[Funding Outlook] A round-up of all funding raised by startups in July 2021

All the startups which establish their business need to ensure that their growth is free of hindrances. For example, Apple, Google, and Amazon all started as small startups. They grew into business giants thanks to funding. The funding pays for incorporation, business licenses, insurance, facilities and equipment. It also helps in marketing collateral and the hiring of necessary talent. It also funds the manufacture of products and the marketing and distribution of services to attract customers. Thus, every startup is always looking to raise capital.

Here's an updated list of all startups that raised funds in July 2021

1. Rural Tech Hesa $2 Mn Seed funding

Rural tech startup, Hesa secured $2 Million in funding as a part of its seed round led by Venture Catalysts. Connecting Bharat with India phygitally, the startup is redefining rural commerce by providing Last-Mile Physical and Digital and Social Connect to Rural India. The investment will support and accelerate Hesa's plans to scale up operations in Andhra Pradesh, Telangana and Karnataka and also to scale the Technology platform. The team is working towards onboarding 50,000 ‘Hesaathis’ in the next nine months.

Manish Modi of Mastermind Capital led the funding round at Venture Catalysts (VCats) along with Accelerator Fund, 9Unicorns. The round also saw participation from Inflection Point Ventures, We Founder Circle, Keiretsu Forum, Faad Network, Startup Angels Network and Salil Chakrabarty Innovation Fund.

2. peAR raises INR 2.5 Cr in Pre-Series A

peAR is one of the first startups in Asia-Pacific to make an augmented-reality based in-restaurant ordering app. It has raised INR 2.5 Cr in a Pre-Series A round led by Inflection Point Ventures. The company will use the funds to build 3D Modelling technology for AR to advance the B2C app. Along with this, the startup will also launch in 4 cities – Mumbai, Bangalore, Delhi/NCR and Pune. The startup is also hiring across roles to strengthen the team. With the funds raised, peAR aims to reach 15,000 orders monthly by the end of this year.

IPV announced that peAR is its 20th deal for 2021. It is likely to invest Rs 155 crore this year in over 60 startups.

3. CredR has raised $6.5 Mn

Also known as Incredible Technologies Private Limited, CredR has raised $6.5 Mn in its latest round led by Yamaha Motors, and existing investors Omidyar Network India and Eight Roads Ventures, with participation from automotive focused Astarc Ventures. The two-wheeler reseller brand, creates an omnichannel buying experience, through a chain of flagship showrooms across Maharashtra, Karnataka, Delhi, NCR and Rajasthan. It aims to use the funding towards consolidating its market position, strengthening its technology platform and expanding customer offerings.

Due to the economic situation created by the pandemic, consumers looking for vehicles are increasingly inclined to purchasing personal two-wheelers. CredR will look to use these tailwinds. With its latest funding round, the company also aims to expand its business, invest in technology and leverage the fast-growing market for used two-wheelers.

4. F&V startup Gourmet Garden raises Rs 25 Cr

Bengaluru-based fruits and vegetables brand Gourmet Garden has raised Rs 25 crore in its latest round led by Beyond Next Ventures, M Venture Partners. Existing investors Incubate India and Whiteboard Capital also participated, among others. With this funding, Gourmet Garden aims to expand its zero-contamination farming operations, broaden its portfolio with additional fresh categories. It will also boost its customer experience by deploying India’s first end-to-end B2C tech-enabled cold-chain. The company will also improve ease of ordering with a mobile app and refreshed website.

5. The Sleep Company raises Rs 13.4 Cr in Pre-Series A round

The Sleep Company has raised Rs 13.4 crore in pre-Series A round. Led by Fireside Ventures, the round also saw participation from LogX Ventures and Varun Alagh, Founder, MamaEarth. The startup said the fresh capital will primarily use the funds to enhance R&D capabilities, hire talent, brand investments. It also aims to use the funds for global market expansion.

