Jai Kisan snags $50 mn in first close of Series B at $200-240 mn valn:
Jai Kisan, a rural fintech start-up, has raised capital to the amount of USD 50 million (c. 398.5 cr) in a mix of equity and debt in the first close of its ongoing Series B round. The investors invested funds at a pre-money valuation of USD 200 – 240 million. The fintech startup is expected to raise another USD 30 – 50 million in its ongoing Series B round which could be a mix of equity and debt. The Mumbai-based start-up raised funds from new investors, GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures. Existing investors including Blume Ventures, Arkam Ventures, Mirae Asset and Snow Leopard Ventures also participated in the round. The debt component was contributed by Northern Arc, Alteria and publicly-listed MAS Financial. Jai Kisan, operated by Greenizon Agritech Consultancy, will use the fresh capital to expand its product suite and strengthen its data science and engineering capabilities. A part of the capital will also be used to hire personnel.
Here is some latest financial news on private equity, venture capital, and merge & acquisitions:
- Private Equity:
Jungle Ventures, Dream Capital lead Series A round in MarketWolf:
MarketWolf, a fintech stock trading platform, has announced a fundraise of USD 10 million as part of its Series A funding round led by venture capital firm Jungle Ventures and Dream Capital, the corporate venture capital and acquisitions arm of Dream Sports. Other investors who participated in this round include 9Unicorns, iSeed, Crescent and Riverwalk. Fresh proceeds will be used to strengthen product and hire across product, marketing and engineering teams.
(Source: VC Circle, 05 July 2022)
Accel-backed Onsitego invests in re-commerce startup Digi2L:
Onsitego, an after-sales service provider, has bought a 26% stake in electronics exchange platform Digi2L. Digi2L’s peers, which it competes against, include Cashify & Yaantra and is planning to use the proceeds for expanding operations and scaling tech platform across the country. The financial details were not disclosed.
(Source: VC Circle, 13 July 2022)
Tata Capital Healthcare Fund II strikes second diagnostics bet:
PE firm Tata Capital’s second healthcare fund has invested in Chennai-based Anderson Diagnostic Services Pvt Ltd. The healthcare focused fund typically bets USD 5 – 15 million in a company and with this investment, it marks second diagnostics bet from its new fund.
(Source: VC Circle, 18 July 2022)
ASG Hospital raises $188 mn led by General Atlantic, Kedaara Capital:
ASG Hospitals Pvt Ltd, an eye care chain, has raised INR 1,500 crore (USD 188 million) in a round led by new investors General Atlantic and Kedaara Capital. Existing investor Investcorp will take an exit and other investor Foundation Holdings will stay put as a part of this round. This transaction has written history by making it the largest PE funding in India’s eye care industry.
(Source: VC Circle, 27 July 2022)
- Venture Capital:
Fireside Ventures backs bakery brand, The Baker’s Dozen:
Direct-to-consumer bakery brand, The Baker’s Dozen, has announced raising USD 5 million (around Rs 39 crore) in its pre-Series A round in a mix of debt and equity. The fundraising round was led by Fireside Ventures. The capital will be utilized for product innovation, team building, brand marketing, distribution expansion and in ramping up tech play.
(Source: VC Circle, 6 July, 2022)
Pidilite arm, others invest in tech-backed home builder BuildNext:
BuildNext, a Kochi-based home building solutions provider, has secured pre-Series A funding of USD 3.5 million (c. INR 27.3 cr). The round was led by Madhumala Ventures, a wholly owned subsidiary of Pidilite Industries. BuildNext plans to use the fresh funds to strengthen virtual reality technology experience centres and expand its footprint into Bengaluru, Chennai and Coimbatore.
(Source: VC Circle, 07 July 2022)
Cred’s Kunal Shah, others bet on realty firm PropReturns:
Real estate investment start-up, PropReturns, has raised capital from a host of angel investors including Cred founder, Kunal Shah. Founded by Kenish Shah, Jayant Panwar and Somil Mathur in 2021, PropReturns uses artificial intelligence (AI)-backed database to simplify investment in commercial real estate.
