Deal Roundup: MobiKwik, CoinDCX only funding deals this week; BigBasket buys DailyNinja

Funding activity in the technology startup space saw a steep drop as the country went into lockdown to contain the spread of Covid-19.

Only two startups, payments firm One MobiKwik Systems and cryptocurrency platform CoinDCX raised capital this week — a total of $32.5 million (disclosed deals) — as investors shied away from market bets.

A week ago, the startup ecosystem registered 14 deals, with an estimated total value of $87 million. 

Speculation around social media Facebook acquiring a 10% stake in Mukesh Ambani-led Reliance Jio InfoComm was the highlight of an otherwise dull week in dealmaking space. 

In the mergers and acquisitions space, BigBasket bought DailyNinja, an online milk and delivery platform, to grow its hyperlocal delivery business. 

Read: Gig economy comes to near standstill as Covid-19 pandemic accelerates in India

Top funding deals

CoinDCX: The cryptocurrency trading platform raised $3 million in a Series A round of funding led by San Francisco headquartered crypto venture capital firm Polychain Capital. HDR Group, the operator of cryptocurrency trading and derivatives platform BitMEX and returning investor Bain Capital Ventures participated in the round along with other investors.

MobiKwik: Gurugram headquartered One MobiKwik Systems, which owns an eponymous online payments platform, raised $29.5 million in a combination of debt and equity issue from MK SPV IX LP. MobiKwik raised $4.8 million in a growth round, $14.6 million in a compulsorily convertible debenture issue, $10 million in a warrants issue and Rs 94,400 ($1,242) in an equity share issue.

M&As

BigBasket: Supermarket Grocery Supplies, which owns e-grocery platform BigBasket, acquired online milk and grocery delivery app DailyNinja as it seeks to grow its micro-delivery business bbdaily and consolidate its presence in the subscription delivery market. The acquisition will enable Alibaba-backed Bigbasket to grow the bbdaily business by 150%-200% over the next 12 months.

AnyMind Group: The Singapore-based marketing, entertainment and human resources technology company bought mobile video advertising platform Pokkt for an undisclosed amount in a bid to expand into India and the United Arab Emirates. Post deal, AnyMind operates across 13 markets with 17 offices globally.

Funds

Omidyar Network India: The early-stage impact investment firm has set aside a corpus of $1 million and invited proposals to tackle the challenges posed by the Covid-19 outbreak. Each proposal can get funding between $6,500 and $300,000, as part of the rapid response funding initiative.