Our weekly column summarizes the tech financing highlights in India this week.
India’s e-commerce marketplace Flipkart leads this week by raising billions of US dollars for its latest funding round from SoftBank. Flipkart was joined by two additional online marketplace startups that also attracted investment; an online-and-offline health and fitness platform, CureFit, and an online rental marketplace, RentOnGo. Two startups, BoxMySpace, an on-demand warehousing platform, and DigiLend, a fin-tech startup which offers personal loans, also received funding.
E-commerce marketplace Flipkart raises USD 2.4 billion
Founders: Binny Bansal and Sachin Bansal
Founded in: 2007
Financing status: USD 2.4 billion for undisclosed funding round in 2017
India’s leading e-commerce marketplace Flipkart has raised USD 2.4 billion from SoftBank’s Vision Fund. According to a press statement, SoftBank will own a 20% stake in the company.
CureFit Healthcare, which operates health and fitness platform CureFit, raises USD 3.2M
Founders: Mukesh Bansal and Ankit Nagori
Founded in: 2016
Financing status: USD 3.2 million for undisclosed funding round in 2017
CureFit has raised USD 3.2 million in two separate portions in April and August 2017. The amount raised is a mix of debenture preferential shares and Series A convertible preferential shares. Investments were through Trifecta Capital, a venture debt firm, and Infosys co-founder Kris Gopalakrishnan’s Prathithi Investment Trust.
Online rental marketplace RentOnGo raises USD 234K from TVS Motor Company
Founders: Nikhil Chhabra and Vikash Jalan
Founded in: 2012
Financing status: USD 234,000 for undisclosed funding round in 2017
Bangalore-based online rental marketplace RentOnGo has raised USD 234,000 from TVS Motor Company, a Chennai-based two-wheeler manufacturing company. The investment resulted in TVS Motor acquiring a 24% stake in the startup.
Fin-tech firm DigiLend Analytics & Technology raises USD 312K from Incred and Fullerton
Founders: Hemang Dattani
Founded in: 2016
Financing status: USD 312,000 for undisclosed funding round in 2017
Mumbai-based fin-tech startup DigiLend has raised USD 312,000 from two non-banking financial services companies, InCred Finance and Fullerton India Credit Company.
DigiLend was founded in 2016 by Hemang Dattani. He was previously the Chief Credit Officer, South Asia and Country Credit Head, India at Standard Chartered Bank. He also held senior positions in business development and credit risk at Capital One.
BoxMySpace raised undisclosed amount for Pre-Series A
Founders: Pratyush Jalan
Founded in: 2015
Financing status: Undisclosed amount for Pre-Series A round in 2017
On-demand warehousing startup BoxMySpace raised an undisclosed amount for a Pre-Series A financing round from a clutch of investors in the logistics and warehousing domains.