Our weekly column summarizes the tech financing highlights in India this week.
As more affordable mobile data plans are driving smartphone penetration across India, growth in the music streaming market is also accelerating. Gaana, a music streaming service that enables users to create, share, and listen to streaming music playlists for free, raised USD 115 million in funding from Chinese tech giant Tencent on February 28th. Gaana will use the capital to further invest in artificial intelligence, develop its subscription product, and develop aligned music experiences for Gaana consumers.
1. On February 21st, WickedRide, a motorcycle sharing startup that operates an online motorcycle rental platform where users can rent from a fleet of brands on an hourly, weekly, or monthly basis. The startup raised USD 1.5 million in financing from Sutures India. WickedRide plans to use the funding to create an infrastructure allowing urban commuters to pick up a scooter from anywhere and drop it off at any public parking space.
2. On February 22nd, THB, a clinical research and data analytics startup that provides personalized care to patients, helps doctors with diagnoses, and offers clinical research to pharmaceutical companies, secured USD 2.1 million for financing led by Blume Ventures. THB will use the newly raised funds to expand its technical teams.
3. On February 27th, Qandle, a cloud-based HR management and employee engagement platform for small and medium-sized businesses, raised USD 1.2 million in funding from Redwood Internet Ventures for Pre-Series A. The capital will be used to increase its market influence.
4. On March 1st, NestAway raised USD 51 million in a Series-D financing round led by Goldman Sachs and UC-RNT Fund. NestAway is a home rental startup that offers both shared and private rooms for individuals as well as properties suited for families. The company will use the funds to increase the density of its portfolio in existing markets in addition to expanding its operations for managing homes for NRIs (non-resident Indians).
(Top photo from 699pic.com)