In this episode of India Tech - Weekly Deals Roundup: India Tech saw 26 companies including CRED, Dhani etc raised over $578.6 million from investors such as Tiger Global Management, Falcon Edge Capital Dragoneer Investment Group, 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 CRED, Dhani, SUN Mobility, and more. In exits, we will cover the acquisition of HipBar by CRED among others.
Starting with our deep dive into funding rounds, tech companies in India raised around $579 million of funding across 27 funding rounds during this week.
In a major funding round event, Bangalore-based Fintech startup, CRED raised $251 million in a Series E funding round led by Tiger Global Management and Falcon Edge Capital with participation from Dragoneer Investment Group, DST Global, RTP Ventures, and others. The company offers a reward-enabled and app-based platform for credit card bill payments. It enables credit card users to pay the bills and get rewarded in the form of Cred Coins. Its application enables users to claim rewards using Cred coins from partner brands. The company offers an app-based platform to manage multiple credit cards and keep real-time checks on credit scores. Its application is available on iOS and Android devices. Founded in 2018, the company has raised $693.6 million till date.
In a major funding round event, Mumbai-based Fintech startup, Dhani raised $159.7 million in a Post IPO funding round led by General Catalyst Partners and Ribbit Capital. The company provides an app-based platform to buy financial products for individuals. It offers quotes for personal loans, business loans, medical insurance, accident insurance, and more. The company also offers Dhani Doctor for doctor consultations and delivery of medicines. Founded in 2017 by IIT Delhi alumni, Dhani has raised $180.1 million till date.
Bangalore-based Energy Storage Tech startup, SUN Mobility raised $50 million in a Series A funding round from Vitol. The company is an operator of swappable battery stations for electric vehicles. It offers solutions for electric two-wheelers, three-wheelers, and buses. The company offers lithium-ion batteries and onboard computers for energy management. It also offers a mobile application for users to find battery stations in their vicinity and the application is available for Android platform. Founded in 2017 by IIT Delhi and BITS Pilani alumni, SUN Mobility has raised $50 million till date.
Gurgaon-based Enterprise Applications startup, Applicate raised $30 million in a Series A funding round led by AVANA Capital and Sandeep Singhal with participation from Suhail Sameer, Jawed Tapia, Prashant Kumar, and others. The company offers a cloud-based solution for sales-force automation and distribution management automation. It offers solutions through mobile apps such as sales team app, audit, and merchandise app, BTL and promo tracking app, and Channel Kart to connect channel partners of a company for real time transaction and engagement. The company deploys cloud based solutions across roles, functions, and channels for organizations. Founded in 2014, Applicate has raised $33.6 million till date.
Another Mumbai-based Fintech startup, CredAble raised $30 million in a Series B funding round led by Plutus Wealth Management with participation from OAKS. The company is an online marketplace for supply chain financing. It provides liquidity programs for enterprise supply chains for addressing working capital challenges faced by enterprises and their suppliers & distributors. The company offers a digital marketplace for enterprises to offer early payment programs for their suppliers & vendors, a digital platform for monitoring distributor receivables, and more. Founded in 2017, CredAble has raised $41 million till date.
This was all from the funding updates, moving on to the exits. India Tech observed 9 exits during the week of 24 Oct 2021.
Chennai-based liquor delivery app, HipBar was acquired by CRED. The company offers a mobile app to discover bars and liquor stores. It allows users to browse drinks available in nearby bars and stores, pick the drink of their choice such as Beer, Whisky, Vodka, Rum, and more, and pay online. The company’s services are available in Kolkata, Bhubaneswar, Rourkela, and more. Founded in 2015, HipBar has raised $5 million till date from Diageo India and Vallal RCK.
Bangalore-based Fintech startup, Recko was acquired by Stripe. The company offers a digital transaction management and reconciliation solution for businesses. Its transaction reconciliation solution helps companies in keeping a track of receivables from payment gateways. The company automates settlement and tracks and reports payment realizations, refunds, and chargebacks. Founded in 2018, Recko has raised $7.5 million till date from Prime Venture Partners, Locus Ventures, Vertex Ventures, and others.
Delhi-based digital media company, ScoopWhoop was acquired by Good Glamm Group. The company is an internet media company that creates curated entertainment content specific to Indian stories. It operates through three segments namely an entertainment and news portal called ScoopWhoop.com, a women-centric content website called Vagabomb.com, and a Hindi-content publisher platform called Gazabpost.com. The company initially started as a viral content generating and sharing website but gradually began serving as a news portal and acting as a channel for sharing and remedying social concerns. Founded in 2013, ScoopWhoop has raised $8 million till date from AdvantEdge, Gravy Partners, Blume Ventures, and others.
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 podcast@tracxn.com. Thank you for tuning in today, see you next week.