $194 million in a Series F funding round led by Tiger Global Management with participation from SoftBank Vision Fund. OfBusiness provides an online marketplace for procuring raw materials across categories like building materials, metals, chemicals, polymers, and others. OfBusiness also provides working capital financing, capital expenditure financing, and raw material purchase financing solutions. Founded in 2015, OfBusiness has raised $554 million from Norwest Venture Partners, Matrix Partners India, Falcon Capital, and others till date.
Chennai-based Fintech startup, CredAvenue raised $90 million in a Series A funding round led by Sequoia Capital, with participation from Lightspeed Venture Partners, TVS Capital Funds, Stride Ventures, and others. CredAvenue provides an online lending marketplace for business loans through a unified digital platform for discovery, trading, execution, and fulfillment of debt solutions using a proprietary AI engine. Founded in 2019 by IIT Kharagpur alumni, CredAvenue provides solutions to corporates, banks, NBFCs, institutional investors, and others.
Bangalore-based Fintech startup, Capital Float raised $50 million in a Series D funding round led by Ribbit Capital, Aspada Investments, Creation Investments, and Sequoia Capital, with participation from David Vélez, Amrish Rau, and Kunal Shah. Capital Float provides an online platform for offering consumer & business loans. Capital Float offers business loans like term finance, working capital, point-of-sale financing, and others. Capital Float provides loans to consumers at the checkout while making purchases on popular online platforms like Amazon India, Unacademy, MakeMyTrip, and others. Founded in 2013 by Stanford Business School alumni, Capital Float has raised $204 million from Amazon India, Elevation Capital, Aspada Investments, and others till date.
Bangalore-based data observability platform, Acceldata raised $35 million in a Series B funding round led by Insight Partners, with participation from Lightspeed Venture Partners, March Capital, Emergent Ventures, and others. Acceldata offers data integration and data streaming solutions enabling businesses to stream data from Hive, Spark, Tez, HBase, and others. Also, businesses can collect data, process data, build data clusters, and view actionable insights. Founded in 2017, Acceldata has raised $46 million till date.
Bangalore-based cloud telephony platform, Exotel raised $35 million in a Series C funding round led by Sistema, CX Partners, and IIFL Asset Management, with participation from Blume Ventures, A91 Partners, Synergy Capitals, and others. Exotel provides solutions like IVR to connect callers with various departments and call recording for training customer support. Exotel also offers real-time delivery status info to reduce response time to inbound calls. Founded in 2011, Exotel has raised $57.3 million from Alteria Capital, Stride Ventures, Binny Bansal, and others.
Gurgaon-based HRtech startup, Leena AI raised $30 million in a Series B funding round led by Bessemer Venture Partners with participation from Greycroft and B Capital Group. Leena AI provides AI and NLP-based HR chatbot solutions to employees for various HR functions like employee onboarding, HR helpdesk, employee satisfaction surveys, and others. Leena AI chatbots can be integrated with platforms such as Slack, Skype, and others. Founded in 2015 by IIT Delhi alumni, Leena AI has raised $40.1 million from Y Combinator, Greycroft, Quiet Capital, and others.
Ahmedabad-based electric vehicles ride-hailing startup, Blu Smart raised $25 million in a Series A funding round led by BP Ventures with participation from Mayfield, 9Unicorns, and Survam Partners. Blu Smart has its fleet of electric vehicles and charging stations and enables users in Delhi NCR to book their rides through a mobile app. Founded in 2018, Blu Smart has raised $40.6 million from Mumbai Angels, LetsVenture, Venture Catalysts, and others till now.
This was all from the funding updates, moving on to the exits. India Tech observed 2 exits during the week of 3rd October 2021.
Bangalore-based AI-based machine vision startup Uncanny Vision was acquired by a cloud video surveillance startup Eagle Eye Networks. Uncanny Vision provides solutions like AI-based automatic number plate recognition systems, vehicle detection, tracking, counting, and classification systems. Uncanny Vision also provides a cloud-based integrated video analytics system. Founded in 2013, Uncanny Vision has raised $1.47 million in the past.
This was all for today, we will be back next Monday with more updates. You can subscribe to our podcast on Google Podcasts to stay updated. If you have any feedback, please reachout to us at marketing@tracxn.com. Thank you for tuning in today, see you next week.