6. B2B startup TyrePlex raises undisclosed amount in seed round

TyrePlex is a B2B ecommerce startup in the aftermarket tyre vertical. The startup has announced that it has raised its seed round led by mobility focussed fund AdvantEdge Founders. The round also saw participation from leading angels Akhil Sikri (Co-founder Zolostays), Amit Lakhotia (Founder Park+). Asish Mohapatra, Ruchi Kalra (Co-founders Ofbusiness), and Sandeep Aggarwal (Founder Droom.in, Shopclues) also participated in the round.

TyrePlex co-founder Puneet Bhaskar said the latest funding will help the startup scale its tech and product teams and build products to help tyre dealers predict demand, automate re-ordering, and other customer management tools.

7. ION Energy raises $3.6M from Amazon’s Climate Pledge Fund

ION Energy is an energy-tech startup building advanced electronics and software platforms for new energy enterprises. The startup has announced that it has raised $3.6 million in a pre-Series A funding round from Amazon’s Climate Pledge Fund. Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts, and other angel investors also participated in the round.

The company stated that it will use the funds to grow the ION team to 125+ (currently 70). It will also invest in product development, and expand the software business in North America and Europe. As part of the round, Anup Menon, Head of Strategy and Emerging Technology at Bank of America will also join ION’s Board of Directors.

8. Hypersonix raises $35M in Series B round

Hypersonix, an enterprise AI platform for commerce, announced the closing of a $35 million Series B funding round at a valuation of $200 million led by B Capital Group. It also saw the participation from Intel Capital, Firebolt Ventures, Magicus Ventures and Gokul Rajaram, among others. The company said that it now raised over $50 million, and the latest financing more than quadruples the valuation of its Series A round in March 2020.

Rama Rao, Co-founder and Chief Product and Data Officer at Hypersonix, stated that the company will use the raised amount to invest in accelerating and deepening our commerce AI infrastructure while also focusing on expanding sales and marketing footprint globally. “This will enable us to deliver more data-driven business solutions and strategies for enterprises across commerce verticals,” he further added.

9. Unicorn Digit Insurance may raise $200M, now values at $3.5B

Insurtech Unicorn Digit Insurance is planning to raise upto $200 million from existing investor Faering Capital and new investors Sequoia Capital India, IIFL Alternate Asset Managers, and a few others in its latest round of funding, subject to IRDAI approval. The company claims this to be one of the biggest funding rounds in the Indian insurance industry bringing the total capital infused into Digit Insurance up to $442 million, valuing it at $3.5 billion. Digit saw a smaller round in January 2021, wherein it was valued at $1.9 billion.

10. FoodTech Licious has raised $192M in Series F round

Meat and seafood online seller Licious has raised Series F funding of $192 million. The round was led by Temasek, the Singapore-based investment firm, and Multiples Private Equity. This fundraise makes Licious the highest funded company in the segment. The round also saw participation from Brunei Investment Agency and exiting investors 3one4Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, and Vertex Growth Fund. Avendus was the exclusive financial adviser to Licious for the transaction. With this investment, a few early-stage investors have also exited the company.

The funds raised will be deployed towards deeper investment in technology-led supply chain transformation, quality improvement, and customer experience elevation, along with expanding presence in a greater number of Indian cities, powering the international expansion plan, augmenting capabilities in existing markets, strengthening omnichannel presence, and powering new product launches.

11. Treebo raises $16 million Series D funding

Budget hospitality chain Treebo Hotels said it has raised $16 million (Rs 118 crore) in its Series D funding round from a clutch of investors led by French hospitality major Accor, even as the Covid-19 pandemic continues to batter the travel and tourism industry. The financing comes nearly nine months after the company raised a bridge round of $6 million from existing investors. Accor had earlier held talks to invest in Treebo but those discussions fell through.

