Indian tea brand, Vahdam India, has raised about $24 million (Rs 174 crore) as a part of its Series D round led by IIFL AMC’s Private Equity Fund. The current round of investment, the total funding raised by Vahdam India stands at Rs 290 crore. Post this funding, the company’s valuation stands at about Rs 700 crore. The company’s existing investors including a consortium of Sixth Sense Ventures affiliates, the Mankind Group Family Office, Infosys founder Kris Gopalkrishnan’s family office, Urmin Group and White Whale Ventures also participated as a part of this round. The company plans to use the amount to expand its distribution across online and offline channels, as well as for entering new geographies and foraying into new complementary categories.
Here are some latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
Online retail platform Dukaan raises $11 mn to expand operations:
Online retail platform, Dukaan, has raised $11 million as a part of its Pre-Series A round of funding, led by 640 Oxford Ventures, to fund its expansion plans. The company plans to use the funds to accelerate its growth and bolster its technology play by making new additions to its team.
(Source: VC Circle 06 September, 2021)
Ferns N Petals in talks to raise $54 mn; eyes nearly $550 mn valuation:
Ferns N Petals, one of the country’s prominent flower and gift retailer, is in advanced stage of discussion with several homegrown and global private equity firms to raise around Rs 400 crore($54 million) in its first institutional round of funding. The company is planning to dilute nearly 10% stake in this transaction, and seeking a valuation of approximately Rs 4,000 crore($547 million).
(Source: VC Circle 06 September, 2021)
Matrix leads pre-Series A funding in e-commerce enablement startup GoKwik:
GoKwik, an e-commerce enablement platform, raised $5.5 million (Rs 40 crore) as a part of its pre-Series A round of funding, led by Matrix Partners India with participation from RTP Global. The company plans to use the funds to scale up and establish a footprint in MENA and SEA regions, hire talent across tech, data and product engineering.
(Source: VC Circle 07 September, 2021)
Peter Thiel’s Valar Ventures leads $75 Mn Series B round in Bangladesh-based ShopUp:
Bangladesh-based B2B commerce platform ShopUp, which merged with Bengaluru-based fashion retailer Voonik, has raised $75 million in a Series B round of funding led by Peter Thiel’s Valar Ventures. With this round, the company has now raised over $110 million. It also marks the first investment by Valar Ventures and Prosus Ventures in Bangladesh.
(Source: VC Circle 07 September, 2021)
Premier Energies gets $27 mn from private equity firm GEF Capital Partners:
Solar photovoltaic cell and module manufacturer Premier Energies has raised Rs 200 crore ($27 million) in private equity investment from GEF Capital Partners.
(Source: VC Circle 24 September, 2021)
Market-bound Delhivery raises $125 mn more from Lee Fixel’s fund:
Market-bound logistics company Delhivery has raised $125 million (Rs 922 crore) additional funding from Addition — a fund floated by former Tiger Global executive Lee Fixel.
(Source: VC Circle 24 September, 2021)
The Xander Group invests $10.5 mn in Mumbai-based wealth management firm Sanctum:
Global investment firm The Xander Group has invested Rs 78 crore (around $10.5 million) in Mumbai-headquartered wealth management company Sanctum Wealth. The capital will be used to strengthen Sanctum’s operating platform and increase its client coverage.
(Source: VC Circle 27 September, 2021)
KKR’s Virescent Renewable Energy Trust raises $62 mn from consortium led by AIMCo:
Virescent Renewable Energy Trust (VRET), India’s first renewable energy infrastructure investment trust (InvIT) from KKR’s Virescent Infrastructure, has raised $62 million (Rs 460 crore) from a group of investors led by Alberta Investment Management Corporation (AIMCo).
(Source: VC Circle 29 September, 2021)
Venture Capital
Owl Ventures leads $55 mn Series C funding in overseas education platform Leap:
Leap, an overseas education-focused guidance and financing platform, has raised $55 million (Rs 400 crore) in a Series C funding round led by Owl Ventures. Leap will use the new capital to extend its services to students across Southeast Asia and MENA regions.
(Source: VC Circle 8 September, 2021)
Zeotap snags $11 mn in extended Series C funding round:
Zeotap, a consumer behaviour-focused customer intelligence platform, has extended its Series C fundraise with an additional infusion of $11 million. The current extension saw participation from Liberty Global Ventures, this will be added to the board of Zeotap.
(Source: VC Circle 08 September, 2021)
Ronnie Screwvala’s Unilazer Ventures leads funding in tutorial platform Lido Learning:
Online tutorial platform Lido Learning has raised $10 million in a financing round led by Ronnie Screwvala’s Unilazer Ventures. The fresh capital will be deployed for its expansion in India and abroad as well as for its first TV advertising campaign which will go live during the IPL season.
(Source: VC Circle 10 September, 2021)
Eupheus Learning raises $10 mn Series C funding from Lightrock India:
Eupheus Learning, a business-to-business (B2B) edtech startup, has raised $10 million (Rs 73.7 crore) in a Series C funding from private equity firm Lightrock India. The Delhi-based firm plans to use the funds to scale faster, expand geographical reach, pursue acquisitions and expand its product portfolio.
(Source: VC Circle 14 September, 2021)
Mobile Premier League gets $2.3 bn unicorn tag after funding led by Dubai’s Legatum:
Mobile Premier League (MPL) has raised Series E funding at a pre-money valuation of $2.3 billion (Rs 16,935 crore), catapulting the fantasy gaming platform to the unicorn club of startups that boast a valuation of at least $1 billion. MPL will use the fresh capital for global and domestic expansion and to strengthen its technology.
