In this episode of India Tech - Weekly Deals Roundup: India Tech saw 33 companies including Delhivery, Medikabazaar etc raised over $414 million from investors such as CDC Group, HealthQuad Advisors Private Limited, and Zip Co among others.
Welcome to India Tech Deals Roundup by Tracxn. This is your weekly update on Funding Rounds and Exits in India for the week ending 26th September 2021.
Tech companies in India raised around $414 million of funding across 33 funding rounds during this week.
In a major funding round, Delhi-based Logistics Tech startup, Delhivery raised $125 million in a Series I funding round led by Addition with participation from Lee Fixel. Delhivery provides end-to-end supply chain services for e-commerce companies. Delhivery offers last-mile delivery service, third-party and transit warehousing, reverse logistics, payment collection, vendor-to-warehouse, vendor-to-customer shipping, and others. Founded in 2011, Delhivery has raised $1.3 billion till date.
Mumbai-based HealthTech startup, Medikabazaar raised $75 million in a Series C funding round led by CDC Group with participation from HealthQuad Advisors Private Limited, Rebright Partners, Sumitomo Mitsui Financial Group, and others. Medikabazaar provides an online B2B marketplace for medical equipment and connects hospitals and clinics with manufacturers, distributors, and re-sellers of equipment and consumables. Founded in 2014 by IIM Calcutta alumni, Medikabazaar has raised $100M till now.
Bangalore-based Fintech startup, ZestMoney raised $50 million in a Series C funding round from Zip Co. ZestMoney provides an online platform for point-of-sale financing. ZestMoney enables users to pay the amount of product in installments at the time of online purchase and provide financing on the basis of bank statements. Founded in 2015, ZestMoney has raised $125 million till date.
Hyderabad-based Fintech startup, KFin Technologies raised $42.1 million in a Series C funding round from Kotak Mahindra Bank. KFin Technologies provides a mobile app-based platform for investment services in mutual funds. Founded in 1978, KFin Technologies offers corporate registry services, global fund services, global business services, portfolio management, and others.
Another Bangalore-based Fintech startup, FloBiz raised $31 million in a Series B funding round led by Sequoia Capital, Think Investments with participation from Elevation Capital, Beenext, 9Unicorns, and others. FloBiz provides billing and accounting solutions to small and medium enterprises. FloBiz’s product myBillBook provides a mobile app and desktop-based software for creating & sending invoices, invoice generation, expense tracking, customer management, and others. Founded in 2019 by BITS Pilani and IIT Delhi alumni, FloBiz has raised $44 million till now from Greenoaks, Beenext, Acorn Industries, Whiteboard, and others.
Chennai-based Life Science startup, LifeCell raised $30.5 million in a Series B funding round from Orbimed. LifeCell provides stem cell bank and reproductive genetic testing services. LifeCell provides umbilical cord, dental stem cells, and menstrual stem cell banking for orthopedic and vascular specialties. Founded in 2004, LifeCell has raised $39.1 million till now from Helion Venture Partners, Brand Capital, and others.
Pune-based HealthTech startup, Fittr raised $11.5 million in a Series A funding round led by Elysian Park, Dream Capital Partners with participation from Surge. Fittr provides an online fitness community for personalized fitness coaching. Users can customize workouts based on age, gender, equipment available, time commitment, fitness goal, and activity preferences. Founded in 2012, Fittr raised $13.5 million from Suniel Shetty, Elysian Park, Dream Capital Partners, and others.
Gurgaon-based EdTech startup, AnalyticsVidhya raised $5.5 million in a Series A funding round from Fractal. AnalyticsVidhya provides an online portal for learning analytics and data science. AnalyticsVidhya also organizes hackathon events and provides an online community of data science professionals and enthusiasts. Founded in 2013 by IIT Bombay alumni, AnalyticsVidhya has raised $5.98 million till now.
This was all from the funding updates, moving on to the exits. India Tech observed 10 exits during the week of 26th September 2021.
In a major acquisition, EdTech startup Veranda Learning Solutions acquired Bangalore-based EdTech startup Edureka for $33.2 million. Edureka provides instructor-led online courses for the IT industry. The online courses have courses listed across categories like Big Data, Hadoop, Cassandra, Data Science, Cloud Computing, and others. Founded in 2011, Edureka has raised $3.23 million in the past.
Bangalore-based Edtech startup ClassKlap was acquired by EdTech based Eupheus for $19 million. ClassKlap provides personalized learning solutions for schools through online live classes. ClassKlap also provides an app for teachers to manage timetables, school calendars, and teaching activities. Also, ClassKlap provides a school notices and school notifications reading solution for parents. Founded in 2009 by IIT Kharagpur alumni, ClassKlap has raised $18.7 million from Aspada Investments, Michael & Susan Dell Foundation, and others.
Chennai-based Fintech startup Wizi was acquired by a Fintech startup M2P. Wizi provides a mobile app-based platform for credit card management. Wizi allows users to avail new credit cards online, track payments and pay bills of multiple credit cards. Wizi also provides a programmable credit card platform to banks and credit card providers to offer customizable corporate credit cards. Wizi was founded in 2020.
In another major development this week, Freshworks, a SaaS-based business management solutions provider went public. The IPO pegs the valuation of the company at nearly $10 billion. Freshworks was founded in 2010 and has raised $484 million across several funding rounds. Major investors who backed the company in its early stages include Accel, Tiger Global Management, CapitalG, and others.
This is all for today. See you next week.