The month of August has finished in a positive way. A total of $260 million in venture funding was raised by 26 different deals from the last week of August.
From the start of August to the present day, this month has seen an inflow of about $800 million. And the current trend is not likely to change for the rest of the year. It is likely that startups, especially those in the unicorn and soonicorn categories, are unlikely to raise any large round of funding given their lack of VC or PE support.
Top deals of the week
Fintech Startup EarlySalary Raises $97 Mn From TPG Growth, Norwest Capital
Pune-based fintech startup EarlySalary has raised close to $97 Mn (INR 775.4 Cr) in a funding round led by TPG Growth. Norwest Capital and Piramal Capital and Housing Finance Limited also participated in the round.
Earlier this month, the startup passed a special resolution to allot 300 equity shares and Series D non-cumulative compulsory and fully convertible preference shares (CCPS) at an issue price of INR 60,992.84 per share each to TPG Growth, Norwest Capital, and Piramal Capital and Housing Finance Limited, regulatory filings showed.
Mumbai-based Dwija Foods Raises INR 5.15 Cr
Mumbai-based B2B beverage vending company, Dwija Foods has announced its raised INR 5.15 crore in a maiden funding round led by Negen Capital AIF. Indorient Financial Services are the advisors to this fundraiser.
Dwija Foods claims to have all machines manufactured in India, despite the fact that the company makes significant investments in R&D for brewing technology, contactless vending solutions, and IoT enablement.
DhiWise, the Next-Gen Visual Programming Platform Raises USD 2.5M in Seed Round
DhiWise, the next-gen visual programming platform today announced a $2.5 million seed round by India Quotient and Dholakia Ventures.
Currently in beta, DhiWise automates the development of enterprise-grade applications in low-code or pro-code environments for Android (Kotlin), iOS (Swift), Flutter, Node.js and React apps. DhiWise auto-generates fully functional, human-readable and editable source code that is clean, error-free and helps fast track the application development process.
Trucking logistics firm Rivigo raises $2M in Series H round
Gurugram-based Rivigo has raised Rs 16 crore (around $2 million) in a Series H round led by existing investors Elevation Capital and Warburg Pincus affiliate Spring Canter Investment.
Regulatory filings with the Registrar of Companies (RoC) revealed that the startup raised about Rs 8 crore each from Elevation Capital and Spring Canter Investment Limited by issuing 11,840 Series H compulsorily convertible preference shares to both VCs.
Recommerce Startup Cashify Raises Over INR 52 Cr From Amazon, Blume Ventures
While Amazon pumped in INR 39.5 Cr in the startup, Blume Ventures invested INR 13.45 Cr. Of the total 2,195 Series E shares, 561 were allotted to Blume Ventures, while the rest 1,634 shares and 10 equity shares were allotted to Amazon’s Seattle-based subsidiary. In June, Cashify announced raising $90 Mn in a Series E funding round led by NewQuest Capital Partners and Prosus. Cashify CEO Manocha recently told Inc42 that the startup was processing monthly gross merchandise value (GMV) upwards of INR 100 Cr and was looking to double it in the next six months. Previously, Amazon has invested in D2C beauty brand MyGlamm, digital payments startup ToneTag, among others.
Mojocare Raises $20.6 Mn For Its Full-Stack Health & Wellness Platform
Healthtech startup Mojocare has raised $20.6 Mn (INR 160 Cr) in a Series A funding round led by B Capital and existing investors Chiratae Ventures, Sequoia India’s Surge and Better Capital.
The round also saw participation from angel investors such as Times Group MD Vineet Jain, CRED CEO Kunal Shah, Curefoods founder Ankit Nagori, Forward CEO Adrian Auon, Telenor Health CEO and founder Sajid Rahman, Brightchamps CEO Ravi Bhushan and Bounce founder Vivekananda HR.
The Bengaluru-based startup will use the funds to diversify its product portfolio and scale its omnichannel go-to-market strategy with a specific focus on distribution.
Servify raises Rs 520 crore in new round; aims for IPO in two years
Servify, a company that manages lifecycle of devices for several smartphone vendors in many markets, on Wednesday said it has raised USD 65 million (around Rs 520 crore) in a round led by Singularity Growth Opportunity Fund.
The startup, which serves global brands like Samsung and Apple, has raised the money at a valuation which is just under USD 1 billion.
