Venture Capital

$320 Mn Raised Across 21 Deals

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Mobile Premier League raised $95 Mn at a valuation of $945 Mn

Sweden-based Stillfront Group acquired Teen Patti creator Moonfrog Labs

Overall, $320 Mn was invested in Indian startups across 21 deals this week

We bring to you the latest edition of Funding Galore: Indian Startup Funding Of The Week

This week, Mumbai-based mobile esports platform Mobile Premier League (MPL) inched a little close to the unicorn club by raising a $95 Mn Series D round at a valuation of $945 Mn. Composite Capital and Moore Strategic Ventures led the round, with participation from Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle and Play Ventures.

MPL will use the latest funding to expand its esports portfolio and bolster its efforts to organise more esports tournaments nationally and internationally at scale. The funds will also be used to accelerate MPL’s international expansion this year.

Overall, $320 Mn was invested in Indian startups across 21 deals this week.

Startups Sector Funding Series Investors
Zetwerk Enterprise Tech $120 Mn Series D Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital, Kae Capital
Mobile Premier League (MPL) Media And Entertainment $95 Mn Series D Composite Capital, Moore Strategic Ventures, Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle and Play Ventures
MediBuddy Healthtech $40 Mn Series B India Life Sciences Fund III, Others
SUGAR Cosmetics Counsumer Product $21 Mn Series C Elevation Capital, A91 Partners, India Quotient
Happilo Counsumer Product $13.6 Mn Undisclosed A91 Partners
Origo Commodities Fintech $10.3 Mn Debt Yes Bank
InnerHour Healthtech $5.2 Mn Series A Lightbox, apricorn Ventures, Micasa Investments, Medanta CEO Pankaj Sahni
Agara Enterprise Tech $4.3 Mn Pre-Series A UTEC,Blume Venture, RTP Global
Koo Media And Entertainment $4.1 Mn Series A 3one4 Capital, Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator
Vested Finance Media And Entertainment $3.6 Mn Seed Moving Capital, Ovo Fund, TenOneTen Ventures, Point Ventures, Venture Catalysts
Aviom Housing Finance Fintech $1.3 Mn Debt Blacksoil India Credit Fund
Remedico Healthtech $549K Undisclosed AWE Funds,LetsVenture, Venture Catalysts, Parkview Investment Advisors
YourPhysio Healthtech $350K Pre-Seed Better Capital, Titan Capital, Sarath Sura, Venu Palaparthi, VP Rajesh
Hemp Horizons Healthtech $274K Seed Mumbai Angels Network, AngelList
GoToMobility Transport Tech $150K Undisclosed Uber’s former finance head Jesse Lucas
PrepBytes Edtech Undisclosed Seed Equanimity Ventures
ExMyB Enterprise Tech Undisclosed Seed Campus Fund, HDFC Bank’s Bharat Shah
Qapita Fintech Undisclosed Undisclosed East Ventures
Little Leap Edtech Undisclosed Edtech ah! Ventures

Note: This funding report is based on startups that disclosed funding amounts

Top 10 Indian Startup Funding Deals This Week

  1. Zetwerk: $120 Mn
  2. Mobile Premier League: $95 Mn
  3. MediBuddy: $40 Mn
  4. SUGAR Cosmetics: $21 Mn
  5. Happilo: $13.6 Mn
  6. Origo Commodities: $10.3 Mn
  7. InnerHour: $5.2 Mn
  8. Agara: $4.3 Mn
  9. Koo: $4.1 Mn
  10. Vested Finance: $3.6 Mn

Acquisitions In Indian Startup Ecosystem

  • Online travel and ticketing company Ixigo announced that it will acquire 100% stake in train discovery and booking startup Confirmtkt. The transaction would be a through mix of cash and Ixigo stock. Both companies would continue to operate independently after the transaction.

Other Developments Of The Week 

  • Mumbai-based higher edtech platform upGrad is reportedly in advanced talks to raise $100 Mn from Temasek and World Bank’s International Finance Corporation (IFC) at a valuation of $450 Mn – $500 Mn.
  • Delhi-based early-stage venture capital firm Kisho Capital has launched a rolling fund to invest INR 1 Cr in 20 startups working across home automation, healthtech, social impact, B2B SaaS and fintech segment.
  • Bengaluru-based gourmet meat startup Licious has cut down its losses by 66% from INR 438.7 Cr in FY2019 to INR 146.3 Cr in FY2020. The company’s revenue has increased by 77% from INR 78.96 Cr to INR 138 Cr. Despite the supply chain being a key focus, Licious’ spending towards maintenance and infrastructure was low compared to other factors.
  • Social commerce company Meesho has reported a staggering 3X rise in its losses for FY20, as its expenses shot up in the year. It earned INR 341.6 Cr and spent INR 657 Cr, leading to a loss of INR 315.4 Cr.
  • Payments gateway major Razorpay saw its losses almost doubled in FY20 as its advertising and promotional expenses surged by nearly 5x and employee expenses more than doubled from the previous year. It’s revenue increased 163% to INR 519.42 Cr with expenses reaching INR 525.41 Cr, leading to a loss of INR 6.15 Cr.
  • MakeMyTrip is looking to raise $200 Mn through an issue of senior convertible notes, which will come due in 2028 for the company in the form of shares. “The pricing of $200 million in aggregate principal amount of 0.00 percent convertible senior notes due 2028,” the company said.

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