Welcome back to India Tech Weekly Deals Roundup, a weekly podcast by Tracxn for key startup deals in India from last week.
In this edition, we will cover funding rounds of Games24x7, Vivriti Capital, Pine Labs, and more. In exits, we will cover the acquisition of Saankhya Labs by Tejas Networks, among others.
Starting with our deep dive into funding rounds, tech companies in India raised close to $415 million of funding across 24 funding rounds during this week.
Games24x7, an Online Gaming startup, raised $75 million in a Series C funding round led by Malabar Investments with participation from Raine Group and Tiger Global Management. With this funding round, Games24x7 achieved unicorn status on 30th March 2022. Games24x7 is a provider of a multi-gaming platform. Games24x7 uses behavioural science and artificial intelligence to develop cross-platform games like RummyCircle and My11Circle. Founded in 2006, Mumbai-based Games24x7 has raised $107 million till date.
Chennai-based FinTech startup, Vivriti Capital, raised $55 million in a Series C funding round led by Lightrock with participation from Creation Investments. Vivriti Capital is a debt financing platform for corporates, SMEs and individuals. Vivriti Capital offers a range of financial products including loans, receivables finance, working capital, structured debt, and capital market instruments to users. Vivriti Capital also provides webinars, blogs, and insights to assist in making lending decisions. Founded in 2017 by IIT Kharagpur alumni and IIM Bangalore alumni, Vivriti Capital has raised close to $163 million till date.
In another funding round event, FinTech startup, Pine Labs, raised $50 million in a Series E funding round from Temasek, Sequoia Capital, PayPal, and others. Pine Labs achieved unicorn status on 24th January 2020 when it raised $85 million from Mastercard. Pine Labs is a provider of POS terminals for businesses and merchants. Pine Labs offers products like hardware and software-based payment terminals, point-of-sale financing, working capital loans, loyalty and gift card solutions, as well as analytics for business decisions. Pine Labs caters to hospitals, grocery stores, electronics and automotive businesses. Founded in 1998 by IIM Bangalore alumni and IIT Delhi alumni, Noida-based Pine Labs has raised around $1.6 billion till date.
Enterprise Infrastructure startup, LambdaTest, raised $45 million in a Series C funding round led by Sequoia Capital and Premji Invest with participation from Telstra Ventures, Blume Ventures and Leo Capital. LambdaTest is a provider of cloud-based cross-browser testing solutions. LambdaTest includes features like integrated debugging, geolocation testing, bug detection, live and automated testing, collaboration, as well as live testing of public or hosted websites and web applications. Founded in 2017, Bangalore-based LambdaTest has raised over $70 million till date.
Qure.ai, a HealthTech startup, raised $40 million in a funding round led by Novo Holdings with participation from MassMutual Ventures and HealthQuad. Qure.ai is a provider of AI-based decision support tools for diagnostic images. Qure.ai offers a radiology solution that assists doctors with diagnosing diseases from CT Scans, MRIs and X-rays. Qure.ai enables them to outline and quantify regions of interest such as tumours or lung disease patterns and offers a digital pathology solution that can distinguish malignant from benign biopsies, and grade a variety of tumour types. Founded in 2016 by IIT Delhi alumni, Mumbai-based Qure.ai has raised close to $60 million till date.
In another funding round event, Chennai-based Transportation and Logistics Tech startup, Wiz, raised $36 million in a Series A funding round led by Tiger Global Management with participation from Stride Ventures, Arali Ventures, Alteria Capital, and others. Wiz is a provider of tech-enabled freight forwarding services. Wiz provides services like booking, live tracking, shipping, and task management with features like full container and partial container load shipping, door-to-door shipping, cargo insurance, customs and trade management. Founded in 2019, Wiz has raised around $40 million till date.
Crop Tech startup, FarMart, raised $32 million in a Series B funding round led by General Catalyst Partners with participation from Omidyar Network India, 500 Global, Matrix Partners India, and others. FarMart is a provider of a P2P rental platform for farm equipment. FarMart offers features like vernacular language support, transparent pricing, doorstep delivery of equipment, and cashless payment. Founded in 2015, Gurgaon-based FarMart has raised $48 million till date.
GIS startup, Pixxel, raised $25 million in a Series A funding round led by Radical Ventures with participation from Sparta Group, Blume Ventures, Inventus Capital India, and others. Pixxel is a provider of satellite-based Earth-imaging solutions. Pixxel develops and operates a network of small Earth-imaging satellites to provide real-time insights for monitoring purposes in agriculture, oil, gas, and climate sectors. Founded in 2019 by BITS Pilani alumni, Bangalore-based Pixxel has raised around $61 million till date.
This was all from the funding updates, moving on to the exits. India Tech observed 8 exits during the week of 03 Apr 2022.
Bangalore-based Semiconductors startup, Saankhya Labs, was acquired by Tejas Networks for over $37 million. Saankhya Labs is a provider of software-defined radio-based modules for video and data communication. Saankhya Labs offers software-defined demodulation IC solutions for universal digital and analogue TV, radio, and other broadcasting media, with applications in TV, TV dongles, tablet devices, and surveillance systems. Founded in 2007, Saankhya Labs has raised over $18 million till date.
In another acquisition event, InI Farms, a Crop Tech startup, was acquired by Agrostar. InI Farms is a provider of farming services to the horticultural sector. InI Farms offers services like technical guidance, access to inputs and markets, orchard management, and contract farming for farmers, investors, and growers. Founded in 2009 by IIT Kanpur alumni, Mumbai-based InI Farms has raised over $14 million till date.
Bangalore-based Auto Tech startup, Vogo, was acquired by Chalo for over $37 million. Vogo is a provider of an app-based self-drive scooter rental service. Vogo enables users to search, discover, lock, unlock and book on-demand rentals through its platform, with features like keyless entry, vehicle pick-up and drop-off by the user at pre-designated locations. Founded in 2016, Vogo has raised close to $180 million till date.
This was all for today, we will be back next Monday with more updates. You can subscribe to our podcast on Google Podcasts, Spotify, and Apple Podcast to stay updated. If you have any feedback, please reachout to us at podcast@tracxn.com. Thank you for tuning in today, see you next week.