(Source: VC Circle, 12 July 2022)
Supply chain startup Wheelocity raises $12 mn in Series A:
Fresh produce supply chain start-up, Wheelocity Fresh Pvt Ltd., has secured USD 12 million (c. 93.4 cr) in a mix of debt and equity. The Series A round was led by Lightspeed Ventures with participation from Anicut Capital. The fresh funds will be used to build new product offerings and scale current ones.
(Source: VC Circle, 12 July, 2022)
Delhi-based housing financier Sitara pockets $20 mn:
Sitara, an affordable house lender, has raised USD 20 million in a mix of primary and secondary investment led by Europe-based NMI and WWB Asset Management. The round also saw participation from existing investors including HDFC Holdings, Oikocredit and Omidyar Network Fund. The fresh proceeds to grow the loan book and expand its operations into newer pockets.
(Source: VC Circle, 13 July, 2022)
B2B artisan firm Lal10 raises funds from Yuj Ventures, others:
Lal10, business-to-business (B2B) artisan platform, run by Bhagwandas Retail Pvt. Ltd has raised pre-Series A funding of USD 5.5 million co-led by Yuj Ventures (Xander Group) and early-stage venture firm Beyond Capital Ventures. Founded in 2017 by Maneet Gohil, Sanchit Govil and Albin Jose, LAl10 is a Noida-based online marketplace that connects Indian artisans with bulk buyers across the globe. It aims to reach USD 100 million run rate in the next one year, with a focus on the home textile category.
(Source: VC Circle, 19 July 2022)
- Mergers & Acquisitions:
Oterra acquires Kerala-based Akay Group for undisclosed sum:
Natural colours supplier, Oterra, has acquired natural ingredients manufacturer Akay Group. With Akay Group’s acquisition – Oterra’s 4th acquisition in 14 months; the company will look to strengthen its access to the natural colours market but also get a product pipeline that will be backed by manufacturing plants and strong R&D (research and development) capabilities.
(Source: VC Circle, 05 July 2022)
Clear buys compliance management software CimplyFive:
Clear, formerly known as ClearTax, an online taxation software provider has acquired CimplyFive in an all-cash deal for an undisclosed amount. The acquisition aims to provide Clear’s customers access to CimplyFive’s compliance risk management software. The software eliminates many procedural non-compliances under the Companies Act, 2013.
(Source: VC Circle, 06 July 2022)
JM Financial PE-backed logistics firm Emiza acquires Shippigo:
Emiza Supply Chain Services Pvt. Ltd, a warehousing and fulfilment services provider has announced its acquisition of Gurugram-based technology platform for shipping solutions Shippigo for an undisclosed amount. The acquisition will support Emiza in strengthening its tech and shipping capabilities and also provide its customers with a single-window shipping solution.
(Source: VC Circle, 07 July 2022)
Mfine merges with diagnostics biz of LifeCell, snags $80 mn from OrbiMed:
Mfine, a digital healthcare platform, has announced its plan to merge with the diagnostics business of LifeCell International Pvt Ltd. The merged entity – LifeWell – has secured USD 80 million from healthcare-focused global investment firm OrbiMed. OrbiMed had joined in as a new investor in LifeCell International last year with investment of around $30.5 million to help boost the company’s growth plans and enter adjacent categories like fertility health and cell-based therapeutics.
(Source: VC Circle, 11 July 2022)
MediBuddy acquires company co-founded by its former employee:
MediBuddy has announced that it has acquired online doctor consultation startup Clinix. This acquisition marks the first acquisition by the healthcare platform after its USD 125 million fundraise early this year. The financial details were not disclosed.
Source: VC Circle, 13 July 2022)
Venture Catalysts-backed startup Hesa acquires Flinkhub:
Hesa, an unified commerce platform has acquired sales intelligence start-up Flinkhub. The financial terms were not disclosed and the acquisition will enhance Hesa’s app and aims to drive product-led growth. Flinkhub has 2 products – Flinkhub relationship intelligence, a tool that maps a user’s network and Papertown, a social networking app for learning. Hesa will use these technologies for product-led acquisition and training of their network of village-level entrepreneurs (VLEs). Hesa claims to have 40,000 VLEs who use the Hesa super app to fulfil the needs of users in their village network.
Source: VC Circle, 22 July 2022)