Deal Roundup: Large growth rounds propel startup funding to 2020 high of $690 mn

Funding in India’s technology startup ecosystem recorded the highest weekly total of 2020, with 14 startups disclosing a total fundraise of $189.6 million and Byju’s alone reportedly raising $500 million.

The total of $689.6 million breached the previous week’s record high of $550 million.

At 25%, a majority of the startups raised capital in bridge funding rounds. Six firms did not disclose the amount raised.

While unicorns Byju’s and Zomato led the startup funding rally with growth stage investments, global private equity firm Silver Lake disclosed a $1.02 billion investment in Reliance Industries’ (RIL) retail arm.

The week also saw early stage venture capital funds Inflexor Ventures and StartupXseed Ventures announcing the first closes on their funds, separately.

Funding

Byju’s: The world’s highest valued edtech company startup raised a new round of funding led by private equity firm Silver Lake. Even as the Bengaluru-based company did not publicly disclose the investment, multiple media reports pegged it at $500 million, citing sources.

Zomato: The food delivery company, based out of Gurugram, raised about $104 million from Tiger Global Management in an ongoing growth round, marking the US hedge fund’s first Indian foodtech bet. Zomato has plans for a public listing next year.

Groww: The retail investment company, based out of Bengaluru, raised $30 million in a Series C round led by YC Continuity. This is the first Indian bet made by the fund that backs growth rounds of primarily YCombinator startups.

Hasura: The data access infrastructure startup, based out of San Francisco and Bengaluru, raised $25 million in a Series B funding round led by Menlo Park, California-based Lightspeed Venture Partners.

Melorra: The online-based sellers and designer of contemporary jewellery collections, based out of Bengaluru, is set to raise about $9 million in a debt funding round, from Singapore-based Shadows Holdings and returning investor Lightbox Ventures.

BluSmart: The intra-city electric cab hailing service provider, based out of Gurugram, raised $7 million in a fresh funding round, dubbed as a pre-Series A round, from a slew of investors.

Pandorum Technologies: The deep technology startup with biotech application, based out of Bengaluru, raised about $5.6 million from a clutch of investors.

Hippo Video: The video customer experience services provider, based out of Newark, Delaware, raised $4.5 million in Series A round of funding, led by Alpha Wave Incubation.

i3 Systems: The insurance-tech startup, based out of Mumbai, raised $1.5 million in a bridge round, dubbed pre Series A round, led by impact investor Unitus Ventures.

Pitstop: The car maintenance and repair services provider raised $1.2 million from online insurance company Acko.

Apart from Byju’s, companies that did not disclose the amount raised or received less than $1 million include Market Pulse, QShala, Deepsync, Infurnia Technologies, FabHotels, CustomFit.ai, SOAL, Cell Propulsion, Akhada and Nirmata.

Venture Capital Funds

Inflexor Ventures: The early stage venture capital firm announced the first close of its technology fund at about $31.1 million.

StartupXseed Ventures: The early stage venture capital fund made the first close of its second fund at about $9 million.