Others that participated in the funding include BCCL and Deepak Parayanken, Dy MD of Mozambique Holdings, who invested in his personal capacity. The company’s existing investors Elevation Capital, Matrix Partners, Bertelsmann and Ward Ferry also participated in the round.

12. Vernacular gaming platform WinZO raises $65M in Series C round

Gaming platform WinZO has raised $65 million in a Series C round. California-based Griffin Gaming Partners led the funding round. With this new development, Phil Sanderson, Co-Founder of Griffin Gaming Partners, will join WinZO’s board of directors. This financing follows only eight months after the company raised its Series B from returning investors Makers Fund, Courtside Ventures, and Steve Pagliuca, Co-Chairman of Bain Capital. With the funding, the startup expects to accelerate growth in the Indian Interactive Entertainment Industry.

13. Crowdsourcing Platform MyMobiForce raises $1.42 Mn Pre-Series A round

Delhi based MyMobiForce (Innotion Technologies Pvt. Ltd.) has raised $1.42 Million (10.3 Crores INR) as part of Pre-Series A round of funding led by Bharat Inclusion Seed Fund with participation from Group of Angels led by Manu Iyer of Bluehill Capital, Acsys Investments and Ashutosh Agrawal (Ex-Urban Company). The founders, in a joint statement said, “We will use the capital raised to skill and empower additional 20,000 Service Technicians across 10,000 Pin codes.”

14. Furlenco raises Rs 1,000 Cr

Furniture rental firm Furlenco has raised Rs 1,000 crore in a mix of debt and equity as part of its latest funding round led by Zinnia Global Fund. Existing investors CE-Ventures and Lightbox Ventures also participated in this round. "With this new fundraise, the company will cater to much larger audiences with more tailored solutions and brand new offerings, while continuing to focus on sustainability at the very core of the business,” Furlenco said in a statement.

15. Leegality raised undisclosed Pre-Series A Funding

Document execution platform Leegality has raised pre-Series A funding led by IIFL Securities Capital Enhancer Fund. Existing investors including Mumbai Angels also participated in the round. While the funding amount has not been disclosed, Leegality said it will be using the freshly infused capital to expand its team in key departments to accelerate product development and deepen enterprise adoption of its solution.

16. Locad raises $4.9M in seed round

Logistics and supply chain management integrator Locad announced $4.9 million in funding, in a seed round led by Sequoia Capital India’s Surge. It also saw participation from Antler, Febe Ventures, Foxmont, Global Founders Capital, Gokongwei Family, and Hustle Fund.

Locad is part of Surge’s fifth cohort of 23 companies that have developed new digital solutions to help companies and individuals work, live and learn better in a rapidly evolving Southeast Asian landscape.

17. Skylark Drones has raised $3 million in a pre-series A funding round

Drone platform startup Skylark Drones has raised $3 million in a pre-series A funding round led by InfoEdge Ventures and IAN Fund with participation from AdvantEdge Founders, Fowler Westrup, Redstart Labs, IKP and Vimson Group. Skylark Drones will use this latest round of funding to enhance its product offering and expand further into the overseas market. The company last raised funding in 2018.

18. Senior Coaching Platform PeakPerformer has raised early-seed funding

PeakPerformer, a coaching platform for managers, on Monday said it raised early-seed funding from global venture capital firm Antler India. Gaurav Munjal (Co-founder and CEO, Unacademy Group) and Saket Agarwal (Angel Investor and Founder, Onnivation) also co-invested in the round. According to an official statement, PeakPerformer will use the funds towards hiring engineering talent to scale its AI platform. It also aims to expand its pool of Indian and global customers.

19. Assisted living space startup Arcatron Mobility raises undisclosed amount

Arcatron Mobility, Pune based assisted living startup that manufactures next-generation mobility devices, has raised an undisclosed amount in growth financing through Revenue Based Financing platform, Klub. The company is using capital raised through Klub to ramp up inventory/production and has grown at a monthly CMGR of 100%.