(Source: VC Circle 15 September, 2021)
BharatAgri raises $6.5 mn in Series A funding round led by Omnivore:
BharatAgri (formerly LeanAgri) has raised $6.5 million (Rs 47.7 crore) in Series A funding round led by new investor Omnivore. The startup, which is operated by LeanCrop Technology Solutions Pvt Ltd, will use the fresh capital to expand its subscriber base beyond Maharashtra and Madhya Pradesh, accelerate the growth of its inputs marketplace, and refine its tech offering.
(Source: VC Circle 17 September, 2021)
LayerZero raises $6 mn funding round led by Binance Labs and Multicoin Capital:
LayerZero, a multi-blockchain omnichannel interoperability protocol firm, has raised a $6 million funding round co-led by Binance Labs, the venture capital firm and incubator of Binance, and Multicoin Capital.
(Source: VC Circle 17 September, 2021)
Cars24 raises $450 mn from SoftBank, Tencent, others; valuation pegged at $1.84 bn:
India’s largest online marketplace for used automobiles, Cars24 Services, has closed a $450 million round of funding including a $340 million Series F equity round coupled with $110 million debt from multiple financial institutions–moves that have almost doubled its valuation to $1.84 billion.
(Source: VC Circle 24 September, 2021)
US-based telehealth firm NOCD raises $33 mn Series B funding led by F-Prime Capital:
US-based NOCD Inc, a telehealth provider for the treatment of obsessive compulsive disorder (OCD), has raised $33 million (Rs 242 crore) as part of its Series B funding round led by global venture firm F-Prime Capital.
(Source: VC Circle 21 September, 2021)
Bijnis raises $30 mn Series B funding from WestBridge Capital, Info Edge, others:
Bijnis, a platform that puts factories and direct manufacturers directly in touch with retailers, has raised $30 million (Rs 220 crore) as a part of its Series B round led by WestBridge Capital. Bijnis will be using the funds to increase its network of retailers and direct manufacturers on its platform. The company will also be utilising the funds to create newer tools for helping factories solve problems related to operations and supply chain management more efficiently.
(Source: VC Circle 27 September, 2021)
Cloud telephony platform Exotel raises $35 mn in Series C funding:
Cloud telephony platform Exotel has raised $35 million as a part of its Series C funding from IIFL AMC, Sistema, CX Partners, and Singularity Growth Opportunities Fund. This fresh infusion of funds will be used primarily to boost product offerings.
(Source: VC Circle 28 September, 2021)
Acceldata raises $35 mn Series B funding from Insight Partners, Lightspeed, others:
Acceldata, a data observability platform, has raised $35 million (Rs 260 crore) in Series B funding led by private equity firm Insight Partners. Acceldata will use a third of the funds in R&D and building products in India. It will also expand its engineering team in Bengaluru and plans to increase the headcount from 90 to 220 by the end of next year.
(Source: VC Circle 29 September, 2021)
Mergers & Acquisition
Zoho invests $5 mn in Voxelgrids:
Zoho Corp. is acquiring a 25% stake in Voxelgrids, a Bengaluru-based startup that builds magnetic resonance imaging (MRI) scanners. It will invest $5mn, which will be made in two tranches over the next two years, is aimed at fostering development of deep technological capabilities and intellectual property (IP) in the country.
(Source: VC Circle 7 September, 2021)
Market-bound PharmEasy buys Lightrock-backed healthcare supply chain Aknamed:
Epharmacy PharmEasy, which earlier bought listed diagnostic firm Thyrocare Technologies in a first for an Indian startup, has acquired healthcare supply chain startup Akna Medical Pvt Ltd (Aknamed) that is backed by Lightrock. The acquisition was done at an enterprise valuation of over Rs 1,000 crore. Post the fresh allotment of shares, PharmEasy has a total 67.3% stake in Aknamed followed by Lightstone Fund with a 31.3% stake.
(Source: VC Circle 14 September, 2021)
Kotak Mahindra Bank invests $42 mn in KFin Technologies for 9.9% stake:
Kotak Mahindra Bank Ltd (KMBL) will infuse Rs 310 crore ($42 million) for a 9.9% stake in KFin Technologies, which provides fintech solutions to asset classes across mutual funds, alternatives, insurance, and pension.
(Source: VC Circle 20 September, 2021)
Australia’s Zip forays into India with investment in buy-now-pay-later firm ZestMoney:
Digital lending startup ZestMoney has raised $50 million (Rs 368 crore) in its Series C round of funding from Australian buy-now-pay-later (BNPL) firm Zip Co Ltd. The Company will use the funding to expand the product suite, deepen the transaction network, strengthen its balance sheet and launch new business lines in insurance and savings.
(Source: VC Circle 22 September, 2021)
Blackstone backed Mphasis to buy US-based Blink for $94 mn:
Mphasis Ltd, an Indian software services company backed by global private equity major The Blackstone Group, will acquire US-based Blink Interactive Inc for a total consideration of $94 million (around Rs 694.3 crore). The acquisition is expected to provide access marquee logos, strengthen experience business and its leadership as well as the revenue growth accretive, adding that the total consideration of up to $94 million includes earnouts.
(Source: VC Circle 23 September, 2021)