Startups, Mergers, Acquisitions and Funding Round-up this week

This week saw a lot of developments in the startup industry. While a few Indian start-ups raised significant amounts of money, a lot of big players announced acquisitions of homegrown brands. Here’s a look at this week’s report.

SolarSquare raises $40 million

SolarSquare, a rooftop solar startup has raised $40 million in a series B funding round, which was led by Lightspeed. Other existing investors like Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech also invested in the round. Reportedly, the company will work on the expansion of operations, hiring talent, and brand building.

FinX raises $6 Mn from Elevar Equity

An integrated skilling platform, FinX, has raised $6 million from Elevar Equity. It was a seed funding round, and the funds are likely to be used for the geographical reach, broaden its product offerings, and diversify into IT skill training. Reportedly, the proceeds will also be used for enhancing its technology platform in creating scalable solutions.

FirstClub raises $8mn from Accel and RTP Global

FirstClub Technology, which is a member-only retail platform, has raised $8 million from Accel & RTP Global in the seed funding round. Moreover, the funding also saw participation from Blume Founders Fund, Quiet Capital, 2am VC. These funds will be used to build its technology infrastructure, ensuring a refinement of its omnichannel retail strategy.

Navanc Raises USD 1 million from Prarambh Ventures

Navanc, a FinTech startup has raised USD 1 million led by Prarambh Ventures. This was a seed funding round also with the participation from Inflection Point Ventures. As per the reports, the funds will be used for expanding operations across India. The company is also going to enhance its capabilities by incorporating Generative AI and Computer Vision models.

Avanti Finance secures ₹120 crore

Avanti Finance has raised $14.2 million, approximately 120 crores in equity funding from Dia Vikas Capital. As per the company, the funding would be used to expand its loan book. On the other hand, the other existing investors like IDH Farmfit Fund, NRJN Family Trust, Rabo Partnerships, and select HNIs also participated in the round.

Superfone raises $1.9 Mn funding

An all-in-one business phone and CRM app for SMBs, Superfone has raised $1.9 million in its pre-Series A funding round. The round was also led by YourNest Venture Capital, with an investment going for $950,000. The other partners to participate were Ankur Capital, Finsight Seed Fund, and a consortium of angel investors. Reportedly, the proceeds will be used to acquire national-level telecom licenses, along with strengthening its engineering and product teams.

Power Gummies Raises Rs 10 Cr

The D2C nutraceutical products manufacturer, Power Gummies has raised Rs 10 Crore, amounting to $1.2 Million in a bridge funding round which was co-led by the Jaipuria family office and Quadrant. the brand is much more likely to use the funds for launching a zero-sugar range and to also diversify into holistic wellness products.

Mergers and Acquisitions 

• A SaaS media firm, Amagi, has announced the acquisition of Argoid, which is likely to boost the functionality of Amagi’s product suite.
• AI - Uniphore, a group leader in Enterprise AI purchased two firms, ActionIQ and Infoworks to be able to deliver the industry’s first Zero Data AI Cloud. 

 Other updates

• The online ticketing platform Book My Show's profit has risen by 27%.
• Oyo has announced that it will build a global back office in Jaipur.
• Cashfree Payments, a payments and API banking platform has roped in Rajkumar Rao as Brand Ambassador.
• Mahindra Last Mile Mobility has partnered with Vidyut to launch Baas Financing for EVS.
• The food-tech major Swiggy has launched a new offering on the app, Swiggy Scenes that allows one to book parties, and events at Swiggy’s partner restaurants.
• The ride-hailing major Uber India has launched women-only bike rides in Silicon Valley, Bengaluru as a part of its initiative to offer a safer ride option for women.
• Zomato-owned Blinkit has now forayed into another quick food delivery segment with the launch of a new app, Bistro.