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 Polygon, ElasticRun, LivSpace and more. In exits, we will cover the acquisition of Grexter by Aurum House, among others.
Starting with our deep dive into funding rounds, tech companies in India raised around $1 billion of funding across 36 funding rounds during this week.
In a major funding round event, FinTech startup, Polygon, raised $450 million in a Series D funding round led by Sequoia Capital with participation from SoftBank, Accel, WorkPlay Ventures, and others. Polygon is a provider of Ethereum scaling solutions for Web 3 developers. Polygon offers a protocol and framework for building and connecting Ethereum-compatible blockchain networks. Polygon combines Ethereum and sovereign blockchain into a multi-chain system. Founded in 2020, Bangalore-based Polygon has raised $450 million till date.
Pune-based E-commerce startup, ElasticRun, raised $300 million in a Series E funding round led by SoftBank Vision Fund with participation from Chimera, Prosus, Goldman Sachs, and others. With this funding round, ElasticRun achieved unicorn status on February 7th, 2022. ElasticRun is a provider of e-commerce enablers and fulfillment solutions for businesses. Elastic Run is an aggregated network for transportation, pooling in logistics services from distributors and enterprises that offer last-mile deliveries. ElasticRun is an asset-light transportation network that caters to industries such as consumer goods, online retail, manufacturing, automotive, and hospitality sectors. Founded in 2016 by IIM Ahmedabad alumni, Elastic Run has raised $430 million till date.
LivSpace, a Home Improvements startup, raised $180 million in a Series F funding round led by KKR with participation from Ingka, Venturi Partners, Peugeot Invest, and others. With this funding round, LivSpace achieved unicorn status on February 7th, 2022. LivSpace is an interior design marketplace connecting interior designers, vendors and customers. LivSpace allows users to book professionals and online consultations, receive quotes for personalised designs, and avail of installation services. LivSpace also offers end-to-end services for home interiors. Founded in 2014, Bangalore-based LivSpace has raised $495 million till date.
In another funding round, Logistics Tech startup, XpressBees, raised $100 million in a Series F funding round led by Blackstone, TPG and ChrysCapital with participation from Investcorp and Norwest Venture Partners. With this funding round, XpressBees achieved unicorn status on 9th February 2022. XpressBees is a provider of e-commerce fulfillment solutions. XpressBees enables shipment tracking, cargo deliveries, cross-border logistics and transactions, imports and exports, and warehousing. XpressBees also provides integration with online marketplaces, management of stock orders, inventories, returns, and fulfillment. XpressBees caters to businesses in the automotive, food and grocery, and health care sectors. Founded in 2015 by IIM Ahmedabad alumni, XpressBees has raised $500 million till date.
*The funding round included $100 million of primary capital and $200 million from secondary investors. We have considered the primary capital.
Bangalore-based Altigreen, an Auto Tech startup, raised $40 million in a Series A funding round led by Sixth Sense Ventures. Altigreen is a developer of electric utility vehicles. Altigreen develops three-wheeled utility vehicles for the delivery of food, grocery and parcels, with features like lithium-ion batteries, disc brakes, and GPS-based remote diagnostics. Founded in 2013, Bangalore-based Altigreen has raised $48 million till date.
In another funding round event, Mintifi, a FinTech startup, raised $40 million in a Series C funding round led by Norwest Venture Partners and Elevation Capital. Mintifi is an online marketplace for business loans. Mintifi offers multiple types of business loans including working capital loans, invoice discounting, as well as term loans. Mintifi charges interest on the funds utilised, and offers an Android app for SMEs to manage their funds effectively. Founded in 2017 by IIT Bombay alumni, Mumbai-based Mintifi has raised $59 million till date.
Enterprise Applications startup, Airmeet, raised $35 million in a Series B funding round led by Prosus, Sistema, RingCentral, KDDI, DG Daiwa Ventures and NEXXUS with participation from Sequoia Capital. Airmeet is a provider of cloud-based virtual event management software. Airmeet provides a solution to manage and host online events and meetings for communities, with features like interactions management, event hosting, real communications, and branded virtual tables. Founded in 2019 by IIT Roorkee alumni and IIT Kanpur alumni, Bangalore-based Airmeet has raised $50 million till date.
Karbon, a Bangalore-based FinTech startup, raised $15 million in a Series A funding round led by Olive Tree Capital, Avenir Growth Capital, and Harmony with participation from Orios Venture Partners, Mercury and Ramp. Karbon is a provider of corporate cards and banking solutions for businesses. Karbon enables businesses to track expenses and offer rewards to employees, with features like cash and account management, credit cards, controls and reporting. Founded in 2019, Karbon has raised $30 million till date.
This was all from the funding updates, moving on to the exits. India Tech observed 5 exits during the week of 13 Feb 2022.
Bangalore-based Grexter, a Real Estate Tech startup, was acquired by Aurum House. Grexter is a provider of managed co-living spaces. Grexter enables users to search for the property of their choice and schedule property viewings through the platform, as well as avail of amenities provided such as Wifi, housekeeping services, furnished rooms and dedicated gaming zones. Founded in 2015, Grexter has raised $2 million till date from Amphion, Gaurav Singhvi Ventures, India Connection Impex, and others.
In another acquisition event, Uvik, a FinTech startup, was acquired by Infibeam Avenues for $10 million. Uvik is a provider of payment gateway solutions for retail businesses. Uvik offers a POS app to facilitate payments through credit and debit cards, and bank transfers for retailers like grocery stores, salons and restaurants. Uvik enables users to place the customer card on the back of the phone in order to receive payments. Founded in 2019, Bangalore-based Uvik has raised $1 million till date from Season Two Ventures.
This was all for today, we will be back next Monday with more updates. You can subscribe to our podcast on Google Podcasts 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.
