An Indian start-up ecosystem has raised a lot of funds since the beginning of 2021, which shows the national and global investors are finding plenty of scope in the prospects of Indian start-ups.
The upside tendency of the stock market, IPO allotments, increase in unicorn companies are all telling the story of the prominently elevating side of the Indian economy.
This trend manifests on Tuesday also, when an Indian start-up begs more than $250 million in a single day.
The funded companies include:
Mohalla Tech: A parent company of ShareChat and short video platform Moj has raised $145 million in an extension of its Series F round. This round is led by Temasek and Moore Strategic Ventures. Mirae-Naver Asia Growth Fund also participates in this round.
In April same year the company raised $502 million, which takes the total valuation of some $ 2.1 billion and makes a count in the Unicorn club. Since its inception in 2015, Mohalla Tech has raised over $911 million across seven fundraising rounds so far.
As per the company, the major share of the capital will be utilized to build a sophisticated AI (Artificial Intelligence) feed besides attracting and incentivizing a diverse creator base. The company will also deploy some funds towards hiring skilled talent in the AI and ML (machine learning) spaces.
ixigo: Online travel app ixigo has raised $53 million (Rs. 395 crores) from investors led by Singapore sovereign wealth fund GIC. The latest round is a mix of fresh issues of shares and secondary sell by some existing investors. This round also saw some new investment participants such as White Oak, Infoedge Venture fund, Trifecta Capitals, Orios Venture Partner, Bay Capitals, and Malabar Investments.
Started by Alok Bajpai and Rajnish Kumar in 2007 has reached a user base of 250 million.
As per reports, the Bengaluru-based company will offer Initial Public Offering and become public within the same financial year. The company is looking to raise around $750-800 million from the IPO and possibly filed its Draft Red Herring Prospectus (DRHP) by the next month.
MyGlamm: A Direct-to-customer (DTC) beauty product brand has pumped around $47 million (Rs. 355 crores) of fresh funding from Accel along with participation from existing investors, including Amazon. This round is an extended part of its Series C funding.
MyGlamm, a Mumbai-based company, had acquired Oppo-funded POPxo in August 2020. Since then, it has been jointly run by Darpan Sanghvi and women-centric community platform POPxo’s Priyanka Gill as co-founders.
Founded in 2017, the company claims to offer more than 800 vegan products across makeup, personal care, and skincare. While it is digital-first, MyGlamm also claims to have over 10,000 offline points of sales across 70 cities in India till now.